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

               Financial Asset Securities Corp. (as Depositor under the
               Pooling and Servicing Agreement, dated as January 1, 2005,
               providing for the issuance of Meritage Mortgage Loan Trust
              2005-1, Asset-Backed Pass-Through Certificates, Series 2005-1)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-121661-02                          06-1442101
          (Commission File Number)        (I.R.S. Employer Identification No.)


               600 Steamboat Road
               Greenwich, Connecticut                    06830
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (203) 625-2700


       (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
     October 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 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 Financial Asset Securities
                                  Corp., Registrant


          Date:  Oct 28, 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 October 25, 2005.



Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

				External Parties						Table of Contents

													Page
				Seller
										1. Certificate Payment Report					2
				Greenwich Capital Financial Products, In
										2. Collection Account Report					6

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

										6. REO Report					15

										7. Foreclosure Report					16
										8. Prepayment Report					19
										9. Prepayment Detail Report					22

										10. Realized Loss Report					26
										11. Realized Loss Detail Report					29
				Servicer(s)
										12. Triggers and Adj. Cert. Report					30
				Saxon Mortgage Services, Inc.
										13. Additional Certificate Report					31



				Underwriter(s)
				Greenwich Capital Markets


										Total Number of Pages					31


				Dates						Contacts

				Cut-Off Date:			January 01, 2005			Eiko Akiyama
				Close Date:			January 28, 2005			Administrator
				First Distribution Date:			February 25, 2005			(714) 247-6328

										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92514
				Distribution Date:			October 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			September 30, 2005
										Main Phone Number:			(714) 247-6000

							October 24, 2005


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






Page 1 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution
Certificate Payment Report
Current Period Distribution - REMIC III
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal

Class	Type	Cur	Face Value		Balance		Interest		Principal		Distribution		Loss		Interest		Balance


					(1)		(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

I-A1	FLT/STEP	$	240,000,000.00		204,769,481.19		671,359.50		8,153,923.71		8,825,283.21		0.00		0.00		196,615,557.48

I-A2	FLT/STEP	$	60,000,000.00		51,192,370.31		170,726.55		2,038,480.93		2,209,207.48		0.00		0.00		49,153,889.38
II-A1	FLT/STEP	$	79,700,000.00		38,731,026.25		123,551.97		6,778,147.10		6,901,699.07		0.00		0.00		31,952,879.15
II-A2	FLT/STEP	$	120,000,000.00		120,000,000.00		396,333.33		0.00		396,333.33		0.00		0.00		120,000,000.00
II-A3	FLT/STEP	$	18,880,000.00		18,880,000.00		64,029.42		0.00		64,029.42		0.00		0.00		18,880,000.00
M-1	FLT/STEP	$	23,785,000.00		23,785,000.00		82,388.60		0.00		82,388.60		0.00		0.00		23,785,000.00
M-2	FLT/STEP	$	21,775,000.00		21,775,000.00		75,952.41		0.00		75,952.41		0.00		0.00		21,775,000.00
M-3	FLT/STEP	$	13,065,000.00		13,065,000.00		45,887.18		0.00		45,887.18		0.00		0.00		13,065,000.00
M-4	FLT/STEP	$	11,725,000.00		11,725,000.00		43,258.74		0.00		43,258.74		0.00		0.00		11,725,000.00
M-5	FLT/STEP	$	11,725,000.00		11,725,000.00		43,542.09		0.00		43,542.09		0.00		0.00		11,725,000.00
M-6	FLT/STEP	$	11,390,000.00		11,390,000.00		42,665.04		0.00		42,665.04		0.00		0.00		11,390,000.00
M-7	FLT/STEP	$	10,720,000.00		10,720,000.00		43,868.62		0.00		43,868.62		0.00		0.00		10,720,000.00
M-8	FLT/STEP	$	8,040,000.00		8,040,000.00		33,872.97		0.00		33,872.97		0.00		0.00		8,040,000.00
M-9	FLT/STEP	$	8,375,000.00		8,375,000.00		41,018.89		0.00		41,018.89		0.00		0.00		8,375,000.00
M-10	FLT/STEP	$	6,700,000.00		6,700,000.00		36,863.03		0.00		36,863.03		0.00		0.00		6,700,000.00
M-11	FLT/STEP	$	7,370,000.00		7,370,000.00		40,549.33		0.00		40,549.33		0.00		0.00		7,370,000.00
B-1	FLT/STEP	$	7,035,000.00		7,035,000.00		40,122.96		0.00		40,122.96		0.00		0.00		7,035,000.00
B-2	FLT/STEP	$	5,025,000.00		5,025,000.00		28,659.25		0.00		28,659.25		0.00		0.00		5,025,000.00
C	EXE	$	4,689,900.00		4,690,000.00		1,357,810.01		0.00		1,357,810.01		0.00		0.00		4,690,000.00
P	EXE/FIX	$	100.00		100.00		352,483.28		0.00		352,483.28		0.00		0.00		100.00
R	EXE	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
R-X	EXE	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			670,000,000.00		584,992,977.75		3,734,943.17		16,970,551.74		20,705,494.91		0.00		0.00		568,022,426.01






Page 2 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face-
									Orig. Principal		Prior							Current

	Period		Period						(with Notional)		Principal						Total	Principal

Class	Starting		Ending		Method		Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
I-A1	09/26/05		10/24/05		A-Act/360		59001FBS9		240,000,000.00		853.206172		2.797331		33.974682		36.772013	819.231490
I-A2	09/26/05		10/24/05		A-Act/360		59001FBT7		60,000,000.00		853.206172		2.845443		33.974682		36.820125	819.231490
II-A1	09/26/05		10/24/05		A-Act/360		59001FBU4		79,700,000.00		485.960179		1.550213		85.045760		86.595973	400.914418
II-A2	09/26/05		10/24/05		A-Act/360		59001FBV2		120,000,000.00		1,000.000000		3.302778		0.000000		3.302778	1,000.000000
II-A3	09/26/05		10/24/05		A-Act/360		59001FBW0		18,880,000.00		1,000.000000		3.391389		0.000000		3.391389	1,000.000000
M-1	09/26/05		10/24/05		A-Act/360		59001FBX8		23,785,000.00		1,000.000000		3.463889		0.000000		3.463889	1,000.000000
M-2	09/26/05		10/24/05		A-Act/360		59001FBY6		21,775,000.00		1,000.000000		3.488056		0.000000		3.488056	1,000.000000
M-3	09/26/05		10/24/05		A-Act/360		59001FBZ3		13,065,000.00		1,000.000000		3.512222		0.000000		3.512222	1,000.000000
M-4	09/26/05		10/24/05		A-Act/360		59001FCA7		11,725,000.00		1,000.000000		3.689445		0.000000		3.689445	1,000.000000
M-5	09/26/05		10/24/05		A-Act/360		59001FCB5		11,725,000.00		1,000.000000		3.713611		0.000000		3.713611	1,000.000000
M-6	09/26/05		10/24/05		A-Act/360		59001FCC3		11,390,000.00		1,000.000000		3.745833		0.000000		3.745833	1,000.000000
M-7	09/26/05		10/24/05		A-Act/360		59001FCD1		10,720,000.00		1,000.000000		4.092222		0.000000		4.092222	1,000.000000
M-8	09/26/05		10/24/05		A-Act/360		59001FCE9		8,040,000.00		1,000.000000		4.213056		0.000000		4.213056	1,000.000000
M-9	09/26/05		10/24/05		A-Act/360		59001FCF6		8,375,000.00		1,000.000000		4.897778		0.000000		4.897778	1,000.000000
M-10	09/26/05		10/24/05		A-Act/360		59001FCG4		6,700,000.00		1,000.000000		5.501945		0.000000		5.501945	1,000.000000
M-11	09/26/05		10/24/05		A-Act/360		59001FCH2		7,370,000.00		1,000.000000		5.501944		0.000000		5.501944	1,000.000000
B-1	09/26/05		10/24/05		A-Act/360		59001FCJ8		7,035,000.00		1,000.000000		5.703335		0.000000		5.703335	1,000.000000
B-2	09/26/05		10/24/05		A-Act/360		59001FCK5		5,025,000.00		1,000.000000		5.703333		0.000000		5.703333	1,000.000000
C	09/25/05		10/24/05		A-30/360				4,689,900.00		1,000.021322		289.517902		0.000000		289.517902	1,000.021322
P	09/25/05		10/24/05		A-30/360				100.00		1,000.000000		3,524,832.800000		0.000000		3,524,832.800000	1,000.000000
R	09/25/05		10/24/05		A-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000
R-X	09/25/05		10/24/05		A-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 3 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

Distribution to Date - REMIC III
																	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)
I-A1	240,000,000.00		5,794,598.21		42,522,443.70		861,998.83		43,384,442.52		49,179,040.74		0.00		0.00		196,615,557.48
I-A2	60,000,000.00		1,478,613.18		10,630,610.91		215,499.71		10,846,110.62		12,324,723.80		0.00		0.00		49,153,889.38
II-A1	79,700,000.00		1,537,643.01		46,710,197.08		1,036,923.77		47,747,120.85		49,284,763.87		0.00		0.00		31,952,879.15
II-A2	120,000,000.00		3,091,058.79		0.00		0.00		0.00		3,091,058.79		0.00		0.00		120,000,000.00
II-A3	18,880,000.00		501,902.58		0.00		0.00		0.00		501,902.58		0.00		0.00		18,880,000.00
M-1	23,785,000.00		648,351.11		0.00		0.00		0.00		648,351.11		0.00		0.00		23,785,000.00
M-2	21,775,000.00		598,460.25		0.00		0.00		0.00		598,460.25		0.00		0.00		21,775,000.00
M-3	13,065,000.00		362,015.79		0.00		0.00		0.00		362,015.79		0.00		0.00		13,065,000.00
M-4	11,725,000.00		344,232.20		0.00		0.00		0.00		344,232.20		0.00		0.00		11,725,000.00
M-5	11,725,000.00		346,870.34		0.00		0.00		0.00		346,870.34		0.00		0.00		11,725,000.00
M-6	11,390,000.00		340,376.74		0.00		0.00		0.00		340,376.74		0.00		0.00		11,390,000.00
M-7	10,720,000.00		354,926.58		0.00		0.00		0.00		354,926.58		0.00		0.00		10,720,000.00
M-8	8,040,000.00		275,239.94		0.00		0.00		0.00		275,239.94		0.00		0.00		8,040,000.00
M-9	8,375,000.00		340,098.90		0.00		0.00		0.00		340,098.90		0.00		0.00		8,375,000.00
M-10	6,700,000.00		309,766.62		0.00		0.00		0.00		309,766.62		0.00		0.00		6,700,000.00
M-11	7,370,000.00		340,743.29		0.00		0.00		0.00		340,743.29		0.00		0.00		7,370,000.00
B-1	7,035,000.00		338,445.58		0.00		0.00		0.00		338,445.58		0.00		0.00		7,035,000.00
B-2	5,025,000.00		241,746.85		0.00		0.00		0.00		241,746.85		0.00		0.00		5,025,000.00
C	4,689,900.00		14,357,286.65		-73.71		-26.29		0.00		14,357,286.65		0.00		-4,996.72		4,690,000.00
P	100.00		2,017,962.99		0.00		0.00		0.00		2,017,962.99		0.00		0.00		100.00
R	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
R-X	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total	670,000,000.00		33,620,339.60		99,863,177.98		2,114,396.02		101,977,673.99		135,598,013.61		0.00		-4,996.72		568,022,426.01



Page 4 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

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


	Through		(with Notional)		Accrued		Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
I-A1	4.07000%		204,769,481.19		671,359.50		0.00		0.00		0.00		671,359.50		671,359.50		0.00
I-A2	4.14000%		51,192,370.31		170,726.55		0.00		0.00		0.00		170,726.55		170,726.55		0.00
II-A1	3.96000%		38,731,026.25		123,551.97		0.00		0.00		0.00		123,551.97		123,551.97		0.00
II-A2	4.10000%		120,000,000.00		396,333.33		0.00		0.00		0.00		396,333.33		396,333.33		0.00
II-A3	4.21000%		18,880,000.00		64,029.42		0.00		0.00		0.00		64,029.42		64,029.42		0.00
M-1	4.30000%		23,785,000.00		82,388.60		0.00		0.00		0.00		82,388.60		82,388.60		0.00
M-2	4.33000%		21,775,000.00		75,952.41		0.00		0.00		0.00		75,952.41		75,952.41		0.00
M-3	4.36000%		13,065,000.00		45,887.18		0.00		0.00		0.00		45,887.18		45,887.18		0.00
M-4	4.58000%		11,725,000.00		43,258.74		0.00		0.00		0.00		43,258.74		43,258.74		0.00
M-5	4.61000%		11,725,000.00		43,542.09		0.00		0.00		0.00		43,542.09		43,542.09		0.00
M-6	4.65000%		11,390,000.00		42,665.04		0.00		0.00		0.00		42,665.04		42,665.04		0.00
M-7	5.08000%		10,720,000.00		43,868.62		0.00		0.00		0.00		43,868.62		43,868.62		0.00
M-8	5.23000%		8,040,000.00		33,872.97		0.00		0.00		0.00		33,872.97		33,872.97		0.00
M-9	6.08000%		8,375,000.00		41,018.89		0.00		0.00		0.00		41,018.89		41,018.89		0.00
M-10	6.83000%		6,700,000.00		36,863.03		0.00		0.00		0.00		36,863.03		36,863.03		0.00
M-11	6.83000%		7,370,000.00		40,549.33		0.00		0.00		0.00		40,549.33		40,549.33		0.00
B-1	7.08000%		7,035,000.00		40,122.95		0.00		0.00		0.00		40,122.95		40,122.96		0.00
B-2	7.08000%		5,025,000.00		28,659.25		0.00		0.00		0.00		28,659.25		28,659.25		0.00
C	347.41408%		4,690,000.00		1,358,179.01		369.00		0.00		0.00		1,357,810.01		1,357,810.01		0.00
P	0.00000%		100.00		0.00		0.00		0.00		0.00		0.00		352,483.28		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
R-X	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			584,992,977.75		3,382,828.88		369.00		0.00		0.00		3,382,459.88		3,734,943.17		0.00



Page 5 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution
Collection Account Report
SUMMARY

										Group 2		Group 1		Total
Principal Collections										6,727,252.83		10,115,874.14		16,843,126.97
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										6,727,252.83		10,115,874.14		16,843,126.97
Interest Collections										1,541,911.86		2,147,977.30		3,689,889.16
Interest Withdrawals										-3,459.94		-7,952.04		-11,408.98
Interest Other Accounts										0.00		0.00		352,483.28
Interest Fees										-67,251.43		-101,344.09		-168,595.52
TOTAL NET INTEREST										1,471,202.49		2,038,682.17		3,862,367.94
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										8,198,455.32		12,154,556.31		20,705,494.91



PRINCIPAL - COLLECTIONS

											Group 2		Group 1		Total
Scheduled Principal Received											81,780.84		160,683.17		242,464.01
Curtailments											9,760.64		9,452.67		19,213.31
Prepayments In Full											6,508,725.81		9,945,738.30		16,454,464.11
Repurchased/Substitutions											0.00		0.00		0.00
Liquidations											172,612.78		81,797.53		254,410.31
Other Additional Principal											0.00		0.00		0.00
Delinquent Principal											-31,872.14		-52,632.74		-84,504.88
Realized Losses											-45,627.24		-81,797.53		-127,424.77
Advanced Principal											31,872.14		52,632.74		84,504.88
TOTAL PRINCIPAL COLLECTED											6,727,252.83		10,115,874.14		16,843,126.97


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS

										Group 2		Group 1		Total
TOTAL PRINCIPAL OTHER ACCOUNTS										0.00		0.00		0.00





Page 6 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

INTEREST - COLLECTIONS

										Group 2		Group 1		Total
Scheduled Interest										1,574,701.82		2,190,574.72		3,765,276.54
Repurchased/Substitution Interest										0.00		0.00		0.00
Liquidation Interest										1,239.62		843.54		2,083.16
Other Additional Interest										0.00		0.00		0.00
Prepayment Interest Shortfalls										-3,851.24		-5,271.77		-9,123.01
Delinquent Interest										-582,199.98		-692,920.23		-1,275,120.21
Compensating Interest										3,851.23		5,271.77		9,123.00
Civil Relief Act Shortfalls										-0.00		-369.00		-369.00
Interest Advanced										548,170.40		649,848.29		1,198,018.69
TOTAL INTEREST COLLECTED										1,541,911.86		2,147,977.30		3,689,889.16


INTEREST - WITHDRAWALS

										Group 2		Group 1		Total
Non Recoverable Advances										940.08		194.89		1,134.97
Interest Realized Losses										2,517.86		7,756.15		10,274.01
Total Interest withdrawls										3,459.94		7,952.04		11,408.98



INTEREST - OTHER ACCOUNTS

										Group 2		Group 1		Total
Prepayment Charges														352,483.28
TOTAL INTEREST OTHER ACCOUNTS										0.00		0.00		352,483.28



INTEREST - FEES

										Group 2		Group 1		Total
Current Servicing Fees										66,447.61		100,197.93		166,645.54
Trustee Fees										803.82		1,146.16		1,949.98
TOTAL INTEREST FEES										67,251.43		101,344.09		168,595.52




Page 7 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution
Credit Enhancement Report

ACCOUNTS


Net WAC Rate Carryover Reserve Account

Amount Deposited in the Account						0.01
Begining Balance						0.00
Amount Withdrawn						0.01
Ending Balance						0.00




INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES

										Group 2		Group 1		Total
Overcollateralization Amount														4,562,575.23
Overcollateralization Target Amount														4,690,000.00
Overcollateralization Deficiency Amount														127,424.77
Overcollateralization Release Amount														0.00



Page 8 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										1,269		2,062		3,331
Prior										1,720		3,063		4,783
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-44		-76		-120
Repurchases										-0		-0		-0
Liquidations										-3		-1		-4
Current										1,673		2,986		4,659
Principal Balance:


Original										174,077,689.56		239,341,392.38		413,419,081.94
Prior										241,145,260.40		343,847,717.35		584,992,977.75
Prefunding										108,038,103.00		148,542,815.06		256,580,918.06
Scheduled Principal										-81,780.84		-160,683.17		-242,464.01
Partial Prepayments										-9,760.64		-9,452.67		-19,213.31
Full Voluntary Prepayments										-6,508,725.81		-9,945,738.30		-16,454,464.11
Repurchases										-0.00		-0.00		-0.00
Liquidations										-172,612.78		-81,797.53		-254,410.31
Current										234,372,380.33		333,650,045.68		568,022,426.01





PREFUNDING

										Group 2		Group 1		Total
Prefunding Account Original Balance										108,038,103.00		148,542,815.06		256,580,918.06
Prefunding Account Beginning Balance										0.00		0.00		0.00
Subsequent Loans Added to the Pool										0.00		0.00		0.00
Prefund Release to Certificate Holders										0.00		0.00		0.00
Prefunding Account Ending Balance										0.00		0.00		0.00





Page 9 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Coupon Original										7.88870%		7.73510%		7.79978%
Weighted Average Coupon Prior										7.85606%		7.64580%		7.73265%
Weighted Average Coupon Current										7.84228%		7.64787%		7.72801%
Weighted Average Months to Maturity Original										336		339		338
Weighted Average Months to Maturity Prior										332		332		332
Weighted Average Months to Maturity Current										331		331		331
Weighted Avg Remaining Amortization Term Original										336		339		338
Weighted Avg Remaining Amortization Term Prior										332		332		332
Weighted Avg Remaining Amortization Term Current										331		331		331
Weighted Average Seasoning Original										3.51		2.95		3.19
Weighted Average Seasoning Prior										9.49		9.01		9.21
Weighted Average Seasoning Current										10.48		10.00		10.20









Page 10 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

ARM CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Margin Original										6.14661%		5.94341%		6.02861%
Weighted Average Margin Prior										6.30118%		5.93120%		6.08545%
Weighted Average Margin Current										6.29550%		5.92662%		6.08033%
Weighted Average Max Rate Original										14.46358%		14.37908%		14.41451%
Weighted Average Max Rate Prior										14.49035%		14.26451%		14.35866%
Weighted Average Max Rate Current										14.48112%		14.26303%		14.35390%
Weighted Average Min Rate Original										7.46358%		7.37769%		7.41370%
Weighted Average Min Rate Prior										7.49158%		7.26747%		7.36090%
Weighted Average Min Rate Current										7.48239%		7.26609%		7.35622%
Weighted Average Cap Up Original										1.50000%		1.50000%		1.50000%
Weighted Average Cap Up Prior										1.50000%		1.50000%		1.50000%
Weighted Average Cap Up Current										1.50000%		1.50000%		1.50000%
Weighted Average Cap Down Original										1.50000%		1.50000%		1.50000%
Weighted Average Cap Down Prior										1.50000%		1.50000%		1.50000%
Weighted Average Cap Down Current										1.50000%		1.50000%		1.50000%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										66,447.61		100,197.93		166,645.54
Delinquent Servicing Fees										34,029.58		43,071.95		77,101.53
TOTAL SERVICING FEES										100,477.20		143,269.89		243,747.09


Total Servicing Fees										100,477.20		143,269.89		243,747.09
Compensating Interest										-3,851.23		-5,271.77		-9,123.00
Delinquent Servicing Fees										-34,029.58		-43,071.95		-77,101.53
COLLECTED SERVICING FEES										62,596.39		94,926.17		157,522.56


Total Advaced Interest										548,170.40		649,848.29		1,198,018.69
Total Advaced Principal										31,872.14		52,632.74		84,504.88
Aggregate Advances with respect to this Distribution										79,386.79		103,658.04		183,044.83





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										3,851.24		5,271.77		9,123.01
Compensating Interest										-3,851.23		-5,271.77		-9,123.00
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00

Weighted Average Net Mortgage Rate														7.923658%

Libor For Current Period														3.830000%

Libor For Next Period														4.037500%



Page 11 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				7,028,627.30		5,690,493.61		3,736,785.57		16,455,906.48
			% Balance				1.24%		1.00%		0.66%		2.90%
			# Loans				73		50		49		172
			% # Loans				1.57%		1.07%		1.05%		3.69%
	FORECLOSURE		Balance		430,231.30		144,437.80		2,951,954.30		12,220,808.16		15,747,431.56
			% Balance		0.08%		0.03%		0.52%		2.15%		2.77%
			# Loans		3		1		27		107		138
			% # Loans		0.06%		0.02%		0.58%		2.30%		2.96%
	BANKRUPTCY		Balance		1,266,635.93		0.00		105,718.16		2,851,030.42		4,223,384.51
			% Balance		0.22%		0.00%		0.02%		0.50%		0.74%
			# Loans		14		0		4		29		47
			% # Loans		0.30%		0.00%		0.09%		0.62%		1.01%
	REO		Balance		0.00		0.00		0.00		1,865,022.54		1,865,022.54
			% Balance		0.00%		0.00%		0.00%		0.33%		0.33%
			# Loans		0		0		0		15		15
			% # Loans		0.00%		0.00%		0.00%		0.32%		0.32%
	TOTAL		Balance		1,696,867.23		7,173,065.10		8,748,166.07		20,673,646.69		38,291,745.09
			% Balance		0.30%		1.26%		1.54%		3.64%		6.74%
			# Loans		17		74		81		200		372
			% # Loans		0.36%		1.59%		1.74%		4.29%		7.98%









Page 12 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				3,789,825.05		2,341,983.12		2,279,110.12		8,410,918.29
			% Balance				1.14%		0.70%		0.68%		2.52%
			# Loans				35		30		32		97
			% # Loans				1.17%		1.00%		1.07%		3.25%
	FORECLOSURE		Balance		175,816.87		144,437.80		1,290,250.16		5,934,737.71		7,545,242.54
			% Balance		0.05%		0.04%		0.39%		1.78%		2.26%
			# Loans		1		1		12		47		61
			% # Loans		0.03%		0.03%		0.40%		1.57%		2.04%
	BANKRUPTCY		Balance		699,710.56		0.00		74,682.74		1,675,694.43		2,450,087.73
			% Balance		0.21%		0.00%		0.02%		0.50%		0.73%
			# Loans		9		0		3		18		30
			% # Loans		0.30%		0.00%		0.10%		0.60%		1.00%
	REO		Balance		0.00		0.00		0.00		699,191.11		699,191.11
			% Balance		0.00%		0.00%		0.00%		0.21%		0.21%
			# Loans		0		0		0		7		7
			% # Loans		0.00%		0.00%		0.00%		0.23%		0.23%
	TOTAL		Balance		875,527.43		3,934,262.85		3,706,916.02		10,588,733.37		19,105,439.67
			% Balance		0.26%		1.18%		1.11%		3.17%		5.73%
			# Loans		10		36		45		104		195
			% # Loans		0.33%		1.21%		1.51%		3.48%		6.53%










Page 13 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				3,238,802.25		3,348,510.49		1,457,675.45		8,044,988.19
			% Balance				1.38%		1.43%		0.62%		3.43%
			# Loans				38		20		17		75
			% # Loans				2.27%		1.20%		1.02%		4.48%
	FORECLOSURE		Balance		254,414.43		0.00		1,661,704.14		6,286,070.45		8,202,189.02
			% Balance		0.11%		0.00%		0.71%		2.68%		3.50%
			# Loans		2		0		15		60		77
			% # Loans		0.12%		0.00%		0.90%		3.59%		4.60%
	BANKRUPTCY		Balance		566,925.37		0.00		31,035.42		1,175,335.99		1,773,296.78
			% Balance		0.24%		0.00%		0.01%		0.50%		0.76%
			# Loans		5		0		1		11		17
			% # Loans		0.30%		0.00%		0.06%		0.66%		1.02%
	REO		Balance		0.00		0.00		0.00		1,165,831.43		1,165,831.43
			% Balance		0.00%		0.00%		0.00%		0.50%		0.50%
			# Loans		0		0		0		8		8
			% # Loans		0.00%		0.00%		0.00%		0.48%		0.48%
	TOTAL		Balance		821,339.80		3,238,802.25		5,041,250.05		10,084,913.32		19,186,305.42
			% Balance		0.35%		1.38%		2.15%		4.30%		8.19%
			# Loans		7		38		36		96		177
			% # Loans		0.42%		2.27%		2.15%		5.74%		10.58%









Page 14 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 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
1000187403 1
			309,300.00		309,300.00		01-Mar-2005		7.500%		CO - 100.00%		360		01-Nov-2004

1000190184 1			60,000.00		59,687.49		01-Nov-2004		9.875%		MI - 80.00%		360		01-Dec-2004
1000191060 1			42,400.00		42,153.00		01-Jan-2005		9.750%		MO - 80.00%		360		01-Dec-2004
1000191917 1			71,290.00		70,964.36		01-Jan-2005		10.499%		MI - 99.99%		360		01-Dec-2004
1000191973 1			#######		95,473.32		01-Nov-2004		9.625%		GA - 80.00%		360		01-Dec-2004
1000193653 1			72,000.00		71,718.94		01-Jan-2005		11.250%		TX - 100.00%		360		01-Dec-2004
1000195542 1			50,150.00		49,894.00		01-Feb-2005		9.500%		TN - 85.00%		360		01-Jan-2005
1000182946 2			52,000.00		51,653.68		01-Nov-2004		9.125%		MO - 80.00%		360		01-Nov-2004
1000183427 2			94,960.00		94,277.26		01-Mar-2005		9.375%		TX - 80.00%		360		01-Dec-2004
1000185485 2			89,250.00		88,818.01		01-Feb-2005		9.750%		MI - 85.00%		360		01-Jan-2005
1000185553 2			243,200.00		241,537.74		01-Feb-2005		8.999%		NH - 80.00%		360		01-Nov-2004
1000186458 2			178,000.00		176,743.33		01-Feb-2005		9.250%		VA - 100.00%		360		01-Oct-2004
1000187597 2			255,000.00		253,417.94		01-Apr-2005		9.500%		TX - 100.00%		360		01-Nov-2004
1000188220 2			188,000.00		188,000.00		01-Mar-2005		8.750%		GA - 80.00%		360		01-Nov-2004
1000188822 2			72,000.00		71,383.47		01-Nov-2004		7.875%		MI - 80.00%		360		01-Nov-2004


TOTAL			1,873,550.00		1,865,022.54


Page 15 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 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
1000136528 1
			84,000.00		83,016.98		01-Mar-2005		9.999%		MI - 80.00%		360		01-Nov-2003

1000153583 1			38,500.00		38,022.07		01-May-2005		8.490%		IN - 100.00%		360		01-Apr-2004
1000156126 1			77,000.00		76,112.92		01-Dec-2004		9.500%		OH - 100.00%		360		01-Apr-2004
1000182719 1			83,000.00		82,562.08		01-Dec-2004		10.249%		IN - 100.00%		360		01-Nov-2004
1000187274 1			241,140.00		239,074.75		01-Feb-2005		7.874%		AZ - 80.00%		360		01-Nov-2004
1000188184 1			62,000.00		61,760.50		01-Jun-2005		11.990%		CA - 100.00%		180		01-Nov-2004
1000188335 1			58,000.00		57,515.43		01-Mar-2005		7.999%		PA - 100.00%		360		01-Nov-2004
1000188963 1			260,000.00		258,695.24		01-May-2005		10.490%		KY - 100.00%		360		01-Nov-2004
1000189142 1			129,000.00		128,160.59		01-May-2005		9.999%		FL - 100.00%		360		01-Nov-2004
1000189482 1			125,000.00		123,847.69		01-Jun-2005		7.500%		NE - 100.00%		360		01-Nov-2004
1000190337 1			73,100.00		72,357.29		01-Apr-2005		6.999%		IL - 85.00%		360		01-Nov-2004
1000190597 1			68,000.00		67,398.53		01-Jun-2005		7.250%		FL - 85.00%		360		01-Dec-2004
1000190615 1			57,800.00		57,288.75		01-Jun-2005		7.250%		FL - 85.00%		360		01-Dec-2004
1000190896 1			106,250.00		105,751.77		01-Apr-2005		10.375%		ID - 85.00%		360		01-Dec-2004
1000191339 1			140,800.00		139,395.15		01-Jun-2005		6.625%		ID - 80.00%		360		01-Dec-2004
1000191362 1			59,500.00		59,183.56		01-Apr-2005		10.250%		LA - 85.00%		360		01-Dec-2004
1000191369 1			44,000.00		43,714.34		01-Jan-2005		9.250%		IN - 80.00%		360		01-Nov-2004
1000191997 1			80,000.00		79,509.83		01-May-2005		9.250%		ID - 80.00%		360		01-Dec-2004
1000192012 1			180,000.00		180,000.00		01-Jan-2005		5.375%		CO - 80.00%		360		01-Dec-2004
1000192015 1			41,500.00		41,288.94		01-Jan-2005		9.990%		CO - 98.44%		180		01-Dec-2004
1000192156 1			41,600.00		41,353.44		01-Dec-2004		9.250%		IN - 80.00%		360		01-Dec-2004
1000192299 1			149,000.00		147,944.95		01-Apr-2005		8.375%		FL - 66.22%		360		01-Dec-2004
1000192895 1			61,000.00		60,497.69		01-Mar-2005		7.999%		OH - 100.00%		360		01-Dec-2004
1000192909 1			55,920.00		55,596.99		01-Mar-2005		9.375%		IN - 80.00%		360		01-Dec-2004
1000192962 1			139,000.00		138,429.07		01-Apr-2005		10.999%		MT - 100.00%		360		01-Dec-2004
1000193437 1			232,000.00		228,774.08		01-May-2005		8.375%		MA - 80.00%		360		01-Dec-2004
1000194095 1			48,800.00		48,425.43		01-Mar-2005		7.999%		OH - 80.00%		360		01-Dec-2004
1000194098 1			12,200.00		12,025.89		01-May-2005		11.125%		OH - 100.00%		240		01-Dec-2004
1000194181 1			52,000.00		51,492.57		01-Jun-2005		7.500%		IN - 80.00%		360		01-Dec-2004
1000194715 1			192,000.00		190,942.32		01-Feb-2005		9.124%		NV - 80.00%		360		01-Jan-2005
1000194989 1			135,000.00		133,869.13		01-Jan-2005		7.250%		FL - 100.00%		360		01-Jan-2005
1000195056 1			194,750.00		194,750.00		01-Jun-2005		7.875%		UT - 95.00%		360		01-Jan-2005
1000195210 1			439,200.00		436,086.66		01-May-2005		7.875%		MA - 80.00%		360		01-Jan-2005
1000195218 1			109,800.00		109,449.79		01-May-2005		12.875%		MA - 100.00%		180		01-Jan-2005
1000195483 1			115,000.00		114,443.42		01-Feb-2005		9.750%		IL - 100.00%		360		01-Jan-2005
1000195494 1			40,370.00		40,147.70		01-Feb-2005		9.125%		IN - 84.99%		360		01-Jan-2005
1000195635 1			248,000.00		246,285.11		01-Feb-2005		8.000%		GA - 80.00%		360		01-Jan-2005
1000195915 1			186,400.00		184,905.44		01-Jan-2005		7.249%		AZ - 80.00%		360		01-Jan-2005
1000195917 1			46,600.00		46,431.39		01-Jan-2005		11.125%		AZ - 100.00%		180		01-Jan-2005
1000196065 1			124,900.00		124,396.94		01-Apr-2005		10.624%		MO - 100.00%		360		01-Jan-2005
1000196199 1			59,600.00		59,288.24		01-Jun-2005		9.375%		IA - 80.00%		360		01-Jan-2005
1000196229 1			177,170.00		175,816.87		01-Aug-2005		7.500%		OR - 95.00%		360		01-Jan-2005
1000196646 1			146,000.00		144,513.45		01-Jun-2005		6.000%		MN - 55.09%		360		01-Jan-2005
1000196981 1			59,900.00		59,709.29		01-May-2005		11.749%		MI - 100.00%		360		01-Jan-2005
1000197280 1			326,480.00		326,480.00		01-Apr-2005		8.375%		UT - 100.00%		360		01-Jan-2005
1000197999 1			160,000.00		159,438.03		01-Apr-2005		10.750%		GA - 100.00%		360		01-Feb-2005
1000198393 1			145,000.00		144,437.80		01-Jul-2005		11.500%		IA - 100.00%		360		01-Jan-2005
1000198454 1			200,000.00		198,582.23		01-May-2005		7.875%		MA - 80.00%		360		01-Jan-2005
1000199215 1			328,000.00		325,731.52		01-Feb-2005		7.999%		MA - 80.00%		360		01-Jan-2005


Page 16 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
1000200256 1
			149,500.00		149,500.00		01-Jun-2005		8.125%		OR - 100.00%		360		01-Feb-2005

1000200579 1			135,000.00		133,701.98		01-Jun-2005		8.250%		KY - 100.00%		360		01-Feb-2005
1000200883 1			238,000.00		238,000.00		01-Mar-2005		8.125%		TN - 100.00%		360		01-Feb-2005
1000201046 1			108,000.00		107,313.30		01-Jun-2005		7.875%		UT - 80.00%		360		01-Feb-2005
1000201194 1			52,000.00		51,684.45		01-Mar-2005		7.500%		IL - 80.00%		360		01-Mar-2005
1000201201 1			13,000.00		12,964.68		01-Mar-2005		11.375%		IL - 100.00%		180		01-Mar-2005
1000201376 1			92,800.00		92,800.00		01-Apr-2005		6.500%		OH - 80.00%		360		01-Feb-2005
1000201587 1			66,400.00		65,987.32		01-Apr-2005		7.990%		IL - 80.00%		360		01-Feb-2005
1000201601 1			210,000.00		208,295.21		01-May-2005		6.625%		MI - 75.00%		360		01-Feb-2005
1000202083 1			54,800.00		54,424.64		01-Jan-2005		7.499%		AZ - 80.00%		360		01-Feb-2005
1000204686 1			114,300.00		113,656.12		01-Mar-2005		7.875%		OR - 90.00%		360		01-Mar-2005
1500010913 1			123,000.00		122,012.99		01-Apr-2005		7.750%		IL - 94.98%		360		01-Dec-2004
1000125444 2			76,500.00		75,537.97		01-Mar-2005		12.250%		NE - 85.00%		360		01-Sep-2003
1000152154 2			56,000.00		55,563.77		01-Mar-2005		10.999%		KS - 80.00%		360		01-Mar-2004
1000153982 2			41,600.00		41,265.11		01-Jun-2005		10.625%		KY - 80.00%		360		01-Apr-2004
1000160825 2			101,600.00		100,587.12		01-Apr-2005		9.250%		AZ - 80.00%		360		01-May-2004
1000181621 2			136,000.00		135,077.49		01-Aug-2005		9.875%		IN - 80.00%		360		01-Oct-2004
1000181913 2			176,000.00		175,142.10		01-Nov-2004		10.625%		UT - 80.00%		360		01-Nov-2004
1000183130 2			86,000.00		85,641.31		01-Feb-2005		11.750%		KS - 100.00%		360		01-Oct-2004
1000185400 2			58,000.00		57,452.15		01-Apr-2005		7.375%		KS - 80.00%		360		01-Nov-2004
1000185405 2			38,000.00		37,900.88		01-Feb-2005		13.500%		GA - 100.00%		180		01-Nov-2004
1000185971 2			36,400.00		36,213.21		01-Dec-2004		10.875%		NE - 80.00%		360		01-Nov-2004
1000186082 2			84,000.00		83,508.13		01-May-2005		9.750%		AZ - 80.00%		360		01-Nov-2004
1000186398 2			112,500.00		112,019.94		01-Jan-2005		11.250%		OH - 90.00%		360		01-Nov-2004
1000186435 2			86,000.00		85,588.62		01-Jun-2005		11.749%		IA - 100.00%		360		01-Oct-2004
1000186489 2			137,000.00		136,399.38		01-Mar-2005		11.124%		NM - 100.00%		360		01-Nov-2004
1000187190 2			85,000.00		84,585.68		01-Feb-2005		10.625%		IL - 85.00%		360		01-Nov-2004
1000187408 2			64,000.00		63,516.23		01-Jun-2005		8.500%		KS - 100.00%		360		01-Nov-2004
1000187546 2			53,600.00		53,286.11		01-Nov-2004		9.750%		IN - 80.00%		360		01-Nov-2004
1000187566 2			144,000.00		143,107.83		01-Jun-2005		9.750%		MD - 80.00%		360		01-Nov-2004
1000187577 2			41,250.00		40,737.91		01-Apr-2005		12.250%		MI - 75.00%		360		01-Nov-2004
1000187985 2			120,650.00		119,537.83		01-Apr-2005		7.500%		MI - 95.00%		360		01-Nov-2004
1000188073 2			85,000.00		84,627.51		01-May-2005		11.125%		NE - 85.00%		360		01-Nov-2004
1000188145 2			56,800.00		56,588.23		01-Feb-2005		11.875%		KS - 80.00%		360		01-Nov-2004
1000188499 2			140,000.00		139,998.15		01-May-2005		6.625%		NV - 80.00%		360		01-Nov-2004
1000188643 2			250,400.00		250,264.06		01-Dec-2004		8.125%		AZ - 80.00%		360		01-Nov-2004
1000188717 2			105,620.00		105,118.65		01-Dec-2004		10.750%		KS - 79.99%		360		01-Nov-2004
1000188793 2			35,900.00		35,773.77		01-Feb-2005		10.749%		IL - 89.98%		360		01-Feb-2005
1000189076 2			60,000.00		59,711.02		01-Jan-2005		10.249%		CT - 61.22%		360		01-Dec-2004
1000189464 2			192,400.00		190,091.93		01-May-2005		6.125%		OR - 80.00%		360		01-Nov-2004
1000189616 2			72,000.00		71,658.16		01-Mar-2005		10.750%		IN - 90.00%		360		01-Nov-2004
1000190344 2			81,000.00		80,050.85		01-May-2005		6.250%		IL - 79.41%		360		01-Nov-2004
1000190486 2			444,000.00		440,643.47		01-May-2005		8.500%		MA - 80.00%		360		01-Nov-2004
1000190541 2			89,900.00		89,449.35		01-Dec-2004		10.500%		LA - 100.00%		360		01-Nov-2004
1000190637 2			36,900.00		36,756.90		01-Feb-2005		12.000%		PA - 90.00%		360		01-Dec-2004
1000191084 2			132,000.00		131,274.80		01-Jun-2005		9.625%		CO - 80.00%		360		01-Dec-2004
1000191822 2			46,400.00		46,145.40		01-Mar-2005		9.625%		MD - 80.00%		360		01-Dec-2004
1000192109 2			116,000.00		115,395.88		01-Jun-2005		9.875%		GA - 80.00%		360		01-Dec-2004
1000192315 2			53,600.00		53,360.10		01-Apr-2005		10.750%		KS - 80.00%		360		01-Dec-2004
1000192950 2			120,000.00		119,419.19		01-May-2005		9.750%		CO - 80.00%		360		01-Jan-2005
1000193296 2			177,600.00		176,600.08		01-Jan-2005		9.500%		OR - 80.00%		360		01-Dec-2004


Page 17 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
1000193875 2
			100,000.00		99,492.45		01-Dec-2004		9.999%		OK - 80.00%		360		01-Dec-2004

1000194907 2			80,910.00		80,465.76		01-Apr-2005		9.625%		OH - 90.00%		360		01-Dec-2004
1000195533 2			180,000.00		178,866.04		01-Jun-2005		8.625%		NM - 100.00%		360		01-Jan-2005
1000196017 2			103,950.00		103,941.11		01-Apr-2005		7.500%		UT - 90.00%		360		01-Jan-2005
1000197371 2			50,720.00		50,381.12		01-Jun-2005		7.625%		IA - 80.00%		360		01-Feb-2005
1000198179 2			87,750.00		87,314.06		01-Mar-2005		9.625%		KY - 90.00%		360		01-Jan-2005
1000198260 2			210,400.00		210,400.00		01-Jun-2005		9.000%		MA - 80.00%		360		01-Feb-2005
1000198688 2			56,000.00		55,749.42		01-Apr-2005		9.750%		FL - 70.00%		360		01-Feb-2005
1000199048 2			150,000.00		149,278.06		01-Jun-2005		9.249%		GA - 100.00%		360		01-Feb-2005
1000199161 2			85,500.00		85,035.40		01-Jun-2005		9.625%		MO - 95.00%		360		01-Jan-2005
1000199188 2			244,800.00		242,562.33		01-Apr-2005		6.000%		IL - 80.00%		360		01-Feb-2005
1000199304 2			117,600.00		116,550.04		01-Apr-2005		6.125%		UT - 80.00%		360		01-Feb-2005
1000199424 2			74,000.00		73,440.31		01-Jun-2005		6.999%		OH - 80.00%		360		01-Feb-2005
1000199470 2			49,600.00		49,348.65		01-Jun-2005		8.999%		IN - 80.00%		360		01-Feb-2005
1000199709 2			73,520.00		72,937.19		01-Mar-2005		6.749%		ID - 80.00%		360		01-Feb-2005
1000200358 2			49,000.00		48,861.29		01-Apr-2005		11.750%		MS - 100.00%		360		01-Feb-2005
1000200612 2			117,000.00		116,599.90		01-Mar-2005		10.875%		CO - 90.00%		360		01-Feb-2005
1000200709 2			51,850.00		51,559.17		01-Feb-2005		8.500%		IN - 85.00%		360		01-Feb-2005
1000200815 2			51,600.00		51,376.07		01-Jan-2005		9.749%		IA - 80.00%		360		01-Feb-2005
1000201218 2			416,000.00		416,000.00		01-Mar-2005		8.990%		GA - 80.00%		360		01-Feb-2005
1000201532 2			100,000.00		99,778.97		01-Mar-2005		12.875%		GA - 99.23%		180		01-Feb-2005
1000201625 2			#######		42,003.96		01-Mar-2005		10.250%		TN - 79.98%		360		01-Mar-2005
1000201946 2			52,000.00		51,789.66		01-Mar-2005		9.500%		IN - 80.00%		360		01-Mar-2005
1000202281 2			54,000.00		53,799.95		01-Apr-2005		10.500%		MO - 84.38%		360		01-Feb-2005
1000202810 2			85,400.00		85,026.62		01-Apr-2005		9.125%		MO - 94.99%		360		01-Mar-2005
1000202837 2			60,000.00		59,781.39		01-Apr-2005		10.000%		PA - 80.00%		360		01-Mar-2005
1000203101 2			195,000.00		195,000.00		01-Apr-2005		10.999%		MD - 100.00%		360		01-Mar-2005
1000203160 2			120,000.00		119,336.94		01-Sep-2005		9.000%		OH - 100.00%		360		01-Feb-2005
1000203972 2			64,000.00		63,830.75		01-Apr-2005		11.500%		LA - 100.00%		360		01-Mar-2005
1000204374 2			165,000.00		164,366.26		01-Jun-2005		9.749%		MI - 100.00%		360		01-Mar-2005
1000205145 2			157,410.00		157,410.00		01-May-2005		9.875%		MD - 90.00%		360		01-Mar-2005
1000205360 2			208,800.00		207,887.02		01-Mar-2005		9.125%		AZ - 80.00%		360		01-Mar-2005
1000205369 2			52,200.00		52,131.35		01-Mar-2005		14.625%		AZ - 100.00%		180		01-Mar-2005
1000205712 2			98,000.00		97,711.28		01-Feb-2005		10.999%		GA - 100.00%		360		01-Mar-2005
1000206129 2			148,000.00		147,431.63		01-Apr-2005		9.750%		MO - 80.00%		360		01-Mar-2005
1500010640 2			121,600.00		120,439.83		01-Jun-2005		7.749%		MT - 80.00%		360		01-Oct-2004
1500010935 2			76,000.00		75,185.73		01-Apr-2005		6.250%		IL - 80.00%		360		01-Dec-2004
1500011356 2			63,750.00		63,523.04		01-Mar-2005		10.125%		PA - 75.00%		360		01-Mar-2005


TOTAL			15,834,210.00		15,747,431.56


Page 18 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS


											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										44		76		120
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										44		76		120
Curtailments Amount										9,760.64		9,452.67		19,213.31
Paid in Full Balance										6,508,725.81		9,945,738.30		16,454,464.11
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										6,518,486.45		9,955,190.97		16,473,677.42

Cumulative


Number of Paid in Full Loans										321		392		713
Number of Repurchased Loans										11		8		19
Total Number of Loans Prepaid in Full										332		400		732
Paid in Full Balance										47,078,915.59		51,803,935.89		98,882,851.48
Repurchased Loans Balance										1,103,333.62		901,937.54		2,005,271.16
Curtailments Amount										-1,505,951.89		15,921.19		-1,490,030.70
Total Prepayment Amount										46,676,297.32		52,721,794.62		99,398,091.94










Page 19 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES


											Group 2		Group 1		Total



SMM										2.78%		2.92%		2.86%
3 Months Avg SMM										3.08%		3.00%		3.03%
12 Months Avg SMM										2.08%		1.65%		1.83%
Avg SMM Since Cut-off										2.08%		1.65%		1.83%


CPR										28.67%		29.93%		29.41%
3 Months Avg CPR										31.28%		30.59%		30.87%
12 Months Avg CPR										22.28%		18.07%		19.85%
Avg CPR Since Cut-off										22.28%		18.07%		19.85%


PSA										1,368.25%		1,495.95%		1,441.97%
3 Months Avg PSA Approximation										1,648.96%		1,697.14%		1,676.71%
12 Months Avg PSA Approximation										1,660.89%		1,449.62%		1,543.80%
Avg PSA Since Cut-off Approximation										1,660.89%		1,449.61%		1,543.79%










Page 20 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 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 21 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 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	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1000181318 1			204,980.00		204,980.00			20-Sep-2005		6.250%		AZ - 80.00%		Paid Off - 360		01-Nov-2004


1000183429 2		FCL	23,740.00		23,597.65			29-Sep-2005		13.500%		TX - 100.00%		Paid Off - 180		01-Dec-2004

1000184874 2			56,800.00		56,471.88			03-Oct-2005		9.375%		NM - 80.00%		Paid Off - 360		01-Nov-2004

1000185498 2			61,900.00		61,811.11			23-Sep-2005		10.875%		CA - 100.00%		Paid Off - 180		01-Oct-2004

1000185533 2			272,000.00		272,000.00			06-Oct-2005		5.250%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1000185865 2			47,600.00		47,181.05			26-Sep-2005		10.999%		CA - 100.00%		Paid Off - 180		01-Oct-2004

1000186080 2			40,000.00		39,825.96			21-Sep-2005		11.375%		KS - 80.00%		Paid Off - 360		01-Oct-2004

1000186316 2			452,000.00		452,000.00			14-Oct-2005		5.125%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1000186463 2			158,000.00		158,000.00			22-Sep-2005		8.375%		AZ - 100.00%		Paid Off - 360		01-Nov-2004

1000186521 2			33,400.00		33,310.29			14-Oct-2005		14.250%		MO - 100.00%		Paid Off - 180		01-Nov-2004

1000186776 1			52,650.00		52,396.42			04-Oct-2005		10.249%		OK - 100.00%		Paid Off - 360		01-Nov-2004

1000187037 1			232,000.00		228,932.55			30-Sep-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1000187040 1			58,000.00		57,731.59			30-Sep-2005		10.990%		CA - 100.00%		Paid Off - 180		01-Nov-2004

1000187231 2			295,200.00		295,126.22			21-Sep-2005		5.999%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1000187276 2		FCL	60,290.00		60,158.03			29-Sep-2005		13.865%		AZ - 100.00%		Paid Off - 180		01-Nov-2004

1000187340 1			157,590.00		156,294.74			21-Sep-2005		7.625%		AZ - 89.99%		Paid Off - 360		01-Nov-2004

1000187359 2			138,000.00		137,323.93			19-Sep-2005		10.249%		IL - 100.00%		Paid Off - 360		01-Nov-2004

1000187690 1			171,000.00		169,694.29			26-Sep-2005		7.999%		IL - 95.00%		Paid Off - 360		01-Nov-2004

1000187972 2			436,000.00		436,000.00			28-Sep-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1000188471 2			112,410.00		112,410.00			14-Oct-2005		6.999%		AZ - 90.00%		Paid Off - 360		01-Nov-2004

1000188785 1			277,670.00		275,330.57			07-Oct-2005		7.499%		UT - 79.79%		Paid Off - 360		01-Nov-2004

1000188789 2			69,420.00		68,796.81			07-Oct-2005		13.990%		UT - 99.74%		Paid Off - 240		01-Nov-2004

1000188992 1			82,000.00		81,311.13			03-Oct-2005		8.000%		AL - 80.00%		Paid Off - 360		01-Nov-2004

1000189014 2			240,000.00		240,000.00			04-Oct-2005		7.125%		MD - 100.00%		Paid Off - 360		01-Nov-2004

1000189135 1			153,000.00		151,841.02			04-Oct-2005		7.625%		FL - 90.00%		Paid Off - 360		01-Dec-2004

1000189263 1			26,600.00		26,524.61			14-Oct-2005		12.250%		MD - 100.00%		Paid Off - 180		01-Dec-2004

1000189311 1		BK	24,300.00		24,133.82			29-Sep-2005		11.500%		AZ - 100.00%		Paid Off - 180		01-Dec-2004

1000189396 1			264,960.00		264,957.50			23-Sep-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Nov-2004

1000189463 2			650,000.00		645,529.40			04-Oct-2005		8.625%		OR - 100.00%		Paid Off - 360		01-Nov-2004

1000189644 2			51,690.00		51,512.76			14-Oct-2005		11.375%		MO - 77.15%		Paid Off - 360		01-Dec-2004

1000189720 1			93,600.00		93,192.06			03-Oct-2005		10.250%		UT - 90.00%		Paid Off - 360		01-Dec-2004

1000190712 1			251,700.00		251,700.00			27-Sep-2005		7.750%		CA - 94.98%		Paid Off - 360		01-Dec-2004

1000190786 1			143,000.00		141,825.37			11-Oct-2005		7.125%		FL - 100.00%		Paid Off - 360		01-Dec-2004

1000191319 2			15,780.00		15,525.59			05-Oct-2005		14.500%		OK - 100.00%		Paid Off - 240		01-Jan-2005

1000191380 1			92,000.00		91,967.42			28-Sep-2005		7.999%		AZ - 80.00%		Paid Off - 360		01-Dec-2004

1000191385 2			23,000.00		22,942.85			28-Sep-2005		14.250%		AZ - 100.00%		Paid Off - 180		01-Dec-2004

1000191714 2			196,000.00		196,000.00			26-Sep-2005		7.999%		CA - 67.82%		Paid Off - 360		01-Jan-2005



Page 22 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

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


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1000191715 2			37,250.00		37,082.32			28-Sep-2005		10.625%		IA - 94.98%		Paid Off - 360		01-Dec-2004


1000191830 1			133,000.00		132,033.53			05-Oct-2005		7.750%		IL - 93.66%		Paid Off - 360		01-Dec-2004

1000191941 1			98,800.00		98,045.83			10-Oct-2005		7.500%		AZ - 80.00%		Paid Off - 360		01-Dec-2004

1000191945 1			24,700.00		24,630.02			10-Oct-2005		12.250%		AZ - 100.00%		Paid Off - 180		01-Dec-2004

1000192163 2			10,400.00		10,311.58			29-Sep-2005		14.250%		IN - 100.00%		Paid Off - 240		01-Dec-2004

1000192578 1			355,000.00		355,000.00			12-Oct-2005		7.999%		MD - 100.00%		Paid Off - 360		01-Dec-2004

1000192681 2			103,700.00		103,223.51			27-Sep-2005		9.999%		AR - 85.00%		Paid Off - 360		01-Dec-2004

1000192715 2			10,400.00		10,382.23			12-Oct-2005		14.500%		OH - 100.00%		Paid Off - 180		01-Dec-2004

1000192797 1			84,800.00		84,430.33			29-Sep-2005		10.249%		FL - 100.00%		Paid Off - 360		01-Dec-2004

1000192831 1			288,000.00		288,000.00			05-Oct-2005		9.125%		MD - 75.00%		Paid Off - 360		01-Dec-2004

1000192872 1			172,000.00		170,368.26			30-Sep-2005		6.375%		AZ - 80.00%		Paid Off - 360		01-Dec-2004

1000192877 1			140,800.00		139,671.32			03-Oct-2005		7.250%		AZ - 80.00%		Paid Off - 360		01-Dec-2004

1000192920 1			116,175.00		115,120.17			12-Oct-2005		6.999%		NM - 75.00%		Paid Off - 360		01-Dec-2004

1000193513 2			104,500.00		104,500.00			22-Sep-2005		9.125%		FL - 95.00%		Paid Off - 360		01-Jan-2005

1000193658 2			21,800.00		21,724.48			19-Sep-2005		14.250%		SD - 100.00%		Paid Off - 180		01-Jan-2005

1000193910 1			185,000.00		184,999.52			19-Sep-2005		10.499%		OR - 100.00%		Paid Off - 360		01-Jan-2005

1000194047 1			29,980.00		29,845.85			20-Sep-2005		10.125%		AZ - 100.00%		Paid Off - 180		01-Dec-2004

1000194139 1			115,000.00		113,984.42			27-Sep-2005		6.750%		FL - 100.00%		Paid Off - 360		01-Dec-2004

1000194151 1			142,500.00		141,227.69			19-Sep-2005		6.125%		FL - 83.82%		Paid Off - 360		01-Jan-2005

1000194360 2			420,000.00		420,000.00			04-Oct-2005		5.250%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1000194465 1			35,580.00		35,429.62			30-Sep-2005		9.875%		CA - 100.00%		Paid Off - 180		01-Jan-2005

1000195106 2			150,000.00		149,146.28			06-Oct-2005		9.125%		MI - 100.00%		Paid Off - 360		01-Dec-2004

1000195343 1			21,150.00		21,069.57			12-Oct-2005		10.375%		MD - 99.96%		Paid Off - 180		01-Jan-2005

1000195746 1			36,000.00		35,885.00			27-Sep-2005		11.250%		VA - 100.00%		Paid Off - 180		01-Jan-2005

1000195948 2			34,300.00		34,244.32			03-Oct-2005		14.250%		MI - 100.00%		Paid Off - 180		01-Jan-2005

1000195972 1			224,950.00		224,053.79			03-Oct-2005		10.749%		FL - 100.00%		Paid Off - 360		01-Jan-2005

1000196112 1			310,000.00		310,000.00			03-Oct-2005		6.250%		WA - 100.00%		Paid Off - 360		01-Jan-2005

1000196359 2		FCL	161,500.00		160,780.94			11-Oct-2005		9.625%		IL - 95.00%		Paid Off - 360		01-Jan-2005

1000196393 1			128,000.00		127,160.45			19-Sep-2005		7.719%		FL - 80.00%		Paid Off - 360		01-Jan-2005

1000196482 1			42,600.00		42,463.98			29-Sep-2005		10.625%		CA - 100.00%		Paid Off - 180		01-Feb-2005

1000196641 1			380,000.00		380,000.00			07-Oct-2005		7.999%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1000196653 1			198,650.00		197,249.17			11-Oct-2005		7.625%		UT - 79.99%		Paid Off - 360		01-Jan-2005

1000196668 1			49,650.00		49,217.09			10-Oct-2005		12.625%		UT - 99.99%		Paid Off - 240		01-Jan-2005

1000196681 2			95,000.00		94,704.41			07-Oct-2005		11.875%		CA - 100.00%		Paid Off - 180		01-Jan-2005

1000196897 1			57,000.00		56,815.22			29-Sep-2005		11.125%		CA - 100.00%		Paid Off - 180		01-Jan-2005

1000196979 1			165,000.00		165,000.00			14-Oct-2005		7.875%		OR - 100.00%		Paid Off - 360		01-Jan-2005

1000197139 1			125,400.00		124,580.92			05-Oct-2005		7.125%		NE - 95.00%		Paid Off - 360		01-Feb-2005

1000197503 1			41,000.00		40,867.09			26-Sep-2005		11.125%		AZ - 100.00%		Paid Off - 180		01-Jan-2005



Page 23 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

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


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1000197581 2			631,000.00		631,000.00			05-Oct-2005		6.500%		CA - 79.87%		Paid Off - 360		01-Jan-2005


1000197690 2			223,990.00		222,932.34			28-Sep-2005		8.750%		MD - 100.00%		Paid Off - 360		01-Feb-2005

1000197709 2			32,000.00		31,941.82			19-Sep-2005		13.750%		FL - 100.00%		Paid Off - 180		01-Jan-2005

1000197778 1			139,700.00		138,743.27			19-Sep-2005		7.500%		TN - 100.00%		Paid Off - 360		01-Jan-2005

1000198231 2			47,020.00		46,799.47			03-Oct-2005		9.375%		KS - 94.99%		Paid Off - 360		01-Jan-2005

1000198272 1			114,400.00		113,672.53			16-Sep-2005		7.875%		AZ - 80.00%		Paid Off - 360		01-Jan-2005

1000198275 2			28,600.00		28,552.32			16-Sep-2005		14.125%		AZ - 100.00%		Paid Off - 180		01-Jan-2005

1000198654 1			345,000.00		343,868.78			14-Oct-2005		10.499%		IL - 100.00%		Paid Off - 360		01-Feb-2005

1000198721 1			176,000.00		174,764.63			19-Sep-2005		7.375%		FL - 80.00%		Paid Off - 360		01-Jan-2005

1000198728 2			44,000.00		43,926.56			19-Sep-2005		14.125%		FL - 100.00%		Paid Off - 180		01-Jan-2005

1000198921 2			308,800.00		306,523.52			30-Sep-2005		6.499%		VA - 80.00%		Paid Off - 360		01-Feb-2005

1000199526 1			196,000.00		195,999.92			07-Oct-2005		6.875%		CA - 80.00%		Paid Off - 360		01-Feb-2005

1000199697 2			77,200.00		76,848.95			30-Sep-2005		11.125%		VA - 100.00%		Paid Off - 180		01-Feb-2005

1000200167 2			220,000.00		220,000.00			26-Sep-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Feb-2005

1000200168 1			55,000.00		54,804.81			26-Sep-2005		10.125%		CA - 100.00%		Paid Off - 180		01-Feb-2005

1000200619 1			199,910.00		198,755.40			03-Oct-2005		7.750%		AZ - 80.00%		Paid Off - 360		01-Feb-2005

1000200779 1			23,900.00		23,847.80			21-Sep-2005		12.990%		MI - 100.00%		Paid Off - 180		01-Feb-2005

1000200975 2			114,000.00		113,501.56			16-Sep-2005		9.125%		KY - 95.00%		Paid Off - 360		01-Feb-2005

1000201113 1			23,000.00		22,913.94			12-Oct-2005		9.875%		AZ - 100.00%		Paid Off - 180		01-Feb-2005

1000201603 1			103,200.00		102,475.03			27-Sep-2005		6.750%		AZ - 80.00%		Paid Off - 360		01-Feb-2005

1000201793 1			190,390.00		189,387.46			21-Sep-2005		7.750%		CA - 80.00%		Paid Off - 360		01-Mar-2005

1000201800 1			47,600.00		47,498.00			21-Sep-2005		11.875%		CA - 100.00%		Paid Off - 180		01-Mar-2005

1000202224 1			224,000.00		222,486.12			03-Oct-2005		6.500%		MI - 80.00%		Paid Off - 360		01-Mar-2005

1000202247 1			56,000.00		55,832.59			03-Oct-2005		11.125%		MI - 100.00%		Paid Off - 180		01-Mar-2005

1000202453 1			144,000.00		144,000.00			14-Oct-2005		5.990%		FL - 80.00%		Paid Off - 360		01-Mar-2005

1000202462 1			36,000.00		35,869.72			14-Oct-2005		9.375%		FL - 100.00%		Paid Off - 180		01-Mar-2005

1000202622 1			18,000.00		17,948.39			06-Oct-2005		11.125%		AL - 100.00%		Paid Off - 180		01-Feb-2005

1000202649 1			155,200.00		154,176.64			29-Sep-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Mar-2005

1000202656 1			38,800.00		38,703.10			29-Sep-2005		11.125%		CA - 100.00%		Paid Off - 180		01-Mar-2005

1000202690 1			85,000.00		84,571.84			07-Oct-2005		7.750%		CA - 80.19%		Paid Off - 360		01-Mar-2005

1000202718 1			30,000.00		29,772.56			29-Sep-2005		12.750%		KS - 100.00%		Paid Off - 240		01-Feb-2005

1000202886 1			136,000.00		136,000.00			04-Oct-2005		6.749%		CA - 80.00%		Paid Off - 360		01-Mar-2005

1000202890 1			34,000.00		33,915.06			05-Oct-2005		11.125%		CA - 100.00%		Paid Off - 180		01-Mar-2005

1000203176 2			132,370.00		131,888.69			29-Sep-2005		9.500%		MI - 75.00%		Paid Off - 360		01-Mar-2005

1000203213 1			100,000.00		99,508.68			26-Sep-2005		7.875%		CA - 80.00%		Paid Off - 360		01-Mar-2005

1000203225 1			25,000.00		24,948.42			26-Sep-2005		11.999%		CA - 100.00%		Paid Off - 180		01-Mar-2005

1000203385 1			61,500.00		61,338.28			03-Oct-2005		12.875%		MA - 100.00%		Paid Off - 180		01-Feb-2005

1000204626 1			248,000.00		246,466.76			29-Sep-2005		6.999%		CA - 80.00%		Paid Off - 360		01-Mar-2005



Page 24 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution

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


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1000204682 1			292,600.00		292,600.00			12-Oct-2005		8.375%		FL - 95.00%		Paid Off - 360		01-Mar-2005


1500008690 1			223,250.00		219,448.13			05-Oct-2005		7.250%		OH - 95.00%		Paid Off - 360		01-Jul-2004

1500010675 2			84,000.00		83,186.98			04-Oct-2005		7.250%		LA - 80.00%		Paid Off - 360		01-Oct-2004

1500010868 1			158,000.00		157,998.97			05-Oct-2005		7.750%		FL - 84.95%		Paid Off - 360		01-Dec-2004

1500011038 1			43,780.00		43,631.53			28-Sep-2005		12.240%		WA - 100.00%		Paid Off - 180		01-Dec-2004

1500011091 1			224,000.00		224,000.00			10-Oct-2005		6.500%		MD - 80.00%		Paid Off - 360		01-Jan-2005

1500011092 1			56,000.00		55,828.01			10-Oct-2005		11.375%		MD - 100.00%		Paid Off - 180		01-Jan-2005



TOTAL			16,514,075.00		16,454,464.11



Page 25 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


Current




Number of Loans Liquidated										3		1		4
Collateral Principal Realized Loss/(Gain) Amount										45,627.24		81,797.53		127,424.77
Collateral Interest Realized Loss/(Gain) Amount										2,517.86		7,756.15		10,274.01
Net Liquidation Proceeds										124,467.68		(7,756.15)		116,711.53

Cumulative




Number of Loans Liquidated										4		1		5
Collateral Realized Loss/(Gain) Amount										50,723.90		81,797.53		132,521.43
Net Liquidation Proceeds										293,964.47		0.00		293,964.47










Page 26 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution


DEFAULT SPEEDS



											Group 2		Group 1		Total



MDR										0.07%		0.02%		0.04%
3 Months Avg MDR										0.02%		0.01%		0.01%
12 Months Avg MDR										0.01%		0.00%		0.01%
Avg MDR Since Cut-off										0.01%		0.00%		0.01%


CDR										0.86%		0.29%		0.52%
3 Months Avg CDR										0.29%		0.10%		0.17%
12 Months Avg CDR										0.18%		0.03%		0.09%
Avg CDR Since Cut-off										0.18%		0.03%		0.09%


SDA										4.08%		1.42%		2.55%
3 Months Avg SDA Approximation										1.51%		0.53%		0.94%
12 Months Avg SDA Approximation										1.33%		0.25%		0.72%
Avg SDA Since Cut-off Approximation										1.33%		0.25%		0.72%


Loss Severity Approximation for Current Period										26.43%		100.00%		50.09%
3 Months Avg Loss Severity Approximation										8.81%		33.33%		16.70%
12 Months Avg Loss Severity Approximation										3.27%		11.11%		5.89%
Avg Loss Severity Approximation Since Cut-off										3.27%		11.11%		5.89%












Page 27 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 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 28 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative

&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized

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

1000199221 1
		REO	12.375%		MA - 100.00%		180		81,797.53				89,553.68		0.00

1000186026 2		REO	14.500%		TX - 100.00%		180		17,363.83				19,370.16		0.00
1000189279 2			7.500%		UT - 100.00%		360		144,671.05				17,685.51		0.00
1000191066 2		REO	14.250%		MO - 100.00%		180		10,577.90				11,089.43		0.00


TOTAL									254,410.31			137,698.78		0.00



Page 29 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS

										Group 2		Group 1		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								29,996,481.86
						Ending Collateral Balance								568,022,426.01
						Delinquency Percentage								5.2809%

						Senior Enhancement Percentage								25.884071%

						Cumulative Loss Percentage								0.01977932%


ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 30 of 31
Meritage Mortgage Loan Trust 2005-1

Asset Backed Certificates

2005-1

October 25, 2005 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

													NET WAC Shortfall CarryOver		NET WAC Shortfall Paid
CLASS

			I-A1										$0.00		$0.00

			I-A2										$0.00		$0.00

			II-A1										$0.00		$0.00

			II-A2										$0.00		$0.00

			II-A3										$0.00		$0.00

			M-1										$0.00		$0.00

			M-2										$0.00		$0.00

			M-3										$0.00		$0.00

			M-4										$0.00		$0.00

			M-5										$0.00		$0.00

			M-6										$0.00		$0.00

			M-7										$0.00		$0.00

			M-8										$0.00		$0.00

			M-9										$0.00		$0.00

			M-10										$0.00		$0.00

			M-11										$0.00		$0.00

			B-1										$0.00		$0.01

			B-2										$0.00		$0.00







Page 31 of 31

Meritage Mortgage Loan Trust 2005-1 Asset-Backed Certificates, Series 2005-1 8-K