UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): ~~September~~December 27, 2004 (Date of earliest event reported) Indymac MBS Inc (as Depositor under the Pooling and Servicing Agreement, dated as June 1, 2004, providing for the issuance of IndyMAc INDX Mortgage Loan Trust 2004-AR3 Mortgage Pass-Through Certificates, Series 2004-AR3) (Exact name of registrant as specified in charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-116470-01 95-4791925 (Commission File Number) (I.R.S. Employer Identification No.) 155 NORTH LAKE AVENUE PASADENA, CALIFORNIA 91101 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (800) 669-2300 (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01 Other Events Attached hereto is a copy of the Monthly Remittance Statements to the Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust to the Trustee. Item 9.01 Financial Statements and Exhibits (c) Exhibits: Exhibit No. Description 99.1 Monthly Remittance Statement to the Certificateholders dated as of ~~September~~December 27, 2004. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Deutsche Bank National Trust Company, in its capacity as Trustee under the Pooling and Servicing Agreement on behalf of Indymac MBS Inc, Registrant Date: ~~Sep~~Dec 27, 2004 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT 99.1 Monthly Remittance Statement to the Certificateholders dated as of ~~September~~December 27, 2004.

	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	September 27, 2004 Distribution
	December 27, 2004 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				12
			8.	Prepayment Report				13
			9.	Prepayment Detail Report				16
			10.	Realized Loss Report				1817
			11.	Realized Loss Detail Report				2120
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				2221
			13.	Other Related Information				2322
			14.	Additional Certificate Report				2423
				Total Number of Pages				2423
			CONTACTS
				Administrator: Brent Hoyler
				Direct Phone Number: (714)247-6322
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				Web Site: https://www.tss.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		IndyMac Bank					Cut-Off Date: June 1, 2004
	Certificate Insurer(s):							Closing Date: June 29, 2004
								First Payment Date: July 26, 2004
	Servicer(s):		IndyMac Bank Master Servicer
								Distribution Date: September 27, 2004
								Distribution Date: December 27, 2004
	Underwriter(s):		Greenwich Capital Markets Underwriter					Record Date: ~~August~~November 3130, 2004
						Page 1 of 24					© COPYRIGHT 2004 Deutsche Bank
						Page 1 of 23					© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Certificate Payment Report for September 27, 2004 Distribution
	Certificate Payment Report for December 27, 2004 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A-1		560,470,000.00			~~541~~507,~~665~~066,~~695~~679.9176	~~891~~1,~~491~~020,193.4645	128,~~496~~615,~~642~~066.5442	139,~~388~~635,~~134~~259.0087	-	-	~~529~~498,~~169~~451,~~053~~613.3734
A-X-1		-			-	~~344~~305,~~894~~598.7134	-	~~344~~305,~~894~~598.7134	-	-	-
A-X-2		-			~~105~~367,~~589~~242.1797	~~547~~404,~~262~~956.2406	-	~~547~~404,~~262~~956.2406	-	7496,~~908~~997.9842	~~180~~464,~~498~~240.1539
A-R		100.00			-	-0.00	-	-0.00	-	-	-
B-1		17,120,000.00			17,~~110~~098,~~420~~824.9185	3036,~~157~~453.1285	43,~~100~~596.6753	3440,~~257~~050.7938	-	-	17,~~106~~095,~~320~~228.2432
B-2		7,810,000.00			7,~~805~~800,~~630~~340.1008	1720,~~660~~269.2484	1,~~870~~640.6971	1921,~~530~~910.9355	-	-	7,~~803~~798,~~759~~699.4137
B-3		4,800,000.00			4,~~797~~794,~~314~~063.2704	1113,~~453~~017.5904	1,~~149~~008.7237	1214,~~603~~025.3141	-	-	4,~~796~~793,~~164~~054.5567
B-4		4,800,000.00			4,~~797~~794,~~314~~063.2704	1113,~~453~~017.5904	1,~~149~~008.7237	1214,~~603~~025.3141	-	-	4,~~796~~793,~~164~~054.5567
B-5		3,600,000.00			3,~~597~~595,~~985~~547.7128	89,~~590~~762.1978	~~862~~756.2928	910,~~452~~519.4806	-	-	3,~~597~~594,~~123~~791.4100
B-6		2,448,913.91			2,~~447~~445,~~543~~884.7097	56,~~843~~641.5018	~~586~~514.5746	67,~~430~~155.0764	-	-	2,~~446~~445,~~957~~370.1351
P		100.00			100.00	~~115~~84,~~186~~791.5275	-	~~115~~84,~~186~~791.5275	-	-	100.00
Total		601,049,113.91			~~582~~547,~~327~~962,~~594~~746.0400	1,~~983~~914,~~993~~701.1633	128,~~506~~623,~~362~~591.2215	1410,~~490~~538,~~355~~292.3848	-	7496,~~908~~997.9842	~~569~~539,~~896~~436,~~140~~152.8127
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A-1				A-30Act/360	45660NL78	560,470,000.00	~~966~~904.~~449044~~716898	1.~~590614~~820246	2215.~~296720~~371146	2317.~~887334~~191393	~~944~~889.~~152325~~345751
A-X-1				A-30/360	45660NL86	560,470,000.00	~~923~~817.~~050417~~880540	0.~~615367~~545254	-	0.~~615367~~545254	~~886~~785.~~679428~~357793
A-X-2				A-30/360	45660NL94	601,049,013.91	~~969~~912.~~027600~~288143	0.~~910512~~673749	-	0.~~910512~~673749	~~948~~898.~~469302~~263336
A-R				A-30/360	45660NM28	100.00	-	-0.017000	-	-0.017000	-
B-1				A-30Act/360	45660NM36	17,120,000.00	~~999~~998.~~440474~~763134	12.~~761514~~129314	0.~~239525~~210078	2.~~001039~~339391	~~999~~998.~~200948~~553056
B-2				A-30Act/360	45660NM44	7,810,000.00	~~999~~998.~~440474~~763134	2.~~261234~~595370	0.~~239525~~210078	2.~~500760~~805448	~~999~~998.~~200948~~553056
B-3				A-30Act/360	45660NM51	4,800,000.00	~~999~~998.~~440474~~763134	2.~~386165~~711883	0.~~239525~~210078	2.~~625690~~921961	~~999~~998.~~200948~~553056
B-4				A-30Act/360	45660NR72	4,800,000.00	~~999~~998.~~440474~~763134	2.~~386165~~711883	0.~~239525~~210078	2.~~625690~~921961	~~999~~998.~~200948~~553056
B-5				A-30Act/360	45660NR08	3,600,000.00	~~999~~998.~~440474~~763134	2.~~386164~~711883	0.~~239525~~210078	2.~~625689~~921961	~~999~~998.~~200948~~553056
B-6				A-30Act/360	45660NR98	2,448,913.91	~~999~~998.~~440483~~763149	2.~~386160~~711888	0.~~239524~~210078	2.~~625683~~921966	~~999~~998.~~200959~~553071
P				F-30/360		100.00	1,000.000000	1847,~~151,865~~917.~~200000~~500000	-	1847,~~151,865~~917.~~200000~~500000	1,000.000000
							Page 2 of 24				© COPYRIGHT 2004 Deutsche Bank
							Page 2 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Certificate Payment Report for September 27, 2004 Distribution
	Certificate Payment Report for December 27, 2004 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A-1	560,470,000.00		25,~~435~~596,~~488~~151.8508		-	3162,~~300~~018,~~946~~386.6367	3162,~~300~~018,~~946~~386.6367	3367,~~736~~614,~~435~~537.4875	-	-	~~529~~498,~~169~~451,~~053~~613.3734
A-X-1	-		12,~~077~~032,~~541~~657.8302		-	-	-	12,~~077~~032,~~541~~657.8302	-	-	-
A-X-2	-		12,~~886~~982,~~088~~352.99		-	-	-	12,~~886~~982,~~088~~352.99	-	~~180~~464,~~498~~240.1539	~~180~~464,~~498~~240.1539
A-R	100.00		0.32		-	100.00	100.00	100.32	-	-	-
B-1	17,120,000.00		81192,~~466~~064.3061		-	1324,~~679~~771.7668	1324,~~679~~771.7668	95216,~~146~~836.0629	-	-	17,~~106~~095,~~320~~228.2432
B-2	7,810,000.00		48111,~~485~~162.4477		-	611,~~240~~300.5963	611,~~240~~300.5963	54122,~~726~~463.0340	-	-	7,~~803~~798,~~759~~699.4137
B-3	4,800,000.00		3171,~~538~~937.4886		-	36,~~835~~945.4533	36,~~835~~945.4533	3578,~~373~~883.9319	-	-	4,~~796~~793,~~164~~054.5567
B-4	4,800,000.00		3171,~~538~~937.4886		-	36,~~835~~945.4533	36,~~835~~945.4533	3578,~~373~~883.9319	-	-	4,~~796~~793,~~164~~054.5567
B-5	3,600,000.00		2353,~~653~~953.8640		-	25,~~876~~209.5900	25,~~876~~209.5900	2659,~~530~~162.4540	-	-	3,~~597~~594,~~123~~791.4100
B-6	2,448,913.91		1636,~~090~~702.6200		-	13,~~956~~543.7840	13,~~956~~543.7840	1840,~~047~~245.40	-	-	2,~~446~~445,~~957~~370.1351
P	100.00		~~290~~611,~~235~~033.8534		-	-	-	~~290~~611,~~235~~033.8534	-	-	100.00
Total	601,049,113.91		511,~~922~~759,~~129~~953.0225		-	3162,~~333~~077,~~471~~202.2503	3162,~~333~~077,~~471~~202.2503	3773,~~255~~837,~~600~~155.2829	-	~~180~~464,~~498~~240.1539	~~569~~539,~~896~~436,~~140~~152.8127
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A-1	12.~~97500~~54063%	~~541~~507,~~665~~066,~~695~~679.9176			~~891~~1,~~491~~109,342.4659	-	-	-	~~891~~1,~~491~~109,342.4659	~~891~~1,~~491~~020,193.4645	-89,149.14
A-X-1	0.80000%	~~517~~458,~~342~~397,~~067~~506.00			~~344~~305,~~894~~598.7134	-	0.00	-	~~344~~305,~~894~~598.7134	~~344~~305,~~894~~598.7134	-0.00
A-X-2	10.~~28211~~88536%	~~582~~548,~~433~~329,~~083~~888.1993			~~622~~404,~~171~~288.2251	-	~~0.00~~-	-	~~622~~404,~~171~~288.2251	~~622~~501,~~171~~953.2248	0.00
A-R	4.~~00541~~21979%	-			-	-	-	-	-	-0.00	-
B-1	2.~~11500~~68063%	17,~~110~~098,~~420~~824.9185			3039,~~157~~469.1256	-	-	-	3039,~~157~~469.1256	3036,~~157~~453.1285	-
B-2	23.~~71500~~28063%	7,~~805~~800,~~630~~340.1008			1722,~~660~~035.2486	-	-	-	1722,~~660~~035.2486	1720,~~660~~269.2484	-
B-3	23.~~86500~~43063%	4,~~797~~794,~~314~~063.2704			1114,~~453~~162.5940	-	-	-	1114,~~453~~162.5940	1113,~~453~~017.5904	-
B-4	23.~~86500~~43063%	4,~~797~~794,~~314~~063.2704			1114,~~453~~162.5940	-	-	-	1114,~~453~~162.5940	1113,~~453~~017.5904	-
B-5	23.~~86500~~43063%	3,~~597~~595,~~985~~547.7128			810,~~590~~621.1980	-	-	-	810,~~590~~621.1980	89,~~590~~762.1978	-
B-6	23.~~86500~~43063%	2,~~447~~445,~~543~~884.7097			57,~~843~~225.5152	-	-	-	57,~~843~~225.5152	56,~~843~~641.5018	(0.~~00)~~01
P		100.00			~~115~~84,~~186~~791.5275	-	-	-	~~115~~84,~~186~~791.5275	~~115~~84,~~186~~791.5275	-
Total		1,~~681~~554,~~997~~322,~~155~~897.0696			2,~~058~~011,~~902~~698.1573	-	0.0100	-	2,~~058~~011,~~902~~698.1673	2,~~058~~011,~~902~~698.1475	089,149.0016
							Page 3 of 24				© COPYRIGHT 2004 Deutsche Bank
							Page 3 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
SUMMARY								TOTAL
	Principal Collections							128,~~431~~526,~~453~~593.2473
	Principal Withdrawals							0.00
	Principal Other Accounts							0.00
	TOTAL PRINCIPAL							128,~~431~~526,~~453~~593.2473
	Interest Collections							1,~~986~~960,~~274~~666.4437
	Interest Withdrawals							0.00
	Interest Other Accounts							~~115~~84,~~186~~791.5275
	Interest Fees							(4233,~~558~~759.8239)
	TOTAL INTEREST							2,~~058~~011,~~902~~698.1473
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							1410,~~490~~538,~~355~~292.3846
	Interest Payable to Bondholders							2,~~058~~011,~~902~~698.1473
PRINCIPAL - COLLECTIONS								TOTAL
	Scheduled Principal							~~139~~115,~~560~~257.3031
	Curtailments							~~324~~192,~~819~~120.0430
	Prepayments in Full							118,~~967~~219,~~073~~216.9012
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Additional Principal							0.00
	LESS: Delinquent Principal							(~~111~~95,~~409~~429.7770)
	LESS: Realized Losses							0.00
	PLUS: Recoveries							0.00
	PLUS: Substitution Shortfall Principal							0.00
	PLUS: Principal Loan Adjustments							0.00
	PLUS: Principal Advanced							~~111~~95,~~409~~429.7770
	TOTAL PRINCIPAL							128,~~431~~526,~~453~~593.2473
				Page 4 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 4 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS								TOTAL
	TOTAL PRINCIPAL OTHER ACCOUNTS							0.00
INTEREST - COLLECTIONS								TOTAL
	Scheduled Interest							2,~~128~~100,~~361~~656.9780
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Interest							0.00
	Other Additional Interest							0.00
	LESS: Prepayment Interest Shortfalls							(57,~~382~~019.7834)
	LESS: Delinquent Interest							(1,~~663~~720,~~746~~045.1345)
	LESS: Interest Realized Losses							0.00
	PLUS: Compensating Interest							57,~~382~~019.7834
	LESS: Civil Relief Act Shorfalls							0.00
	PLUS: Substiution Shortfall Interest							0.00
	PLUS: Interest Loan Adjustments							0.00
	LESS: Excess, Special Hazard, Fraud, & Bankruptcy Interest Losses							0.00
	Interest Advanced							1,~~521~~580,~~658~~055.6002
	TOTAL INTEREST							1,~~986~~960,~~274~~666.4437
				Page 5 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 5 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - OTHER ACCOUNTS								TOTAL
	Prepayment Penalties							~~115~~84,~~186~~791.5275
	TOTAL INTEREST OTHER ACCOUNTS							~~115~~84,~~186~~791.5275
INTEREST - FEES								TOTAL
	Current Servicing Fees							3931,~~889~~247.8289
	Trustee Fees							2,~~669~~511.0050
	PMI Fees							0.00
	TOTAL INTEREST FEES							4233,~~558~~759.8239
				Page 6 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 6 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Credit Enhancement Report for September 27, 2004 Distribution
	Credit Enhancement Report for December 27, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES								TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 7 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 7 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
COLLATERAL								TOTAL
	Loan Count:
	Original							3077
	Prior							2,~~987~~826
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(6138)
	Repurchases							-
	Liquidations							-
	Current							2,~~926~~788
	Principal Balance:
	Original							601,049,013.91
	Prior							~~582~~547,~~327~~962,~~494~~645.0296
	Prefunding							-
	Scheduled Principal							(~~139~~115,~~560~~257.3031)
	Partial and Full Voluntary Prepayments							(128,~~291~~411,~~892~~336.9442)
	Repurchases							-
	Liquidations							-
	Current							~~569~~539,~~896~~436,~~040~~052.7823
PREFUNDING								TOTAL
SPACE INTENTIONALLY LEFT BLANK
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 8 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							4.242594%
	Weighted Average Coupon Prior							4.~~292824~~527049%
	Weighted Average Coupon Current							4.~~385907~~600292%
	Weighted Average Months to Maturity Original							351
	Weighted Average Months to Maturity Prior							~~350~~348
	Weighted Average Months to Maturity Current							~~349~~347
	Weighted Avg Remaining Amortization Term Original							351
	Weighted Avg Remaining Amortization Term Prior							~~350~~347
	Weighted Avg Remaining Amortization Term Current							~~349~~346
	Weighted Average Seasoning Original							9.07
	Weighted Average Seasoning Prior							1013.0600
	Weighted Average Seasoning Current							1113.0398
Note: Original information refers to deal issue.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 9 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS								TOTAL
	Weighted Average Margin Original							3.007%
	Weighted Average Margin Prior							3.006%
	Weighted Average Margin Current							3.~~006~~004%
	Weighted Average Max Rate Original							9.986%
	Weighted Average Max Rate Prior							9.~~984~~978%
	Weighted Average Max Rate Current							9.~~981~~976%
	Weighted Average Min Rate Original							3.006%
	Weighted Average Min Rate Prior							3.~~006~~005%
	Weighted Average Min Rate Current							3.~~006~~004%
	Weighted Average Cap Up Original							0.000%
	Weighted Average Cap Up Prior							0.000%
	Weighted Average Cap Up Current							0.000%
	Weighted Average Cap Down Original							0.000%
	Weighted Average Cap Down Prior							0.000%
	Weighted Average Cap Down Current							0.000%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES								TOTAL
	Current Servicing Fees							3931,~~889~~247.8289
	Delinquent Servicing Fees							~~142~~139,~~087~~990.5344
	TOTAL SERVICING FEES							~~181~~171,~~977~~238.3533
	Total Servicing Fees							~~181~~171,~~977~~238.3533
	Compensating Interest							(57,~~382~~019.7834)
	Delinquent Servicing Fees							(~~142~~139,~~087~~990.5344)
	COLLECTED SERVICING FEES							3424,~~507~~228.0455
	Total Advanced Principal For Current Payment Date							~~111~~95,~~409~~429.7770
	Total Advanced Interest For Current Payment Date							1,~~521~~580,~~658~~055.6002
	TOTAL ADVANCES FOR CURRENT PERIOD							1,~~633~~675,~~068~~484.3772
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Prepayment Interest Shortfall (PPIS)							57,~~382~~019.7834
	Compensating Interest							(57,~~382~~019.7834)
	Net Prepayment Interest Shortfall (Net PPIS)							0.00
	Weighted Average Net Mortgage Rate							4.~~005407~~219792%
				Page 10 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 10 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance		###########	39,~~547~~693,~~211~~329.8942	~~463~~1,~~643~~293,035.3978	~~428,057.05~~-	410,~~438~~986,~~912~~365.3320
		% Balance		7880.8678%	01.6280%	0.0824%	0.0800%	02.7804%
		# Loans		2,~~271~~235	1946	36	2-	2452
		% # Loans		7780.6116%	01.65%	0.1022%	0.0700%	01.8287%
FORECLOSURE		Balance		-	-	-	-360,924.03	-360,924.03
		% Balance		0.00%	0.00%	0.00%	0.0007%	0.0007%
		# Loans		-	-	-	-2	-2
		% # Loans		0.00%	0.00%	0.00%	0.0007%	0.0007%
BANKRUPTCY		Balance		~~356~~793,~~306~~290.2184	~~121,442.72~~-	-	-	~~477~~793,~~748~~290.9384
		% Balance		0.0615%	0.0200%	0.00%	0.00%	0.0815%
		# Loans		24	1-	-	-	34
		% # Loans		0.0714%	0.0300%	0.00%	0.00%	0.1014%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		~~356~~793,~~306~~290.2184	39,~~668~~693,~~654~~329.6142	~~463~~1,~~643~~293,035.3978	~~428~~360,~~057~~924.0503	412,~~916~~140,~~661~~580.2607
		% Balance		0.0615%	01.6480%	0.0824%	0.0807%	02.8625%
		# Loans		24	2046	36	2	2758
		% # Loans		0.0714%	01.6865%	0.1022%	0.07%	02.9208%
Note: <1 Payment = 1-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 11 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	REO Report for September 27, 2004 Distribution
	REO Report for December 27, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
				Page 12 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 12 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
	Current
	Number of Paid in Full Loans							6138
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							6138
	Paid in Full Balance							118,~~967~~219,~~073~~216.9012
	Repurchased Loans Balance							-
	Curtailments Amount							~~324~~192,~~819~~120.0430
	Total Prepayment Amount							128,~~291~~411,~~892~~336.9442
	Cumulative
	Number of Paid in Full Loans							~~151~~289
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							~~151~~289
	Paid in Full Balance							2959,~~816~~230,~~628~~714.6617
	Repurchased Loans Balance							-
	Curtailments Amount							~~862~~1,~~542~~545,754.8272
	Total Prepayment Amount							3060,~~679~~776,~~171~~468.4889
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 13 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 13 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES								TOTAL
	SMM							21.1154%
	3 Months Avg SMM							1.7379%
	12 Months Avg SMM
	Avg SMM Since Cut-off							1.7376%
	CPR							2216.5995%
	3 Months Avg CPR							1819.9252%
	12 Months Avg CPR
	Avg CPR Since Cut-off							1819.9222%
	PSA							~~1023~~606.8513%
	3 Months Avg PSA Approximation							~~940~~750.9283%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							~~940~~833.9276%
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 14 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 14 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
				Page 15 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 15 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 61						Loan Group 1 = Group 1
Total Loan Count = 38						Loan Group 1 = Group 1
Total Original Principal Balance = 12,091,170.00
Total Original Principal Balance = 8,300,100.00
Total Prepayment Amount = 11,967,073.90
Total Prepayment Amount = 8,219,216.12
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
1039884 1			142,000.00	134,021.25	Aug-18-04	3.931%	WA - 67.62%	Paid Off - 360	Jul-01-01
1248027 1			295,600.00	285,096.40	Nov-29-04	4.645%	NJ - 69.39%	Paid Off - 360	Jan-01-02
1197472 1			203,000.00	191,876.85	Sep-07-04	3.631%	NY - 73.55%	Paid Off - 360	Oct-01-01
1772268 1			324,000.00	312,783.40	Dec-08-04	4.245%	CA - 79.80%	Paid Off - 360	Oct-01-02
1698708 1			169,600.00	164,212.10	Sep-01-04	3.981%	MN - 80.00%	Paid Off - 360	Sep-01-02
2075993 1			180,000.00	177,509.16	Nov-30-04	4.395%	CA - 75.00%	Paid Off - 360	Mar-01-03
1731369 1			200,000.00	191,757.35	Aug-23-04	4.381%	CA - 62.02%	Paid Off - 360	Sep-01-02
2105295 1			128,000.00	126,297.88	Dec-01-04	4.295%	MI - 80.00%	Paid Off - 360	Apr-01-03
1749565 1			287,200.00	276,404.60	Sep-02-04	3.581%	CA - 80.00%	Paid Off - 360	Sep-01-02
2168974 1			218,000.00	216,903.94	Nov-17-04	4.795%	CA - 72.67%	Paid Off - 360	Mar-01-03
1988303 1			155,000.00	143,975.08	Sep-07-04	3.881%	MI - 55.36%	Paid Off - 360	Jan-01-03
2510645 1			251,000.00	248,745.00	Nov-16-04	4.595%	CA - 74.92%	Paid Off - 360	Jul-01-03
2082581 1			160,000.00	157,401.39	Aug-23-04	3.781%	FL - 80.00%	Paid Off - 360	Feb-01-03
2520743 1			312,000.00	304,699.36	Dec-07-04	4.620%	CA - 80.00%	Paid Off - 360	Jul-01-03
2162517 1			125,000.00	122,395.09	Aug-17-04	3.981%	CA - 52.08%	Paid Off - 360	Mar-01-03
2545154 1			54,480.00	53,745.18	Nov-17-04	4.595%	NC - 80.00%	Paid Off - 360	Jul-01-03
2238534 1			155,700.00	153,802.31	Sep-02-04	4.181%	MI - 56.62%	Paid Off - 360	Apr-01-03
2572707 1			287,500.00	285,515.39	Dec-03-04	4.395%	CA - 70.12%	Paid Off - 360	Aug-01-03
2299731 1			223,000.00	221,118.92	Sep-01-04	4.281%	CA - 64.64%	Paid Off - 360	Apr-01-03
2688137 1			135,000.00	134,446.37	Nov-17-04	4.595%	NV - 69.23%	Paid Off - 360	Sep-01-03
2467918 1			252,500.00	249,621.94	Aug-30-04	3.981%	CA - 76.52%	Paid Off - 360	Jun-01-03
2736785 1			251,250.00	250,519.11	Nov-19-04	4.695%	CA - 75.00%	Paid Off - 360	Sep-01-03
2546776 1			230,000.00	224,956.99	Aug-31-04	4.381%	CA - 51.11%	Paid Off - 360	Sep-01-03
2813346 1			176,000.00	171,855.37	Nov-23-04	4.295%	TX - 80.00%	Paid Off - 360	Sep-01-03
2601188 1			183,000.00	179,982.48	Aug-27-04	4.181%	CA - 59.03%	Paid Off - 360	Aug-01-03
2888106 1			244,000.00	244,526.24	Dec-08-04	5.145%	CA - 74.85%	Paid Off - 360	Nov-01-03
2606135 1			148,000.00	146,663.09	Sep-14-04	4.081%	NV - 80.00%	Paid Off - 360	Aug-01-03
2892136 1			217,500.00	216,306.74	Dec-01-04	4.395%	CA - 75.00%	Paid Off - 360	Nov-01-03
2643740 1			142,000.00	139,456.55	Aug-30-04	4.181%	CA - 39.23%	Paid Off - 360	Sep-01-03
2893927 1			157,600.00	157,342.89	Nov-24-04	4.895%	CA - 80.00%	Paid Off - 360	Nov-01-03
2722621 1			285,000.00	284,406.00	Sep-02-04	4.581%	CA - 69.85%	Paid Off - 360	Sep-01-03
2907043 1			227,000.00	221,361.87	Nov-18-04	4.295%	DC - 60.05%	Paid Off - 360	Nov-01-03
2800221 1			234,500.00	233,276.20	Sep-03-04	4.181%	CA - 72.15%	Paid Off - 360	Sep-01-03
2923295 1			182,000.00	179,067.89	Nov-16-04	4.995%	CA - 79.13%	Paid Off - 360	Nov-01-03
2800619 1			263,000.00	262,340.69	Aug-20-04	4.481%	CA - 69.21%	Paid Off - 360	Nov-01-03
2955117 1			288,750.00	286,141.32	Nov-24-04	4.045%	CA - 75.00%	Paid Off - 360	Nov-01-03
2801417 1			251,250.00	249,633.80	Sep-13-04	4.931%	CA - 75.00%	Paid Off - 360	Oct-01-03
2992323 1			175,500.00	170,852.63	Dec-02-04	4.495%	AZ - 74.68%	Paid Off - 360	Dec-01-03
2847512 1			296,000.00	295,111.59	Aug-20-04	4.406%	CO - 75.90%	Paid Off - 360	Dec-01-03
3035671 1			272,720.00	270,866.08	Nov-24-04	4.195%	CA - 80.00%	Paid Off - 360	Dec-01-03
2858602 1			235,000.00	231,548.99	Sep-10-04	3.931%	CA - 77.05%	Paid Off - 360	Nov-01-03
3039429 1			300,000.00	300,324.74	Dec-07-04	4.795%	CA - 75.00%	Paid Off - 360	Jan-01-04
2907705 1			231,200.00	229,088.62	Aug-17-04	4.081%	TX - 78.11%	Paid Off - 360	Jan-01-04
3051037 1			304,400.00	303,973.52	Nov-16-04	4.795%	CA - 50.31%	Paid Off - 360	Dec-01-03
2941746 1			259,000.00	259,139.72	Sep-02-04	4.931%	CA - 69.07%	Paid Off - 360	Dec-01-03
3064554 1			187,000.00	186,069.18	Nov-16-04	4.495%	CA - 74.50%	Paid Off - 360	Dec-01-03
2961693 1			300,000.00	296,684.33	Sep-10-04	4.281%	CA - 80.00%	Paid Off - 360	Dec-01-03
3075909 1			261,300.00	258,885.29	Nov-23-04	4.895%	NV - 80.00%	Paid Off - 360	Dec-01-03
2976783 1			155,970.00	155,363.97	Sep-07-04	4.481%	TX - 69.32%	Paid Off - 360	Nov-01-03
3095774 1			153,750.00	154,137.38	Nov-24-04	5.195%	CA - 75.00%	Paid Off - 360	Dec-01-03
2985731 1			160,000.00	160,194.39	Aug-20-04	5.031%	CA - 80.00%	Paid Off - 360	Dec-01-03
3108922 1			244,000.00	243,485.45	Nov-17-04	4.695%	CA - 67.78%	Paid Off - 360	Jan-01-04
2997994 1			258,750.00	257,316.61	Aug-19-04	4.081%	CA - 75.00%	Paid Off - 360	Nov-01-03
3109624 1			215,000.00	211,868.91	Nov-24-04	4.695%	CA - 63.99%	Paid Off - 360	Dec-01-03
3001829 1			169,600.00	169,949.02	Aug-26-04	5.081%	CA - 80.00%	Paid Off - 360	Nov-01-03
3132045 1			204,500.00	201,950.42	Nov-24-04	4.695%	MA - 67.27%	Paid Off - 360	Jan-01-04
3025759 1			58,000.00	57,779.96	Sep-03-04	4.481%	MI - 54.72%	Paid Off - 360	Dec-01-03
3134298 1			285,000.00	283,709.62	Nov-22-04	3.995%	CA - 70.72%	Paid Off - 360	Feb-01-04
3044748 1			320,000.00	316,268.21	Sep-03-04	3.981%	CA - 69.56%	Paid Off - 360	Jan-01-04
3147779 1			292,500.00	292,046.83	Nov-24-04	5.095%	CA - 61.58%	Paid Off - 360	Jan-01-04
3048261 1			150,000.00	148,080.95	Aug-16-04	4.481%	CA - 58.82%	Paid Off - 360	Dec-01-03
3172011 1			290,250.00	289,116.42	Nov-22-04	4.995%	CA - 75.00%	Paid Off - 360	Jan-01-04
3060614 1			268,000.00	268,290.33	Aug-27-04	5.081%	CA - 80.00%	Paid Off - 360	Dec-01-03
3173202 1			147,000.00	146,069.75	Nov-17-04	4.195%	GA - 57.65%	Paid Off - 360	Jan-01-04
3076902 1			176,000.00	176,035.49	Aug-25-04	4.881%	CA - 74.89%	Paid Off - 360	Dec-01-03
3223359 1			111,750.00	111,876.68	Nov-16-04	5.095%	CA - 75.00%	Paid Off - 360	Jan-01-04
3091422 1			94,000.00	93,970.80	Aug-26-04	4.481%	CA - 71.21%	Paid Off - 360	Jan-01-04
3237213 1			160,000.00	158,817.79	Dec-01-04	5.195%	CA - 80.00%	Paid Off - 360	Feb-01-04
3106369 1			153,600.00	152,187.77	Aug-18-04	5.081%	CA - 80.00%	Paid Off - 360	Dec-01-03
3281738 1			270,400.00	268,951.10	Nov-23-04	4.095%	WA - 80.00%	Paid Off - 360	Feb-01-04
3106909 1			234,000.00	233,577.24	Sep-10-04	4.681%	CT - 75.48%	Paid Off - 360	Jan-01-04
3287677 1			198,000.00	198,155.01	Nov-18-04	4.695%	VA - 73.33%	Paid Off - 360	Feb-01-04
3119366 1			197,000.00	195,628.11	Sep-14-04	4.381%	KY - 92.06%	Paid Off - 360	Dec-01-03
3323537 1			133,000.00	132,625.16	Dec-02-04	4.595%	CA - 39.12%	Paid Off - 360	Feb-01-04
3120211 1			131,250.00	131,090.41	Aug-26-04	4.881%	CA - 70.19%	Paid Off - 360	Jan-01-04
3503418 1			164,350.00	162,570.65	Nov-18-04	4.345%	NV - 94.48%	Paid Off - 360	Apr-01-04
3124629 1			116,000.00	115,632.36	Aug-24-04	4.381%	CA - 58.00%	Paid Off - 360	Dec-01-03
					Page 16 of 23				© COPYRIGHT 2004 Deutsche Bank
3125785 1			108,000.00	107,179.66	Sep-15-04	5.081%	CA - 77.70%	Paid Off - 360	Jan-01-04
3138472 1			120,000.00	119,292.22	Aug-30-04	4.481%	FL - 75.00%	Paid Off - 360	Jan-01-04
3148218 1			228,000.00	227,566.09	Sep-13-04	4.581%	FL - 80.00%	Paid Off - 360	Feb-01-04
3166583 1			195,000.00	192,454.07	Aug-20-04	4.481%	CA - 56.52%	Paid Off - 360	Jan-01-04
3169702 1			129,000.00	128,683.11	Sep-09-04	4.481%	CA - 23.45%	Paid Off - 360	Jan-01-04
					Page 16 of 24				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Prepayment Detail Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
3177766 1			304,000.00	301,825.04	Sep-15-04	3.681%	CA - 80.00%	Paid Off - 360	Jan-01-04
3178621 1			302,000.00	302,593.42	Aug-16-04	5.231%	CA - 74.94%	Paid Off - 360	Jan-01-04
3179898 1			200,800.00	199,668.46	Sep-03-04	4.881%	CA - 80.00%	Paid Off - 360	Jan-01-04
3198634 1			121,500.00	121,012.63	Aug-16-04	4.681%	CA - 79.93%	Paid Off - 360	Jan-01-04
3204637 1			215,000.00	214,923.91	Aug-23-04	4.531%	CA - 45.74%	Paid Off - 360	Feb-01-04
3214346 1			292,500.00	289,596.94	Sep-02-04	3.981%	CA - 72.04%	Paid Off - 360	Feb-01-04
3216626 1			268,000.00	267,557.14	Sep-01-04	4.981%	CA - 80.00%	Paid Off - 360	Feb-01-04
3220118 1			140,000.00	139,722.09	Aug-24-04	4.581%	IL - 57.14%	Paid Off - 360	Feb-01-04
3235762 1			201,500.00	199,434.64	Aug-26-04	4.481%	CA - 65.00%	Paid Off - 360	Jan-01-04
3245132 1			198,500.00	194,565.67	Aug-19-04	4.781%	CA - 92.33%	Paid Off - 360	Feb-01-04
3289225 1			135,000.00	134,918.22	Sep-10-04	4.481%	FL - 64.29%	Paid Off - 360	Feb-01-04
3344898 1			293,000.00	293,339.44	Sep-08-04	4.831%	CA - 76.70%	Paid Off - 360	Feb-01-04
3424025 1			153,500.00	151,938.43	Sep-03-04	4.381%	WA - 93.03%	Paid Off - 360	Apr-01-04
3471582 1			85,000.00	84,886.78	Sep-02-04	4.431%	NV - 57.82%	Paid Off - 360	Apr-01-04
3472966 1			153,000.00	152,821.74	Sep-08-04	4.481%	FL - 78.06%	Paid Off - 360	Apr-01-04
3481119 1			258,750.00	258,238.94	Sep-01-04	4.481%	CA - 74.57%	Paid Off - 360	Apr-01-04
4041285 1			216,000.00	214,613.71	Aug-25-04	4.481%	CA - 70.82%	Paid Off - 360	Jun-01-03
					Page 17 of 24				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES								TOTAL
	Current
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-
	Cumulative
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Current Realized Losses							0.00
	Supplemental Losses (Recoveries)							0.00
	Current Net Realized Losses (Recoveries)							0.00
	Prior Cumulative Realized Loss							0.00
	Current Net Realized Loss (Recoveries)							0.00
	Current Cumulative Realized Loss							0.00
	Current Special Hazard Loss Coverage Amount							5,~~823~~479,~~274~~626.9446
	Current Fraud Loss Coverage Amount							18,031,464.00
	Current Bankruptcy Loss Coverage Amount							150,000.00
	Class B-1 Write Down Amount							0.00
	Class B-2 Write Down Amount							0.00
	Class B-3 Write Down Amount							0.00
	Class B-4 Write Down Amount							0.00
	Class B-5 Write Down Amount							0.00
	Class B-6 Write Down Amount							0.00
							3 Months Moving Average
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 18 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 17 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS								TOTAL
	MDR							0.00%
	3 Months Avg MDR							0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off							0.00%
	CDR							0.00%
	3 Months Avg CDR							0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.00%
	SDA							0.00%
	3 Months Avg SDA Approximation							0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation							0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 19 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 18 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.
				Page 20 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 19 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Realized Loss Detail Report for September 27, 2004 Distribution
	Realized Loss Detail Report for December 27, 2004 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK
					Page 21 of 24				© COPYRIGHT 2004 Deutsche Bank
					Page 20 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 27, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS								TOTAL
	Has the Optional Termination Date been reached?							No
	Have the Sr. Prepay Step Down Cond been satisfied?							~~Yes~~No
	Has the Sr. Credit Supp. Depletion Date been reached?							~~Yes~~No
	Has the Spec. Haz. Coverage Term Date been reached?							No
	Has the Fraud LossCoverage Term. Date been reached?							No
	Has the Bank LossCoverage Term. Date been reached?							No
ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION								TOTAL
	Current Senior Percentage							9392.~~035498~~603743%
	Next Senior Percentage							0.000000%
	Current Subordinate Percentage							67.~~964502~~396257%
	Next Subordinate Percentage							0.000000%
	Current Senior Prepayment Percentage							0.000000%
	Next Projected Senior Prepayment Percentage							0.000000%
	Current Subordinated Prepayment Percentage							0.000000%
	Next Projected Subordinated Prepayment Percentage							0.000000%
								0.000000%
								0.000000%
				Page 22 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 21 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Other Related Information for September 27, 2004 Distribution
	Other Related Information for December 27, 2004 Distribution
	Other Related Information
ADDITIONAL INFORMATION								TOTAL
	Scheduled Principal
	1 Month Prior							~~139~~115,~~560~~257.3031
	2 Months Prior							~~161~~122,~~000~~273.4233
	3 Months Prior							~~173~~125,~~240~~160.9350
	4 Months Prior							0139,560.0030
	5 Months Prior							0161,000.0042
	6 Months Prior							0173,240.0093
	7 Months Prior							0.00
	8 Months Prior							0.00
	9 Months Prior							0.00
	10 Months Prior							0.00
	11 Months Prior							0.00
	12 Months Prior							0.00
	Scheduled Principal on 60+ Day Delinquent Loans
	1 Month Prior							~~585~~146.9074
	2 Months Prior							5588.8814
	3 Months Prior							~~291~~1,004.8031
	4 Months Prior							0585.0090
	5 Months Prior							05.0088
	6 Months Prior							0291.0080
	7 Months Prior							0.00
	8 Months Prior							0.00
	9 Months Prior							0.00
	10 Months Prior							0.00
	11 Months Prior							0.00
	12 Months Prior							0.00
				Page 23 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 22 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR3
	Collateralized Asset-Backed Bonds
	Additional Certificate Report for September 27, 2004 Distribution
	Additional Certificate Report for December 27, 2004 Distribution
	Additional Certificate Report
	CLASS	Net PPIS & Relief Act Shortfall Allocation	Unpaid Interest Amount Due	Unpaid Interest Paid	Remaining Unpaid Interest Amount	Carryover Amount Due	Carryover Amount Paid
		0.00	0.00	0.00	89,149.14	0.00	0.00
		0.00	0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.0001	0.0001	0.00	~~0.00~~
		0.00	0.00	0.00	(0.00)	0.00
		0.00	0.00	0.00	0.00	0.00
				Page 24 of 24				© COPYRIGHT 2004 Deutsche Bank
				Page 23 of 23				© COPYRIGHT 2004 Deutsche Bank

Filing Compare · IndyMac INDX Mortgage Loan Trust 2004-AR3