8-K 1 ffm04ffa_sep.txt SEPTEMBER 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 27, 2004 FIRST FRANKLIN MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2004-FFA Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-106925-27 Pooling and Servicing Agreement) (Commission 54-2147308 (State or other File Number) 54-2147309 jurisdiction 54-2147310 of Incorporation) IRS EIN c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (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 under the Exchange Act (17 CFR 240.14a-12) [ ] 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 On September 27, 2004 a distribution was made to holders of FIRST FRANKLIN MORTGAGE LOAN TRUST, Mortgage Pass-Through Certificates, Series 2004-FFA Trust . ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-FFA Trust, relating to the September 27, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report 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. FIRST FRANKLIN MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2004-FFA Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 9/27/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-FFA Trust, relating to the September 27, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report EX-99.1

First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 78/31/04 Distribution Date: 89/2527/04 FFM Series: 2004-FFA Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-SIO 32027NFP1 SEN 0.~~10000~~00000% 0.00 ~~35,236~~0.7500 0.00 A-1 32027NFM8 SEN 1.~~65000~~81500% ~~352~~330,~~762~~999,~~169~~315.6598 ~~485~~550,~~047~~700.9910 2122,~~762~~158,~~853~~953.6751 A-2 32027NFN6 SEN 4.60000% 47,032,000.00 180,289.3433 0.00 M1A 32027NFQ9 SEN 12.~~99000~~15500% 17,984,000.00 2935,~~823~~525.4789 0.00 M1-F 32027NFR7 SEN 4.43800% 17,984,000.00 66,510.83 0.00 M2-A 32027NFS5 SEN 2.~~55000~~71500% 16,158,000.00 3440,~~335~~213.7522 0.00 M2-F 32027NFT3 SEN 4.61700% 16,158,000.00 62,167.9190 0.00 M3-A 32027NFU0 SEN 3.~~00000~~16500% 9,835,000.00 2428,~~587~~533.5079 0.00 M3-F 32027NFV8 SEN 4.88800% 9,835,000.00 40,061.23 0.00 M4 32027NFW6 SEN 3.~~15000~~31500% 7,025,000.00 1821,~~440~~347.6322 0.00 M5 32027NFX4 SEN 5.00000% 8,430,000.00 35,125.00 0.00 M6 32027NFY2 SEN 5.00000% 10,397,000.00 43,320.83 0.00 R1 FFM4FFAR1 SEN 0.00000% 0.00 0.00 0.00 R2 FFM4FFAR2 SEN 0.00000% 0.00 0.00 0.00 X FFM04FFAX SEN 0.00000% 2,251,111.09 1,~~845~~697,~~397~~100.2360 0.00 P FFM04FFAP SEN 0.00000% 100.00 ~~698~~737,~~998~~981.2777 0.00 Totals ~~515~~494,~~851~~088,~~380~~527.7407 3,~~599~~538,~~342~~877.7371 2122,~~762~~158,~~853~~953.6751

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-SIO 0.00 0.00 ~~35,236~~0.7500 0.00 A-1 0.00 ~~330~~308,~~999~~840,~~315~~362.9847 22,~~247~~709,~~901~~653.6661 0.00 A-2 0.00 47,032,000.00 180,289.3433 0.00 M1A 0.00 17,984,000.00 2935,~~823~~525.4789 0.00 M1-F 0.00 17,984,000.00 66,510.83 0.00 M2-A 0.00 16,158,000.00 3440,~~335~~213.7522 0.00 M2-F 0.00 16,158,000.00 62,167.9190 0.00 M3-A 0.00 9,835,000.00 2428,~~587~~533.5079 0.00 M3-F 0.00 9,835,000.00 40,061.23 0.00 M4 0.00 7,025,000.00 1821,~~440~~347.6322 0.00 M5 0.00 8,430,000.00 35,125.00 0.00 M6 0.00 10,397,000.00 43,320.83 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 X 0.00 2,251,111.09 1,~~845~~697,~~397~~100.2360 0.00 P 0.00 100.00 ~~698~~737,~~998~~981.2777 0.00 Totals 0.00 ~~494~~471,~~088~~929,~~527~~573.0756 25,~~362~~697,~~196~~831.4022 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-SIO 0.00 0.00 0.00 0.00 0.00 0.00 A-1 398,929,000.00 ~~352~~330,~~762~~999,~~169~~315.6598 0.00 2122,~~762~~158,~~853~~953.6751 0.00 0.00 A-2 47,032,000.00 47,032,000.00 0.00 0.00 0.00 0.00 M1A 17,984,000.00 17,984,000.00 0.00 0.00 0.00 0.00 M1-F 17,984,000.00 17,984,000.00 0.00 0.00 0.00 0.00 M2-A 16,158,000.00 16,158,000.00 0.00 0.00 0.00 0.00 M2-F 16,158,000.00 16,158,000.00 0.00 0.00 0.00 0.00 M3-A 9,835,000.00 9,835,000.00 0.00 0.00 0.00 0.00 M3-F 9,835,000.00 9,835,000.00 0.00 0.00 0.00 0.00 M4 7,025,000.00 7,025,000.00 0.00 0.00 0.00 0.00 M5 8,430,000.00 8,430,000.00 0.00 0.00 0.00 0.00 M6 10,397,000.00 10,397,000.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 X 2,251,111.09 2,251,111.09 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 562,018,211.09 ~~515~~494,~~851~~088,~~380~~527.7407 0.00 2122,~~762~~158,~~853~~953.6751 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-SIO 0.00 0.00 0.00000000 0.00 A-1 2122,~~762~~158,~~853~~953.6751 ~~330~~308,~~999~~840,~~315~~362.9847 0.~~82971986~~77417376 2122,~~762~~158,~~853~~953.6751 A-2 0.00 47,032,000.00 1.00000000 0.00 M1A 0.00 17,984,000.00 1.00000000 0.00 M1-F 0.00 17,984,000.00 1.00000000 0.00 M2-A 0.00 16,158,000.00 1.00000000 0.00 M2-F 0.00 16,158,000.00 1.00000000 0.00 M3-A 0.00 9,835,000.00 1.00000000 0.00 M3-F 0.00 9,835,000.00 1.00000000 0.00 M4 0.00 7,025,000.00 1.00000000 0.00 M5 0.00 8,430,000.00 1.00000000 0.00 M6 0.00 10,397,000.00 1.00000000 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 X 0.00 2,251,111.09 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 2122,~~762~~158,~~853~~953.6751 ~~494~~471,~~088~~929,~~527~~573.0756 0.~~87913259~~83970513 2122,~~762~~158,~~853~~953.6751

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-SIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-1 398,929,000.00 ~~884~~829.~~27306526~~71986489 0.00000000 5455.~~55320037~~54610848 0.00000000 A-2 47,032,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1A 17,984,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1-F 17,984,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2-A 16,158,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2-F 16,158,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3-A 9,835,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3-F 9,835,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 7,025,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 8,430,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 10,397,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X 2,251,111.09 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 100.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination except Class P which is per $100.00 denomination

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-SIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-1 0.00000000 5455.~~55320037~~54610848 ~~829~~774.~~71986489~~17375641 0.~~82971986~~77417376 5455.~~55320037~~54610848 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M1A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M1-F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2-A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2-F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3-A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3-F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 100.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-SIO 0.00 0.~~10000~~00000% ~~422~~414,~~841~~065,000.00 ~~35,236~~0.7500 0.00 0.00 A-1 398,929,000.00 1.~~65000~~81500% ~~352~~330,~~762~~999,~~169~~315.6598 ~~485~~550,~~047~~700.9811 0.00 0.00 A-2 47,032,000.00 4.60000% 47,032,000.00 180,289.33 0.00 0.00 M1A 17,984,000.00 12.~~99000~~15500% 17,984,000.00 2935,~~823~~525.4789 0.00 0.00 M1-F 17,984,000.00 4.43800% 17,984,000.00 66,510.83 0.00 0.00 M2-A 16,158,000.00 2.~~55000~~71500% 16,158,000.00 3440,~~335~~213.7522 0.00 0.00 M2-F 16,158,000.00 4.61700% 16,158,000.00 62,167.91 0.00 0.00 M3-A 9,835,000.00 3.~~00000~~16500% 9,835,000.00 2428,~~587~~533.5079 0.00 0.00 M3-F 9,835,000.00 4.88800% 9,835,000.00 40,061.23 0.00 0.00 M4 7,025,000.00 3.~~15000~~31500% 7,025,000.00 1821,~~440~~347.6322 0.00 0.00 M5 8,430,000.00 5.00000% 8,430,000.00 35,125.00 0.00 0.00 M6 10,397,000.00 5.00000% 10,397,000.00 43,320.83 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 X 2,251,111.09 0.00000% 2,251,111.09 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 562,018,211.09 1,~~054~~103,~~947~~795.2136 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-SIO 0.00 0.00 ~~35,236~~0.7500 0.00 ~~422~~414,~~841~~065,000.00 A-1 (0.01) 0.00 ~~485~~550,~~047~~700.9910 0.00 ~~330~~308,~~999~~840,~~315~~362.9847 A-2 0.00 0.00 180,289.3433 0.00 47,032,000.00 M1A 0.00 0.00 2935,~~823~~525.4789 0.00 17,984,000.00 M1-F 0.00 0.00 66,510.83 0.00 17,984,000.00 M2-A 0.00 0.00 3440,~~335~~213.7522 0.00 16,158,000.00 M2-F 0.00 0.00 62,167.9190 0.00 16,158,000.00 M3-A 0.00 0.00 2428,~~587~~533.5079 0.00 9,835,000.00 M3-F 0.00 0.00 40,061.23 0.00 9,835,000.00 M4 0.00 0.00 1821,~~440~~347.6322 0.00 7,025,000.00 M5 0.00 0.00 35,125.00 0.00 8,430,000.00 M6 0.00 0.00 43,320.83 0.00 10,397,000.00 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 X 0.00 0.00 1,~~845~~697,~~397~~100.2360 0.00 2,251,111.09 P 0.00 0.00 ~~698~~737,~~998~~981.2777 0.00 100.00 Totals (0.01) 0.00 3,~~599~~538,~~342~~877.7371 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-SIO 0.00 0.~~10000~~00000% ~~948~~928.~~07399103~~39686099 0.~~07900617~~00000000 0.00000000 0.00000000 A-1 398,929,000.00 1.~~65000~~81500% ~~884~~829.~~27306526~~71986489 1.~~21587546~~38044642 0.00000000 0.00000000 A-2 47,032,000.00 4.60000% 1000.00000000 3.83333326 0.00000000 0.00000000 M1A 17,984,000.00 12.~~99000~~15500% 1000.00000000 1.~~65833352~~97541648 0.00000000 0.00000000 M1-F 17,984,000.00 4.43800% 1000.00000000 3.69833352 0.00000000 0.00000000 M2-A 16,158,000.00 2.~~55000~~71500% 1000.00000000 2.~~12500000~~48874985 0.00000000 0.00000000 M2-F 16,158,000.00 4.61700% 1000.00000000 3.84750031 0.00000000 0.00000000 M3-A 9,835,000.00 3.~~00000~~16500% 1000.00000000 2.~~50000000~~90124962 0.00000000 0.00000000 M3-F 9,835,000.00 4.88800% 1000.00000000 4.07333299 0.00000000 0.00000000 M4 7,025,000.00 3.~~15000~~31500% 1000.00000000 23.~~62500071~~03875018 0.00000000 0.00000000 M5 8,430,000.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 M6 10,397,000.00 5.00000% 1000.00000000 4.16666635 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 X 2,251,111.09 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 100.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination except Class P which is per $100.00 denomination

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-SIO 0.00000000 0.00000000 0.~~07900617~~00000000 0.00000000 ~~948~~928.~~07399103~~39686099 A-1 (0.00000003) 0.00000000 1.~~21587548~~38044640 0.00000000 ~~829~~774.~~71986489~~17375641 A-2 0.00000000 0.00000000 3.~~83333348~~83333326 0.00000000 1000.00000000 M1A 0.00000000 0.00000000 1.~~65833352~~97541648 0.00000000 1000.00000000 M1-F 0.00000000 0.00000000 3.69833352 0.00000000 1000.00000000 M2-A 0.00000000 0.00000000 2.~~12500000~~48874985 0.00000000 1000.00000000 M2-F 0.00000000 0.00000000 3.~~84750031~~84749969 0.00000000 1000.00000000 M3-A 0.00000000 0.00000000 2.~~50000000~~90124962 0.00000000 1000.00000000 M3-F 0.00000000 0.00000000 4.07333299 0.00000000 1000.00000000 M4 0.00000000 0.00000000 23.~~62500071~~03875018 0.00000000 1000.00000000 M5 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 M6 0.00000000 0.00000000 4.16666635 0.00000000 1000.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00000000 0.00000000 ~~819~~753.~~77172881~~89464675 0.00000000 1000.00000000 P 0.00000000 0.00000000 ~~698998~~737981.~~27000000~~77000000 0.00000000 100.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 26,~~591~~850,~~050~~572.9575 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) (4240,~~173~~344.9574) Prepayment Penalties 0.00 Total Deposits 26,~~548~~810,~~877~~228.0001 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 1,~~186~~137,~~680~~068.6115 Payment of Interest and Principal 25,~~362~~697,~~196~~831.4022 Total Withdrawals (Pool Distribution Amount) 26,~~548~~834,~~877~~899.0137 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~214~~205,~~938~~870.0723 Credit Risk Manager's Fee 6,~~448~~176.1411 Pool Insurance Fee ~~962~~921,~~070~~933.3177 Securities Administrator Fee 3,~~224~~088.0904 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 1,~~186~~137,~~680~~068.6115

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 024,671.0037 0.00 0.00 Reserve Fund 0.00 0.00 0.00 0.00 Reserve Fund 1,000.00 0.00 024,671.0037 125,~~000~~671.0037

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 145 0 01 146 ~~523~~101,~~293~~810.4929 0.00 0.00 ~~523~~101,~~293~~810.4929 30 Days 91117 10 0 0 92117 34,~~619~~731,~~707~~021.8759 ~~21,944~~0.8400 0.00 0.00 34,~~641~~731,~~652~~021.7159 60 Days 4644 0 0 0 4644 1,~~898~~837,~~081~~972.9890 0.00 0.00 0.00 1,~~898~~837,~~081~~972.9890 90 Days 2428 2 0 0 261 29 1,~~173~~298,~~132~~959.5800 ~~55,027.07~~ 0.00 0.00 24,904.65 1,~~228~~323,~~159~~863.65 120 Days 4516 13 0 03 4622 2699,~~681,062~~765.0619 3983,~~945~~442.2096 0.00 0179,541.0068 2962,~~721,007~~749.2683 150 Days 038 01 0 01 040 02,315,375.0098 016,217.0077 0.00 0174,687.0078 02,506,281.0053 180+ Days 62 0 0 03 65 ~~306~~124,~~685~~705.8803 0.00 0.00 0.00 ~~306~~124,~~685~~705.8803 Totals ~~212~~245 189 0 09 ~~230~~263 911,~~678~~007,~~670~~799.3769 ~~640~~201,~~210~~471.6002 0.00 0379,134.0011 1011,~~318~~588,~~880~~404.9782 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~136359~~050587% 0.000000% 0.~~000000~~010117% 0.~~136359~~060704% 0.~~105864~~021563% 0.000000% 0.000000% 0.~~105864~~021563% 30 Days 01.~~886335~~183731% 0.~~009740~~000000% 0.000000% 0.000000% 01.~~896075~~183731% 01.~~732279~~002004% 0.~~004440~~000000% 0.000000% 0.000000% 01.~~736718~~002004% 60 Days 0.~~448037~~445164% 0.000000% 0.000000% 0.000000% 0.~~448037~~445164% 0.~~383988~~389273% 0.000000% 0.000000% 0.000000% 0.~~383988~~389273% 90 Days 0.~~233759~~283286% 0.~~019480~~000000% 0.000000% 0.~~000000~~010117% 0.~~253239~~293403% 0.~~237329~~275112% 0.~~011132~~000000% 0.000000% 0.~~000000~~005275% 0.~~248461~~280387% 120 Days 0.~~438297~~161878% 0.~~009740~~030352% 0.000000% 0.~~000000~~030352% 0.~~448037~~222582% 0.~~542388~~148206% 0.~~008081~~017673% 0.000000% 0.~~000000~~038026% 0.~~550469~~203905% 150 Days 0.~~000000~~384460% 0.~~000000~~010117% 0.000000% 0.~~000000~~010117% 0.~~000000~~404694% 0.~~000000~~490384% 0.~~000000~~003435% 0.000000% 0.~~000000~~036998% 0.~~000000~~530817% 180+ Days 0.~~058440~~020235% 0.000000% 0.000000% 0.~~000000~~030352% 0.~~058440~~050587% 0.~~062044~~026412% 0.000000% 0.000000% 0.000000% 0.~~062044~~026412% Totals 2.~~064868~~478754% 0.~~175319~~091056% 0.000000% 0.~~000000~~091056% 2.~~240187~~660866% 12.~~958027~~331392% 0.~~129517~~042670% 0.000000% 0.~~000000~~080299% 2.~~087544~~454360%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00 Class M-1A 98,073,211.09 17.45018385% 98,073,211.09 1920.~~84931965~~78132344% 3.~~639834~~810738% 0.000000% Class M-1F 80,089,211.09 14.25028754% 80,089,211.09 16.~~20948609~~97058535% 3.~~639834~~810738% 0.000000% Class M-2A 63,931,211.09 11.37529173% 63,931,211.09 1213.~~93922194~~54676941% 3.~~270264~~423816% 0.000000% Class M-2F 47,773,211.09 8.50029592% 47,773,211.09 910.~~66895778~~12295346% 3.~~270264~~423816% 0.000000% Class M-4 21,078,211.09 3.75044984% 21,078,211.09 4.~~26607985~~46638911% 1.~~421810~~488570% 0.000000% Class R-I 2,251,211.09 0.40055839% 2,251,211.09 0.~~45562910~~47702268% 0.000000% 0.000000% Class R-II 2,251,211.09 0.40055839% 2,251,211.09 0.~~45562910~~47702268% 0.000000% 0.000000% Class X 100.00 0.00001779% 100.00 0.~~00002024~~00002119% 0.~~455609~~477001% 0.000000% Class P 0.00 0.00000000% 0.00 0.00000000% 0.~~000020~~000021% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 9.~~602455~~602426% Weighted Average Net Coupon 9.~~102455~~102426% Weighted Average Pass-Through Rate 6.~~856938~~855812% Weighted Average Maturity(Stepdown Calculation ) ~~221~~220 Beginning Scheduled Collateral Loan Count 10,~~630~~267 Number Of Loans Paid In Full ~~363~~383 Ending Scheduled Collateral Loan Count 109,~~267~~884 Beginning Scheduled Collateral Balance ~~515~~494,~~851~~088,~~380~~527.7407 Ending Scheduled Collateral Balance ~~494~~471,~~088~~929,~~527~~573.0756 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2004 ~~494~~472,~~307~~155,~~222~~774.8832 Monthly P &I Constant 4,~~426~~242,~~282~~953.4516 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 4240,~~173~~344.9574 Cumulative Realized Loss 66106,~~003~~348.2903 Ending Scheduled Balance for Premium Loans ~~494~~471,~~088~~929,~~527~~573.0756 Scheduled Principal ~~298~~289,~~415~~245.9291 Unscheduled Principal 21,~~464~~869,~~437~~707.7560

Miscellaneous Reporting Targeted Overcollateralization Amount 2,251,111.09 Overcollateralization Deficiency Amount 4240,~~173~~344.9574 Overcollateralization Amount 2,251,111.09 Payments made by the Cap Provider 024,671.0037

EX-99.2

theMurrayhillcompany FFMLT 2004-FFA Credit Risk Manager Report July 2004 The information contained in this Report is based upon a specific point in time and reflects performance solely through that point in time. It does not forecast the performance of the portfolio in the future. The information in this Report is not investment advice concerning a particular portfolio or security, and no mention of a particular security in this Report constitutes a recommendation to buy, sell, or hold that or any other security. The Report is based upon information provided to The Murrayhill Company by third parties and therefore The Murrayhill Company cannot, and does not, warrant that the information contained in this Report is accurate or complete. Table of Contents Section One Transaction Summary Section Two Prepayment Premium Analysis Section Three Mortgage Insurance Report Section Four Loss Analysis Section Five Analytics Section One Transaction Summary theMurrayhillcompany FFMLT 2004-FFA Executive Summary July 2004 Transaction Summary Closing Date: 02/27/2004 Depositor: Structured Asset Securities Corporation Trustee(s): La Salle Bank Securities Administrator: Wells Fargo Master Servicer: Aurora Loan Services Master Servicing Servicer(s): Chase Home Finance, Wells Fargo / ASC Mortgage Insurer(s): Radian Guaranty Delinquency Reporting Method: OTS1 Collateral Summary 2 6/30/2004 as a Percentage of Closing Date 6/30/2004 Closing Date Collateral Balance $562,018,211 $516,179,665 91.84% Loan Count 11,412 10,629 93.14% 1 OTS Method: A current loan becomes 30 days delinquent if the scheduled payment is not made by the close of business on the corresponding day of the following month. Similarly for 60 days delinquent and the second immediately succeeding month and 90 days delinquent and the third immediately succeeding month. 2 These figures are based upon information provided to Murrayhill by the servicers on a monthly basis. (C) 2004 The Murrayhill Company. All Rights Reserved. Section Two Prepayment Premium Analysis Reconciliation of Prepayment Premiums for FFMLT 2004-FFA Mortgage Data Through: June 30, 2004 Section 1: Prepayment premiums collected by the servicers and remitted to the trustee. This information is reported to Murrayhill by the servicers each month. Distribution Date Servicer 25-Jul-04 25-Jun-04 25-May-04 25-Apr-04 25-Mar-04 Total $525,712 $316,320 $268,464 $153,580 $50,667 Section 2: Prepayment premiums remitted with interest by the trustee. This information is taken from the statement to certificateholders prepared by the trustee. Distribution Date Class 25-Jul-04 25-Jun-04 25-May-04 25-Apr-04 25-Mar-04 P Class $527,913 $318,113 $268,464 $153,580 $50,667 Section 3: Reconciliation of the amounts remitted by the servicers to the trustee, and the amount remitted with interest by the trustee. Amount remitted by servicers: $525,712 Amount distributed: $527,913 Difference: -$2,201 Aggregate Paid-Off Loans Report for FFMLT 2004-FFA Mortgage Data Through: June 30, 2004 Distribution Date 25-Jul-04 25-Jun-04 25-May-04 Loans with Active Prepayment Flags that Remitted Premiums ( A ) 231 144 130 Loans without Prepayment Flags that Remitted Premiums 1 0 0 Total Loans that Remitted Premiums ( B ) 232 144 130 Loans with Active Prepayment Flags ( C ) 231 144 142 Loans without Prepayment Flags that Remitted Premiums 1 0 0 Subtotal ( D ) 232 144 142 Premiums Remitted with Active Prepayment Flags (A/C) 100.0% 100.0% 91.5% Total Loans that Remitted Premiums to the Subtotal (B/D ) 100.0% 100.0% 91.5% Total Paid-Off Loans ( E ) 269 175 179 Total Loans that Remitted Premiums to the Total Paid-Off Loans ( B/E ) 86.2% 82.3% 72.6% Aggregate Paid-Off Loans Report for FFMLT 2004-FFA Mortgage Data Through: June 30, 2004 (cont.) Distribution Date 25-Apr-04 25-Mar-04 Loans with Active Prepayment Flags that Remitted Premiums ( A ) 68 29 Loans without Prepayment Flags that Remitted Premiums 1 0 Total Loans that Remitted Premiums ( B ) 69 29 Loans with Active Prepayment Flags ( C ) 72 29 Loans without Prepayment Flags that Remitted Premiums 1 0 Subtotal ( D ) 73 29 Premiums Remitted with Active Prepayment Flags (A/C) 94.4% 100.0% Total Loans that Remitted Premiums to the Subtotal (B/D ) 94.5% 100.0% Total Paid-Off Loans ( E ) 116 43 Total Loans that Remitted Premiums to the Total Paid-Off Loans ( B/E ) 59.5% 67.4% Paid-Off Loans Exception Report for FFMLT 2004-FFA Mortgage Data Through: June 30, 2004 Servicer: Total Total Paid-Off Loans with Flags 234 Less Exceptions: Loans with Expired Prepayment Clauses (as stated in the Note)* 0 Loans that Contained a Clause Allowing Prepayment Premiums 0 to be Waived at the Time of Liquidation* Loans that Liquidated from REO* 0 Loans with Discrepancies between the Data File and the Note 0 Defaulted Liquidated Loans that Could Not Have Collected 0 Premiums because of the Acceleration of the Debt* Loans that Liquidated Through Loss Mitigation Efforts* 0 Total Paid-Off Loans with Active Prepayment Flags (C) 231 Other Exceptions: Paid-Off Loans that Did Not Collect Premiums because of State Statutes 0 Paid-Off Loans with Active Prepayment Flags that Have Not Remitted Premiums 0 * These categories are mutually exclusive. Paid-Off Loans With Prepayment Flags for FFMLT 2004-FFA Mortgage Data Through: June 30, 2004 Loan number Delinquency Origination PPP Exp. Date Payoff String Date Flag Balance 4506178 99990 12/31/02 2 12/31/04 $9,945 4507488 99990 8/14/03 2 8/14/05 $34,262 4510730 99990 9/29/03 2 9/29/05 $43,808 4507072 CCCC0 8/22/03 0 8/22/03 $36,297 4507307 CCCC0 8/21/03 3 8/21/06 $10,527 4514249 CCCC0 10/10/03 2 10/10/05 $11,358 4506106 C3C30 12/13/02 2 12/13/04 $16,708 4506290 CCCC0 1/31/03 2 1/31/05 $24,866 4506403 CCCC0 1/21/03 2 1/21/05 $25,425 4513208 CCCC0 9/9/03 2 9/9/05 $36,792 4506156 CCCC0 12/27/02 2 12/27/04 $36,206 4508751 CCCC0 8/7/03 2 8/7/05 $19,901 4515145 CCCC0 9/30/03 2 9/30/05 $16,656 4506329 CCCC0 1/30/03 2 1/30/05 $29,345 4514602 CCCC0 10/13/03 2 10/13/05 $25,598 4509203 CCCC0 8/25/03 2 8/25/05 $26,256 4515329 CCCC0 10/3/03 2 10/3/05 $23,920 4506413 CCCC0 1/21/03 2 1/21/05 $97,985 4507197 CCCC0 8/13/03 2 8/13/05 $27,450 4517169 CCCC0 10/15/03 2 10/15/05 $24,925 4512280 CCCC0 9/11/03 2 9/11/05 $30,842 4506179 CCCC0 12/20/02 2 12/20/04 $54,691 4507351 CCCC0 8/12/03 2 8/12/05 $27,293 4509678 CCCC0 9/8/03 2 9/8/05 $24,275 4510632 CCCC0 9/11/03 2 9/11/05 $23,940 4509990 CCCC0 9/10/03 2 9/10/05 $28,894 4509714 CCCC0 9/5/03 2 9/5/05 $34,822 4511296 CCCC0 9/19/03 2 9/19/05 $30,875 4515120 CCCC0 10/31/03 2 10/31/05 $31,273 4506987 CCCC0 8/20/03 3 8/20/06 $34,311 4513253 CCCC0 10/8/03 2 10/8/05 $31,890 4511783 CCCC0 8/28/03 2 8/28/05 $35,627 4511850 CCCC0 9/25/03 2 9/25/05 $36,811 4508887 CCCC0 7/16/03 2 7/16/05 $35,780 4513925 CCCC0 10/13/03 2 10/13/05 $33,920 4506236 CCCC0 8/26/02 2 8/26/04 $124,170 4507911 CCCC0 8/8/03 2 8/8/05 $27,912 4506081 CCCC0 12/12/02 2 12/12/04 $27,047 4511988 CCCC0 9/10/03 2 9/10/05 $38,662 4512404 CCCC0 9/26/03 2 9/26/05 $34,365 4507646 CCCC0 8/13/03 2 8/13/05 $34,798 4511693 CCCC0 9/9/03 2 9/9/05 $37,420 4506879 CCCC0 8/19/03 2 8/19/05 $37,713 4508032 36CC0 8/6/03 2 8/6/05 $29,715 4506656 CCCC0 8/13/03 2 8/13/05 $40,577 4509167 CCCC0 8/21/03 2 8/21/05 $40,676 4514955 CCCC0 10/2/03 2 10/2/05 $31,523 4506945 CCCC0 8/22/03 2 8/22/05 $30,907 4516180 CCCC0 10/6/03 2 10/6/05 $42,543 4516853 CCCC0 10/14/03 2 10/14/05 $41,723 4506927 CCCC0 8/25/03 2 8/25/05 $42,418 4511064 CCCC0 9/16/03 1 9/16/04 $39,803 4512139 CCCC0 9/4/03 2 9/4/05 $33,102 4514956 CCCC0 10/8/03 2 10/8/05 $34,008 4511695 CCCC0 8/26/03 2 8/26/05 $44,753 4514420 CCCC0 9/25/03 2 9/25/05 $39,023 4509213 CCCC0 8/12/03 2 8/12/05 $42,361 4515285 CCCC0 10/30/03 1 10/30/04 $77,056 4515484 CCCC0 10/17/03 2 10/17/05 $44,985 4508617 CCCC0 7/29/03 2 7/29/05 $45,251 4513934 CCCC0 10/22/03 2 10/22/05 $41,208 4513382 CCCC0 10/24/03 2 10/24/05 $34,520 4515679 C3690 10/9/03 2 10/9/05 $40,863 4508964 CCCC0 7/23/03 2 7/23/05 $44,314 4516383 CCCC0 10/28/03 2 10/28/05 $45,815 4508480 CCCC0 8/6/03 2 8/6/05 $48,718 4507578 CCCC0 8/13/03 2 8/13/05 $48,718 4508717 CCCC0 7/31/03 2 7/31/05 $43,008 4515214 CCCC0 10/1/03 2 10/1/05 $36,910 4511698 CCCC0 9/2/03 2 9/2/05 $39,869 4511768 CCCC0 9/18/03 2 9/18/05 $38,137 4510343 CCCC0 9/8/03 2 9/8/05 $50,339 4506153 CCCC0 12/10/02 2 12/10/04 $34,416 4512679 CCCC0 9/22/03 2 9/22/05 $48,962 4513494 CCCC0 10/15/03 2 10/15/05 $46,422 4513844 CCCC0 10/17/03 2 10/17/05 $44,052 4515707 CCCC0 10/2/03 2 10/2/05 $39,399 4511830 CCCC0 9/24/03 2 9/24/05 $50,753 4510883 CCCC0 9/10/03 2 9/10/05 $48,566 4508651 CCCC0 7/31/03 2 7/31/05 $51,495 4509247 CCCC0 8/26/03 2 8/26/05 $48,758 4510365 CCCC0 9/5/03 2 9/5/05 $45,980 4512469 CCCC0 9/19/03 2 9/19/05 $49,108 4513521 CCCC0 9/26/03 2 9/26/05 $53,703 4511944 CCCC0 9/3/03 2 9/3/05 $49,305 4506062 CCCC0 11/25/02 2 11/25/04 $40,332 4512482 CCCC0 9/15/03 2 9/15/05 $52,772 4512775 CCCC0 9/15/03 2 9/15/05 $44,835 4514683 CCCC0 10/16/03 2 10/16/05 $41,871 4512808 CCCC0 9/15/03 2 9/15/05 $42,075 4510831 CCCC0 9/12/03 2 9/12/05 $53,738 4511760 CCCC0 9/23/03 2 9/23/05 $49,688 4506845 CCCC0 8/13/03 2 8/13/05 $54,065 4511315 CCCC0 9/23/03 2 9/23/05 $51,370 4511973 CCCC0 9/16/03 2 9/16/05 $58,037 4508290 CCCC0 8/4/03 2 8/4/05 $41,077 4511084 CCCC0 8/29/03 2 8/29/05 $42,117 4511488 CCCC0 9/15/03 2 9/15/05 $43,452 4513028 CCCC0 9/18/03 2 9/18/05 $50,201 4516147 CCCC0 10/3/03 2 10/3/05 $44,085 4514108 CCCC0 9/29/03 2 9/29/05 $56,326 4508791 CCCC0 7/25/03 2 7/25/05 $47,370 4506864 CCCC0 8/15/03 2 8/15/05 $58,263 4512632 CCCC0 9/16/03 2 9/16/05 $58,699 4506037 CCCC0 12/23/02 2 12/23/04 $45,663 4516552 CCCC0 10/6/03 2 10/6/05 $50,829 4515538 CCCC0 10/20/03 2 10/20/05 $43,250 4510319 CCCC0 9/23/03 2 9/23/05 $57,719 4510439 CCCC0 9/9/03 2 9/9/05 $59,467 4512020 CCCC0 9/24/03 2 9/24/05 $44,675 4506637 CCCC0 8/8/03 2 8/8/05 $51,774 4512767 CCCC0 9/11/03 2 9/11/05 $51,742 4506489 CCCC0 8/22/03 2 8/22/05 $55,524 4509335 CCCC0 8/20/03 2 8/20/05 $50,645 4513821 CCCC0 10/2/03 2 10/2/05 $60,521 4511525 CCCC0 8/21/03 2 8/21/05 $60,106 4511686 CCCC0 9/18/03 2 9/18/05 $52,498 4515326 CCCC0 10/15/03 2 10/15/05 $61,227 4512441 CCCC0 9/18/03 2 9/18/05 $54,771 4514852 CCCC0 9/29/03 2 9/29/05 $56,759 4507380 CCCC0 8/15/03 2 8/15/05 $60,365 4513589 CCCC0 10/17/03 2 10/17/05 $53,819 4506828 CCCC0 8/21/03 2 8/21/05 $57,714 4515824 CCCC0 10/17/03 2 10/17/05 $61,141 4507529 CCCC0 8/12/03 2 8/12/05 $54,164 4508246 CCCC0 8/1/03 2 8/1/05 $63,119 4517270 CCCC0 10/17/03 2 10/17/05 $55,190 4508028 CCCC0 8/13/03 2 8/13/05 $65,421 4512544 CCCC0 9/2/03 2 9/2/05 $65,420 4510553 CCCC0 9/10/03 2 9/10/05 $63,640 4511993 CCCC0 9/2/03 2 9/2/05 $56,333 4511003 CCCC0 9/16/03 2 9/16/05 $65,367 4507972 CCCC0 8/11/03 2 8/11/05 $49,443 4506910 CCCC0 8/19/03 2 8/19/05 $65,639 4516510 CCCC0 10/20/03 2 10/20/05 $51,596 4516545 CCCC0 10/16/03 2 10/16/05 $66,105 4511016 CCCC0 9/11/03 2 9/11/05 $57,761 4517374 CCCC0 10/14/03 2 10/14/05 $52,864 4508974 CCCC0 7/30/03 2 7/30/05 $59,655 4515442 CCCC0 9/25/03 2 9/25/05 $52,844 4508630 CCCC0 8/5/03 2 8/5/05 $69,597 4508679 CCCC0 7/30/03 2 7/30/05 $50,594 4507109 CCCC0 8/20/03 2 8/20/05 $50,822 4516687 CCCC0 10/17/03 2 10/17/05 $50,856 4517061 CCCC0 10/3/03 2 10/3/05 $64,746 4510975 CCCC0 9/5/03 2 9/5/05 $53,841 4509825 CCCC0 9/8/03 2 9/8/05 $54,338 4508383 CCCC0 8/5/03 2 8/5/05 $60,562 4509305 CCCC0 8/26/03 2 8/26/05 $63,125 4514762 CCCC0 10/9/03 2 10/9/05 $71,617 4512062 CCCC0 9/23/03 2 9/23/05 $74,588 4506851 CCCC0 8/14/03 2 8/14/05 $57,557 4516948 CCCC0 10/20/03 2 10/20/05 $75,662 4508382 CCCC0 8/5/03 2 8/5/05 $55,256 4516595 CCCC0 10/1/03 2 10/1/05 $69,733 4511897 CCCC0 9/16/03 2 9/16/05 $59,465 4510275 CCCC0 9/10/03 2 9/10/05 $67,444 4514137 CCCC0 10/10/03 2 10/10/05 $54,631 4508493 CCCC0 7/29/03 2 7/29/05 $68,215 4506824 CCCC0 8/14/03 2 8/14/05 $79,479 4511522 CCCC0 9/11/03 2 9/11/05 $58,876 4515668 CCCC0 10/9/03 2 10/9/05 $69,747 4508170 CCCC0 8/6/03 2 8/6/05 $59,560 4512599 CCCC0 9/19/03 2 9/19/05 $70,506 4516756 CCCC0 10/9/03 2 10/9/05 $68,022 4515923 CCCC0 10/3/03 2 10/3/05 $79,613 4517050 CCCC0 10/15/03 2 10/15/05 $79,645 4516539 CCCC0 10/24/03 2 10/24/05 $56,876 4506341 CCCC0 1/24/03 2 1/24/05 $62,169 4517342 CCCC0 10/28/03 2 10/28/05 $59,655 4510719 CCCC0 9/8/03 2 9/8/05 $78,418 4509096 CCCC0 7/29/03 2 7/29/05 $69,453 4512178 CCCC0 9/10/03 2 9/10/05 $74,672 4507063 CCCC0 8/19/03 2 8/19/05 $81,715 4511272 CCCC0 9/18/03 2 9/18/05 $75,469 4506619 CCCC0 8/20/03 2 8/20/05 $82,523 4506242 CCCC0 12/10/02 2 12/10/04 $57,674 4508682 CCCC0 7/25/03 2 7/25/05 $79,693 4507099 CCCC0 8/18/03 2 8/18/05 $71,488 4515470 CCCC0 10/9/03 1 10/9/04 $77,653 4513941 CCCC0 10/8/03 2 10/8/05 $64,799 4516176 CCCC0 10/29/03 2 10/29/05 $70,088 4509293 CCCC0 8/21/03 2 8/21/05 $73,679 4513734 CCCC0 10/8/03 2 10/8/05 $67,816 4512879 CCCC0 9/22/03 2 9/22/05 $87,154 4514513 CCCC0 10/24/03 2 10/24/05 $64,992 4509220 CCCC0 8/22/03 2 8/22/05 $82,569 4515270 CCCC0 10/22/03 2 10/22/05 $73,765 4506815 CCCC0 8/20/03 2 8/20/05 $85,530 4509443 CCCC0 8/22/03 2 8/22/05 $63,818 4517425 CCCC0 9/11/03 2 9/11/05 $89,540 4516028 CCCC0 10/24/03 2 10/24/05 $66,834 4506507 CCCC0 8/20/03 2 8/20/05 $77,662 4515335 CCCC0 10/23/03 2 10/23/05 $76,157 4517094 CCCC0 10/27/03 2 10/27/05 $67,735 4515432 CCCC0 10/23/03 1 10/23/04 $69,703 4512998 CCCC0 9/3/03 2 9/3/05 $93,322 4506882 CCCC0 8/19/03 2 8/19/05 $66,758 4507545 CCCC0 8/14/03 2 8/14/05 $95,219 4507474 CCCC0 8/13/03 2 8/13/05 $71,650 4515717 CCCC0 10/23/03 2 10/23/05 $80,743 4516167 CCCC0 10/3/03 2 10/3/05 $82,822 4515935 CCCC0 10/29/03 2 10/29/05 $68,804 4507864 CCCC0 7/30/03 2 7/30/05 $71,972 4515392 CCCC0 10/15/03 2 10/15/05 $70,447 4509957 CCCC0 9/10/03 2 9/10/05 $89,258 4506520 CCCC0 8/21/03 2 8/21/05 $81,529 4514465 CCCC0 10/6/03 2 10/6/05 $73,221 4512054 CCCC0 9/12/03 2 9/12/05 $98,495 4512989 CCCC0 9/12/03 2 9/12/05 $96,530 4512331 CCCC0 9/9/03 2 9/9/05 $72,757 4513735 CCCC0 10/22/03 2 10/22/05 $97,607 4513730 CCCC0 10/13/03 2 10/13/05 $104,533 4509993 CCCC0 9/26/03 2 9/26/05 $76,143 4514873 CCCC0 10/16/03 2 10/16/05 $78,808 4511395 CCCC0 9/8/03 2 9/8/05 $105,287 4513436 CCCC0 10/3/03 2 10/3/05 $79,816 4516440 CCCC0 10/23/03 2 10/23/05 $86,377 4508175 CCCC0 8/14/03 2 8/14/05 $66,052 4513278 CCCC0 10/15/03 2 10/15/05 $97,572 4508662 CCCC0 8/11/03 2 8/11/05 $95,245 4510339 CCCC0 9/18/03 2 9/18/05 $92,177 4514294 CCCC0 10/22/03 1 10/22/04 $94,058 4515024 CCCC0 10/2/03 2 10/2/05 $114,562 4509262 CCCC0 8/25/03 2 8/25/05 $114,007 4511281 CCCC0 9/25/03 1 9/25/04 $119,473 4512478 CCCC0 9/22/03 2 9/22/05 $144,205 4512868 CCCC0 9/5/03 2 9/5/05 $130,497 4510419 CCCC0 9/5/03 2 9/5/05 $153,464 4506680 CCCC0 8/21/03 2 8/21/05 $153,243 4507912 CCCC0 8/13/03 2 8/13/05 $166,487 4511451 CCCC0 9/19/03 2 9/19/05 $164,955 4516390 CCCC0 10/7/03 2 10/7/05 $153,989 4512516 CCCC0 8/20/03 2 8/20/05 $180,081 4516398 CCCC0 10/7/03 2 10/7/05 $189,255 Paid-Off Loans With Prepayment Flags for FFMLT 2004-FFA Mortgage Data Through: June 30, 2004 (Cont.) Loan Number PPP Remitted % of PPP PPP Comments Premium to Collected, Collected, Payoff w/Flag No Flag Balance 4506178 $0 0% Liquidated through loss mitigation 4507488 $0 0% Liquidated through loss mitigation 4510730 $0 0% Liquidated through loss mitigation 4507072 $726 2% 4507072 4507307 $107 1% 4514249 $114 1% 4506106 $168 1% 4506290 $249 1% 4506403 $254 1% 4513208 $370 1% 4506156 $725 2% 4508751 $726 4% 4515145 $766 5% 4506329 $791 3% 4514602 $885 3% 4509203 $905 3% 4515329 $933 4% 4506413 $980 1% 4507197 $986 4% 4517169 $1,021 4% 4512280 $1,033 3% 4506179 $1,095 2% 4507351 $1,119 4% 4509678 $1,119 5% 4510632 $1,125 5% 4509990 $1,154 4% 4509714 $1,165 3% 4511296 $1,172 4% 4515120 $1,173 4% 4506987 $1,182 3% 4513253 $1,227 4% 4511783 $1,228 3% 4511850 $1,233 3% 4508887 $1,234 3% 4513925 $1,237 4% 4506236 $1,250 1% 4507911 $1,255 4% 4506081 $1,300 5% 4511988 $1,333 3% 4512404 $1,344 4% 4507646 $1,355 4% 4511693 $1,365 4% 4506879 $1,375 4% 4508032 $1,397 5% 4506656 $1,399 3% 4509167 $1,403 3% 4514955 $1,418 4% 4506945 $1,421 5% 4516180 $1,424 3% 4516853 $1,437 3% 4506927 $1,441 3% 4511064 $1,452 4% 4512139 $1,456 4% 4514956 $1,462 4% 4511695 $1,499 3% 4514420 $1,502 4% 4509213 $1,504 4% 4515285 $1,541 2% 4515484 $1,552 3% 4508617 $1,560 3% 4513934 $1,586 4% 4513382 $1,588 5% 4515679 $1,597 4% 4508964 $1,618 4% 4516383 $1,626 4% 4508480 $1,630 3% 4507578 $1,631 3% 4508717 $1,655 4% 4515214 $1,661 4% 4511698 $1,674 4% 4511768 $1,678 4% 4510343 $1,686 3% 4506153 $1,687 5% 4512679 $1,688 3% 4513494 $1,693 4% 4513844 $1,718 4% 4515707 $1,732 4% 4511830 $1,750 3% 4510883 $1,773 4% 4508651 $1,776 3% 4509247 $1,779 4% 4510365 $1,793 4% 4512469 $1,793 4% 4513521 $1,799 3% 4511944 $1,815 4% 4506062 $1,816 5% 4512482 $1,818 3% 4512775 $1,838 4% 4514683 $1,841 4% 4512808 $1,848 4% 4510831 $1,853 3% 4511760 $1,862 4% 4506845 $1,865 3% 4511315 $1,869 4% 4511973 $1,885 3% 4508290 $1,888 5% 4511084 $1,902 5% 4511488 $1,911 4% 4513028 $1,933 4% 4516147 $1,939 4% 4514108 $1,941 3% 4508791 $1,942 4% 4506864 $1,951 3% 4512632 $1,964 3% 4506037 $1,965 4% 4516552 $1,981 4% 4515538 $1,988 5% 4510319 $1,990 3% 4510439 $1,992 3% 4512020 $2,011 5% 4506637 $2,018 4% 4512767 $2,019 4% 4506489 $2,026 4% 4509335 $2,027 4% 4513821 $2,032 3% 4511525 $2,034 3% 4511686 $2,047 4% 4515326 $2,049 3% 4512441 $2,053 4% 4514852 $2,072 4% 4507380 $2,083 3% 4513589 $2,100 4% 4506828 $2,104 4% 4515824 $2,109 3% 4507529 $2,110 4% 4508246 $2,114 3% 4517270 $2,152 4% 4508028 $2,190 3% 4512544 $2,190 3% 4510553 $2,193 3% 4511993 $2,195 4% 4511003 $2,197 3% 4507972 $2,224 4% 4506910 $2,261 3% 4516510 $2,270 4% 4516545 $2,279 3% 4511016 $2,308 4% 4517374 $2,322 4% 4508974 $2,324 4% 4515442 $2,326 4% 4508630 $2,330 3% 4508679 $2,335 5% 4507109 $2,338 5% 4516687 $2,340 5% 4517061 $2,361 4% 4510975 $2,366 4% 4509825 $2,388 4% 4508383 $2,426 4% 4509305 $2,461 4% 4514762 $2,471 3% 4512062 $2,498 3% 4506851 $2,528 4% 4516948 $2,532 3% 4508382 $2,542 5% 4516595 $2,543 4% 4511897 $2,556 4% 4510275 $2,561 4% 4514137 $2,567 5% 4508493 $2,570 4% 4506824 $2,580 3% 4511522 $2,589 4% 4515668 $2,613 4% 4508170 $2,626 4% 4512599 $2,641 4% 4516756 $2,651 4% 4515923 $2,665 3% 4517050 $2,667 3% 4516539 $2,673 5% 4506341 $2,676 4% 4517342 $2,684 4% 4510719 $2,704 3% 4509096 $2,707 4% 4512178 $2,723 4% 4507063 $2,742 3% 4511272 $2,755 4% 4506619 $2,763 3% 4506242 $2,768 5% 4508682 $2,776 3% 4507099 $2,787 4% 4515470 $2,834 4% 4513941 $2,848 4% 4516176 $2,871 4% 4509293 $2,872 4% 4513734 $2,916 4% 4512879 $2,916 3% 4514513 $2,924 4% 4509220 $2,927 4% 4515270 $2,945 4% 4506815 $2,949 3% 4509443 $2,997 5% 4517425 $2,998 3% 4516028 $3,007 4% 4506507 $3,026 4% 4515335 $3,046 4% 4517094 $3,046 4% 4515432 $3,067 4% 4512998 $3,122 3% 4506882 $3,139 5% 4507545 $3,186 3% 4507474 $3,225 5% 4515717 $3,227 4% 4516167 $3,229 4% 4515935 $3,235 5% 4507864 $3,236 4% 4515392 $3,239 5% 4509957 $3,257 4% 4506520 $3,263 4% 4514465 $3,294 4% 4512054 $3,295 3% 4512989 $3,326 3% 4512331 $3,345 5% 4513735 $3,462 4% 4513730 $3,501 3% 4509993 $3,506 5% 4514873 $3,544 4% 4511395 $3,628 3% 4513436 $3,671 5% 4516440 $3,796 4% 4508175 $3,799 6% 4513278 $3,804 4% 4508662 $3,997 4% 4510339 $4,051 4% 4514294 $4,134 4% 4515024 $4,177 4% 4509262 $4,277 4% 4511281 $4,359 4% 4512478 $4,830 3% 4512868 $5,091 4% 4510419 $5,134 3% 4506680 $5,282 3% 4507912 $5,407 3% 4511451 $5,523 3% 4516390 $5,867 4% 4512516 $6,467 4% 4516398 $6,799 4% (C) 2004 The Murrayhill Company. All Rights Reserved. Section Three Mortgage Insurance Report MI Claims summary.txt FFMLT 2004-FFA Insurance Claim Summary Mortgage Data Through: June 30, 2004 Claim Payment Breakdown # of Loans Dollar Amount Claims Paid: 0 $0.00 Claims Pending:21 $1,392,414.19 Claims Rescinded: 0 $0.00 Claims Without Payment:0 $0.00 Claims Denied: 0 $0.00 Claims Withdrawn: 0 $0.00 Age of Pending Claims < 30 Days 30 Days 60 Days 90 Days 120 Days 150 Days 180 Days 210+ Days Number of Pending Claims: 12 5 4 0 0 0 0 0 MI Claims.txt FFMLT 2004-FFA Mortgage Insurance Claims Mortgage Data Through: June 30, 2004 Wells Fargo / ASC First Pmt. Current Valuation OAV Orig Amount Senior Lien BalMI Cert # Claim File Dt Date Paid Delinquency History Loan Number Last Paid Dt. Method CV Current Bal CLTV MI Cov % Est Claim Pmt Amount Paid Settlement Option 4506762 10/1/2003 BPO - 03/29/2004 $150,000 $30,000 $0 R002296429 5/12/2004 69999 11/1/2003 $145,000 $29,978 20.67% 100.00% $31,826.00 $0.00 4506938 10/1/2003 BPO - 03/23/2004 $265,000 $53,000 $0 R002320074 6/14/2004 36999 12/1/2003 $249,900 $52,949 21.18% 100.00% $56,263.86 $0.00 4506960 10/1/2003 BPO - 03/11/2004 $134,900 $27,000 $0 R002292132 5/12/2004 69999 11/1/2003 $60,000 $26,980 44.96% 100.00% $28,570.11 $0.00 4507254 10/1/2003 BPO - 04/19/2004 $56,000 $11,200 $0 R002279435 7/8/2004 C3699 1/1/2004 $65,000 $11,178 17.19% 100.00% $11,743.12 $0.00 4507488 10/1/2003 BPO - 03/05/2004 $172,250 $34,450$0 R002302432 4/8/2004 99990 10/1/2003 $185,000 $34,430 18.61% 100.00% $35,996.93 $0.00 4507738 10/1/2003 BPO - 03/11/2004 $166,000 $33,200 $0 R002300927 7/8/2004 36999 1/1/2004 $169,000 $33,129 19.60% 100.00% $34,715.56 $0.00 4507825 10/1/2003 BPO - 03/16/2004 $175,000 $35,000 $0 R002303064 6/14/2004 36999 12/1/2003 $177,500 $34,944 19.68% 100.00% $36,679.69 $0.00 4507975 10/1/2003 Int Est - 03/31/2004 $157,500 $31,500 $0 R002320074 5/31/2004 36990 12/1/2003 $119,700 $0 0.00% 100.00% $56,263.86 $0.00 4508636 10/1/2003 BPO - 04/13/2004 $249,000 $49,800$0 R002317259 7/8/2004 C3699 1/1/2004 $245,000 $49,730 20.29% 100.00% $52,634.45 $0.00 4508666 10/1/2003 BPO - 04/15/2004 $530,000 $106,000 $0 R002340781 7/8/2004 C3699 1/1/2004 $170,000 $105,747 62.20% 100.00% $110,535.31 $0.00 4508953 9/1/2003 BPO - 03/09/2004 $405,000 $80,000 $0 R002335566 6/14/2004 69999 12/1/2003 $449,000 $79,891 17.79% 100.00% $84,893.26 $0.00 4509358 10/1/2003 BPO - 03/10/2004 $216,000 $43,200 $0 R002312071 5/12/2004 69999 11/1/2003 $235,000 $43,169 18.36% 100.00% $45,712.44 $0.00 4509436 10/1/2003 BPO - 02/03/2004 $360,000 $72,000 $0 R002332217 4/8/2004 99990 10/1/2003 $368,000 $71,978 19.55% 100.00% $76,441.87 $0.00 4509472 11/1/2003 BPO - 03/11/2004 $70,000 $14,000 $0 R002280258 6/14/2004 36999 12/1/2003 $69,000$ 13,981 20.26% 100.00% $14,592.41 $0.00 (C) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Mortgage Insurance Claims Mortgage Data Through: June 30, 2004 Wells Fargo / ASC First Pmt. Current Valuation OAV Orig Amount Senior Lien BalMI Cert # Claim File Dt Date Paid Delinquency History Loan Number Last Paid Dt. Method CV Current Bal CLTV MI Cov % Est Claim Pmt Amount Paid Settlement Option 450977211/1/2003 BPO - 04/12/2004 $225,000 $42,000$0 R002314196 7/8/2004 C3699 1/1/2004 $203,000 $41,94120.66% 100.00%$44,087.56 $0.00 450991911/1/2003 Int Est - 03/31/2004 $200,000 $40,000$0 Page 1 MI Claims.txt R002309311 6/14/2004 36999 12/1/2003 $152,000 $39,973 26.29% 100.00% $42,421.19 $0.00 4510494 11/1/2003 BPO - 03/11/2004 $850,000 $170,000 $0 R002344662 6/14/2004 36999 12/1/2003 $899,000 $169,788 18.88% 100.00% $177,529.78 $0.00 4510607 11/1/2003 BPO - 03/11/2004 $180,250 $36,050$0 R002304769 5/12/2004 69999 11/1/2003 $170,000 $36,033 21.19% 100.00% $38,206.21 $0.00 4510730 11/1/2003 BPO - 01/26/2004 $220,000 $44,000$0 R002312835 4/8/2004 99990 2/1/2004 $220,000 $43,905 19.95% 100.00%$46,119.03 $0.00 4511229 11/1/2003 BPO - 04/19/2004 $70,000$14,000$0 R002280232 7/8/2004 C3699 1/1/2004 $63,000$13,97222.17% 100.00%$14,557.64 $0.00 4512026 11/1/2003 BPO - 03/22/2004 $133,000 $26,600$0 R002291746 6/14/2004 36C99 12/1/2003 $95,000$26,57527.97% 100.00%$28,247.05 $0.00 4512051 11/1/2003 BPO - 03/11/2004 $850,000 $170,000 $0 R002344654 6/14/2004 36999 12/1/2003 $840,000 $169,464 20.17% 100.00%$177,422.04 $0.00 4512098 11/1/2003 BPO - 03/18/2004 $153,000 $30,600$0 R002297132 7/8/2004 33699 1/1/2004 $154,900 $30,57219.73% 100.00%$32,457.87 $0.00 4512611 11/1/2003 BPO - 03/10/2004 $480,000 $96,000$384,000 R002339201 4/8/2004 69900 11/1/2003 $535,000 $0 71.77% 100.00%$101,625.07 $0.00 4512710 11/1/2003 BPO - 03/11/2004 $500,000 $100,000 $0 R002339984 6/14/2004 36999 12/1/2003 $720,000 $99,87513.87% 100.00%$104,429.27 $0.00 4512825 11/1/2003 BPO - 03/12/2004 $310,000 $62,000$0 R002326371 6/14/2004 36999 12/1/2003 $325,000 $61,93719.05% 100.00%$65,098.50 $0.00 4513189 11/1/2003 BPO - 03/15/2004 $187,000 $37,400$0 R002306274 6/14/2004 36999 12/1/2003 $175,000 $37,37021.35% 100.00%$39,608.44 $0.00 4513195 11/1/2003 BPO - 03/12/2004 $499,674 $99,900$0 R002339861 6/14/2004 36999 12/1/2003 $565,000 $99,78217.66% 100.00%$104,467.18 $0.00 (c) 2004 The Murrayhill Company. All Rights Reserved. Section Four Loss Analysis Losses_EDGAR.txt FFMLT 2004-FFA Historical Monthly Losses Losses Through: June 30, 2004 Date Loan Loss Amount Loss Percentage 7/25/2004 $23,829 0.00% 6/25/2004 $0 0.00% 5/25/2004 $0 0.00% 4/25/2004 $0 0.00% 3/25/2004 $0 0.00% Totals: $23,829 0.00% *The loss percentage is a calculation of the total monthly loss as a percentage of the original balance of the security. loss reconciliation.txt FFMLT 2004-FFA Loss Reconciliation Report Trustee Remittance Date: July 25, 2004 Remittance Statement Summary 7/25/2004 $23,829 Loan-Level Losses: $23,829 Subsequent Losses: $0 Subsequent Gains: $0 Monthly Security Loss: $23,829 Losses Remitted: $23,829 Difference: $0 Loan-Level Loss Report Loan Number Loss Loan Number Loss Loan Number Loss 4506178 $10,557 4506351 $13,273 Loan-Level Loss Report Total: $23,829 loss report.txt FFMLT 2004-FFA Loss Report Losses Through: June 30, 2004 July 25, 2004 Orig. LTV Original Amt Months Delinquent Loan Number State Orig. DateOrig Appraisal Value Decline Advances Loss Severity 4506178IN 12/31/2002 22% $10,000-4.66% 7 $0 $10,557 105.57% $45,000 4506351IL 1/6/2003 16% $12,500-25.00% 7 $238 $13,273 106.18% $80,000 Servicer Total:$22,500 Distribution Date Total: $22,500 $23,829 105.91% (C) 2004 The Murrayhill Company. All Rights Reserved. Section Five Analytics FICO.txt FFMLT 2004-FFA FICO Distribution by Status Mortgage Data Through: June 30, 2004 FICO Delinquency Percentage 600 Current 0.053 600 Delinquent 0.155 600 Paid Off 0.073 610 Current 0.079 610 Delinquent 0.198 610 Paid Off 0.092 620 Current 0.083 620 Delinquent 0.144 620 Paid Off 0.059 630 Current 0.081 630 Delinquent 0.144 630 Paid Off 0.061 640 Current 0.088 640 Delinquent 0.118 640 Paid Off 0.096 650 Current 0.096 650 Delinquent 0.032 650 Paid Off 0.082 660 Current 0.082 660 Delinquent 0.037 660 Paid Off 0.086 670 Current 0.073 670 Delinquent 0.059 670 Paid Off 0.087 680 Current 0.062 680 Delinquent 0.032 680 Paid Off 0.057 690 Current 0.052 690 Delinquent 0.037 690 Paid Off 0.065 700 Current 0.047 700 Delinquent 0.011 700 Paid Off 0.045 710 Current 0.041 710 Delinquent 0.021 710 Paid Off 0.045 720 Current 0.036 720 Paid Off 0.032 730 Current 0.026 730 Delinquent 0.011 730 Paid Off 0.032 740 Current 0.027 740 Paid Off 0.02 750 Current 0.022 750 Paid Off 0.02 760 Current 0.018 760 Paid Off 0.015 770 Current 0.015 770 Paid Off 0.018 780 Current 0.01 780 Paid Off 0.011 790 Current 0.007 800 Current 0.003 800 Paid Off 0.003 810 Current 0.001 810 Paid Off 0.001 820 Current 0 Status # of Loans Average Std. Deviation Current 10,442 665 46.351 Delinquent 187 632 29.931 Paid Off 783 664 45.682 Total: 11,412 balance.txt FFMLT 2004-FFA Balance Distribution by Status Mortgage Data Through: June 30, 2004 Balance Delinquency Percentage 0 Current 0 10000 Current 0.026 10000 Delinquent 0.048 20000 Delinquent 0.209 20000 Current 0.153 30000 Current 0.224 30000 Delinquent 0.257 40000 Delinquent 0.155 40000 Current 0.156 50000 Current 0.121 50000 Delinquent 0.102 60000 Delinquent 0.053 60000 Current 0.098 70000 Current 0.072 70000 Delinquent 0.016 80000 Current 0.049 80000 Delinquent 0.037 90000 Current 0.03 90000 Delinquent 0.005 100000 Delinquent 0.016 100000 Current 0.02 110000 Current 0.014 110000 Delinquent 0.027 120000 Delinquent 0.016 120000 Current 0.012 130000 Current 0.007 130000 Delinquent 0.021 140000 Delinquent 0.005 140000 Current 0.005 150000 Current 0.004 150000 Delinquent 0.005 160000 Current 0.001 160000 Delinquent 0.005 170000 Delinquent 0.016 170000 Current 0.003 180000 Current 0 190000 Current 0 200000 Delinquent 0.005 200000 Current 0.001 210000 Current 0 220000 Current 0 230000 Current 0 250000 Current 0.001 270000 Current 0 300000 Current 0 Status # of Loans Average Std. Deviation Current 10,442 48,581.52 28,907.01 Delinquent 187 46,744.06 35,883.46 Total: 10,629 LTV.txt FFMLT 2004-FFA Loan-to-Value Distribution by Status Mortgage Data Through: June 30, 2004 LTV Delinquency Percentage 0 Current 0.001 0 Paid Off 0.001 0.1 Current 0.028 0.1 Paid Off 0.056 0.1 Delinquent 0.011 0.2 Current 0.956 0.2 Paid Off 0.926 0.2 Delinquent 0.979 0.3 Paid Off 0.017 0.3 Delinquent 0.011 0.3 Current 0.015 Status # of Loans AverageStd. Deviation Current 10,442 0.995 0.021 Delinquent 187 0.996 0.017 Paid Off 783 0.991 0.029 Total: 11,412 purpose.txt FFMLT 2004-FFA Mortgage Purpose Distribution Mortgage Data through: June 30, 2004 Origination Statistics Number of Loans: 11,412 Purpose Number Percentage Cash-out refinance 975 8.5% Purchase 10,164 89.1% Rate/term 272 2.4% Home 0 0.0% Other 1 0.0% Total 11,412 100% Current Loans Number of Loans: 10,442 Purpose Number Percentage Cash-out refinance 878 8.4% Purchase 9,314 89.2% Rate/term 249 2.4% Home 0 0.0% Other 1 0.0% Total 10,442 100% Delinquent Loans Number of Loans: 187 Purpose Number Percentage Cash-out refinance 14 7.5% Purchase 165 88.2% Rate/term 8 4.3% Home 0 0.0% Other 0 0.0% Total 187 100% Paid Off Loans Number of Loans: 783 Purpose Number Percentage Cash-out refinance 83 10.6% Purchase 685 87.5% Rate/term 15 1.9% Home 0 0.0% Other 0 0.0% Total 783 100% term.txt FFMLT 2004-FFA Mortgage Term Distribution by Status Mortgage Data Through: June 30, 2004 Mortgage Term Delinquency Percentage 120 Current 0.002 120 Paid Off 0.003 120 Delinquent 0.005 180 Current 0.162 180 Paid Off 0.146 180 Delinquent 0.203 240 Paid Off 0.852 240 Delinquent 0.791 240 Current 0.836 # of Loans Other 120 180 240 360 11,412 0 20 1,844 9,548 0 ownership.txt FFMLT 2004-FFA Ownership Distribution by Status Mortgage Data Through: June 30, 2004 Ownership Type Delinquency Percentage Investment Home Current 0.001 Primary Home Current 0.998 Primary Home Delinquent 1 Primary Home Paid Off 0.997 Second Home Current 0.002 Second Home Paid Off 0.003 Title # of Loans Investment Home 10 Primary Home 11,384 Second Home 18 Total: 11,412 theMurrayhillcompany FFMLT 2004-FFA Delinquent Count Over Time Mortgage Data Through: June 30, 2004 Total Count in Status As Of Date 30 Days 60 Days 90 Days Foreclosure REO 6/30/2004 86 37 63 1 0 5/31/2004 81 36 58 0 0 4/30/2004 60 27 40 1 0 3/31/2004 57 48 25 0 0 theMurrayhillcompany FFMLT 2004-FFA Delinquent Balance Over Time Mortgage Data Through: June 30, 2004 Total Balance in Status As Of Date 30 Days 60 Days 90 Days Foreclosure REO 6/30/2004 $ 3,736,838 $ 1,543,252 $ 3,432,643 $ 28,405 $ - 5/31/2004 $ 3,438,028 $ 1,515,564 $ 3,232,151 $ - $ - 4/30/2004 $ 2,567,220 $ 1,447,235 $ 2,191,088 $ 63,780 $ - 3/31/2004 $ 2,467,016 $ 2,392,409 $ 1,009,316 $ - $ - CPR_EDGAR.txt FFMLT 2004-FFA Conditional Prepayment Rates Mortgage Data Through: June 30, 2004 Date Distribution Date CPR 3-Month MA 6-Month MA 12-Month MA 30-Jun-04 25-Jul-04 30.27% 23.54% 31-May-04 25-Jun-04 19.88% 30-Apr-04 25-May-04 19.98% 31-Mar-04 25-Apr-04 13.17% (C) 2004 The Murrayhill Company. All Rights Reserved.

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