8-K 1 sam04ar3_oct.txt OCT. 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): October 19, 2004 STRUCTURED ASSET MORTGAGE INVESTMENTS II INC. Mortgage Pass-Through Certificates, Series 2004-AR3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-115122-03 54-2154095 Pooling and Servicing Agreement) (Commission 54-2154096 (State or other File Number) 54-2154097 jurisdiction IRS EIN of Incorporation) 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 October 19, 2004 a distribution was made to holders of STRUCTURED ASSET MORTGAGE INVESTMENTS II INC., Mortgage Pass-Through Certificates, Series 2004-AR3 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-AR3 Trust, relating to the October 19, 2004 distribution. 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. STRUCTURED ASSET MORTGAGE INVESTMENTS II INC. Mortgage Pass-Through Certificates, Series 2004-AR3 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: 10/19/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-AR3 Trust, relating to the October 19, 2004 distribution. EX-99.1

Structured Asset Mortgage Investments Inc. Mortgage Pass-Through Certificates Record Date: 89/3130/~~2004~~04 Distribution Date: 910/2019/~~2004~~04 SAM Series: 2004-AR3 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 I-A-1 86359LBX6 SEN 12.~~90000~~11125% ~~445~~438,~~842~~327,~~984~~959.7473 ~~705~~771,~~918~~183.0727 76,~~515~~212,~~025~~718.0199 I-A-2 86359LBY4 SEN 12.~~89000~~10125% 7169,~~103~~796,~~113~~791.7364 ~~111~~122,~~987~~217.4109 1,~~306~~079,~~322~~944.0979 I-A-3 86359LBZ1 SEN 12.~~90000~~11125% 6,396,900.00 1011,~~128~~254.4355 0.00 II-A-1 86359LCA5 SEN 3.~~61190~~72118% ~~105~~104,~~193~~493,~~961~~524.3350 ~~316~~324,~~624~~032.8062 ~~700~~2,~~436~~726,906.8376 X 86359LCB3 SEN 1.~~17378~~04138% 0.00 ~~554~~483,~~010~~687.7184 0.00 M 86359LCF4 MEZ 2.~~05000~~26125% 19,947,500.00 3437,~~076~~588.9857 0.00 B-1 86359LCG2 SUB 2.~~20000~~41125% 10,498,700.00 1921,~~247~~095.6283 0.00 B-2 86359LCH0 SUB 23.~~80000~~01125% 7,699,100.00 1719,~~964~~319.5793 0.00 B-3 86359LCJ6 SUB 3.~~10000~~31125% 4,899,500.00 1213,~~657~~519.0456 0.00 B-4 86359LCK3 SUB 3.~~18456~~26818% 2,799,600.00 7,~~429~~624.5866 0.00 B-5 86359LCL1 SUB 3.~~18456~~26818% 2,099,800.00 5,~~572~~718.4577 0.00 B-6 86359LCM9 SUB 3.~~18456~~26818% 4,549,480.00 12,~~073~~390.4243 0.00 R-I 86359LCC1 SEN 3.~~02897~~03216% 0.00 0.00 0.00 R-II 86359LCD9 SEN 3.~~02897~~03216% 0.00 0.00 0.00 R-III 86359LCE7 SEN 3.~~02897~~03216% 0.00 0.00 0.00 Totals ~~681~~671,~~030~~508,~~639~~855.8087 1,~~807~~829,~~691~~633.0812 910,~~521~~019,~~783~~570.9354

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A-1 0.00 ~~438~~432,~~327~~115,~~959~~240.7374 86,~~220~~983,~~943~~902.0826 0.00 I-A-2 0.00 6968,~~796~~716,~~791~~846.6485 1,~~418~~202,~~309~~161.5088 0.00 I-A-3 0.00 6,396,900.00 1011,~~128~~254.4355 0.00 II-A-1 0.00 ~~104~~101,~~493~~766,~~524~~617.5074 13,~~017~~050,~~061~~939.6338 0.00 X 0.00 0.00 ~~554~~483,~~010~~687.7184 0.00 M 0.00 19,947,500.00 3437,~~076~~588.9857 0.00 B-1 0.00 10,498,700.00 1921,~~247~~095.6283 0.00 B-2 0.00 7,699,100.00 1719,~~964~~319.5793 0.00 B-3 0.00 4,899,500.00 1213,~~657~~519.0456 0.00 B-4 0.00 2,799,600.00 7,~~429~~624.5866 0.00 B-5 0.00 2,099,800.00 5,~~572~~718.4577 0.00 B-6 0.00 4,549,480.00 12,~~073~~390.4243 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 Totals 0.00 ~~671~~661,~~508~~489,~~855~~285.8733 11,~~329~~849,~~475~~203.0166 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) I-A-1 460,000,000.00 ~~445~~438,~~842~~327,~~984~~959.7473 0.00 76,~~515~~212,~~025~~718.0199 0.00 0.00 I-A-2 73,564,000.00 7169,~~103~~796,~~113~~791.7364 0.00 1,~~306~~079,~~322~~944.0979 0.00 0.00 I-A-3 6,396,900.00 6,396,900.00 0.00 0.00 0.00 0.00 II-A-1 107,460,300.00 ~~105~~104,~~193~~493,~~961~~524.3350 0.00 ~~700~~2,~~436~~726,906.8376 0.00 0.00 X 0.00 0.00 0.00 0.00 0.00 0.00 M 19,947,500.00 19,947,500.00 0.00 0.00 0.00 0.00 B-1 10,498,700.00 10,498,700.00 0.00 0.00 0.00 0.00 B-2 7,699,100.00 7,699,100.00 0.00 0.00 0.00 0.00 B-3 4,899,500.00 4,899,500.00 0.00 0.00 0.00 0.00 B-4 2,799,600.00 2,799,600.00 0.00 0.00 0.00 0.00 B-5 2,099,800.00 2,099,800.00 0.00 0.00 0.00 0.00 B-6 4,549,480.00 4,549,480.00 0.00 0.00 0.00 0.00 R-I 50.00 0.00 0.00 0.00 0.00 0.00 R-II 50.00 0.00 0.00 0.00 0.00 0.00 R-III 50.00 0.00 0.00 0.00 0.00 0.00 Totals 699,915,030.00 ~~681~~671,~~030~~508,~~639~~855.8087 0.00 910,~~521~~019,~~783~~570.9354 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 I-A-1 76,~~515~~212,~~025~~718.0199 ~~438~~432,~~327~~115,~~959~~240.7374 0.~~95288687~~93938096 76,~~515~~212,~~025~~718.0199 I-A-2 1,~~306~~079,~~322~~944.0979 6968,~~796~~716,~~791~~846.6485 0.~~94879006~~93410971 1,~~306~~079,~~322~~944.0979 I-A-3 0.00 6,396,900.00 1.00000000 0.00 II-A-1 ~~700~~2,~~436~~726,906.8376 ~~104~~101,~~493~~766,~~524~~617.5074 0.~~97239189~~94701595 ~~700~~2,~~436~~726,906.8376 X 0.00 0.00 0.00000000 0.00 M 0.00 19,947,500.00 1.00000000 0.00 B-1 0.00 10,498,700.00 1.00000000 0.00 B-2 0.00 7,699,100.00 1.00000000 0.00 B-3 0.00 4,899,500.00 1.00000000 0.00 B-4 0.00 2,799,600.00 1.00000000 0.00 B-5 0.00 2,099,800.00 1.00000000 0.00 B-6 0.00 4,549,480.00 1.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 Totals 910,~~521~~019,~~783~~570.9354 ~~671~~661,~~508~~489,~~855~~285.8733 0.~~95941482~~94509941 910,~~521~~019,~~783~~570.9354

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A-1 460,000,000.00 ~~969~~952.~~22387987~~88686898 0.00000000 1613.~~33701089~~50591085 0.00000000 I-A-2 73,564,000.00 ~~966~~948.~~54768270~~79005546 0.00000000 1714.~~75762724~~68034351 0.00000000 I-A-3 6,396,900.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-A-1 107,460,300.00 ~~978~~972.~~90999122~~39189263 0.00000000 625.~~51809859~~37594591 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M 19,947,500.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 10,498,700.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 7,699,100.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 4,899,500.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-4 2,799,600.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-5 2,099,800.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-6 4,549,480.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per 1,000 Denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A-1 0.00000000 1613.~~33701089~~50591085 ~~952~~939.~~88686898~~38095813 0.~~95288687~~93938096 1613.~~33701089~~50591085 I-A-2 0.00000000 1714.~~75762724~~68034351 ~~948~~934.~~79005546~~10971195 0.~~94879006~~93410971 1714.~~75762724~~68034351 I-A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-A-1 0.00000000 625.~~51809859~~37594591 ~~972~~947.~~39189263~~01594673 0.~~97239189~~94701595 625.~~51809859~~37594591 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 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 I-A-1 460,000,000.00 12.~~90000~~11125% ~~445~~438,~~842~~327,~~984~~959.7473 ~~705~~771,~~918~~183.0625 0.00 0.00 I-A-2 73,564,000.00 12.~~89000~~10125% 7169,~~103~~796,~~113~~791.7364 ~~111~~122,~~987~~217.4009 0.00 0.00 I-A-3 6,396,900.00 12.~~90000~~11125% 6,396,900.00 1011,~~128~~254.4355 0.00 0.00 II-A-1 107,460,300.00 3.~~61190~~72118% ~~105~~104,~~193~~493,~~961~~524.3350 ~~316~~324,~~624~~032.7962 0.00 0.00 X 0.00 1.~~17378~~04138% 557,566,~~387,798~~451.4737 ~~554~~483,~~010~~687.7084 0.00 0.00 M 19,947,500.00 2.~~05000~~26125% 19,947,500.00 3437,~~076~~588.9857 0.00 0.00 B-1 10,498,700.00 2.~~20000~~41125% 10,498,700.00 1921,~~247~~095.6283 0.00 0.00 B-2 7,699,100.00 23.~~80000~~01125% 7,699,100.00 1719,~~964~~319.5793 0.00 0.00 B-3 4,899,500.00 3.~~10000~~31125% 4,899,500.00 1213,~~657~~519.0456 0.00 0.00 B-4 2,799,600.00 3.~~18456~~26818% 2,799,600.00 7,~~429~~624.5866 0.00 0.00 B-5 2,099,800.00 3.~~18456~~26818% 2,099,800.00 5,~~572~~718.4577 0.00 0.00 B-6 4,549,480.00 3.~~18456~~26818% 4,549,480.00 12,~~073~~390.4243 0.00 0.00 R-I 50.00 3.~~02897~~03216% 0.00 0.00 0.00 0.00 R-II 50.00 3.~~02897~~03216% 0.00 0.00 0.00 0.00 R-III 50.00 3.~~02897~~03216% 0.00 0.00 0.00 0.00 Totals 699,915,030.00 1,~~807~~829,~~691~~633.0410 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 I-A-1 (0.01) 0.00 ~~705~~771,~~918~~183.0727 0.00 ~~438~~432,~~327~~115,~~959~~240.7374 I-A-2 0.00 0.00 ~~111~~122,~~987~~217.4109 0.00 6968,~~796~~716,~~791~~846.6485 I-A-3 0.00 0.00 1011,~~128~~254.4355 0.00 6,396,900.00 II-A-1 (0.0001) 0.00 ~~316~~324,~~624~~032.8062 0.00 ~~104~~101,~~493~~766,~~524~~617.5074 X (0.01) 0.00 ~~554~~483,~~010~~687.7184 0.00 ~~557~~550,~~566~~273,~~451~~787.3759 M 0.00 0.00 3437,~~076~~588.9857 0.00 19,947,500.00 B-1 0.00 0.00 1921,~~247~~095.6283 0.00 10,498,700.00 B-2 0.00 0.00 1719,~~964~~319.5793 0.00 7,699,100.00 B-3 0.00 0.00 1213,~~657~~519.0456 0.00 4,899,500.00 B-4 0.00 0.00 7,~~429~~624.5866 0.00 2,799,600.00 B-5 0.00 0.00 5,~~572~~718.4577 0.00 2,099,800.00 B-6 0.00 0.00 12,~~073~~390.4243 0.00 4,549,480.00 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 Totals (0.0203) 0.00 1,~~807~~829,~~691~~633.0812 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 I-A-1 460,000,000.00 12.~~90000~~11125% ~~969~~952.~~22387987~~88686898 1.~~53460448~~67648533 0.00000000 0.00000000 I-A-2 73,564,000.00 12.~~89000~~10125% ~~966~~948.~~54768270~~79005546 1.~~52231254~~66137092 0.00000000 0.00000000 I-A-3 6,396,900.00 12.~~90000~~11125% 1000.00000000 1.~~58333411~~75937564 0.00000000 0.00000000 II-A-1 107,460,300.00 3.~~61190~~72118% ~~978~~972.~~90999122~~39189263 23.~~94643501~~01537051 0.00000000 0.00000000 X 0.00 1.~~17378~~04138% ~~971~~956.~~49615942~~36535178 0.~~95026635~~82964513 0.00000000 0.00000000 M 19,947,500.00 2.~~05000~~26125% 1000.00000000 1.~~70833338~~88437498 0.00000000 0.00000000 B-1 10,498,700.00 2.~~20000~~41125% 1000.00000000 12.~~83333365~~00937545 0.00000000 0.00000000 B-2 7,699,100.00 23.~~80000~~01125% 1000.00000000 2.~~33333377~~50937512 0.00000000 0.00000000 B-3 4,899,500.00 3.~~10000~~31125% 1000.00000000 2.~~58333299~~75937545 0.00000000 0.00000000 B-4 2,799,600.00 3.~~18456~~26818% 1000.00000000 2.~~65380054~~72348193 0.00000000 0.00000000 B-5 2,099,800.00 3.~~18456~~26818% 1000.00000000 2.~~65380036~~72348319 0.00000000 0.00000000 B-6 4,549,480.00 3.~~18456~~26818% 1000.00000000 2.~~65380219~~72348268 0.00000000 0.00000000 R-I 50.00 3.~~02897~~03216% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 3.~~02897~~03216% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 3.~~02897~~03216% 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per 1,000 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 I-A-1 (0.00000002) 0.00000000 1.~~53460450~~67648537 0.00000000 ~~952~~939.~~88686898~~38095813 I-A-2 0.00000000 0.00000000 1.~~52231268~~66137092 0.00000000 ~~948~~934.~~79005546~~10971195 I-A-3 0.00000000 0.00000000 1.~~58333411~~75937564 0.00000000 1000.00000000 II-A-1 (0.~~00000000~~00000009) 0.00000000 23.~~94643510~~01537051 0.00000000 ~~972~~947.~~39189263~~01594673 X (0.00000002) 0.00000000 0.~~95026637~~82964513 0.00000000 ~~956~~943.~~36535178~~85661682 M 0.00000000 0.00000000 1.~~70833338~~88437498 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 12.~~83333365~~00937545 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 2.~~33333377~~50937512 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 2.~~58333299~~75937545 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 2.~~65380054~~72348193 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 2.~~65380036~~72348319 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 2.~~65380219~~72348268 0.00000000 1000.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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 Component Statement Component Beginning Ending Beginning Ending Ending Pass-Through Notional Notional Component Component Component Class Rate Balance Balance Balance Balance Percentage 1X 1.~~20088~~06813% ~~523,342,998.47~~ 514,521,651.37 507,228,987.59 0.00 0.00 9593.~~28868690~~93809581% 2X 0.~~84432~~72158% 43,044,800.00 43,044,800.00 0.00 0.00 100.00000000%

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1112,~~543~~063,~~276~~662.3950 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 2221,~~808~~630.7736 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1112,~~566,~~085,292.1686 Withdrawals Reimbursement for Servicer Advances 2022,~~296~~808.3777 Payment of Service Fee ~~216~~213,~~313~~280.7843 Payment of Interest and Principal 11,~~329~~849,~~475~~203.0166 Total Withdrawals (Pool Distribution Amount) 1112,~~566,~~085,292.1686 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~150~~148,~~310~~228.2839 Additional Servicing Fee 6463,~~584~~653.6909 Master Servicing Fee 1,~~418~~398.8195 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~216~~213,~~313~~280.7843

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 1924 0 0 0 1924 57,~~811~~077,~~029~~742.2672 0.00 0.00 0.00 57,~~811~~077,~~029~~742.2672 60 Days 24 0 0 0 24 ~~677~~497,~~820~~900.3800 0.00 0.00 0.00 ~~677~~497,~~820~~900.3800 90 Days 10 0 0 0 10 ~~1,999,999~~0.00 0.00 0.00 0.00 ~~1,999,999~~0.00 120 Days 10 0 0 0 10 ~~108,000~~0.00 0.00 0.00 0.00 ~~108,000~~0.00 150 Days 0 0 01 0 01 0.00 0.00 0108,000.00 0.00 0108,000.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2328 0 01 0 2329 87,~~596~~575,~~848~~642.6472 0.00 0108,000.00 0.00 87,~~596~~683,~~848~~642.6472 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~801688~~025203% 0.000000% 0.000000% 0.000000% 01.~~801688~~025203% 01.~~865368~~069970% 0.000000% 0.000000% 0.000000% 01.~~865368~~069970% 60 Days 0.~~084388~~170867% 0.000000% 0.000000% 0.000000% 0.~~084388~~170867% 0.~~100940~~075269% 0.000000% 0.000000% 0.000000% 0.~~100940~~075269% 90 Days 0.~~042194~~000000% 0.000000% 0.000000% 0.000000% 0.~~042194~~000000% 0.~~297836~~000000% 0.000000% 0.000000% 0.000000% 0.~~297836~~000000% 120 Days 0.~~042194~~000000% 0.000000% 0.000000% 0.000000% 0.~~042194~~000000% 0.~~016083~~000000% 0.000000% 0.000000% 0.000000% 0.~~016083~~000000% 150 Days 0.000000% 0.000000% 0.~~000000~~042717% 0.000000% 0.~~000000~~042717% 0.000000% 0.000000% 0.~~000000~~016327% 0.000000% 0.~~000000~~016327% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 01.~~970464~~196070% 0.000000% 0.~~000000~~042717% 0.000000% 01.~~970464~~238787% 1.~~280228~~145240% 0.000000% 0.~~000000~~016327% 0.000000% 1.~~280228~~161566%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group I 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 19 0 0 0 19 54,~~811~~718,~~029~~935.2620 0.00 0.00 0.00 54,~~811~~718,~~029~~935.2620 60 Days 24 0 0 0 24 ~~677~~497,~~820~~900.3800 0.00 0.00 0.00 ~~677~~497,~~820~~900.3800 90 Days 10 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 1 0 1 0.00 0.00 108,~~999~~000.00 0.00 108,~~999~~000.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 23 0 1 0 24 5,~~999~~216,~~999~~835.20 0.00 108,000.00 0.00 5,324,835.20 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.951427% 0.000000% 0.000000% 0.000000% 0.951427% 0.856416% 0.000000% 0.000000% 0.000000% 0.856416% 60 Days 0.200300% 0.000000% 0.000000% 0.000000% 0.200300% 0.090361% 0.000000% 0.000000% 0.000000% 0.090361% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.050075% 0.000000% 0.050075% 0.000000% 0.000000% 0.019600% 0.000000% 0.019600% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.151728% 0.000000% 0.050075% 0.000000% 1.201803% ~~108,000~~0.946777% 0.000000% 0.019600% 0.000000% 0.966378% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II 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 0 0 0 0.00 0.00 0.00 0.00 ~~108~~30 Days 5 0 0 0 5 2,~~000~~358,807.52 0.00 0.00 0.00 2,358,807.52 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 235 0 0 0 235 82,~~596~~358,~~848~~807.6452 0.00 0.00 0.00 82,~~596~~358,~~848~~807.6452 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~940129~~453488% 0.000000% 0.000000% 0.000000% 01.~~940129~~453488% 12.~~040839~~135052% 0.000000% 0.000000% 0.000000% 12.~~040839~~135052% 60 Days 0.~~098961~~000000% 0.000000% 0.000000% 0.000000% 0.~~098961~~000000% 0.~~121407~~000000% 0.000000% 0.000000% 0.000000% 0.~~121407~~000000% 90 Days 0.~~049480~~000000% 0.000000% 0.000000% 0.000000% 0.~~049480~~000000% 0.~~358229~~000000% 0.000000% 0.000000% 0.000000% 0.~~358229~~000000% 120 Days 0.~~049480~~000000% 0.000000% 0.000000% 0.000000% 0.~~049480~~000000% 0.~~019344~~000000% 0.000000% 0.000000% 0.000000% 0.~~019344~~000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~138050~~453488% 0.000000% 0.000000% 0.000000% 1.~~138050~~453488% 12.~~539820~~135052% 0.000000% 0.000000% 0.000000% 12.~~539820~~135052%

~~DELINQUENT~~OTHER ~~BANKRUPTCY~~INFORMATION ~~FORECLOSURE~~Current ~~REO~~Period ~~Total~~Class ~~Group~~A IIInsufficient NoFunds ~~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 0 0 0 0~~.00 ~~0.00~~Principal ~~0.00~~Balance ~~0.00~~of 30Contaminated ~~Days~~Properties 0 ~~0 0 0 0 0~~.00 ~~0.00~~Periodic ~~0.00~~Advance 021,630.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%36

~~OTHER~~COLLATERAL ~~INFORMATION~~STATEMENT ~~Current~~Collateral ~~Period~~Description ~~Class~~Mixed AARM ~~Insufficient~~Weighted ~~Funds~~Average Gross Coupon 3.655813% Weighted Average Net Coupon 3.390926% Weighted Average Pass-Through Rate 3.269592% Weighted Average Maturity(Stepdown Calculation ) 336 Beginning Scheduled Collateral Loan Count 2,370 Number Of Loans Paid In Full 29 Ending Scheduled Collateral Loan Count 2,341 Beginning Scheduled Collateral Balance 671,508,855.81 Ending Scheduled Collateral Balance 661,489,285.28 Ending Actual Collateral Balance at 30-Sep-2004 661,489,804.13 Monthly P &I Constant 2,047,239.94 Special Servicing Fee 0.00 ~~Principal~~Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance offor ~~Contaminated~~Premium ~~Properties~~Loans 661,489,285.28 Scheduled Principal 0.00 ~~Periodic~~Unscheduled ~~Advance~~Principal 2210,~~808~~019,570.7754

~~COLLATERAL~~Group ~~STATEMENT~~Level Collateral Statement Group Group I Group II Total Collateral Description Mixed ARM ~~Weighted~~Mixed ~~Average~~ARM ~~Gross~~Mixed ~~Coupon~~ARM ~~3.572134%~~ Weighted Average ~~Net~~ Coupon Rate 3.~~307282%~~565703 4.100211 3.655813 Weighted Average ~~Pass-Through~~Net Rate 3.~~185966%~~304097 3.819139 3.390926 Weighted Average Maturity~~(Stepdown~~ ~~Calculation~~335 )340 ~~337~~336 Beginning ~~Scheduled Collateral~~ Loan Count 2,~~393~~021 ~~Number~~349 Of2,370 Loans Paid In Full 2324 ~~Ending~~5 ~~Scheduled~~29 ~~Collateral~~Ending Loan Count 1,997 344 2,~~370~~341 Beginning Scheduled ~~Collateral~~ Balance ~~681~~558,~~030~~302,~~639~~282.7433 ~~Ending~~113,206,573.48 ~~Scheduled Collateral Balance~~ 671,508,855.81 Ending ~~Actual~~scheduled ~~Collateral~~ Balance at551,009,618.56 ~~31-Aug-2004~~110,479,666.72 ~~671~~661,~~509~~489,~~297~~285.2328 ~~Monthly~~Record PDate &I09/30/2004 09/30/2004 09/30/2004 Principal And Interest Constant 1,658,950.03 388,289.91 2,~~028~~047,~~873~~239.94 Scheduled Principal 0.00 0.00 0.00 Unscheduled Principal 7,292,663.78 2,726,906.76 10,019,570.54 Scheduled Interest 1,658,950.03 386,809.00 2,045,759.03 Servicing Fees 121,712.46 26,515.93 148,228.39 ~~Special~~Master Servicing Fees 1,163.11 235.84 1,398.95 Trustee Fee 0.00 ~~Prepayment~~0.00 ~~Penalties~~0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 57,492.96 9,005.59 66,498.55 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 1,478,581.50 351,051.64 1,829,633.14 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 ~~Ending~~0.00 ~~Scheduled~~0.00 ~~Balance~~Percentage ~~for~~of ~~Premium~~Cumulative ~~Loans~~Losses ~~671,508,855~~0.810000 ~~Scheduled~~0.0000 ~~Principal~~0.0000 Prepayment Penalties 0.00 ~~Unscheduled~~0.00 ~~Principal~~0.00 ~~9,521,783~~Special Servicing Fee 0.9300 0.00 0.00 Pass-Through Rate 3.178024 3.721179 3.269592

~~Group~~Miscellaneous ~~Level~~Reporting ~~Collateral Statement~~ Group Group I ~~Group~~Avearge IILoss ~~Total~~Severity ~~Collateral~~% ~~Description~~Group ~~Mixed~~I ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.487119 3.995407 3.572134 Weighted Average Net Rate 3.225441 3.714751 3.307282 Weighted Average Maturity 336 341 337 Beginning Loan Count 2,042 351 2,393 Loans Paid In Full 21 2 23 Ending Loan Count 2,021 349 2,370 Beginning Scheduled Balance 567,123,629.43 113,907,010.31 681,030,639.74 Ending scheduled Balance 558,302,282.33 113,206,573.48 671,508,855.81 Record Date 08/31/2004 08/31/2004 08/31/2004 Principal And Interest Constant 1,648,023.06 380,850.33 2,028,873.39 Scheduled Principal 0.00000000% ~~0.00~~Group ~~0.00~~I ~~Unscheduled~~Senior ~~Principal~~Percentage ~~8,821,347~~92.10158257% ~~700,436.83~~Group ~~9,521,783.93~~I ~~Scheduled~~Senior ~~Interest~~Prepayment ~~1,648,023.06~~Percentage ~~379,254~~100.03000000% ~~2,027,277.09~~Group ~~Servicing~~I ~~Fees~~Sen ~~123,669.72~~Mez ~~26,640.56~~& ~~150,310.28~~Sub ~~Master~~Percentage ~~Servicing Fees 1,181~~7.50841743% ~~237.31~~Group ~~1,418.81~~I ~~Trustee~~Sen ~~Fee~~Mez ~~0.00~~& ~~0.00~~Sub ~~0.00~~Prep ~~FRY~~Percentage ~~Amount~~ 0.00000000% ~~0.00~~Group ~~0.00~~Group ~~Special~~II ~~Hazard~~Avearge ~~Fee~~Loss ~~0.00~~Severity ~~0.00~~% ~~0.00~~Group ~~Other~~II ~~Fee 58,331.10 9,099.84 67,430.94 Pool Insurance Fee~~ 0.00000000% ~~0.00~~Group ~~0.00~~II ~~Spread~~Senior ~~Fee~~Percentage ~~1 0~~92.00303408% ~~0.00~~Group ~~0.00~~II ~~Spread~~Senior ~~Fee~~Prepayment 2Percentage 0100.00000000% ~~0.00~~Group ~~0.00~~II ~~Spread~~Sen ~~Fee~~Mez 3& ~~0.00~~Sub ~~0.00~~Percentage 07.00696592% ~~Net~~Group ~~Interest~~II ~~1,464,840.74~~Sen ~~343,276.32~~Mez ~~1,808,117.06~~& ~~Realized~~Sub ~~Loss~~Prep ~~Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00~~ Percentage ~~of Cumulative Losses~~ 0.~~0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 3.099516 3.616385 3.185966~~000000%

Miscellaneous Reporting Group Group I Avearge Loss Severity % Group I 0.000000% Group I Senior Percentage 92.280232% Group I Senior Prepayment Percentage 100.000000% Group I Sen Mez & Sub Percentage 7.719768% Group I Sen Mez & Sub Prep Percentage 0.000000% Group Group II Avearge Loss Severity % Group II 0.000000% Group II Senior Percentage 92.350736% Group II Senior Prepayment Percentage 100.000000% Group II Sen Mez & Sub Percentage 7.649264% Group II Sen Mez & Sub Prep Percentage 0.000000%

Filing Compare · Structured Asset Mort Pass Thru Certs Series 2004 AR3