

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

                                         FORM 8-K

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

              Date of Report (Date of earliest event reported): December 27, 2004
                           (Date of earliest event reported)

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

                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

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


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


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

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

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

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

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

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

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


     Item 8.01  Other Events

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


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     December 27, 2004.

                                    Signatures

               Pursuant to the requirements of the Securities Exchange Act of
          1934, the Registrant has duly caused this report to be signed on its
          behalf by the undersigned, hereunto duly authorized.


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


          Date:  Dec 30, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of December 27, 2004.



Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution

				External Parties					Table of Contents

												Page
				Seller
									1. Certificate Payment Report					2
				Ameriquest Mortgage Corp
									2. Collection Account Report					6

									3. Credit Enhancement Report					8
									4. Collateral Report					9
				Certificate Insurer(s)					5. Delinquency Report					12

									6. REO Report					15

				Financial Security Assurance					7. Foreclosure Report					16
									8. Prepayment Report					18
									9. Prepayment Detail Report					21

									10. Realized Loss Report					31
									11. Realized Loss Detail Report					34
				Servicer(s)
									12. Triggers and Adj. Cert. Report					35
				Ameriquest Mortgage Corp
									13. Additional Certificate Report					36



				Underwriter(s)
				Citigroup


									Total Number of Pages					36


				Dates					Contacts

				Cut-Off Date:		July 01, 2004			Tim Avakian
				Close Date:		July 07, 2004			Administrator
				First Distribution Date:		August 25, 2004			(714) 247-6279
									tim.avakian@db.com

									Address:
									1761 E. St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		December 27, 2004
									Factor Information:			(800) 735-7777
				Record Date:		November 30, 2004
									Main Phone Number:			(714) 247-6000

						December 24, 2004


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






Page 1 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - REMIC I
					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-1		$	1,588,146,000.00		1,475,894,893.09	3,050,983.45		50,435,178.84		53,486,162.29		0.00		0.00		1,425,459,714.25

A-2		$	99,339,000.00		64,719,561.28	128,773.10		14,154,023.40		14,282,796.50		0.00		0.00		50,565,537.88
A-3		$	141,544,000.00		141,544,000.00	298,695.31		0.00		298,695.31		0.00		0.00		141,544,000.00
A-4		$	81,370,000.00		81,370,000.00	189,229.39		0.00		189,229.39		0.00		0.00		81,370,000.00
A-5		$	41,800,000.00		23,880,780.08	47,310.17		7,326,203.65		7,373,513.82		0.00		0.00		16,554,576.43
A-6		$	125,000,000.00		125,000,000.00	274,546.98		0.00		274,546.98		0.00		0.00		125,000,000.00
M-1		$	45,600,000.00		45,600,000.00	106,044.74		0.00		106,044.74		0.00		0.00		45,600,000.00
M-2		$	18,000,000.00		18,000,000.00	43,564.77		0.00		43,564.77		0.00		0.00		18,000,000.00
M-3		$	57,600,000.00		57,600,000.00	141,887.25		0.00		141,887.25		0.00		0.00		57,600,000.00
M-4		$	28,800,000.00		28,800,000.00	72,679.62		0.00		72,679.62		0.00		0.00		28,800,000.00
M-5		$	26,400,000.00		26,400,000.00	75,716.32		0.00		75,716.32		0.00		0.00		26,400,000.00
M-6		$	30,000,000.00		30,000,000.00	91,207.94		0.00		91,207.94		0.00		0.00		30,000,000.00
M-7		$	22,800,000.00		22,800,000.00	76,189.70		0.00		76,189.70		0.00		0.00		22,800,000.00
M-8		$	20,400,000.00		20,400,000.00	73,439.73		0.00		73,439.73		0.00		0.00		20,400,000.00
M-9		$	20,400,000.00		20,400,000.00	76,074.73		0.00		76,074.73		0.00		0.00		20,400,000.00
M-10		$	16,800,000.00		16,800,000.00	78,563.11		0.00		78,563.11		0.00		0.00		16,800,000.00
M-11		$	12,000,000.00		12,000,000.00	48,366.51		0.00		48,366.51		0.00		0.00		12,000,000.00
CE		$	23,998,448.29		23,999,975.48	6,734,395.90		0.00		6,734,395.90		0.00		0.00		23,999,975.48
P		$	100.00		100.00	1,202,103.75		0.00		1,202,103.75		0.00		0.00		100.00
R		$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total			2,399,997,548.29		2,235,209,309.93	12,809,772.47		71,915,405.89		84,725,178.36		0.00		0.00		2,163,293,904.04






Page 2 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution

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-1	11/26/04		12/26/04		A-Act/360	03072STB1		1,588,146,000.00		929.319403		1.921098		31.757268		33.678366	897.562135
A-2	11/26/04		12/26/04		A-Act/360	03072STC9		99,339,000.00		651.502041		1.296300		142.482040		143.778340	509.020001
A-3	11/26/04		12/26/04		A-Act/360	03072STD7		141,544,000.00		1,000.000000		2.110265		0.000000		2.110265	1,000.000000
A-4	11/26/04		12/26/04		A-Act/360	03072STE5		81,370,000.00		1,000.000000		2.325542		0.000000		2.325542	1,000.000000
A-5	11/26/04		12/26/04		A-Act/360	03072STF2		41,800,000.00		571.310528		1.131822		175.268030		176.399852	396.042498
A-6	11/26/04		12/26/04		A-Act/360	03072STT2		125,000,000.00		1,000.000000		2.196376		0.000000		2.196376	1,000.000000
M-1	11/26/04		12/26/04		A-Act/360	03072STG0		45,600,000.00		1,000.000000		2.325543		0.000000		2.325543	1,000.000000
M-2	11/26/04		12/26/04		A-Act/360	03072STH8		18,000,000.00		1,000.000000		2.420265		0.000000		2.420265	1,000.000000
M-3	11/26/04		12/26/04		A-Act/360	03072STJ4		57,600,000.00		1,000.000000		2.463320		0.000000		2.463320	1,000.000000
M-4	11/26/04		12/26/04		A-Act/360	03072STK1		28,800,000.00		1,000.000000		2.523598		0.000000		2.523598	1,000.000000
M-5	11/26/04		12/26/04		A-Act/360	03072STL9		26,400,000.00		1,000.000000		2.868042		0.000000		2.868042	1,000.000000
M-6	11/26/04		12/26/04		A-Act/360	03072STM7		30,000,000.00		1,000.000000		3.040265		0.000000		3.040265	1,000.000000
M-7	11/26/04		12/26/04		A-Act/360	03072STN5		22,800,000.00		1,000.000000		3.341654		0.000000		3.341654	1,000.000000
M-8	11/26/04		12/26/04		A-Act/360	03072STP0		20,400,000.00		1,000.000000		3.599987		0.000000		3.599987	1,000.000000
M-9	11/26/04		12/26/04		A-Act/360	03072STQ8		20,400,000.00		1,000.000000		3.729153		0.000000		3.729153	1,000.000000
M-10	11/26/04		12/26/04		A-Act/360	03072STR6		16,800,000.00		1,000.000000		4.676376		0.000000		4.676376	1,000.000000
M-11	11/26/04		12/26/04		A-Act/360	03072STS4		12,000,000.00		1,000.000000		4.030543		0.000000		4.030543	1,000.000000
CE	11/01/04		11/30/04		F-30/360	AQ04R7201		23,998,448.29		1,000.063637		280.617972		0.000000		280.617972	1,000.063637
P	11/01/04		11/30/04		A-30/360	AQ04R7202		100.00		1,000.000000		###############		0.000000		###############	1,000.000000
R	11/01/04		11/30/04		A-30/360	AQ04R7203		0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 3 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution

Distribution to Date - REMIC I
																Current


	Original				Unscheduled	Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal	Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)	(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1	1,588,146,000.00		14,487,429.73		154,504,877.60	8,181,408.15		162,686,285.75		177,173,715.48		0.00		0.00		1,425,459,714.25
A-2	99,339,000.00		765,306.35		47,212,256.62	1,561,205.50		48,773,462.12		49,538,768.47		0.00		0.00		50,565,537.88
A-3	141,544,000.00		1,366,703.77		0.00	0.00		0.00		1,366,703.77		0.00		0.00		141,544,000.00
A-4	81,370,000.00		883,439.81		0.00	0.00		0.00		883,439.81		0.00		0.00		81,370,000.00
A-5	41,800,000.00		308,022.56		24,437,334.66	808,088.91		25,245,423.57		25,553,446.13		0.00		0.00		16,554,576.43
A-6	125,000,000.00		1,267,029.62		0.00	0.00		0.00		1,267,029.62		0.00		0.00		125,000,000.00
M-1	45,600,000.00		495,082.40		0.00	0.00		0.00		495,082.40		0.00		0.00		45,600,000.00
M-2	18,000,000.00		204,942.27		0.00	0.00		0.00		204,942.27		0.00		0.00		18,000,000.00
M-3	57,600,000.00		669,655.25		0.00	0.00		0.00		669,655.25		0.00		0.00		57,600,000.00
M-4	28,800,000.00		344,515.62		0.00	0.00		0.00		344,515.62		0.00		0.00		28,800,000.00
M-5	26,400,000.00		366,552.66		0.00	0.00		0.00		366,552.66		0.00		0.00		26,400,000.00
M-6	30,000,000.00		445,370.43		0.00	0.00		0.00		445,370.43		0.00		0.00		30,000,000.00
M-7	22,800,000.00		376,829.87		0.00	0.00		0.00		376,829.87		0.00		0.00		22,800,000.00
M-8	20,400,000.00		366,573.56		0.00	0.00		0.00		366,573.56		0.00		0.00		20,400,000.00
M-9	20,400,000.00		381,278.56		0.00	0.00		0.00		381,278.56		0.00		0.00		20,400,000.00
M-10	16,800,000.00		402,800.78		0.00	0.00		0.00		402,800.78		0.00		0.00		16,800,000.00
M-11	12,000,000.00		244,464.84		0.00	0.00		0.00		244,464.84		0.00		0.00		12,000,000.00
CE	23,998,448.29		37,216,785.97		0.00	0.00		0.00		37,216,785.97		0.00		1,527.19		23,999,975.48
P	100.00		3,293,666.71		0.00	0.00		0.00		3,293,666.71		0.00		0.00		100.00
R	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total	2,399,997,548.29		63,886,450.76		226,154,468.88	10,550,702.56		236,705,171.44		300,591,622.20		0.00		1,527.19		2,163,293,904.04



Page 4 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution

Interest Detail - REMIC I
	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-1	2.40063%		1,475,894,893.09		3,050,983.45	0.00		0.00		0.00		3,050,983.45		3,050,983.45		0.00
A-2	2.31063%		64,719,561.28		128,773.10	0.00		0.00		0.00		128,773.10		128,773.10		0.00
A-3	2.45063%		141,544,000.00		298,695.31	0.00		0.00		0.00		298,695.31		298,695.31		0.00
A-4	2.70063%		81,370,000.00		189,229.39	0.00		0.00		0.00		189,229.39		189,229.39		0.00
A-5	2.30063%		23,880,780.08		47,310.17	0.00		0.00		0.00		47,310.17		47,310.17		0.00
A-6	2.55063%		125,000,000.00		274,546.98	0.00		0.00		0.00		274,546.98		274,546.98		0.00
M-1	2.70063%		45,600,000.00		106,044.74	0.00		0.00		0.00		106,044.74		106,044.74		0.00
M-2	2.81063%		18,000,000.00		43,564.76	0.00		0.00		0.00		43,564.76		43,564.77		0.00
M-3	2.86063%		57,600,000.00		141,887.25	0.00		0.00		0.00		141,887.25		141,887.25		0.00
M-4	2.93063%		28,800,000.00		72,679.62	0.00		0.00		0.00		72,679.62		72,679.62		0.00
M-5	3.33063%		26,400,000.00		75,716.32	0.00		0.00		0.00		75,716.32		75,716.32		0.00
M-6	3.53063%		30,000,000.00		91,207.94	0.00		0.00		0.00		91,207.94		91,207.94		0.00
M-7	3.88063%		22,800,000.00		76,189.70	0.00		0.00		0.00		76,189.70		76,189.70		0.00
M-8	4.18063%		20,400,000.00		73,439.73	0.00		0.00		0.00		73,439.73		73,439.73		0.00
M-9	4.33063%		20,400,000.00		76,074.73	0.00		0.00		0.00		76,074.73		76,074.73		0.00
M-10	5.43063%		16,800,000.00		78,563.11	0.00		0.00		0.00		78,563.11		78,563.11		0.00
M-11	4.68063%		12,000,000.00		48,366.51	0.00		0.00		0.00		48,366.51		48,366.51		0.00
CE	336.72014%		23,999,975.48		0.00	0.00		0.00		0.00		0.00		6,734,395.90		0.00
P	0.00000%		100.00		0.00	0.00		0.00		0.00		0.00		1,202,103.75		0.00
R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total			2,235,209,309.93		4,873,272.81	0.00		0.00		0.00		4,873,272.81		12,809,772.47		0.00



Page 5 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution
Collection Account Report
SUMMARY

									Group 2		Group 1		Total
Principal Collections									21,480,227.05		50,435,178.84		71,915,405.89
Principal Withdrawals									0.00		0.00		0.00
Principal Other Accounts									0.00		0.00		0.00
TOTAL NET PRINCIPAL									21,480,227.05		50,435,178.84		71,915,405.89
Interest Collections									2,813,680.48		9,955,327.97		#######
Interest Withdrawals									-0.00		-0.00		-0.00
Interest Fees									-268,767.37		-892,573.85		-1,161,341.22
Interest Other Accounts													1,202,105.24
TOTAL NET INTEREST									2,544,913.11		9,062,754.12		12,809,772.47
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION													84,725,178.36



PRINCIPAL - COLLECTIONS

										Group 2		Group 1		Total
Scheduled Principal Received										450,766.85		1,594,311.31		2,045,078.16
Curtailments										-564,147.83		153,692.31		-410,455.52
Prepayments In Full										21,306,384.08		48,137,628.64		69,444,012.72
Repurchased/Substitutions										287,223.95		549,546.58		836,770.53
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										-384,477.60		-1,324,279.25		-1,708,756.85
Realized Losses										-0.00		-0.00		-0.00
Advanced Principal										384,477.60		1,324,279.25		1,708,756.85
TOTAL PRINCIPAL COLLECTED										21,480,227.05		50,435,178.84		71,915,405.89


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 6 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution

INTEREST - COLLECTIONS

									Group 2		Group 1		Total
Scheduled Interest									2,988,838.86		10,545,890.81		13,534,729.67
Repurchased/Substitution Interest									2,190.08		3,831.16		6,021.24
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									-24,727.59		-56,215.62		-80,943.21
Delinquent Interest									-2,493,533.19		-8,793,483.01		-11,287,016.21
Compensating Interest									24,727.59		56,215.62		80,943.21
Civil Relief Act Shortfalls									-0.00		-0.00		-0.00
Interest Advanced									2,316,184.74		8,199,089.01		10,515,273.75
TOTAL INTEREST COLLECTED									2,813,680.48		9,955,327.97		12,769,008.45


INTEREST - WITHDRAWALS

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



INTEREST - OTHER ACCOUNTS

									Group 2		Group 1		Total
Prepayment Charges													1,202,103.75
Net WAC Investment Income													1.49
TOTAL INTEREST OTHER ACCOUNTS													1,202,105.24



INTEREST - FEES

									Group 2		Group 1		Total
Current Servicing Fees									36,198.32		123,396.44		159,594.76
Trustee Fees									384.38		1,292.02		1,676.40
TOTAL INTEREST FEES									268,767.37		892,573.85		1,161,341.22




Page 7 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS


SPACE INTENTIONALLY LEFT BLANK





INSURANCE

									Group 2		Group 1		Total
PMI									232,184.67		694,090.65		926,275.32
Certificate Insurance Policy Payment ( Class A-1)											73,794.74		73,794.74



STRUCTURAL FEATURES

									Group 2		Group 1		Total
Overcollateralized Amount													23,999,975.48
Overcollateralization Reduction Amount													0.00
Overcollateralization Deficiency Amount													0.00
Overcollateralization Target Amount													23,999,975.48

Class A Certificate Defiency Amount													0.00



Page 8 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution
Collateral Report


COLLATERAL



										Group 2		Group 1		Total



*Loan Count:*


Original									2,298		12,946		15,244
Prior									2,129		12,314		14,443
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-81		-282		-363
Repurchases									-1		-3		-4
Liquidations									-0		-0		-0
Current									2,047		12,029		14,076
*Principal Balance:*


Original									565,050,513.03		1,834,947,035.26		2,399,997,548.29
Prior									512,512,263.59		1,722,697,046.34		2,235,209,309.93
Prefunding									0.00		0.00		0.00
Scheduled Principal									-450,766.85		-1,594,311.31		-2,045,078.16
Partial Prepayments									(564,147.83)		-153,692.31		(410,455.52)
Full Voluntary Prepayments									-21,306,384.08		-48,137,628.64		-69,444,012.72
Repurchases									-287,223.95		-549,546.58		-836,770.53
Liquidations									-0.00		-0.00		-0.00
Current									491,032,036.54		1,672,261,867.50		2,163,293,904.04





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 9 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution

CHARACTERISTICS

									Group 2		Group 1		Total
Weighted Average Coupon Original									7.03206%		7.37214%		7.29207%
Weighted Average Coupon Prior									7.00414%		7.35494%		7.27323%
Weighted Average Coupon Current									6.99697%		7.34971%		7.26883%
Weighted Average Months to Maturity Original									355		347		349
Weighted Average Months to Maturity Prior									351		343		345
Weighted Average Months to Maturity Current									350		342		344
Weighted Avg Remaining Amortization Term Original									355		347		349
Weighted Avg Remaining Amortization Term Prior									351		343		345
Weighted Avg Remaining Amortization Term Current									350		342		344
Weighted Average Seasoning Original									2.08		2.13		2.12
Weighted Average Seasoning Prior									5.08		5.12		5.11
Weighted Average Seasoning Current									6.07		6.12		6.11









Page 10 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution

ARM CHARACTERISTICS

									Group 2		Group 1		Total
Weighted Average Margin Original									5.88406%		6.00664%		5.97403%
Weighted Average Margin Prior									5.88436%		6.00451%		5.97278%
Weighted Average Margin Current									5.88064%		6.00113%		5.96981%
Weighted Average Max Rate Original									13.10038%		13.38875%		13.31203%
Weighted Average Max Rate Prior									13.07303%		13.36814%		13.29019%
Weighted Average Max Rate Current									13.06641%		13.36268%		13.28568%
Weighted Average Min Rate Original									7.10038%		7.38875%		7.31203%
Weighted Average Min Rate Prior									7.07303%		7.36814%		7.29019%
Weighted Average Min Rate Current									7.06641%		7.36268%		7.28568%
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									36,198.32		123,396.44		159,594.76
Delinquent Servicing Fees									177,348.46		594,394.00		771,742.46
TOTAL SERVICING FEES									213,787.24		717,790.46		931,577.70


Total Servicing Fees									213,787.24		717,790.46		931,577.70
Compensating Interest									-24,727.59		-56,215.62		-80,943.21
Delinquent Servicing Fees									-177,348.46		-594,394.00		-771,742.46
COLLECTED SERVICING FEES									36,198.32		123,396.44		78,892.03


Total Advanced Interest									2,316,184.74		8,199,089.01		10,515,273.75
Total Advanced Principal									384,477.60		1,324,279.25		1,708,756.85
Aggregate Advances with respect to this Distribution									2,700,662.34		9,523,368.26		12,224,030.60





ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)									24,727.59		56,215.62		80,943.21
Compensating Interest									-24,727.59		-56,215.62		-80,943.21
Net Prepayment Interest Shortfall (PPIS)									0.00		0.00		0.00


Ending Pool Stated Principal Balance									491,032,036.54		1,672,261,867.50		2,163,293,904.04
Weighted Average Net Mortgage Rate									5.958678%		6.364357%		6.271339%




Page 11 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			33,229,106.97		16,937,755.79		10,042,291.12		60,209,153.88
			% Balance			1.54%		0.78%		0.46%		2.78%
			# Loans			237		131		83		451
			% # Loans			1.68%		0.93%		0.59%		3.20%
	FORECLOSURE		Balance		0.00	111,520.76		0.00		11,900,069.97		12,011,590.73
			% Balance		0.00%	0.01%		0.00%		0.55%		0.56%
			# Loans		0	1		0		78		79
			% # Loans		0.00%	0.01%		0.00%		0.55%		0.56%
	BANKRUPTCY		Balance		4,161,832.57	528,000.13		704,946.20		1,572,200.06		6,966,978.96
			% Balance		0.19%	0.02%		0.03%		0.07%		0.32%
			# Loans		28	3		5		11		47
			% # Loans		0.20%	0.02%		0.04%		0.08%		0.33%
	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		4,161,832.57	33,868,627.86		17,642,701.99		23,514,561.15		79,187,723.57
			% Balance		0.19%	1.57%		0.82%		1.09%		3.66%
			# Loans		28	241		136		172		577
			% # Loans		0.20%	1.71%		0.97%		1.22%		4.10%









Page 12 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			25,879,931.75		13,148,244.54		8,276,140.73		47,304,317.02
			% Balance			1.55%		0.79%		0.49%		2.83%
			# Loans			204		112		69		385
			% # Loans			1.70%		0.93%		0.57%		3.20%
	FORECLOSURE		Balance		0.00	111,520.76		0.00		8,984,704.39		9,096,225.15
			% Balance		0.00%	0.01%		0.00%		0.54%		0.54%
			# Loans		0	1		0		67		68
			% # Loans		0.00%	0.01%		0.00%		0.56%		0.57%
	BANKRUPTCY		Balance		3,689,701.71	528,000.13		535,715.14		1,572,200.06		6,325,617.04
			% Balance		0.22%	0.03%		0.03%		0.09%		0.38%
			# Loans		25	3		4		11		43
			% # Loans		0.21%	0.02%		0.03%		0.09%		0.36%
	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		3,689,701.71	26,519,452.64		13,683,959.68		18,833,045.18		62,726,159.21
			% Balance		0.22%	1.59%		0.82%		1.13%		3.75%
			# Loans		25	208		116		147		496
			% # Loans		0.21%	1.73%		0.96%		1.22%		4.12%










Page 13 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution

	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			7,349,175.22		3,789,511.25		1,766,150.39		12,904,836.86
			% Balance			1.50%		0.77%		0.36%		2.63%
			# Loans			33		19		14		66
			% # Loans			1.61%		0.93%		0.68%		3.23%
	FORECLOSURE		Balance		0.00	0.00		0.00		2,915,365.58		2,915,365.58
			% Balance		0.00%	0.00%		0.00%		0.59%		0.59%
			# Loans		0	0		0		11		11
			% # Loans		0.00%	0.00%		0.00%		0.54%		0.54%
	BANKRUPTCY		Balance		472,130.86	0.00		169,231.06		0.00		641,361.92
			% Balance		0.10%	0.00%		0.03%		0.00%		0.13%
			# Loans		3	0		1		0		4
			% # Loans		0.15%	0.00%		0.05%		0.00%		0.20%
	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		472,130.86	7,349,175.22		3,958,742.31		4,681,515.97		16,461,564.36
			% Balance		0.10%	1.50%		0.81%		0.95%		3.36%
			# Loans		3	33		20		25		81
			% # Loans		0.15%	1.61%		0.98%		1.22%		3.96%









Page 14 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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 15 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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
61959128 1
			75,500.00		75,079.37	01-Jul-2004		9.990%		KY - 83.89%		360		01-Jan-2004

63449888 1			92,000.00		91,660.60	01-Jul-2004		11.500%		NC - 80.00%		360		01-Feb-2004
66206640 1			74,750.00		74,329.14	01-Jun-2004		9.500%		FL - 65.00%		360		01-Feb-2004
72436884 1			117,000.00		116,438.21	01-Jun-2004		7.990%		OH - 84.78%		360		01-Jun-2004
75737429 1			68,000.00		67,690.07	01-Jul-2004		8.250%		OH - 80.00%		360		01-Jun-2004
75746388 1			219,600.00		218,739.38	01-Jul-2004		8.990%		OK - 90.00%		360		01-Jun-2004
75753483 1			60,000.00		59,617.76	01-May-2004		6.550%		OH - 75.00%		360		01-Jun-2004
76047620 1			99,000.00		98,668.68	01-Jul-2004		8.990%		KS - 60.00%		360		01-Jul-2004
76237007 1			73,000.00		72,755.71	01-Jun-2004		8.990%		HI - 58.40%		360		01-Jul-2004
76284462 1			94,500.00		94,150.33	01-Jun-2004		8.500%		CA - 90.00%		360		#######
76349984 1			61,000.00		60,840.02	01-Jun-2004		10.900%		OH - 64.89%		360		01-Jun-2004
76583269 1			300,000.00		298,769.40	01-Jun-2004		7.990%		IN - 59.41%		360		01-Jul-2004
76929165 1			60,000.00		59,819.33	01-Jul-2004		9.500%		DE - 75.00%		360		01-Jul-2004
77152320 1			111,750.00		111,520.76	01-Sep-2004		11.300%		AZ - 75.00%		360		01-Jul-2004
77249803 1			78,500.00		78,306.61	01-Jun-2004		10.450%		MI - 74.76%		360		01-Jul-2004
77250322 1			72,000.00		71,596.43	01-Jul-2004		6.400%		IN - 90.00%		360		01-Jul-2004
77256204 1			75,600.00		75,383.96	01-Jul-2004		9.750%		MI - 90.00%		360		01-Jul-2004
77310829 1			107,550.00		107,118.46	01-Jul-2004		8.100%		CA - 89.63%		360		01-Jul-2004
77396745 1			83,000.00		82,786.62	01-Jun-2004		10.250%		WI - 89.25%		360		01-Jul-2004
77438380 1			125,250.00		124,643.01	01-Jul-2004		7.150%		LA - 75.00%		360		01-Jul-2004
77471605 1			276,000.00		274,852.13	01-Jul-2004		8.700%		NY - 74.59%		360		01-Jun-2004
77529964 1			324,000.00		322,218.56	01-Jul-2004		6.500%		WA - 90.00%		360		01-Jul-2004
77537009 1			85,000.00		84,685.49	01-Jul-2004		8.500%		MO - 78.70%		360		01-Jul-2004
77637668 1			114,000.00		113,656.79	01-Jul-2004		9.500%		CA - 59.07%		360		01-Jul-2004
77923720 1			179,100.00		178,457.33	01-Jun-2004		8.650%		GA - 90.00%		360		01-Jul-2004
77931624 1			123,000.00		122,629.68	01-Jun-2004		9.500%		CO - 75.00%		360		01-Jul-2004
78027000 1			232,900.00		231,917.48	01-Jul-2004		7.850%		OR - 85.00%		360		01-Jul-2004
78042884 1			70,000.00		69,771.00	01-Jun-2004		9.100%		CA - 69.31%		360		01-Jul-2004
78095387 1			132,000.00		131,737.86	01-Jun-2004		11.450%		GA - 80.00%		360		01-Jul-2004
78103561 1			130,400.00		130,165.30	01-Jul-2004		11.900%		GA - 80.00%		360		01-Jul-2004
78106143 1			128,800.00		128,568.22	01-Jul-2004		11.900%		GA - 80.00%		360		01-Jul-2004
78179249 1			266,000.00		265,263.70	01-Jun-2004		9.900%		IL - 84.98%		360		01-Jul-2004
78239449 1			165,000.00		164,447.81	01-Jul-2004		8.990%		IL - 77.83%		360		01-Jul-2004
78246808 1			68,900.00		68,657.77	01-Jun-2004		8.750%		MI - 65.00%		360		01-Jul-2004
78351962 1			168,300.00		167,538.76	01-Jun-2004		7.500%		MO - 90.00%		360		01-Jul-2004
78360740 1			96,300.00		95,828.72	01-Jun-2004		7.100%		MO - 90.00%		360		01-Jul-2004
78390366 1			202,500.00		201,610.94	01-Jun-2004		7.650%		RI - 90.00%		360		01-Jul-2004
78528882 1			78,200.00		78,028.43	01-Jun-2004		10.990%		WI - 85.00%		360		01-Jul-2004
78621224 1			74,970.00		74,737.08	01-Jul-2004		9.350%		GA - 85.00%		360		01-Jul-2004
78628062 1			161,500.00		161,061.34	01-Jun-2004		9.990%		WI - 85.00%		360		01-Jul-2004
78640661 1			78,800.00		78,440.91	01-Jun-2004		8.250%		GA - 84.91%		360		01-Jun-2004
78646783 1			103,500.00		103,101.15	01-Jun-2004		8.300%		GA - 90.00%		360		01-Jul-2004
78662301 1			121,500.00		121,031.80	01-Jun-2004		8.300%		GA - 90.00%		360		01-Jul-2004
78771565 1			105,000.00		104,648.62	01-Jul-2004		8.990%		FL - 75.00%		360		01-Jul-2004
78777422 1			215,000.00		214,188.15	01-Jun-2004		8.400%		MN - 89.58%		360		01-Jul-2004
78786241 1			60,350.00		60,133.45	01-Jul-2004		8.650%		IL - 85.00%		360		01-Jul-2004
78909801 1			140,500.00		140,115.17	01-Jul-2004		9.950%		GA - 84.64%		360		01-Jul-2004
79216800 1			240,000.00		239,015.53	01-Jul-2004		7.990%		CA - 60.00%		360		01-Jul-2004
79296281 1			75,525.00		75,215.20	01-Jun-2004		7.990%		WA - 82.99%		360		01-Jul-2004
79333845 1			107,000.00		106,671.10	01-Jul-2004		9.400%		UT - 83.59%		360		01-Jul-2004



Page 16 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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
79623245 1
			233,750.00		232,763.88	01-Jul-2004		7.850%		CA - 85.00%		360		01-Jul-2004

79655585 1			172,800.00		172,160.63	01-Jul-2004		8.500%		GA - 90.00%		360		01-Jul-2004
79672242 1			133,600.00		133,158.40	01-Jun-2004		9.050%		GA - 80.00%		360		01-Jul-2004
79681102 1			60,000.00		59,753.83	01-Jun-2004		7.990%		FL - 56.03%		360		01-Jul-2004
79707741 1			324,000.00		322,367.19	01-Jul-2004		6.950%		WA - 90.00%		360		01-Jul-2004
80129422 1			86,400.00		86,139.89	01-Jun-2004		9.500%		FL - 80.00%		360		01-Jul-2004
80130685 1			62,475.00		62,305.26	01-Jun-2004		9.990%		IN - 85.58%		360		01-Jul-2004
80362387 1			139,000.00		138,345.92	01-Jul-2004		7.300%		MI - 84.24%		360		01-Jul-2004
80397706 1			171,000.00		170,541.44	01-Jul-2004		10.050%		GA - 90.00%		360		01-Jul-2004
80471485 1			135,000.00		134,181.93	01-Jul-2004		5.990%		CA - 90.00%		360		01-Jul-2004
80569205 1			76,000.00		75,697.11	01-Jul-2004		8.150%		IN - 95.00%		360		01-Jul-2004
80597289 1			212,500.00		211,612.45	01-Jul-2004		7.900%		CA - 83.33%		360		01-Jul-2004
80694920 1			193,500.00		192,886.37	01-Jul-2004		9.250%		GA - 90.00%		360		01-Jul-2004
80784143 1			210,000.00		209,367.81	01-Jun-2004		9.500%		LA - 70.00%		360		01-Jul-2004
80933344 1			148,500.00		147,916.10	01-Jun-2004		8.200%		FL - 90.00%		360		01-Jul-2004
81039984 1			60,252.00		60,044.45	01-Jul-2004		8.850%		NV - 50.21%		360		01-Jul-2004
81061624 1			60,000.00		59,853.73	01-Jun-2004		10.500%		FL - 75.00%		360		01-Jul-2004
81120123 1			280,500.00		278,819.44	01-Jul-2004		6.050%		MD - 85.00%		360		01-Jul-2004
75762864 2			89,100.00		88,936.05	01-Jul-2004		11.800%		TX - 90.00%		360		01-Jul-2004
77184265 2			121,500.00		121,068.44	01-Jul-2004		8.700%		PA - 90.00%		360		01-Jul-2004
78282027 2			66,300.00		66,071.62	01-Jun-2004		8.850%		FL - 85.00%		360		01-Jul-2004
78949807 2			64,600.00		64,432.73	01-Jul-2004		10.250%		IL - 85.00%		360		01-Jul-2004
79020707 2			450,000.00		448,139.31	01-Jun-2004		7.950%		NY - 76.92%		360		01-Jul-2004
79384640 2			183,000.00		182,322.89	01-Jul-2004		8.500%		IL - 74.69%		360		01-Jul-2004
79628988 2			575,000.00		572,347.25	01-Jul-2004		7.400%		CA - 71.88%		360		01-Jul-2004
79906442 2			60,000.00		59,768.75	01-Jun-2004		8.300%		NC - 62.69%		360		01-Jul-2004
80020209 2			436,000.00		434,617.37	01-Jun-2004		9.250%		NY - 80.00%		360		01-Jul-2004
80133424 2			549,000.00		547,162.87	01-Jun-2004		8.990%		NY - 90.00%		360		01-Jul-2004
80914666 2			332,000.00		330,498.30	01-Jun-2004		7.500%		NY - 74.61%		360		01-Jul-2004


TOTAL			12,057,822.00		12,011,590.73



Page 17 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS


										Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans									81		282		363
Number of Repurchased Loans									1		3		4
Total Number of Loans Prepaid in Full									82		285		367
Curtailments Amount									-564,147.83		153,692.31		-410,455.52
Paid in Full Balance									21,306,384.08		48,137,628.64		69,444,012.72
Repurchased Loans Balance									287,223.95		549,546.58		836,770.53
Total Prepayment Amount									21,029,460.20		48,840,867.53		69,870,327.73

*Cumulative*


Number of Paid in Full Loans									241		822		1,063
Number of Repurchased Loans									11		95		106
Total Number of Loans Prepaid in Full									252		917		1,169
Paid in Full Balance									68,356,440.08		139,871,528.50		208,227,968.58
Repurchased Loans Balance									3,227,938.61		13,681,143.98		16,909,082.59
Curtailments Amount									64,803.39		951,087.13		1,015,890.52
Total Prepayment Amount									71,649,182.08		154,503,759.61		226,152,941.69










Page 18 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES


										Group 2		Group 1		Total



SMM									4.11%		2.84%		3.13%
3 Months Avg SMM									3.62%		2.21%		2.54%
12 Months Avg SMM									2.68%		1.75%		1.97%
Avg SMM Since Cut-off									2.68%		1.75%		1.97%


CPR									39.54%		29.21%		31.71%
3 Months Avg CPR									35.76%		23.55%		26.56%
12 Months Avg CPR									27.86%		19.09%		21.21%
Avg CPR Since Cut-off									27.86%		19.09%		21.21%


PSA									3,259.00%		2,387.06%		2,596.57%
3 Months Avg PSA Approximation									3,525.24%		2,299.68%		2,599.27%
12 Months Avg PSA Approximation									3,417.65%		2,315.62%		2,579.21%
Avg PSA Since Cut-off Approximation									3,417.66%		2,315.63%		2,579.21%










Page 19 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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 20 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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

61620902 1			69,000.00		68,446.47		22-Nov-2004		7.250%		FL - 81.18%		Paid Off - 360		2/1/2004

63593800 1			180,000.00		179,087.18		18-Nov-2004		8.250%		IL - 75.00%		Paid Off - 360		7/1/2004
63698245 1			67,500.00		66,260.90		09-Dec-2004		7.600%		NY - 90.00%		Paid Off - 240		2/1/2004
64054463 1			191,000.00		189,384.51		26-Nov-2004		6.990%		MN - 83.04%		Paid Off - 360		2/1/2004
64062060 1			238,000.00		236,465.61		30-Nov-2004		8.350%		CA - 85.00%		Paid Off - 360		2/1/2004
64181605 1			110,000.00		109,053.75		16-Nov-2004		7.500%		WI - 74.32%		Paid Off - 360		2/1/2004
64505407 2			419,000.00		415,473.89		01-Dec-2004		7.000%		FL - 79.81%		Paid Off - 360		2/1/2004
64852601 2			136,500.00		136,100.13		26-Nov-2004		12.100%		WI - 75.00%		Paid Off - 360		2/1/2004
64881865 2			84,000.00		83,601.82		06-Dec-2004		9.850%		FL - 60.00%		Paid Off - 360		2/1/2004
65072340 1			178,000.00		176,654.41		15-Nov-2004		7.550%		WI - 82.79%		Paid Off - 360		2/1/2004
65117806 1			227,500.00		226,300.41		24-Nov-2004		9.500%		CA - 65.00%		Paid Off - 360		2/1/2004
65350167 1			130,000.00		129,250.29		06-Dec-2004		8.900%		IL - 89.66%		Paid Off - 360		2/1/2004
66962507 1			90,220.00		89,608.09		15-Nov-2004		7.550%		CO - 72.18%		Paid Off - 360		3/1/2004
72114705 1			285,000.00		283,236.08		02-Dec-2004		6.700%		CA - 60.00%		Paid Off - 360		5/1/2004
73811168 1			60,090.00		59,856.08		02-Dec-2004		8.250%		OH - 66.77%		Paid Off - 360		6/1/2004
74394362 1			112,500.00		112,097.79		11-Nov-2004		7.750%		FL - 90.00%		Paid Off - 360		7/1/2004
74555988 1			203,580.00		202,604.06		01-Dec-2004		6.250%		MD - 90.00%		Paid Off - 360		7/1/2004
74573668 1			228,500.00		227,306.90		26-Nov-2004		5.800%		CA - 78.79%		Paid Off - 360		7/1/2004
74818469 1			69,500.00		68,031.00		09-Dec-2004		5.900%		OH - 76.37%		Paid Off - 180		6/1/2004
74908047 1			211,500.00		210,705.30		17-Nov-2004		7.500%		MD - 90.00%		Paid Off - 360		7/1/2004
75115063 1			206,000.00		204,962.36		03-Dec-2004		5.990%		MA - 74.13%		Paid Off - 360		7/1/2004
75132464 1			125,000.00		124,466.75		30-Nov-2004		7.350%		RI - 55.56%		Paid Off - 360		7/1/2004
75302166 1			290,000.00		288,687.58		29-Nov-2004		6.550%		CA - 42.96%		Paid Off - 360		7/1/2004
75878603 1			202,000.00		200,436.34		08-Dec-2004		5.750%		CA - 73.45%		Paid Off - 360		7/1/2004
75940841 1			89,988.00		89,635.63		06-Dec-2004		7.350%		WY - 78.94%		Paid Off - 360		7/1/2004
75998666 1			162,000.00		161,661.72		24-Nov-2004		10.350%		CO - 60.00%		Paid Off - 360		7/1/2004
76100205 1			121,000.00		120,463.40		30-Nov-2004		7.600%		FL - 64.36%		Paid Off - 360		6/1/2004
76216001 1			229,500.00		228,679.56		15-Nov-2004		7.750%		RI - 90.00%		Paid Off - 360		7/1/2004
76248483 1			124,000.00		123,439.12		30-Nov-2004		7.500%		MD - 78.83%		Paid Off - 360		6/1/2004
76338508 1			131,250.00		130,904.46		07-Dec-2004		9.250%		ME - 75.00%		Paid Off - 360		7/1/2004
76355387 1			205,500.00		204,003.81		30-Nov-2004		5.700%		CO - 79.04%		Paid Off - 360		7/1/2004
76481506 1			183,000.00		182,376.52		15-Nov-2004		7.990%		CA - 71.21%		Paid Off - 360		7/1/2004
76666346 2			360,000.00		358,355.02		12-Nov-2004		6.500%		NY - 83.72%		Paid Off - 360		7/1/2004
76826403 1			86,100.00		85,714.08		24-Nov-2004		6.600%		MD - 74.87%		Paid Off - 360		7/1/2004
76865625 2			121,500.00		120,825.49		10-Dec-2004		6.450%		MN - 86.79%		Paid Off - 360		6/1/2004
77093946 1			126,700.00		126,237.91		06-Dec-2004		7.650%		CA - 70.00%		Paid Off - 360		7/1/2004
77133304 2			112,500.00		112,016.30		26-Nov-2004		7.600%		IL - 90.00%		Paid Off - 360		7/1/2004




Page 21 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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

77194587 1			245,000.00		244,046.21		01-Dec-2004		8.250%		NY - 70.00%		Paid Off - 360		6/1/2004

77223964 2			81,000.00		80,724.02		11-Nov-2004		7.990%		CA - 90.00%		Paid Off - 360		7/1/2004
77265007 1			260,400.00		258,181.75		02-Dec-2004		6.750%		MO - 80.00%		Paid Off - 360		6/1/2004
77279826 1			117,000.00		116,601.21		09-Dec-2004		7.990%		MD - 90.00%		Paid Off - 360		7/1/2004
77280105 1			305,000.00		304,118.42		01-Dec-2004		8.900%		CA - 73.49%		Paid Off - 360		7/1/2004
77332104 2			319,000.00		317,674.63		03-Dec-2004		6.990%		MD - 83.66%		Paid Off - 360		7/1/2004
77353100 1			223,000.00		221,920.69		19-Nov-2004		6.200%		NY - 78.19%		Paid Off - 360		7/1/2004
77408805 2			160,000.00		159,194.03		01-Dec-2004		5.990%		MD - 80.00%		Paid Off - 360		7/1/2004
77415669 1			165,000.00		164,392.19		30-Nov-2004		7.600%		MA - 63.22%		Paid Off - 360		7/1/2004
77428787 2			184,892.00		180,899.30		22-Nov-2004		5.600%		MD - 84.81%		Paid Off - 180		6/1/2004
77507440 1			144,000.00		143,414.47		26-Nov-2004		7.100%		PA - 90.00%		Paid Off - 360		7/1/2004
77521821 2			452,000.00		449,973.61		11-Nov-2004		6.600%		NY - 56.50%		Paid Off - 360		7/1/2004
77634442 1			225,472.00		224,743.04		24-Nov-2004		8.250%		MA - 82.50%		Paid Off - 360		7/1/2004
77643427 1			145,000.00		144,304.12		17-Nov-2004		7.200%		CA - 73.98%		Paid Off - 360		6/1/2004
77643708 1			189,500.00		188,854.38		18-Nov-2004		7.990%		NY - 63.17%		Paid Off - 360		7/1/2004
77691426 1			90,000.00		89,755.56		24-Nov-2004		9.990%		IL - 90.00%		Paid Off - 360		6/1/2004
77805828 1			155,000.00		154,291.51		02-Dec-2004		6.500%		WA - 71.53%		Paid Off - 360		7/1/2004
77808764 1			102,000.00		101,641.38		16-Nov-2004		8.750%		MD - 75.00%		Paid Off - 360		6/1/2004
77845204 1			102,000.00		101,497.13		15-Nov-2004		7.300%		CA - 83.61%		Paid Off - 360		7/1/2004
77858504 1			140,250.00		139,604.73		01-Dec-2004		6.500%		IL - 82.50%		Paid Off - 360		7/1/2004
77927887 1			228,800.00		228,020.52		16-Nov-2004		7.990%		KY - 65.00%		Paid Off - 360		7/1/2004
77929826 1			60,000.00		59,807.96		15-Nov-2004		8.300%		PA - 70.59%		Paid Off - 360		7/1/2004
77943041 1			222,000.00		220,881.74		16-Nov-2004		5.990%		UT - 88.10%		Paid Off - 360		7/1/2004
77945947 2			133,000.00		132,505.18		23-Nov-2004		7.550%		CA - 71.89%		Paid Off - 360		7/1/2004
77981645 1			241,500.00		240,166.10		23-Nov-2004		5.500%		RI - 86.56%		Paid Off - 360		7/1/2004
78007507 1			204,000.00		203,152.15		01-Dec-2004		6.990%		MD - 74.73%		Paid Off - 360		7/1/2004
78029469 1			160,200.00		159,467.97		02-Dec-2004		6.500%		CA - 90.00%		Paid Off - 360		7/1/2004
78031648 1			251,600.00		250,596.83		12-Nov-2004		7.200%		CA - 62.90%		Paid Off - 360		7/1/2004
78037942 2			119,000.00		118,664.79		26-Nov-2004		9.100%		MO - 85.00%		Paid Off - 360		7/1/2004
78040128 1			100,000.00		99,163.13		17-Nov-2004		6.800%		CA - 66.67%		Paid Off - 360		7/1/2004
78072907 1			97,000.00		96,642.67		01-Dec-2004		7.600%		MI - 71.32%		Paid Off - 360		7/1/2004
78090321 1			136,000.00		135,611.05		16-Nov-2004		8.850%		TX - 80.00%		Paid Off - 360		7/1/2004
78115680 1			216,000.00		215,356.44		26-Nov-2004		8.650%		NY - 74.48%		Paid Off - 360		7/1/2004
78134285 1			270,000.00		269,080.13		18-Nov-2004		7.990%		SC - 75.00%		Paid Off - 360		7/1/2004
78136686 1			147,750.00		147,323.08		30-Nov-2004		8.800%		WY - 75.00%		Paid Off - 360		7/1/2004
78140027 1			76,500.00		75,432.35		01-Dec-2004		8.550%		KS - 58.37%		Paid Off - 180		7/1/2004
78148244 1			168,750.00		168,208.80		29-Nov-2004		8.300%		FL - 72.12%		Paid Off - 360		7/1/2004
78149762 1			153,750.00		153,277.62		01-Dec-2004		8.500%		IL - 75.00%		Paid Off - 360		7/1/2004




Page 22 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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

78151065 1			206,000.00		205,010.99		08-Dec-2004		6.250%		MA - 50.99%		Paid Off - 360		7/1/2004

78172707 1			154,500.00		153,700.89		01-Dec-2004		5.850%		MA - 80.26%		Paid Off - 360		7/1/2004
78174943 1			67,000.00		66,818.02		02-Dec-2004		9.100%		FL - 57.26%		Paid Off - 360		7/1/2004
78179009 1			96,000.00		95,265.42		23-Nov-2004		6.750%		WI - 85.71%		Paid Off - 360		7/1/2004
78185501 1			99,000.00		98,573.14		19-Nov-2004		6.800%		FL - 83.90%		Paid Off - 360		7/1/2004
78193760 1			167,500.00		166,769.38		22-Nov-2004		6.750%		CA - 57.17%		Paid Off - 360		7/1/2004
78195120 1			149,000.00		148,611.02		30-Nov-2004		9.300%		IL - 62.08%		Paid Off - 360		7/1/2004
78199007 2			518,400.00		516,312.72		18-Nov-2004		7.150%		CA - 90.00%		Paid Off - 360		7/1/2004
78200060 1			100,000.00		98,435.90		16-Nov-2004		6.990%		WI - 54.64%		Paid Off - 240		7/1/2004
78208345 1			180,000.00		179,289.37		29-Nov-2004		7.250%		MD - 90.00%		Paid Off - 360		7/1/2004
78245248 1			187,200.00		186,360.98		10-Dec-2004		6.600%		MN - 90.00%		Paid Off - 360		7/1/2004
78245800 1			285,000.00		284,176.56		15-Nov-2004		8.800%		CA - 75.00%		Paid Off - 360		7/1/2004
78249224 2			104,000.00		103,711.07		30-Nov-2004		8.990%		GA - 80.00%		Paid Off - 360		7/1/2004
78261302 1			311,000.00		309,433.43		02-Dec-2004		5.990%		FL - 77.75%		Paid Off - 360		7/1/2004
78261807 2			151,200.00		150,541.69		01-Dec-2004		6.750%		WA - 90.00%		Paid Off - 360		7/1/2004
78274289 2			266,000.00		264,611.07		23-Nov-2004		5.800%		CA - 66.50%		Paid Off - 360		7/1/2004
78283322 1			138,200.00		137,729.17		30-Nov-2004		7.990%		MD - 76.78%		Paid Off - 360		7/1/2004
78284460 1			114,750.00		114,431.21		07-Dec-2004		8.990%		MI - 85.00%		Paid Off - 360		7/1/2004
78287125 1			98,600.00		98,084.12		18-Nov-2004		8.990%		MD - 85.00%		Paid Off - 360		7/1/2004
78287166 1			194,000.00		192,481.59		10-Dec-2004		7.990%		MD - 88.58%		Paid Off - 360		7/1/2004
78288602 1			165,000.00		164,503.33		18-Nov-2004		8.600%		IL - 54.28%		Paid Off - 360		7/1/2004
78301587 2			241,200.00		240,495.33		22-Nov-2004		8.750%		MD - 83.75%		Paid Off - 360		7/1/2004
78305620 1			104,800.00		104,321.13		01-Dec-2004		6.500%		WI - 80.00%		Paid Off - 360		7/1/2004
78327509 1			127,500.00		127,036.04		30-Nov-2004		8.900%		IL - 75.00%		Paid Off - 360		7/1/2004
78331600 2			450,000.00		448,423.20		16-Nov-2004		7.850%		MA - 90.00%		Paid Off - 360		7/1/2004
78344462 2			183,000.00		182,239.67		23-Nov-2004		6.990%		CA - 70.38%		Paid Off - 360		7/1/2004
78352762 1			199,800.00		198,197.07		26-Nov-2004		7.250%		RI - 90.00%		Paid Off - 360		7/1/2004
78364023 1			275,000.00		273,814.29		26-Nov-2004		6.800%		CA - 84.62%		Paid Off - 360		7/1/2004
78366929 2			522,000.00		519,130.75		26-Nov-2004		5.700%		CA - 90.00%		Paid Off - 360		7/1/2004
78385382 2			358,000.00		356,512.62		22-Nov-2004		6.990%		IL - 74.58%		Paid Off - 360		7/1/2004
78389624 2			170,000.00		169,498.62		01-Dec-2004		8.700%		CA - 85.00%		Paid Off - 360		7/1/2004
78412509 1			278,100.00		276,944.57		07-Dec-2004		6.990%		FL - 79.46%		Paid Off - 360		7/1/2004
78415049 2			341,800.00		340,129.85		15-Nov-2004		6.150%		CA - 74.96%		Paid Off - 360		7/1/2004
78427721 1			167,000.00		166,306.08		07-Dec-2004		6.990%		CA - 71.98%		Paid Off - 360		7/1/2004
78437142 1			225,250.00		224,325.06		01-Dec-2004		7.050%		CA - 85.00%		Paid Off - 360		7/1/2004
78438165 1			144,000.00		143,348.33		29-Nov-2004		6.550%		MD - 85.71%		Paid Off - 360		7/1/2004
78440021 1			168,000.00		167,427.63		16-Nov-2004		7.990%		MA - 80.00%		Paid Off - 360		7/1/2004
78441623 1			83,200.00		83,064.44		23-Nov-2004		11.500%		NC - 65.00%		Paid Off - 360		7/1/2004




Page 23 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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

78463387 1			172,800.00		172,182.22		17-Nov-2004		7.750%		MD - 59.59%		Paid Off - 360		7/1/2004

78480407 1			291,200.00		289,733.19		02-Dec-2004		5.990%		FL - 84.41%		Paid Off - 360		7/1/2004
78492006 1			178,000.00		177,276.22		23-Nov-2004		7.100%		IL - 74.17%		Paid Off - 360		7/1/2004
78493061 1			200,000.00		199,094.92		01-Dec-2004		6.550%		CA - 80.00%		Paid Off - 360		7/1/2004
78494507 1			258,000.00		257,161.84		17-Nov-2004		8.250%		MD - 81.90%		Paid Off - 360		7/1/2004
78509445 1			280,000.00		278,364.96		17-Nov-2004		5.200%		CA - 74.67%		Paid Off - 360		7/1/2004
78509627 2			152,000.00		151,533.02		01-Dec-2004		8.500%		FL - 84.44%		Paid Off - 360		7/1/2004
78512902 1			314,500.00		313,208.61		22-Nov-2004		7.050%		MA - 83.87%		Paid Off - 360		7/1/2004
78529146 1			157,500.00		157,011.12		30-Nov-2004		8.450%		MN - 73.94%		Paid Off - 360		7/1/2004
78548021 1			253,500.00		252,352.77		23-Nov-2004		6.550%		CA - 69.45%		Paid Off - 360		7/1/2004
78548260 1			99,900.00		99,493.80		07-Dec-2004		7.100%		NV - 62.44%		Paid Off - 360		7/1/2004
78551686 1			176,000.00		175,113.46		08-Dec-2004		5.990%		RI - 67.69%		Paid Off - 360		7/1/2004
78551843 1			171,000.00		170,642.97		19-Nov-2004		10.350%		IL - 89.53%		Paid Off - 360		7/1/2004
78602943 1			93,750.00		93,430.57		12-Nov-2004		7.990%		FL - 75.00%		Paid Off - 360		7/1/2004
78619004 2			415,000.00		412,771.25		30-Nov-2004		5.650%		CA - 79.81%		Paid Off - 360		7/1/2004
78622602 1			96,950.00		96,427.81		02-Dec-2004		5.900%		FL - 78.19%		Paid Off - 360		7/1/2004
78649365 1			161,000.00		160,435.87		03-Dec-2004		7.850%		CA - 50.00%		Paid Off - 360		7/1/2004
78663580 1			306,500.00		304,269.33		09-Dec-2004		7.550%		CA - 72.63%		Paid Off - 360		7/1/2004
78681020 2			180,000.00		179,502.11		18-Nov-2004		7.900%		IL - 90.00%		Paid Off - 360		8/1/2004
78694783 2			214,000.00		213,012.69		30-Nov-2004		6.450%		NY - 62.94%		Paid Off - 360		7/1/2004
78699840 1			210,000.00		209,342.47		17-Nov-2004		8.800%		NY - 60.00%		Paid Off - 360		7/1/2004
78721800 2			459,000.00		456,982.19		18-Nov-2004		6.700%		CA - 90.00%		Paid Off - 360		7/1/2004
78733045 1			68,000.00		67,821.00		22-Nov-2004		9.250%		IL - 59.13%		Paid Off - 360		7/1/2004
78737301 1			64,200.00		63,197.03		19-Nov-2004		7.250%		MO - 80.25%		Paid Off - 180		7/1/2004
78739141 1			154,800.00		154,493.58		01-Dec-2004		10.600%		GA - 90.00%		Paid Off - 360		7/1/2004
78739968 1			60,125.00		59,744.31		07-Dec-2004		8.750%		FL - 64.65%		Paid Off - 360		7/1/2004
78741725 1			161,250.00		160,673.54		29-Nov-2004		7.750%		CT - 75.00%		Paid Off - 360		7/1/2004
78741782 1			318,580.00		317,640.46		02-Dec-2004		8.700%		MA - 74.09%		Paid Off - 360		7/1/2004
78743903 1			184,500.00		183,806.72		23-Nov-2004		7.500%		ME - 90.00%		Paid Off - 360		7/1/2004
78756442 1			60,000.00		59,804.04		22-Nov-2004		8.200%		MO - 74.07%		Paid Off - 360		7/1/2004
78759982 2			390,000.00		388,577.68		30-Nov-2004		7.650%		MD - 75.00%		Paid Off - 360		7/1/2004
78771029 1			98,321.00		98,050.35		06-Dec-2004		9.100%		FL - 72.83%		Paid Off - 360		7/1/2004
78772787 1			144,500.00		143,793.91		06-Dec-2004		6.150%		MI - 52.55%		Paid Off - 360		7/1/2004
78777125 2			408,600.00		406,622.42		08-Dec-2004		6.200%		CA - 90.00%		Paid Off - 360		7/1/2004
78779428 1			180,000.00		179,535.83		11-Nov-2004		9.350%		NY - 56.25%		Paid Off - 360		7/1/2004
78786266 1			#######		278,780.96		09-Dec-2004		6.750%		IL - 83.58%		Paid Off - 360		7/1/2004
78792280 2			364,000.00		361,196.38		30-Nov-2004		6.550%		CA - 87.71%		Paid Off - 360		7/1/2004
78890761 1			130,400.00		129,914.84		06-Dec-2004		7.550%		FL - 73.67%		Paid Off - 360		7/1/2004




Page 24 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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

78899044 1			225,900.00		224,219.46		26-Nov-2004		6.300%		IL - 90.00%		Paid Off - 360		7/1/2004

78904422 1			192,000.00		190,997.51		07-Dec-2004		5.800%		CA - 64.00%		Paid Off - 360		7/1/2004
78904927 1			120,000.00		119,430.19		17-Nov-2004		6.300%		MN - 50.01%		Paid Off - 360		7/1/2004
78905205 2			213,000.00		212,345.60		12-Nov-2004		8.500%		CA - 67.62%		Paid Off - 360		7/1/2004
78908183 1			216,000.00		215,212.23		12-Nov-2004		7.650%		IL - 83.08%		Paid Off - 360		7/1/2004
78932589 1			142,500.00		141,445.44		16-Nov-2004		7.250%		FL - 75.00%		Paid Off - 360		7/1/2004
78939048 1			225,000.00		224,039.26		02-Dec-2004		6.850%		CA - 89.96%		Paid Off - 360		7/1/2004
78941804 1			292,500.00		290,987.11		24-Nov-2004		5.850%		CA - 90.00%		Paid Off - 360		7/1/2004
78945441 1			313,000.00		311,495.48		12-Nov-2004		6.250%		CA - 81.30%		Paid Off - 360		7/1/2004
78958501 1			250,000.00		249,060.63		30-Nov-2004		7.500%		IL - 83.33%		Paid Off - 360		7/1/2004
78964921 2			400,000.00		398,888.71		18-Nov-2004		8.990%		IL - 80.81%		Paid Off - 360		7/1/2004
78967601 2			184,500.00		183,806.72		24-Nov-2004		7.500%		IL - 90.00%		Paid Off - 360		7/1/2004
78969920 1			102,000.00		101,452.17		09-Dec-2004		5.650%		MA - 49.30%		Paid Off - 360		7/1/2004
78971785 2			160,000.00		159,481.59		02-Dec-2004		8.250%		MD - 78.05%		Paid Off - 360		7/1/2004
79003760 1			154,000.00		153,316.40		19-Nov-2004		6.650%		CA - 80.21%		Paid Off - 360		7/1/2004
79022869 1			60,000.00		59,811.84		30-Nov-2004		8.400%		FL - 51.28%		Paid Off - 360		7/1/2004
79023404 1			146,000.00		144,801.04		17-Nov-2004		5.800%		CA - 34.35%		Paid Off - 360		7/1/2004
79029344 2			222,000.00		220,829.89		29-Nov-2004		5.750%		FL - 80.73%		Paid Off - 360		7/1/2004
79032868 2			323,000.00		321,593.75		16-Nov-2004		6.750%		CA - 81.16%		Paid Off - 360		7/1/2004
79033049 1			240,000.00		239,107.13		30-Nov-2004		7.550%		CA - 88.89%		Paid Off - 360		7/1/2004
79047627 2			180,000.00		179,489.92		01-Dec-2004		8.900%		CA - 60.00%		Paid Off - 360		7/1/2004
79047742 1			251,250.00		250,206.11		26-Nov-2004		6.990%		CA - 75.00%		Paid Off - 360		7/1/2004
79059903 2			570,500.00		567,816.94		29-Nov-2004		6.350%		MN - 77.62%		Paid Off - 360		7/1/2004
79073425 1			280,500.00		279,536.62		08-Dec-2004		7.950%		RI - 85.00%		Paid Off - 360		7/1/2004
79079026 2			442,000.00		439,961.28		01-Dec-2004		6.500%		CA - 79.64%		Paid Off - 360		7/1/2004
79085205 1			272,000.00		271,244.32		29-Nov-2004		8.990%		NY - 78.84%		Paid Off - 360		7/1/2004
79098323 1			221,100.00		218,552.80		23-Nov-2004		5.550%		CA - 83.14%		Paid Off - 240		7/1/2004
79106266 2			140,000.00		139,332.22		30-Nov-2004		7.650%		CA - 70.00%		Paid Off - 360		7/1/2004
79116109 1			108,500.00		108,074.45		17-Nov-2004		7.400%		IL - 82.82%		Paid Off - 360		7/1/2004
79119764 1			187,000.00		186,103.50		26-Nov-2004		6.250%		MN - 85.00%		Paid Off - 360		7/1/2004
79130787 2			155,000.00		154,219.24		07-Dec-2004		5.990%		NY - 58.49%		Paid Off - 360		7/1/2004
79189528 2			225,000.00		224,154.56		16-Nov-2004		7.500%		CA - 60.00%		Paid Off - 360		7/1/2004
79196382 1			270,000.00		269,080.13		06-Dec-2004		7.990%		MA - 61.36%		Paid Off - 360		7/1/2004
79199303 1			235,000.00		234,347.10		15-Nov-2004		8.990%		NY - 72.31%		Paid Off - 360		7/1/2004
79200283 1			135,625.00		135,303.43		29-Nov-2004		9.750%		IL - 87.50%		Paid Off - 360		7/1/2004
79207288 1			68,000.00		67,777.93		08-Dec-2004		8.200%		IL - 75.56%		Paid Off - 360		7/1/2004
79210043 1			60,000.00		59,845.30		16-Nov-2004		9.350%		CO - 24.90%		Paid Off - 360		7/1/2004
79211561 1			113,000.00		112,409.95		22-Nov-2004		5.800%		CA - 75.93%		Paid Off - 360		7/1/2004




Page 25 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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

79224044 1			248,500.00		247,214.68		30-Nov-2004		5.850%		CA - 62.63%		Paid Off - 360		7/1/2004

79232609 1			151,500.00		150,763.59		24-Nov-2004		7.300%		WA - 89.12%		Paid Off - 360		7/1/2004
79233946 2			425,000.00		422,780.94		26-Nov-2004		5.800%		CA - 85.00%		Paid Off - 360		7/1/2004
79236741 2			360,000.00		358,417.37		09-Dec-2004		6.700%		CA - 90.00%		Paid Off - 360		7/1/2004
79258208 1			255,250.00		253,917.27		01-Dec-2004		5.800%		MA - 68.99%		Paid Off - 360		7/1/2004
79276986 2			397,000.00		394,927.17		30-Nov-2004		5.800%		NY - 81.02%		Paid Off - 360		7/1/2004
79277166 2			430,950.00		429,547.35		29-Nov-2004		8.950%		NY - 84.92%		Paid Off - 360		7/1/2004
79280764 1			250,000.00		249,012.98		02-Dec-2004		7.250%		CA - 84.75%		Paid Off - 360		7/1/2004
79289286 1			195,000.00		194,230.14		07-Dec-2004		7.250%		CA - 70.91%		Paid Off - 360		7/1/2004
79309225 1			149,999.00		149,514.10		12-Nov-2004		8.250%		NV - 75.00%		Paid Off - 360		7/1/2004
79334843 1			63,750.00		63,605.09		02-Dec-2004		9.950%		WI - 74.56%		Paid Off - 360		7/1/2004
79344727 1			125,000.00		124,553.12		18-Nov-2004		7.750%		CA - 45.45%		Paid Off - 360		7/1/2004
79362646 1			60,000.00		58,191.40		08-Dec-2004		10.850%		CT - 35.71%		Paid Off - 120		7/1/2004
79364782 1			247,000.00		245,673.46		26-Nov-2004		5.650%		MA - 74.85%		Paid Off - 360		7/1/2004
79403788 1			166,500.00		165,829.57		23-Nov-2004		7.150%		MA - 74.00%		Paid Off - 360		7/1/2004
79423588 1			163,800.00		163,119.44		24-Nov-2004		6.990%		IL - 90.00%		Paid Off - 360		7/1/2004
79424123 1			137,480.00		136,839.47		18-Nov-2004		6.750%		RI - 78.56%		Paid Off - 360		7/1/2004
79434783 1			262,500.00		261,409.37		24-Nov-2004		6.990%		FL - 73.94%		Paid Off - 360		7/1/2004
79435186 1			81,000.00		80,782.29		24-Nov-2004		9.150%		IL - 90.00%		Paid Off - 360		7/1/2004
79442604 1			104,400.00		104,041.43		24-Nov-2004		7.950%		IL - 90.00%		Paid Off - 360		7/1/2004
79444584 1			104,000.00		103,115.87		18-Nov-2004		7.700%		FL - 54.74%		Paid Off - 360		7/1/2004
79448767 1			99,000.00		98,662.71		24-Nov-2004		7.990%		IL - 90.00%		Paid Off - 360		7/1/2004
79451209 1			220,800.00		219,803.10		09-Dec-2004		6.850%		NH - 70.10%		Paid Off - 360		7/1/2004
79454781 1			126,000.00		125,407.42		03-Dec-2004		6.350%		AZ - 81.40%		Paid Off - 360		7/1/2004
79460465 1			80,750.00		80,537.39		15-Nov-2004		9.250%		MD - 85.00%		Paid Off - 360		7/1/2004
79470647 1			265,000.00		263,868.50		22-Nov-2004		6.850%		MA - 58.89%		Paid Off - 360		7/1/2004
79484226 1			76,726.00		76,452.71		10-Dec-2004		7.990%		IN - 82.50%		Paid Off - 360		7/1/2004
79495628 2			255,000.00		254,216.58		18-Nov-2004		8.500%		CT - 79.69%		Paid Off - 360		7/1/2004
79501409 1			206,700.00		205,995.77		29-Nov-2004		7.990%		NY - 67.99%		Paid Off - 360		7/1/2004
79507646 1			255,000.00		254,175.73		18-Nov-2004		8.250%		CA - 75.00%		Paid Off - 360		7/1/2004
79513784 1			87,750.00		87,480.37		06-Dec-2004		8.500%		CA - 74.36%		Paid Off - 360		7/1/2004
79513941 1			210,000.00		208,964.08		30-Nov-2004		6.100%		CA - 87.50%		Paid Off - 360		7/1/2004
79517207 1			122,576.00		122,015.87		18-Nov-2004		6.500%		FL - 86.78%		Paid Off - 360		7/1/2004
79518544 1			242,000.00		240,986.64		19-Nov-2004		6.950%		CA - 50.95%		Paid Off - 360		7/1/2004
79519401 1			71,400.00		71,234.24		29-Nov-2004		10.990%		GA - 85.00%		Paid Off - 360		7/1/2004
79535464 1			225,000.00		224,169.36		02-Dec-2004		7.600%		WA - 60.00%		Paid Off - 360		7/1/2004
79544805 1			160,000.00		159,416.46		16-Nov-2004		7.650%		MA - 59.26%		Paid Off - 360		7/1/2004
79565842 1			205,000.00		204,107.49		12-Nov-2004		6.750%		CA - 50.00%		Paid Off - 360		7/1/2004




Page 26 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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

79572426 1			100,000.00		99,722.16		15-Nov-2004		8.990%		IL - 62.50%		Paid Off - 360		7/1/2004

79574828 1			65,000.00		64,828.89		29-Nov-2004		9.250%		FL - 79.27%		Paid Off - 360		7/1/2004
79582607 1			229,000.00		228,077.92		16-Nov-2004		7.150%		CA - 89.80%		Paid Off - 360		7/1/2004
79594560 1			221,000.00		220,447.79		16-Nov-2004		9.500%		MD - 85.00%		Paid Off - 360		7/1/2004
79603403 1			231,300.00		230,212.16		15-Nov-2004		6.350%		RI - 90.00%		Paid Off - 360		7/1/2004
79604906 1			112,114.00		111,732.01		16-Nov-2004		7.990%		FL - 87.59%		Paid Off - 360		7/1/2004
79606562 1			78,500.00		78,173.84		24-Nov-2004		6.990%		AZ - 60.38%		Paid Off - 360		7/1/2004
79607826 1			90,000.00		89,779.75		22-Nov-2004		9.600%		GA - 60.00%		Paid Off - 360		7/1/2004
79612222 1			123,250.00		122,922.14		30-Nov-2004		9.200%		IL - 85.00%		Paid Off - 360		7/1/2004
79634085 2			338,000.00		336,595.68		07-Dec-2004		6.990%		CA - 82.44%		Paid Off - 360		7/1/2004
79642625 2			136,000.00		133,861.18		23-Nov-2004		5.500%		CA - 44.59%		Paid Off - 360		7/1/2004
79652640 1			206,800.00		205,636.32		01-Dec-2004		5.400%		CA - 81.61%		Paid Off - 360		7/1/2004
79655221 2			515,000.00		512,926.39		02-Dec-2004		7.150%		CA - 73.57%		Paid Off - 360		7/1/2004
79693503 1			201,500.00		200,772.43		11-Nov-2004		7.700%		IL - 69.48%		Paid Off - 360		7/1/2004
79702080 2			171,000.00		170,357.48		10-Dec-2004		7.500%		RI - 83.41%		Paid Off - 360		7/1/2004
79716767 1			201,000.00		200,315.22		06-Dec-2004		7.990%		CA - 61.85%		Paid Off - 360		7/1/2004
79722583 1			225,000.00		223,100.77		22-Nov-2004		6.700%		CA - 90.00%		Paid Off - 360		7/1/2004
79740106 1			211,000.00		210,035.84		26-Nov-2004		6.500%		CA - 86.12%		Paid Off - 360		7/1/2004
79747085 1			200,000.00		199,248.51		29-Nov-2004		7.500%		MA - 52.63%		Paid Off - 360		7/1/2004
79747747 1			75,000.00		74,473.11		30-Nov-2004		8.400%		MN - 71.43%		Paid Off - 360		7/1/2004
79759684 1			176,000.00		175,338.29		01-Dec-2004		7.500%		CA - 81.86%		Paid Off - 360		7/1/2004
79762407 1			229,200.00		228,419.11		30-Nov-2004		7.990%		MD - 60.00%		Paid Off - 360		7/1/2004
79767703 2			193,877.00		193,016.38		10-Dec-2004		6.650%		FL - 84.66%		Paid Off - 360		7/1/2004
79785382 1			119,000.00		118,525.54		29-Nov-2004		7.200%		FL - 74.38%		Paid Off - 360		7/1/2004
79796405 1			220,000.00		218,883.41		30-Nov-2004		5.950%		CA - 73.33%		Paid Off - 360		7/1/2004
79817102 1			110,500.00		109,999.91		30-Nov-2004		6.550%		AZ - 85.00%		Paid Off - 360		7/1/2004
79825428 1			191,866.00		191,030.69		11-Nov-2004		6.750%		CA - 72.21%		Paid Off - 360		7/1/2004
79829800 1			95,189.00		94,983.78		09-Dec-2004		10.200%		CT - 67.99%		Paid Off - 360		7/1/2004
79856761 1			200,000.00		199,444.35		01-Dec-2004		8.990%		NY - 68.97%		Paid Off - 360		7/1/2004
79858080 1			117,500.00		116,952.68		06-Dec-2004		6.400%		FL - 77.30%		Paid Off - 360		7/1/2004
79863528 1			175,500.00		174,807.14		08-Dec-2004		7.250%		CA - 90.00%		Paid Off - 360		7/1/2004
79880605 1			178,500.00		177,880.62		07-Dec-2004		7.900%		MA - 84.48%		Paid Off - 360		7/1/2004
79884284 1			150,000.00		149,372.54		23-Nov-2004		7.250%		CA - 41.67%		Paid Off - 360		7/1/2004
79918843 1			150,000.00		149,488.94		17-Nov-2004		7.990%		MA - 60.00%		Paid Off - 360		7/1/2004
79933966 1			200,000.00		199,285.00		08-Dec-2004		7.750%		CA - 80.00%		Paid Off - 360		7/1/2004
79942967 1			315,000.00		314,061.11		10-Dec-2004		8.850%		CA - 87.26%		Paid Off - 360		7/1/2004
79981668 1			213,000.00		212,035.34		09-Dec-2004		7.300%		RI - 94.67%		Paid Off - 360		7/1/2004
80008162 1			108,750.00		108,238.50		09-Dec-2004		6.350%		FL - 64.73%		Paid Off - 360		7/1/2004




Page 27 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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

80017163 1			67,000.00		66,177.40		26-Nov-2004		9.990%		MN - 32.68%		Paid Off - 180		7/1/2004

80038706 2			80,000.00		79,310.92		01-Dec-2004		7.990%		IL - 78.43%		Paid Off - 240		7/1/2004
80039563 1			283,500.00		282,434.76		26-Nov-2004		7.500%		CA - 87.23%		Paid Off - 360		7/1/2004
80052921 1			242,500.00		241,512.07		01-Dec-2004		7.250%		MD - 89.93%		Paid Off - 360		7/1/2004
80063100 1			63,500.00		63,364.54		30-Nov-2004		10.250%		MD - 32.56%		Paid Off - 360		7/1/2004
80089980 2			171,500.00		170,846.76		06-Dec-2004		7.550%		CA - 71.46%		Paid Off - 360		7/1/2004
80095185 2			237,000.00		236,103.65		23-Nov-2004		7.500%		CA - 89.43%		Paid Off - 360		7/1/2004
80097280 1			288,000.00		286,709.18		29-Nov-2004		6.600%		NY - 74.81%		Paid Off - 360		7/1/2004
80114903 2			175,350.00		174,509.34		24-Nov-2004		6.250%		CA - 83.50%		Paid Off - 360		7/1/2004
80130743 2			84,000.00		83,790.10		03-Dec-2004		9.500%		FL - 73.04%		Paid Off - 360		7/1/2004
80136328 1			267,750.00		267,146.53		19-Nov-2004		9.990%		NY - 85.00%		Paid Off - 360		7/1/2004
80150105 1			127,500.00		127,263.41		18-Nov-2004		10.900%		IL - 85.00%		Paid Off - 360		7/1/2004
80154743 1			304,500.00		302,738.23		30-Nov-2004		5.250%		CA - 60.90%		Paid Off - 360		7/1/2004
80161722 1			238,000.00		237,189.15		22-Nov-2004		7.990%		CA - 85.00%		Paid Off - 360		7/1/2004
80199227 2			212,500.00		211,740.33		12-Nov-2004		7.750%		NY - 59.69%		Paid Off - 360		7/1/2004
80201502 2			350,000.00		348,385.24		26-Nov-2004		6.450%		CA - 77.78%		Paid Off - 360		7/1/2004
80222920 1			140,000.00		139,372.49		29-Nov-2004		6.600%		CO - 75.68%		Paid Off - 360		7/1/2004
80227663 1			144,000.00		143,173.38		01-Dec-2004		7.650%		WI - 90.00%		Paid Off - 360		7/1/2004
80284847 1			153,000.00		152,553.37		19-Nov-2004		8.750%		FL - 78.46%		Paid Off - 360		7/1/2004
80294044 1			165,000.00		164,427.62		30-Nov-2004		7.900%		CA - 74.66%		Paid Off - 360		7/1/2004
80333628 1			180,000.00		179,418.16		09-Dec-2004		8.250%		MD - 83.72%		Paid Off - 360		7/1/2004
80336605 1			153,000.00		152,557.97		24-Nov-2004		8.800%		WI - 90.00%		Paid Off - 360		7/1/2004
80341969 1			246,510.00		245,485.79		23-Nov-2004		6.990%		CA - 90.00%		Paid Off - 360		7/1/2004
80344088 2			358,000.00		356,113.10		24-Nov-2004		5.750%		CA - 63.36%		Paid Off - 360		7/1/2004
80344724 1			67,000.00		66,797.01		29-Nov-2004		8.750%		CA - 43.23%		Paid Off - 360		7/1/2004
80345648 1			296,700.00		295,875.69		23-Nov-2004		8.990%		CA - 76.08%		Paid Off - 360		7/1/2004
80357049 1			248,000.00		247,049.47		09-Dec-2004		7.400%		CA - 65.26%		Paid Off - 360		7/1/2004
80371982 1			212,500.00		211,574.81		11-Nov-2004		6.750%		FL - 88.54%		Paid Off - 360		7/1/2004
80379563 1			150,000.00		149,463.78		15-Nov-2004		7.750%		FL - 60.00%		Paid Off - 360		7/1/2004
80384928 1			180,000.00		178,047.46		09-Dec-2004		8.990%		CA - 73.47%		Paid Off - 360		7/1/2004
80385800 1			225,000.00		224,649.18		24-Nov-2004		11.700%		NY - 60.00%		Paid Off - 360		7/1/2004
80409626 1			260,000.00		258,932.38		22-Nov-2004		7.050%		NY - 77.61%		Paid Off - 360		7/1/2004
80410723 1			90,000.00		89,581.63		07-Dec-2004		6.900%		MD - 81.08%		Paid Off - 360		7/1/2004
80414980 1			292,000.00		290,956.07		26-Nov-2004		7.750%		NY - 80.00%		Paid Off - 360		7/1/2004
80425069 2			349,000.00		347,242.04		18-Nov-2004		5.990%		CA - 89.49%		Paid Off - 360		7/1/2004
80436124 1			216,750.00		215,935.57		29-Nov-2004		7.500%		IL - 83.37%		Paid Off - 360		7/1/2004
80436884 1			220,498.00		219,480.70		01-Dec-2004		6.450%		NV - 90.00%		Paid Off - 360		7/1/2004
80442247 2			195,000.00		194,252.58		24-Nov-2004		7.400%		MD - 75.00%		Paid Off - 360		7/1/2004




Page 28 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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

80465487 1			187,500.00		186,868.20		06-Dec-2004		8.150%		WA - 75.00%		Paid Off - 360		7/1/2004

80465628 1			61,000.00		60,530.57		16-Nov-2004		8.900%		IN - 71.76%		Paid Off - 240		7/1/2004
80477326 1			153,000.00		152,553.37		02-Dec-2004		8.750%		MA - 53.13%		Paid Off - 360		7/1/2004
80479843 1			155,000.00		154,291.72		09-Dec-2004		6.500%		MD - 86.11%		Paid Off - 360		7/1/2004
80482243 1			65,000.00		64,896.40		02-Dec-2004		10.550%		CT - 48.15%		Paid Off - 360		8/1/2004
80493562 1			75,000.00		74,100.53		22-Nov-2004		10.250%		NY - 72.82%		Paid Off - 180		7/1/2004
80501323 2			280,000.00		279,094.89		30-Nov-2004		8.250%		NY - 76.71%		Paid Off - 360		7/1/2004
80508906 2			108,000.00		107,492.06		02-Dec-2004		6.350%		MA - 31.49%		Paid Off - 360		7/1/2004
80527625 1			148,500.00		147,821.42		03-Dec-2004		6.500%		WA - 90.00%		Paid Off - 360		7/1/2004
80532062 2			353,915.00		352,503.92		01-Dec-2004		7.200%		CA - 78.65%		Paid Off - 360		7/1/2004
80541865 1			195,000.00		194,502.46		06-Dec-2004		9.400%		CA - 79.59%		Paid Off - 360		7/1/2004
80544208 1			191,000.00		190,093.08		02-Dec-2004		6.300%		CA - 82.29%		Paid Off - 360		7/1/2004
80559222 1			129,000.00		128,524.83		16-Nov-2004		7.600%		MD - 80.63%		Paid Off - 360		7/1/2004
80573967 1			190,500.00		190,048.33		03-Dec-2004		9.750%		IL - 75.00%		Paid Off - 360		7/1/2004
80596141 1			84,149.00		84,032.76		30-Nov-2004		12.250%		NC - 82.50%		Paid Off - 360		7/1/2004
80600521 1			106,000.00		105,090.02		30-Nov-2004		6.650%		KS - 65.84%		Paid Off - 360		7/1/2004
80600802 2			334,000.00		332,288.69		07-Dec-2004		5.900%		FL - 78.59%		Paid Off - 360		7/1/2004
80624166 1			60,000.00		59,785.50		06-Dec-2004		7.750%		FL - 37.50%		Paid Off - 360		7/1/2004
80641202 1			85,000.00		84,667.69		24-Nov-2004		7.300%		FL - 61.77%		Paid Off - 360		7/1/2004
80660244 1			252,000.00		250,826.14		29-Nov-2004		6.400%		RI - 78.75%		Paid Off - 360		7/1/2004
80667421 1			125,000.00		124,020.48		19-Nov-2004		6.400%		GA - 57.05%		Paid Off - 360		7/1/2004
80696289 1			193,500.00		192,750.97		12-Nov-2004		7.350%		CA - 90.00%		Paid Off - 360		7/1/2004
80696826 1			235,000.00		233,851.57		29-Nov-2004		6.150%		IL - 82.46%		Paid Off - 360		7/1/2004
80697741 1			126,250.00		122,770.94		19-Nov-2004		8.300%		CA - 72.14%		Paid Off - 360		7/1/2004
80698368 1			191,000.00		190,117.85		30-Nov-2004		6.450%		IL - 84.89%		Paid Off - 360		7/1/2004
80705908 1			157,000.00		156,431.22		23-Nov-2004		7.750%		RI - 74.76%		Paid Off - 360		7/1/2004
80707862 1			157,500.00		156,878.19		12-Nov-2004		7.250%		FL - 90.00%		Paid Off - 360		7/1/2004
80760507 1			96,000.00		95,692.39		30-Nov-2004		8.800%		KS - 75.00%		Paid Off - 360		7/1/2004
80774946 1			256,000.00		254,663.36		19-Nov-2004		5.800%		CA - 81.27%		Paid Off - 360		7/1/2004
80782741 1			137,500.00		136,408.99		09-Dec-2004		6.990%		NY - 68.75%		Paid Off - 360		7/1/2004
80789506 1			180,000.00		179,252.14		09-Dec-2004		6.990%		GA - 92.31%		Paid Off - 360		7/1/2004
80789902 2			359,000.00		356,313.67		06-Dec-2004		7.990%		CA - 79.78%		Paid Off - 360		7/1/2004
80794761 1			71,000.00		70,796.95		16-Nov-2004		8.850%		MN - 60.68%		Paid Off - 360		7/1/2004
80795545 1			280,000.00		278,836.67		18-Nov-2004		6.990%		NY - 73.68%		Paid Off - 360		7/1/2004
80802127 1			324,000.00		322,292.31		15-Nov-2004		5.750%		CA - 90.00%		Paid Off - 360		7/1/2004
80803703 1			198,000.00		197,391.69		24-Nov-2004		8.500%		MA - 66.00%		Paid Off - 360		7/1/2004
80809783 2			90,000.00		89,586.29		22-Nov-2004		6.500%		FL - 73.90%		Paid Off - 360		7/1/2004
80846983 2			317,000.00		315,682.81		30-Nov-2004		6.990%		CA - 70.44%		Paid Off - 360		7/1/2004




Page 29 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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

80880040 2			429,250.00		427,172.45		16-Nov-2004		6.200%		MN - 85.00%		Paid Off - 360		7/1/2004

80884588 2			118,000.00		117,637.47		15-Nov-2004		8.500%		CA - 81.38%		Paid Off - 360		7/1/2004
80916380 2			577,000.00		575,857.96		17-Nov-2004		10.600%		CA - 76.93%		Paid Off - 360		7/1/2004
80923568 1			172,500.00		171,853.56		26-Nov-2004		7.990%		MD - 66.35%		Paid Off - 360		7/1/2004
80939242 1			140,000.00		139,425.14		29-Nov-2004		7.050%		ME - 88.61%		Paid Off - 360		7/1/2004
80970742 2			342,000.00		339,552.76		01-Dec-2004		5.850%		CA - 90.00%		Paid Off - 360		7/1/2004
80976905 1			300,000.00		298,977.92		29-Nov-2004		7.990%		NY - 70.59%		Paid Off - 360		7/1/2004
81040149 1			240,000.00		239,333.24		06-Dec-2004		8.990%		FL - 80.00%		Paid Off - 360		7/1/2004
81051682 2			148,750.00		148,480.62		01-Dec-2004		9.950%		WI - 85.00%		Paid Off - 360		8/1/2004
81055386 2			110,500.00		110,192.99		24-Nov-2004		8.990%		IL - 85.00%		Paid Off - 360		7/1/2004
81092108 2			340,000.00		338,657.71		18-Nov-2004		7.250%		CA - 89.95%		Paid Off - 360		7/1/2004
81127243 2			133,500.00		133,022.72		29-Nov-2004		7.750%		MD - 74.58%		Paid Off - 360		7/1/2004
81128688 2			75,000.00		74,273.69		10-Dec-2004		10.100%		MA - 16.59%		Paid Off - 180		8/1/2004
81162463 1			150,000.00		149,201.90		24-Nov-2004		5.700%		CA - 77.28%		Paid Off - 360		7/1/2004
81221301 2			70,000.00		69,899.84		01-Dec-2004		11.050%		MA - 64.81%		Paid Off - 360		8/1/2004
81308629 1			123,000.00		122,665.85		16-Nov-2004		7.990%		MD - 60.00%		Paid Off - 360		8/1/2004
81859167 1			118,200.00		117,845.77		24-Nov-2004		7.500%		CA - 78.80%		Paid Off - 360		8/1/2004
81889040 1			74,400.00		74,187.88		26-Nov-2004		7.750%		MI - 74.56%		Paid Off - 360		8/1/2004
82025727 1			225,000.00		224,332.43		22-Nov-2004		7.550%		IL - 75.00%		Paid Off - 360		8/1/2004
82830928 1			135,000.00		134,793.95		10-Dec-2004		10.750%		WA - 50.94%		Paid Off - 360		8/1/2004
83176560 1			218,500.00		217,851.71		19-Nov-2004		7.550%		FL - 64.64%		Paid Off - 360		8/1/2004
83650507 1			163,000.00		162,497.04		12-Nov-2004		7.990%		IL - 66.53%		Paid Off - 360		8/1/2004
69136646 1			63,000.00		62,646.10		30-Nov-2004		8.250%		OH - 88.85%		Repur/Subs - 360		4/1/2004
78494341 1			182,500.00		181,666.08		19-Nov-2004		6.500%		MN - 83.33%		Repur/Subs - 360		7/1/2004
79189205 2			287,998.00		287,223.95		30-Nov-2004		9.150%		FL - 90.00%		Repur/Subs - 360		7/1/2004
81041089 1			305,999.00		305,234.40		30-Nov-2004		9.500%		FL - 87.43%		Repur/Subs - 360		7/1/2004


TOTAL			70,600,189.00		70,280,783.25



Page 30 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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 31 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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 32 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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 33 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

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 34 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS

									Group 2		Group 1		Total
Does a Trigger Event Exist? (0=No,1=Yes)													0
Has a Stepdown Date Occurred? (0=No,1=Yes)													0
Balances 60+ days includes REO, Bankruptcy and Foreclosure													45,958,616.60
Delinquency Percentage													2.1200%
Balance of Mezzanine and C Class													322,799,975.48
Ending Balance													2,163,293,904.04
Credit Enhancement Percentage													14.9200%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

									Group 2		Group 1		Total
Current LIBOR Rate													2.180630%
Next LIBOR Rate													0.000000%




Page 35 of 36
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

December 27, 2004 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

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

			A-1						0.21%			$0.00		$0.00

			A-2						0.14%			$0.00		$0.00

			A-3						0.27%			$0.00		$0.00

			A-4						0.45%			$0.00		$0.00

			A-5						0.45%			$0.00		$0.00

			A-6						0.45%			$0.00		$0.00

			M-1						1.40%			$0.00		$0.00

			M-2						1.90%			$0.00		$0.00

			M-3						2.15%			$0.00		$0.00

			M-4						3.50%			$0.00		$0.00

			M-5						2.50%			$0.00		$0.00

			M-6						2.50%			$0.00		$0.00

			M-7						2.50%			$0.00		$0.00

			M-8						2.50%			$0.00		$0.00

			M-9						2.50%			$0.00		$0.00

			M-10						2.50%			$0.00		$0.00

			M-11						2.50%			$0.00		$0.00







Page 36 of 36

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