
                                    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): May 25, 2005
                             (Date of earliest event reported)


                             SAXON ASSET SECURITIES COMPANY,
              (as Depositor, under the Sale and Servicing Agreement, dated
              as January 1, 2005, providing for the issuance of Saxon Asset
          Securities Trust 2005-1 Mortgage Loan Asset Backed Notes,
                                    Series 2005-1)
                    (Exact name of registrant as specified in charter)



                                         VIRGINIA
                     (State or Other Jurisdiction of Incorporation)

               333-111832-01                           52-1865887
          (Commission File Number)        (I.R.S. Employer Identification No.)


           4880 Cox Road Suite 100
           Glen Allen, Virginia                           23060
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (804) 967-7400



             (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.

     This current report on Form 8-K relates to the monthly distribution reported to the holders of
     Saxon Asset Securities Trust 2005-1 Mortgage Loan Asset Backed Notes, Series
     2005-1 which was made on January 1, 2005


     Item 9.01 Financial Statements and Exhibits.

     (c) Exhibits

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     May 25, 2005.


                                  SIGNATURES


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



                                  DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                  IN ITS CAPACITY AS INDENTURE TRUSTEE
                                  UNDER THE SALE AND SERVICING AGREEMENT
                                  ON BEHALF OF SAXON ASSET SECURITIES
                                  COMPANY, REGISTRANT



          Date:  Jun 02, 2005               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President



                                   EXHIBIT INDEX

         DOCUMENT

         99.1 Monthly Remittance Statement to the Certificateholders dated as of
              May 25, 2005.



Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution

				External Parties						Table of Contents

													Page
				Seller									Page
				Seller						1. Certificate Payment Report					2
				Saxon						1. Certificate Payment Report					2
				Saxon						2. Collection Account Report					4
										2. Collection Account Report					4
										3. Credit Enhancement Report					6
										4. Collateral Report					7
				Certificate Insurer(s)						5. Delinquency Report					11
				Certificate Insurer(s)						5. Delinquency Report					11
										6. REO Report					12

										7. Foreclosure Report					13
										8. Prepayment Report					14
										9. Prepayment Detail Report					17
										9. Prepayment Detail Report					17
										10. Realized Loss Report					20
										11. Realized Loss Detail Report					23
				Servicer(s)						11. Realized Loss Detail Report					23
				Servicer(s)						12. Triggers and Adj. Cert. Report					24
				Saxon						12. Triggers and Adj. Cert. Report					24
				Saxon						13. Additional Certificate Report					25
										13. Additional Certificate Report					25


				Underwriter(s)
				Merrill Lynch


										Total Number of Pages					25
										Total Number of Pages

				Dates						Contacts

				Cut-Off Date:			January 01, 2005			Brent Hoyler
				Close Date:			January 28, 2005			Administrator
				First Distribution Date:			February 25, 2005			(714) 247-6322
										Brent.Hoyler@db.com
										Brent.Hoyler@db.com
										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:			May 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			April 29, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							May 24, 2005
							May 24, 2005

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






Page 1 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution
Certificate Payment Report
Current Period Distribution -
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal
	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	SR	$	399,250,000.00		379,463,195.68		1,027,712.82		10,298,926.87		11,326,639.69		0.00		0.00		369,164,268.81
A-1	SR	$	399,250,000.00		379,463,195.68		1,027,712.82		10,298,926.87		11,326,639.69		0.00		0.00		369,164,268.81
A-2A	SR	$	203,393,000.00		183,606,195.69		478,906.16		10,298,926.88		10,777,833.04		0.00		0.00		173,307,268.81
A-2B	SR	$	179,656,000.00		179,656,000.00		485,071.20		0.00		485,071.20		0.00		0.00		179,656,000.00
A-2C	SR	$	16,201,000.00		16,201,000.00		45,362.80		0.00		45,362.80		0.00		0.00		16,201,000.00
M-1	MEZ	$	50,500,000.00		50,500,000.00		146,450.00		0.00		146,450.00		0.00		0.00		50,500,000.00
M-2	MEZ	$	42,000,000.00		42,000,000.00		122,500.00		0.00		122,500.00		0.00		0.00		42,000,000.00
M-3	MEZ	$	15,500,000.00		15,500,000.00		45,725.00		0.00		45,725.00		0.00		0.00		15,500,000.00
M-4	MEZ	$	23,500,000.00		23,500,000.00		73,829.17		0.00		73,829.17		0.00		0.00		23,500,000.00
M-5	MEZ	$	18,500,000.00		18,500,000.00		58,583.33		0.00		58,583.33		0.00		0.00		18,500,000.00
M-6	MEZ	$	14,500,000.00		14,500,000.00		46,400.00		0.00		46,400.00		0.00		0.00		14,500,000.00
B-1	SUB	$	15,000,000.00		15,000,000.00		54,375.00		0.00		54,375.00		0.00		0.00		15,000,000.00
B-2	SUB	$	11,500,000.00		11,500,000.00		42,837.50		0.00		42,837.50		0.00		0.00		11,500,000.00
B-3	SUB	$	10,500,000.00		10,500,000.00		46,987.50		0.00		46,987.50		0.00		0.00		10,500,000.00
TRUST	NOF/SUB	$	0.00		0.00		86,173.71		0.00		86,173.71		0.00		0.00		0.00


Total			1,000,000,000.00		960,426,391.37		2,760,914.19		20,597,853.75		23,358,767.94		0.00		0.00		939,828,537.62
Total




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

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1	04/25/05		05/24/05		A-Act/360		805564RH6		399,250,000.00		950.440064		2.574109		25.795684		28.369793	924.644380
A-2A	04/25/05		05/24/05		A-Act/360		805564RJ2		203,393,000.00		902.716395		2.354585		50.635601		52.990187	852.080793
A-2B	04/25/05		05/24/05		A-Act/360		805564RK9		179,656,000.00		1,000.000000		2.700000		0.000000		2.700000	1,000.000000
A-2C	04/25/05		05/24/05		A-Act/360		805564RL7		16,201,000.00		1,000.000000		2.800000		0.000000		2.800000	1,000.000000
M-1	04/25/05		05/24/05		A-Act/360		805564RM5		50,500,000.00		1,000.000000		2.900000		0.000000		2.900000	1,000.000000
M-2	04/25/05		05/24/05		A-Act/360		805564RN3		42,000,000.00		1,000.000000		2.916667		0.000000		2.916667	1,000.000000
M-3	04/25/05		05/24/05		A-Act/360		805564RP8		15,500,000.00		1,000.000000		2.950000		0.000000		2.950000	1,000.000000
M-4	04/25/05		05/24/05		A-Act/360		805564RQ6		23,500,000.00		1,000.000000		3.141667		0.000000		3.141667	1,000.000000
M-5	04/25/05		05/24/05		A-Act/360		805564RR4		18,500,000.00		1,000.000000		3.166666		0.000000		3.166666	1,000.000000
M-6	04/25/05		05/24/05		A-Act/360		805564RS2		14,500,000.00		1,000.000000		3.200000		0.000000		3.200000	1,000.000000
B-1	04/25/05		05/24/05		A-Act/360		805564RT0		15,000,000.00		1,000.000000		3.625000		0.000000		3.625000	1,000.000000
B-2	04/25/05		05/24/05		A-Act/360		805564RU7		11,500,000.00		1,000.000000		3.725000		0.000000		3.725000	1,000.000000
B-3	04/25/05		05/24/05		A-Act/360		805564RV5		10,500,000.00		1,000.000000		4.475000		0.000000		4.475000	1,000.000000
TRUST	04/25/05		05/24/05		F-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 2 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution

Distribution to Date -
																	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	399,250,000.00		3,895,690.19		29,200,717.83		885,013.36		30,085,731.19		33,981,421.38		0.00		0.00		369,164,268.81
A-2A	203,393,000.00		1,863,553.54		29,200,717.83		885,013.36		30,085,731.19		31,949,284.73		0.00		0.00		173,307,268.81
A-2B	179,656,000.00		1,786,479.31		0.00		0.00		0.00		1,786,479.31		0.00		0.00		179,656,000.00
A-2C	16,201,000.00		167,581.35		0.00		0.00		0.00		167,581.35		0.00		0.00		16,201,000.00
M-1	50,500,000.00		542,566.39		0.00		0.00		0.00		542,566.39		0.00		0.00		50,500,000.00
M-2	42,000,000.00		454,043.34		0.00		0.00		0.00		454,043.34		0.00		0.00		42,000,000.00
M-3	15,500,000.00		169,630.28		0.00		0.00		0.00		169,630.28		0.00		0.00		15,500,000.00
M-4	23,500,000.00		275,198.05		0.00		0.00		0.00		275,198.05		0.00		0.00		23,500,000.00
M-5	18,500,000.00		218,495.28		0.00		0.00		0.00		218,495.28		0.00		0.00		18,500,000.00
M-6	14,500,000.00		173,186.39		0.00		0.00		0.00		173,186.39		0.00		0.00		14,500,000.00
B-1	15,000,000.00		204,658.33		0.00		0.00		0.00		204,658.33		0.00		0.00		15,000,000.00
B-2	11,500,000.00		161,504.72		0.00		0.00		0.00		161,504.72		0.00		0.00		11,500,000.00
B-3	10,500,000.00		178,960.83		0.00		0.00		0.00		178,960.83		0.00		0.00		10,500,000.00
TRUST	0.00		1,988,056.87		0.00		0.00		0.00		1,988,056.87		0.00		0.00		0.00


Total	1,000,000,000.00		12,079,604.87		58,401,435.66		1,770,026.72		60,171,462.38		72,251,067.25		0.00		0.00		939,828,537.62


Interest Detail -
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or

	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	3.25000%		379,463,195.68		1,027,712.82		0.00		0.00		0.00		1,027,712.82		1,027,712.82		0.00
A-2A	3.13000%		183,606,195.69		478,906.16		0.00		0.00		0.00		478,906.16		478,906.16		0.00
A-2B	3.24000%		179,656,000.00		485,071.20		0.00		0.00		0.00		485,071.20		485,071.20		0.00
A-2C	3.36000%		16,201,000.00		45,362.80		0.00		0.00		0.00		45,362.80		45,362.80		0.00
M-1	3.48000%		50,500,000.00		146,450.00		0.00		0.00		0.00		146,450.00		146,450.00		0.00
M-2	3.50000%		42,000,000.00		122,500.00		0.00		0.00		0.00		122,500.00		122,500.00		0.00
M-3	3.54000%		15,500,000.00		45,725.00		0.00		0.00		0.00		45,725.00		45,725.00		0.00
M-4	3.77000%		23,500,000.00		73,829.17		0.00		0.00		0.00		73,829.17		73,829.17		0.00
M-5	3.80000%		18,500,000.00		58,583.33		0.00		0.00		0.00		58,583.33		58,583.33		0.00
M-6	3.84000%		14,500,000.00		46,400.00		0.00		0.00		0.00		46,400.00		46,400.00		0.00
B-1	4.35000%		15,000,000.00		54,375.00		0.00		0.00		0.00		54,375.00		54,375.00		0.00
B-2	4.47000%		11,500,000.00		42,837.50		0.00		0.00		0.00		42,837.50		42,837.50		0.00
B-3	5.37000%		10,500,000.00		46,987.50		0.00		0.00		0.00		46,987.50		46,987.50		0.00
TRUST	0.00000%		0.00		0.00		282.48		0.00		0.00		-282.48		86,173.71		0.00


Total			960,426,391.37		2,674,740.48		282.48		0.00		0.00		2,674,458.00		2,760,914.19		0.00



Page 3 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
														Total
Principal Collections														17,906,613.26
Principal Withrawals														0.00
Principal Other Accounts														0.00
TOTAL NET PRINCIPAL														17,906,613.26
Interest Collections														5,512,441.72
Interest Withdrawals														-0.00
Interest Other Accounts														215,434.27
Interest Fees														-235,502.95
TOTAL NET INTEREST														5,492,373.04
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														23,398,986.30
Retained Interest paid to SAXON Funding Management														40,218.36



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
															Total
Scheduled Principal Received															496,494.41
Curtailments															60,326.34
Prepayments In Full															17,349,792.51
Repurchased/Substitutions															0.00
Liquidations															0.00
Other Additional Principal															0.00
Delinquent Principal															-87,572.73
Realized Losses															-0.00
Advanced Principal															87,572.73
TOTAL PRINCIPAL COLLECTED															17,906,613.26


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
														Total
TOTAL PRINCIPAL OTHER ACCOUNTS														0.00





Page 4 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
														Total
Scheduled Interest														5,548,115.61
Repurchased/Substitution Interest														0.00
Liquidation Interest														0.00
Other Additional Interest														0.00
Prepayment Interest Shortfalls														-9,263.75
Delinquent Interest														-1,025,793.70
Compensating Interest														9,263.76
Civil Relief Act Shortfalls														-282.48
Interest Advanced														990,402.30
TOTAL INTEREST COLLECTED														5,512,441.72


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
														Total
TOTAL INTEREST WITHDRAWALS														0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
														Total
Prepayment Charges														215,434.27
TOTAL INTEREST OTHER ACCOUNTS														215,434.27



INTEREST - FEES
INTEREST - FEES
														Total
Current Servicing Fees														165,700.40
Master Servicing Fees														40,218.36
PMI Insurance Fees														29,584.19
TOTAL INTEREST FEES														235,502.95




Page 5 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution
Credit Enhancement Report
ACCOUNTS


SPACE INTENTIONALLY LEFT BLANK





INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
														Total
Overcollateralization Amount														7,505,551.39
Overcollateralization Target Amount														19,000,000.00
Overcollateralization Deficiency Amount														11,494,448.61
Overcollateralization Release Amount														0.00



Page 6 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution
Collateral Report


COLLATERAL



															Total



Loan Count:


Original														4,321
Prior														5,420
Prefunding														0
Scheduled Paid Offs														-0
Full Voluntary Prepayments														-81
Repurchases														-0
Liquidations														-0
Current														5,339
Principal Balance:


Original														781,730,479.75
Prior														965,240,702.27
Prefunding														0.00
Scheduled Principal														-496,494.41
Partial Prepayments														-60,326.34
Full Voluntary Prepayments														-17,349,792.51
Repurchases														-0.00
Liquidations														-0.00
Current														947,334,089.01





PREFUNDING
PREFUNDING
														Total
Prefunding Account Original Balance														218,269,520.25
Prefunding Account Month Begining Balance														0.00
Subsequent Loans Added to the Pool for the month														0.00
Prefunding Release to Certificate Holders														0.00
Prefunding Account Month Ending Balance														0.00





Page 7 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
														Total
Weighted Average Coupon Original														6.75583%
Weighted Average Coupon Prior														6.90413%
Weighted Average Coupon Current														6.89762%
Weighted Average Months to Maturity Original														354
Weighted Average Months to Maturity Prior														352
Weighted Average Months to Maturity Current														351
Weighted Avg Remaining Amortization Term Original														354
Weighted Avg Remaining Amortization Term Prior														352
Weighted Avg Remaining Amortization Term Current														351
Weighted Average Seasoning Original														2.04
Weighted Average Seasoning Prior														3.64
Weighted Average Seasoning Current														4.64









Page 8 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
														Total
Weighted Average Margin Original														5.68543%
Weighted Average Margin Prior														5.64599%
Weighted Average Margin Current														5.63831%
Weighted Average Max Rate Original														12.90108%
Weighted Average Max Rate Prior														12.88693%
Weighted Average Max Rate Current														12.87760%
Weighted Average Min Rate Original														6.14536%
Weighted Average Min Rate Prior														6.09960%
Weighted Average Min Rate Current														6.09135%
Weighted Average Cap Up Original														1.02453%
Weighted Average Cap Up Prior														1.02094%
Weighted Average Cap Up Current														1.02070%
Weighted Average Cap Down Original														1.02453%
Weighted Average Cap Down Prior														1.02094%
Weighted Average Cap Down Current														1.02070%




SERVICING FEES & ADVANCES

															Total




Current Servicing Fees														165,700.40
Delinquent Servicing Fees														35,391.41
TOTAL SERVICING FEES														201,091.82


Servicing Fees														201,091.82
Master Servicing Fees														40,218.36
Total Servicing Fees (incl. Master Servicing Fees)														241,310.17
Compensating Interest														-9,263.76
Delinquent Servicing Fees														-35,391.41
COLLECTED SERVICING FEES														196,655.02

Total Advanced Interest														990,402.30
Total Advanced Principal														87,572.73
Aggregate Advances with respect to this Distribution														1,077,975.02





ADDITIONAL COLLATERAL INFORMATION
														Total
Prepayment Interest Shortfall (PPIS)														9,263.75
Compensating Interest														-9,263.76
Net Prepayment Interest Shortfall (PPIS)														0.00

Libor For Current Period														3.0200%

Libor For Next Period														0.0000%

Retained Interest paid to SAXON Funding Management														40,218.36


Page 9 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution




Page 10 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				5,553,021.83		1,624,985.48		545,436.82		7,723,444.13
			% Balance				0.59%		0.17%		0.06%		0.82%
			# Loans				36		11		3		50
			% # Loans				0.67%		0.21%		0.06%		0.94%
	FORECLOSURE		Balance		0.00		0.00		100,873.34		2,258,867.48		2,359,740.82
			% Balance		0.00%		0.00%		0.01%		0.24%		0.25%
			# Loans		0		0		1		11		12
			% # Loans		0.00%		0.00%		0.02%		0.21%		0.22%
	BANKRUPTCY		Balance		380,104.12		0.00		0.00		0.00		380,104.12
			% Balance		0.04%		0.00%		0.00%		0.00%		0.04%
			# Loans		3		0		0		0		3
			% # Loans		0.06%		0.00%		0.00%		0.00%		0.06%
	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		380,104.12		5,553,021.83		1,725,858.82		2,804,304.30		10,463,289.07
			% Balance		0.04%		0.59%		0.18%		0.30%		1.10%
			# Loans		3		36		12		14		65
			% # Loans		0.06%		0.67%		0.22%		0.26%		1.22%









Page 11 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 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




TOTAL



Page 12 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 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
11763904 1
11763904 1			69,300.00		69,066.56		01-Nov-2004		8.958%		FL - 74.92%		360		01-Dec-2004

11783403 1			161,000.00		161,000.00		01-Nov-2004		6.775%		CA - 79.70%		360		01-Nov-2004
11794628 1			181,800.00		181,160.88		01-Nov-2004		8.750%		MI - 90.00%		360		01-Dec-2004
11795593 1			612,000.00		610,426.91		01-Dec-2004		10.250%		NV - 90.00%		360		01-Dec-2004
11800516 1			60,900.00		60,662.96		01-Nov-2004		8.250%		IN - 74.95%		360		01-Dec-2004
11802808 1			104,000.00		104,000.00		01-Nov-2004		6.625%		GA - 80.00%		360		01-Dec-2004
11807291 1			177,600.00		177,143.46		01-Nov-2004		10.250%		IN - 80.00%		360		01-Dec-2004
11807831 1			136,000.00		136,000.00		01-Dec-2004		6.250%		MD - 85.00%		360		01-Dec-2004
11809875 1			240,000.00		240,000.00		01-Dec-2004		6.750%		CO - 80.00%		360		01-Dec-2004
11812676 1			100,000.00		99,406.71		01-Nov-2004		7.630%		GA - 80.00%		360		01-Oct-2004
11816698 1			101,250.00		100,873.34		01-Jan-2005		7.550%		GA - 75.00%		360		01-Jan-2005
11820410 1			420,000.00		420,000.00		01-Dec-2004		6.750%		CA - 80.00%		360		01-Jan-2005


TOTAL			2,363,850.00		2,359,740.82



Page 13 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

															Total




Current


Number of Paid in Full Loans														81
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														81
Curtailments Amount														60,326.34
Paid in Full Balance														17,349,792.51
Repurchased Loans Balance														0.00
Total Prepayment Amount														17,410,118.85

Cumulative


Number of Paid in Full Loans														226
Number of Repurchased Loans														7
Total Number of Loans Prepaid in Full														233
Paid in Full Balance														49,572,086.33
Repurchased Loans Balance														791,526.92
Curtailments Amount														503,898.32
Total Prepayment Amount														50,867,511.57










Page 14 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

															Total



SMM														1.80%
3 Months Avg SMM														1.61%
12 Months Avg SMM														1.42%
Avg SMM Since Cut-off														1.42%


CPR														19.63%
3 Months Avg CPR														17.70%
12 Months Avg CPR														15.75%
Avg CPR Since Cut-off														15.75%


PSA														2,117.37%
3 Months Avg PSA Approximation														2,346.54%
12 Months Avg PSA Approximation														2,358.87%
Avg PSA Since Cut-off Approximation														2,358.87%










Page 15 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 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/(0.002min(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) Conditional Prepayment Rate (CPR): 1-((1-SMM)^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) Dates correspond to distribution dates. Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.













Page 16 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

11749970 1			280,500.00		279,336.91			11-May-2005		7.000%		MD - 85.00%		Paid Off - 360		01-Dec-2004
			280,500.00

11774161 1			124,250.00		123,468.05			27-Apr-2005		6.900%		FL - 87.50%		Paid Off - 360		01-Oct-2004
11774161 1					123,468.05			27-Apr-2005		6.900%		FL - 87.50%		Paid Off - 360		01-Oct-2004
11775372 1			209,950.00		209,430.33			26-Apr-2005		8.450%		MD - 85.00%		Paid Off - 360		01-Jan-2005
11775372 1					209,430.33			26-Apr-2005		8.450%		MD - 85.00%		Paid Off - 360		01-Jan-2005
11792083 1			272,850.00		271,454.72			03-May-2005		6.875%		NJ - 85.00%		Paid Off - 360		01-Nov-2004
11792083 1					271,454.72			03-May-2005		6.875%		NJ - 85.00%		Paid Off - 360		01-Nov-2004
11793181 1			143,500.00		143,111.00			02-May-2005		8.000%		VA - 82.00%		Paid Off - 360		01-Jan-2005
11793181 1					143,111.00			02-May-2005		8.000%		VA - 82.00%		Paid Off - 360		01-Jan-2005
11794945 1			252,000.00		252,000.00			27-Apr-2005		6.625%		CA - 80.00%		Paid Off - 360		01-Nov-2004
11794945 1					252,000.00			27-Apr-2005		6.625%		CA - 80.00%		Paid Off - 360		01-Nov-2004
11797805 1			256,400.00		255,989.66			11-May-2005		9.150%		MA - 80.00%		Paid Off - 360		01-Feb-2005
11797805 1					255,989.66			11-May-2005		9.150%		MA - 80.00%		Paid Off - 360		01-Feb-2005
11797935 1			163,000.00		163,000.00			29-Apr-2005		6.875%		MA - 61.51%		Paid Off - 360		01-Dec-2004
11797935 1					163,000.00			29-Apr-2005		6.875%		MA - 61.51%		Paid Off - 360		01-Dec-2004
11798614 1			95,000.00		94,695.94			18-Apr-2005		9.250%		IL - 48.22%		Paid Off - 360		01-Nov-2004
11798614 1					94,695.94			18-Apr-2005		9.250%		IL - 48.22%		Paid Off - 360		01-Nov-2004
11799238 1			140,000.00		139,747.79			21-Apr-2005		9.975%		MA - 30.77%		Paid Off - 360		01-Jan-2005
11799238 1					139,747.79			21-Apr-2005		9.975%		MA - 30.77%		Paid Off - 360		01-Jan-2005
11800557 1			160,000.00		159,949.99			02-May-2005		8.500%		FL - 80.00%		Paid Off - 360		01-Dec-2004
11800557 1					159,949.99			02-May-2005		8.500%		FL - 80.00%		Paid Off - 360		01-Dec-2004
11801229 1			55,000.00		54,869.63			10-May-2005		9.750%		IN - 47.21%		Paid Off - 360		01-Dec-2004
11801229 1					54,869.63			10-May-2005		9.750%		IN - 47.21%		Paid Off - 360		01-Dec-2004
11801776 1			171,750.00		169,758.03			05-May-2005		9.500%		CA - 75.00%		Paid Off - 360		01-Sep-2004
11801776 1					169,758.03			05-May-2005		9.500%		CA - 75.00%		Paid Off - 360		01-Sep-2004
11802214 1			382,500.00		382,500.00			17-May-2005		7.000%		FL - 75.00%		Paid Off - 360		01-Dec-2004
11802214 1					382,500.00			17-May-2005		7.000%		FL - 75.00%		Paid Off - 360		01-Dec-2004
11803422 1			260,000.00		258,919.80			29-Apr-2005		6.990%		NY - 80.00%		Paid Off - 360		01-Dec-2004
11803422 1					258,919.80			29-Apr-2005		6.990%		NY - 80.00%		Paid Off - 360		01-Dec-2004
11803903 1			292,300.00		292,300.00			18-Apr-2005		5.750%		CA - 79.00%		Paid Off - 360		01-Dec-2004
11803903 1					292,300.00			18-Apr-2005		5.750%		CA - 79.00%		Paid Off - 360		01-Dec-2004
11803913 1			121,500.00		121,160.53			18-Apr-2005		7.850%		OH - 90.00%		Paid Off - 360		01-Jan-2005
11803913 1					121,160.53			18-Apr-2005		7.850%		OH - 90.00%		Paid Off - 360		01-Jan-2005
11804399 1			194,400.00		193,703.07			21-Apr-2005		6.600%		MD - 90.00%		Paid Off - 360		01-Jan-2005
11804399 1					193,703.07			21-Apr-2005		6.600%		MD - 90.00%		Paid Off - 360		01-Jan-2005
11804533 1			125,600.00		125,027.60			16-May-2005		8.250%		MD - 80.00%		Paid Off - 360		01-Oct-2004
11804533 1					125,027.60			16-May-2005		8.250%		MD - 80.00%		Paid Off - 360		01-Oct-2004
11805058 1			235,000.00		234,079.13			25-Apr-2005		6.125%		CA - 57.32%		Paid Off - 360		01-Jan-2005
11805058 1					234,079.13			25-Apr-2005		6.125%		CA - 57.32%		Paid Off - 360		01-Jan-2005
11805323 1			250,000.00		248,875.92			13-May-2005		7.530%		NJ - 55.56%		Paid Off - 360		01-Nov-2004
11805323 1					248,875.92			13-May-2005		7.530%		NJ - 55.56%		Paid Off - 360		01-Nov-2004
11805421 1			112,500.00		112,163.11			02-May-2005		8.625%		VA - 90.00%		Paid Off - 360		01-Dec-2004
11805421 1					112,163.11			02-May-2005		8.625%		VA - 90.00%		Paid Off - 360		01-Dec-2004
11805923 1			380,000.00		380,000.00			29-Apr-2005		6.000%		IL - 80.00%		Paid Off - 360		01-Jan-2005
11805923 1					380,000.00			29-Apr-2005		6.000%		IL - 80.00%		Paid Off - 360		01-Jan-2005
11806301 1			398,552.00		398,441.57			30-Apr-2005		6.650%		CA - 80.00%		Paid Off - 360		01-Dec-2004
11806301 1					398,441.57			30-Apr-2005		6.650%		CA - 80.00%		Paid Off - 360		01-Dec-2004
11806462 1			153,000.00		152,416.86			16-May-2005		7.450%		IL - 85.00%		Paid Off - 360		01-Dec-2004
11806462 1					152,416.86			16-May-2005		7.450%		IL - 85.00%		Paid Off - 360		01-Dec-2004
11807258 1			100,750.00		100,710.00			16-May-2005		7.500%		IL - 65.00%		Paid Off - 360		01-Dec-2004
11807258 1					100,710.00			16-May-2005		7.500%		IL - 65.00%		Paid Off - 360		01-Dec-2004
11807334 1			172,900.00		172,252.94			05-May-2005		7.750%		MD - 70.00%		Paid Off - 360		01-Dec-2004
11807334 1					172,252.94			05-May-2005		7.750%		MD - 70.00%		Paid Off - 360		01-Dec-2004
11807494 1			245,000.00		245,000.00			27-Apr-2005		6.625%		CA - 64.47%		Paid Off - 360		01-Jan-2005
11807494 1					245,000.00			27-Apr-2005		6.625%		CA - 64.47%		Paid Off - 360		01-Jan-2005
11808771 1			228,000.00		227,945.94			21-Apr-2005		6.000%		VA - 79.72%		Paid Off - 360		01-Dec-2004
11808771 1					227,945.94			21-Apr-2005		6.000%		VA - 79.72%		Paid Off - 360		01-Dec-2004
11809054 1			119,900.00		119,898.91			17-May-2005		9.000%		FL - 100.00%		Paid Off - 360		01-Dec-2004
11809054 1					119,898.91			17-May-2005		9.000%		FL - 100.00%		Paid Off - 360		01-Dec-2004
11809188 1			175,200.00		174,770.91			29-Apr-2005		8.500%		MD - 80.00%		Paid Off - 360		01-Jan-2005
11809188 1					174,770.91			29-Apr-2005		8.500%		MD - 80.00%		Paid Off - 360		01-Jan-2005
11809535 1			104,500.00		104,154.36			10-May-2005		7.000%		WI - 85.66%		Paid Off - 360		01-Jan-2005
11809535 1					104,154.36			10-May-2005		7.000%		WI - 85.66%		Paid Off - 360		01-Jan-2005
11810832 1			200,000.00		199,893.91			25-Apr-2005		6.350%		MD - 80.00%		Paid Off - 360		01-Dec-2004
11810832 1					199,893.91			25-Apr-2005		6.350%		MD - 80.00%		Paid Off - 360		01-Dec-2004
11810937 1			213,900.00		213,125.93			17-May-2005		9.375%		NJ - 72.51%		Paid Off - 360		01-Oct-2004
11810937 1					213,125.93			17-May-2005		9.375%		NJ - 72.51%		Paid Off - 360		01-Oct-2004
11811606 1			395,250.00		393,587.45			28-Apr-2005		5.750%		VA - 85.00%		Paid Off - 360		01-Jan-2005
11811606 1					393,587.45			28-Apr-2005		5.750%		VA - 85.00%		Paid Off - 360		01-Jan-2005
11812641 1			748,000.00		746,586.97			09-May-2005		9.750%		CA - 85.00%		Paid Off - 360		01-Jan-2005
11812641 1					746,586.97			09-May-2005		9.750%		CA - 85.00%		Paid Off - 360		01-Jan-2005
11812696 1			139,500.00		138,814.55			29-Apr-2005		7.875%		MN - 90.00%		Paid Off - 360		01-Oct-2004
11812696 1					138,814.55					7.875%		MN - 90.00%		Paid Off - 360



Page 17 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

11813313 1			90,000.00		89,822.66			19-Apr-2005		9.550%		CT - 68.70%		Paid Off - 360		01-Jan-2005
			90,000.00

11813403 1			179,200.00		179,199.32			05-May-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Jan-2005
11813403 1					179,199.32			05-May-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Jan-2005
11814089 1			170,000.00		169,325.13			17-May-2005		6.125%		CA - 84.58%		Paid Off - 360		01-Jan-2005
11814089 1					169,325.13			17-May-2005		6.125%		CA - 84.58%		Paid Off - 360		01-Jan-2005
11814720 1			496,500.00		494,508.04			21-Apr-2005		6.000%		VA - 74.91%		Paid Off - 360		01-Jan-2005
11814720 1					494,508.04			21-Apr-2005		6.000%		VA - 74.91%		Paid Off - 360		01-Jan-2005
11814763 1			64,600.00		64,541.60			22-Apr-2005		6.500%		ME - 85.00%		Paid Off - 360		01-Apr-2005
11814763 1					64,541.60			22-Apr-2005		6.500%		ME - 85.00%		Paid Off - 360		01-Apr-2005
11816693 1			105,000.00		104,759.43			05-May-2005		8.825%		FL - 63.64%		Paid Off - 360		01-Jan-2005
11816693 1					104,759.43			05-May-2005		8.825%		FL - 63.64%		Paid Off - 360		01-Jan-2005
11816746 1			385,000.00		385,000.00			28-Apr-2005		6.499%		MD - 66.96%		Paid Off - 360		01-Jan-2005
11816746 1					385,000.00			28-Apr-2005		6.499%		MD - 66.96%		Paid Off - 360		01-Jan-2005
11816789 1			315,000.00		313,818.00			29-Apr-2005		6.350%		CA - 74.12%		Paid Off - 360		01-Jan-2005
11816789 1					313,818.00			29-Apr-2005		6.350%		CA - 74.12%		Paid Off - 360		01-Jan-2005
11817072 1			122,850.00		122,634.18			29-Apr-2005		8.700%		RI - 65.00%		Paid Off - 360		01-Feb-2005
11817072 1					122,634.18			29-Apr-2005		8.700%		RI - 65.00%		Paid Off - 360		01-Feb-2005
11817091 1			121,500.00		121,181.47			04-May-2005		8.175%		OH - 90.00%		Paid Off - 360		01-Jan-2005
11817091 1					121,181.47			04-May-2005		8.175%		OH - 90.00%		Paid Off - 360		01-Jan-2005
11817203 1			192,000.00		191,569.95			09-May-2005		7.525%		NJ - 80.00%		Paid Off - 360		01-Feb-2005
11817203 1					191,569.95			09-May-2005		7.525%		NJ - 80.00%		Paid Off - 360		01-Feb-2005
11817273 1			242,400.00		242,400.00			02-May-2005		6.625%		CA - 80.00%		Paid Off - 360		01-Dec-2004
11817273 1					242,400.00			02-May-2005		6.625%		CA - 80.00%		Paid Off - 360		01-Dec-2004
11817363 1			232,500.00		232,500.00			12-May-2005		7.900%		VA - 75.00%		Paid Off - 360		01-Jan-2005
11817363 1					232,500.00			12-May-2005		7.900%		VA - 75.00%		Paid Off - 360		01-Jan-2005
11818113 1			165,400.00		165,400.00			21-Apr-2005		6.950%		FL - 79.52%		Paid Off - 360		01-Feb-2005
11818113 1					165,400.00			21-Apr-2005		6.950%		FL - 79.52%		Paid Off - 360		01-Feb-2005
11819466 1			248,000.00		248,000.00			27-Apr-2005		7.050%		VA - 80.00%		Paid Off - 360		01-Feb-2005
11819466 1					248,000.00			27-Apr-2005		7.050%		VA - 80.00%		Paid Off - 360		01-Feb-2005
11819731 1			556,000.00		556,000.00			27-Apr-2005		6.000%		CA - 73.16%		Paid Off - 360		01-Feb-2005
11819731 1					556,000.00			27-Apr-2005		6.000%		CA - 73.16%		Paid Off - 360		01-Feb-2005
11819738 1			644,000.00		644,000.00			10-May-2005		5.990%		CA - 80.00%		Paid Off - 360		01-Feb-2005
11819738 1					644,000.00			10-May-2005		5.990%		CA - 80.00%		Paid Off - 360		01-Feb-2005
11820372 1			85,600.00		85,303.43			30-Apr-2005		6.950%		GA - 80.00%		Paid Off - 360		01-Jan-2005
11820372 1					85,303.43			30-Apr-2005		6.950%		GA - 80.00%		Paid Off - 360		01-Jan-2005
11820483 1			75,000.00		75,000.00			13-May-2005		7.450%		MD - 75.00%		Paid Off - 360		01-Jan-2005
11820483 1					75,000.00			13-May-2005		7.450%		MD - 75.00%		Paid Off - 360		01-Jan-2005
11822145 1			162,400.00		162,013.84			06-May-2005		7.200%		IL - 80.00%		Paid Off - 360		01-Feb-2005
11822145 1					162,013.84			06-May-2005		7.200%		IL - 80.00%		Paid Off - 360		01-Feb-2005
11823044 1			98,560.00		98,560.00			27-Apr-2005		6.500%		FL - 88.00%		Paid Off - 360		01-Jan-2005
11823044 1					98,560.00			27-Apr-2005		6.500%		FL - 88.00%		Paid Off - 360		01-Jan-2005
11823086 1			148,000.00		147,637.49			22-Apr-2005		7.050%		MD - 89.16%		Paid Off - 360		01-Feb-2005
11823086 1					147,637.49			22-Apr-2005		7.050%		MD - 89.16%		Paid Off - 360		01-Feb-2005
11823859 1			51,000.00		50,697.39			10-May-2005		6.800%		TX - 58.62%		Paid Off - 240		01-Feb-2005
11823859 1					50,697.39			10-May-2005		6.800%		TX - 58.62%		Paid Off - 240		01-Feb-2005
11824899 1			139,200.00		138,388.80			16-May-2005		6.950%		MD - 80.00%		Paid Off - 240		01-Feb-2005
11824899 1					138,388.80			16-May-2005		6.950%		MD - 80.00%		Paid Off - 240		01-Feb-2005
11825137 1			376,000.00		376,000.00			22-Apr-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Nov-2004
11825137 1					376,000.00			22-Apr-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Nov-2004
11825532 1			155,250.00		154,898.69			17-May-2005		7.450%		IL - 75.00%		Paid Off - 360		01-Feb-2005
11825532 1					154,898.69			17-May-2005		7.450%		IL - 75.00%		Paid Off - 360		01-Feb-2005
11825591 1			130,000.00		130,000.00			26-Apr-2005		6.100%		CA - 73.45%		Paid Off - 360		01-Feb-2005
11825591 1					130,000.00			26-Apr-2005		6.100%		CA - 73.45%		Paid Off - 360		01-Feb-2005
11825954 1			201,500.00		201,328.20			05-May-2005		6.800%		IL - 89.56%		Paid Off - 360		01-Apr-2005
11825954 1					201,328.20			05-May-2005		6.800%		IL - 89.56%		Paid Off - 360		01-Apr-2005
11826576 1			228,800.00		228,800.00			22-Apr-2005		5.990%		MD - 80.00%		Paid Off - 360		01-Feb-2005
11826576 1					228,800.00			22-Apr-2005		5.990%		MD - 80.00%		Paid Off - 360		01-Feb-2005
11827731 1			234,500.00		234,075.16			29-Apr-2005		8.550%		NV - 70.00%		Paid Off - 360		01-Feb-2005
11827731 1					234,075.16			29-Apr-2005		8.550%		NV - 70.00%		Paid Off - 360		01-Feb-2005
11828114 1			135,000.00		135,000.00			29-Apr-2005		7.350%		NV - 72.97%		Paid Off - 360		01-Mar-2005
11828114 1					135,000.00			29-Apr-2005		7.350%		NV - 72.97%		Paid Off - 360		01-Mar-2005
11828248 1			288,000.00		287,373.15			25-Apr-2005		5.550%		PA - 80.00%		Paid Off - 360		01-Mar-2005
11828248 1					287,373.15			25-Apr-2005		5.550%		PA - 80.00%		Paid Off - 360		01-Mar-2005
11829402 1			360,000.00		360,000.00			06-May-2005		6.400%		CA - 80.00%		Paid Off - 360		01-Feb-2005
11829402 1					360,000.00			06-May-2005		6.400%		CA - 80.00%		Paid Off - 360		01-Feb-2005
11831924 1			80,000.00		79,952.03			06-May-2005		8.550%		LA - 80.00%		Paid Off - 360		01-Apr-2005
11831924 1					79,952.03			06-May-2005		8.550%		LA - 80.00%		Paid Off - 360		01-Apr-2005
11832429 1			263,668.00		263,259.46			02-May-2005		7.300%		AZ - 70.00%		Paid Off - 360		01-Mar-2005
11832429 1					263,259.46			02-May-2005		7.300%		AZ - 70.00%		Paid Off - 360		01-Mar-2005
11832788 1			304,000.00		303,533.62			10-May-2005		7.350%		CA - 80.00%		Paid Off - 360		01-Mar-2005
11832788 1					303,533.62			10-May-2005		7.350%		CA - 80.00%		Paid Off - 360		01-Mar-2005
11832953 1			166,500.00		166,148.73			26-Apr-2005		7.800%		MN - 90.00%		Paid Off - 360		01-Feb-2005
11832953 1					166,148.73			26-Apr-2005		7.800%		MN - 90.00%		Paid Off - 360		01-Feb-2005
11833115 1			202,000.00		201,523.04			10-May-2005		6.500%		MD - 85.96%		Paid Off - 360		01-Mar-2005
11833115 1					201,523.04					6.500%		MD - 85.96%		Paid Off - 360



Page 18 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

11836527 1			53,550.00		53,450.06			28-Apr-2005		6.350%		IL - 72.36%		Paid Off - 360		01-Mar-2005
			53,550.00

11836650 1			413,704.00		412,629.40			04-May-2005		6.750%		MO - 90.00%		Paid Off - 360		01-Feb-2005
11836650 1					412,629.40			04-May-2005		6.750%		MO - 90.00%		Paid Off - 360		01-Feb-2005
11836688 1			154,889.00		154,889.00			12-May-2005		5.950%		MD - 73.76%		Paid Off - 360		01-Mar-2005
11836688 1					154,889.00			12-May-2005		5.950%		MD - 73.76%		Paid Off - 360		01-Mar-2005
11838366 1			210,000.00		209,684.18			20-Apr-2005		7.450%		MD - 78.36%		Paid Off - 360		01-Mar-2005
11838366 1					209,684.18			20-Apr-2005		7.450%		MD - 78.36%		Paid Off - 360		01-Mar-2005
11844389 1			204,000.00		203,845.55			25-Apr-2005		7.400%		LA - 80.00%		Paid Off - 360		01-Apr-2005
11844389 1					203,845.55			25-Apr-2005		7.400%		LA - 80.00%		Paid Off - 360		01-Apr-2005
11848507 1			58,000.00		58,000.00			27-Apr-2005		7.250%		GA - 79.45%		Paid Off - 360		01-Apr-2005
11848507 1					58,000.00			27-Apr-2005		7.250%		GA - 79.45%		Paid Off - 360		01-Apr-2005


TOTAL			17,381,523.00		17,349,792.51
TOTAL


Page 19 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



															Total


Current
Current



Number of Loans Liquidated														0
Collateral Principal Realized Loss/(Gain) Amount														0.00
Collateral Interest Realized Loss/(Gain) Amount														0.00
Net Liquidation Proceeds														0.00

Cumulative
Cumulative



Number of Loans Liquidated														0
Collateral Realized Loss/(Gain) Amount														0.00
Net Liquidation Proceeds														0.00










Page 20 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution


DEFAULT SPEEDS



															Total



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


CDR														0.00%
3 Months Avg CDR														0.00%
12 Months Avg CDR														0.00%
Avg CDR Since Cut-off														0.00%


SDA														0.00%
3 Months Avg SDA Approximation														0.00%
12 Months Avg SDA Approximation														0.00%
Avg SDA Since Cut-off Approximation														0.00%


Loss Severity Approximation for Current Period														0.00%
3 Months Avg Loss Severity Approximation														0.00%
12 Months Avg Loss Severity Approximation														0.00%
Avg Loss Severity Approximation Since Cut-off														0.00%












Page 21 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 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 22 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative
															Cumulative
&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized

Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)




TOTAL



Page 23 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
														Total
						Has Stepdown Condition occurred (0 = No, 1=Yes)								0

						Does a Trigger Event Exist-Either a) or b) Yes?								0
						a) Does a Delinquency Trigger Event Exists								0
						b) Does a Loss Trigger Event Exists (0=No,1=Yes)								0

						60+ days Delinqueny Balance								4,530,163.12
						Ending Collateral Balance								947,334,089.01
						Delinquency Percentage								0.4800%

						Senior Enhancement Percentage								21.778411%

						Cumulative Loss Percentage								0.0000%


ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 24 of 25
Saxon Asset Securities Trust 2005-1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2005-1

May 25, 2005 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

													NET WAC Shortfall CarryOver		NET WAC Shortfall Paid
CLASS

			A-1										$0.00		$0.00
													$0.00		$0.00
			A-2A										$0.00		$0.00
													$0.00		$0.00
			A-2B										$0.00		$0.00
													$0.00		$0.00
			A-2C										$0.00		$0.00
													$0.00		$0.00
			M-1										$0.00		$0.00
													$0.00		$0.00
			M-2										$0.00		$0.00
													$0.00		$0.00
			M-3										$0.00		$0.00
													$0.00		$0.00
			M-4										$0.00		$0.00
													$0.00		$0.00
			M-5										$0.00		$0.00
													$0.00		$0.00
			M-6										$0.00		$0.00
													$0.00		$0.00
			B-1										$0.00		$0.00
													$0.00		$0.00
			B-2										$0.00		$0.00
													$0.00		$0.00
			B-3										$0.00		$0.00
													$0.00		$0.00






Page 25 of 25

Saxon Asset Securities Trust 2005-1 8-K