8-K 1 ffm04ffa_nov.txt NOVEMBER 8K 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): November 26, 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 54-2147308 Pooling and Servicing Agreement) (Commission 54-2147309 (State or other File Number) 54-2147310 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 November 26, 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 November 26, 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: 11/26/2004 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 November 26, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report EX-99.1

First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 810/31/042004 Distribution Date: 911/2726/042004 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 0.00000% 0.00 0.00 0.00 A-1 32027NFM8 SEN 12.~~81500~~13250% ~~330~~277,~~999~~889,~~315~~683.9828 ~~550~~526,~~700~~755.1033 2230,~~158~~365,~~953~~941.5135 A-2 32027NFN6 SEN 4.60000% 47,032,000.00 180,289.33 0.00 M1A 32027NFQ9 SEN 2.~~15500~~47250% 17,984,000.00 3539,~~525~~524.8984 0.00 M1-F 32027NFR7 SEN 4.43800% 17,984,000.00 66,510.83 0.00 M2-A 32027NFS5 SEN 23.~~71500~~03250% 16,158,000.00 4043,~~213~~554.2279 0.00 M2-F 32027NFT3 SEN 4.61700% 16,158,000.00 62,167.90 0.00 M3-A 32027NFU0 SEN 3.~~16500~~48250% 9,835,000.00 2830,~~533~~444.79 0.00 M3-F 32027NFV8 SEN 4.88800% 9,835,000.00 40,061.23 0.00 M4 32027NFW6 SEN 3.~~31500~~63250% 7,025,000.00 2122,~~347~~682.2294 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,~~697~~535,~~100~~408.6003 0.00 P FFM04FFAP SEN 0.00000% 100.00 ~~737~~917,~~981~~938.7782 0.00 Totals ~~494~~440,~~088~~978,~~527~~894.0737 3,~~538~~543,~~877~~784.7166 2230,~~158~~365,~~953~~941.5135

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-SIO 0.00 0.00 0.00 0.00 A-1 0.00 ~~308~~247,~~840~~523,~~362~~741.4793 2230,~~709~~892,~~653~~696.6168 0.00 A-2 0.00 47,032,000.00 180,289.33 0.00 M1A 0.00 17,984,000.00 3539,~~525~~524.8984 0.00 M1-F 0.00 17,984,000.00 66,510.83 0.00 M2-A 0.00 16,158,000.00 4043,~~213~~554.2279 0.00 M2-F 0.00 16,158,000.00 62,167.90 0.00 M3-A 0.00 9,835,000.00 2830,~~533~~444.79 0.00 M3-F 0.00 9,835,000.00 40,061.23 0.00 M4 0.00 7,025,000.00 2122,~~347~~682.2294 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,~~697~~535,~~100~~408.6003 0.00 P 0.00 100.00 ~~737~~917,~~981~~938.7782 0.00 Totals 0.00 ~~471~~410,~~929~~612,~~573~~953.5602 2533,~~697~~909,~~831~~726.2201 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 ~~330~~277,~~999~~889,~~315~~683.9828 0.00 2230,~~158~~365,~~953~~941.5135 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 ~~494~~440,~~088~~978,~~527~~894.0737 0.00 2230,~~158~~365,~~953~~941.5135 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 2230,~~158~~365,~~953~~941.5135 ~~308~~247,~~840~~523,~~362~~741.4793 0.~~77417376~~62047067 2230,~~158~~365,~~953~~941.5135 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 2230,~~158~~365,~~953~~941.5135 ~~471~~410,~~929~~612,~~573~~953.5602 0.~~83970513~~73060436 2230,~~158~~365,~~953~~941.5135

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 ~~829~~696.~~71986489~~58932612 0.00000000 5576.~~54610848~~11866109 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 5576.~~54610848~~11866109 ~~774~~620.~~17375641~~47066503 0.~~77417376~~62047067 5576.~~54610848~~11866109 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 0.00000% ~~414~~392,~~065~~996,000.00 0.00 0.00 0.00 A-1 398,929,000.00 12.~~81500~~13250% ~~330~~277,~~999~~889,~~315~~683.9828 ~~550~~526,~~700~~755.1133 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 2.~~15500~~47250% 17,984,000.00 3539,~~525~~524.8984 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 23.~~71500~~03250% 16,158,000.00 4043,~~213~~554.2279 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.~~16500~~48250% 9,835,000.00 2830,~~533~~444.79 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.~~31500~~63250% 7,025,000.00 2122,~~347~~682.2294 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,~~103~~090,~~795~~437.3682 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 0.00 0.00 ~~414~~392,~~065~~996,000.00 A-1 0.0100 0.00 ~~550~~526,~~700~~755.1033 0.00 ~~308~~247,~~840~~523,~~362~~741.4793 A-2 0.00 0.00 180,289.33 0.00 47,032,000.00 M1A 0.00 0.00 3539,~~525~~524.8984 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 4043,~~213~~554.2279 0.00 16,158,000.00 M2-F 0.00 0.00 62,167.90 0.00 16,158,000.00 M3-A 0.00 0.00 2830,~~533~~444.79 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 2122,~~347~~682.2294 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,~~697~~535,~~100~~408.6003 0.00 2,251,111.09 P 0.00 0.00 ~~737~~917,~~981~~938.7782 0.00 100.00 Totals 0.0100 0.00 3,~~538~~543,~~877~~784.7166 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 0.00000% ~~928~~881.~~39686099~~15695067 0.00000000 0.00000000 0.00000000 A-1 398,929,000.00 12.~~81500~~13250% ~~829~~696.~~71986489~~58932612 1.~~38044642~~32042376 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 2.~~15500~~47250% 1000.00000000 12.~~97541648~~19777802 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 23.~~71500~~03250% 1000.00000000 2.~~48874985~~69555576 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.~~16500~~48250% 1000.00000000 23.~~90124962~~09555567 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.~~31500~~63250% 1000.00000000 3.~~03875018~~22888826 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 0.00000000 0.00000000 ~~928~~881.~~39686099~~15695067 A-1 0.~~00000003~~00000000 0.00000000 1.~~38044640~~32042376 0.00000000 ~~774~~620.~~17375641~~47066503 A-2 0.00000000 0.00000000 3.83333326 0.00000000 1000.00000000 M1A 0.00000000 0.00000000 12.~~97541648~~19777802 0.00000000 1000.00000000 M1-F 0.00000000 0.00000000 3.69833352 0.00000000 1000.00000000 M2-A 0.00000000 0.00000000 2.~~48874985~~69555576 0.00000000 1000.00000000 M2-F 0.00000000 0.00000000 3.84749969 0.00000000 1000.00000000 M3-A 0.00000000 0.00000000 23.~~90124962~~09555567 0.00000000 1000.00000000 M3-F 0.00000000 0.00000000 4.07333299 0.00000000 1000.00000000 M4 0.00000000 0.00000000 3.~~03875018~~22888826 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 ~~753~~682.~~89464675~~06675220 0.00000000 1000.00000000 P 0.00000000 0.00000000 ~~737981~~917938.~~77000000~~82000000 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 2634,~~850~~941,~~572~~667.7599 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) (4017,~~344~~910.7430) Prepayment Penalties 0.00 Total Deposits 2634,~~810~~923,~~228~~757.0169 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 1,~~137~~014,~~068~~031.1568 Payment of Interest and Principal 2533,~~697~~909,~~831~~726.2201 Total Withdrawals (Pool Distribution Amount) 2634,~~834~~923,~~899~~757.3769 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~205~~183,~~870~~741.2322 Credit Risk Manager's Fee 65,~~176~~512.1124 Pool Insurance Fee ~~921~~822,~~933~~022.7711 Securities Administrator Fee 32,~~088~~756.0411 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 1,~~137~~014,~~068~~031.1568

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 24133,~~671~~618.3764 0.00 0.00 Reserve Fund 0.00 0.00 0.00 0.00 Reserve Fund 1116,~~000~~819.0072 0.00 24133,~~671~~618.3764 25250,~~671~~438.3736

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 529 0 1 630 ~~101~~1,~~810~~076,369.2925 0.00 065,605.0098 ~~101~~1,~~810~~141,975.2923 30 Days ~~117~~119 05 0 0 ~~117~~124 4,~~731~~506,~~021~~053.5930 0252,762.0073 0.00 0.00 4,~~731~~758,~~021~~816.5903 60 Days 4441 03 0 04 4448 1,~~837~~736,~~972~~477.9092 0106,595.0096 0.00 0105,488.0097 1,~~837~~948,~~972~~562.9085 90 Days 2831 05 0 13 2939 1,~~298~~436,~~959~~601.0002 0138,308.0037 0.00 24105,~~904~~807.6583 1,~~323~~680,~~863~~717.6522 120 Days 1620 32 01 31 2224 ~~699~~853,~~765~~202.1901 8361,~~442~~986.9632 029,861.0075 ~~179~~45,~~541~~685.6871 ~~962~~990,~~749~~735.8379 150 Days 380 1 0 122 4023 ~~2,315,375~~0.9800 1639,~~217~~054.7745 0.00 ~~174~~1,~~687~~091,788.7856 21,~~506~~130,~~281~~843.5301 180+ Days 28 0 0 330 538 ~~124~~277,~~705~~841.0301 0.00 0.00 01,979,505.0068 ~~124~~2,~~705~~257,346.0369 Totals ~~245~~219 945 01 961 ~~263~~326 118,~~007~~810,~~799~~175.6926 ~~201~~1,~~471~~675,077.0208 029,861.0075 ~~379~~3,~~134~~393,882.1173 1113,~~588~~908,~~404~~996.82 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.~~050587~~328575% 0.000000% 0.~~010117~~011330% 0.~~060704~~339905% 0.~~021563~~262003% 0.000000% 0.~~000000~~015969% 0.~~021563~~277972% 30 Days 1.~~183731~~348289% 0.~~000000~~056651% 0.000000% 0.000000% 1.~~183731~~404940% 1.~~002004~~096835% 0.~~000000~~061526% 0.000000% 0.000000% 1.~~002004~~158361% 60 Days 0.~~445164~~464537% 0.~~000000~~033990% 0.000000% 0.~~000000~~045321% 0.~~445164~~543848% 0.~~389273~~422682% 0.~~000000~~025947% 0.000000% 0.~~000000~~025677% 0.~~389273~~474307% 90 Days 0.~~283286~~351235% 0.~~000000~~056651% 0.000000% 0.~~010117~~033990% 0.~~293403~~441876% 0.~~275112~~349688% 0.~~000000~~033666% 0.000000% 0.~~005275~~025755% 0.~~280387~~409109% 120 Days 0.~~161878~~226603% 0.~~030352~~022660% 0.~~000000~~011330% 0.~~030352~~011330% 0.~~222582~~271924% 0.~~148206~~207681% 0.~~017673~~015088% 0.~~000000~~007269% 0.~~038026~~011121% 0.~~203905~~241159% 150 Days 0.~~384460~~000000% 0.~~010117~~011330% 0.000000% 0.~~010117~~249264% 0.~~404694~~260594% 0.~~490384~~000000% 0.~~003435~~009506% 0.000000% 0.~~036998~~265756% 0.~~530817~~275263% 180+ Days 0.~~020235~~090641% 0.000000% 0.000000% 0.~~030352~~339905% 0.~~050587~~430546% 0.~~026412~~067630% 0.000000% 0.000000% 0.~~000000~~481839% 0.~~026412~~549469% Totals 2.~~478754~~481305% 0.~~091056~~509857% 0.~~000000~~011330% 0.~~091056~~691140% 23.~~660866~~693632% 2.~~331392~~144517% 0.~~042670~~407737% 0.~~000000~~007269% 0.~~080299~~826117% 23.~~454360~~385639%

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 2023.~~78132344~~88458775% 34.~~810738~~379794% 0.000000% Class M-1F 80,089,211.09 14.25028754% 80,089,211.09 1619.~~97058535~~50479411% 34.~~810738~~379794% 0.000000% Class M-2A 63,931,211.09 11.37529173% 63,931,211.09 1315.~~54676941~~56970150% 3.~~423816~~935093% 0.000000% Class M-2F 47,773,211.09 8.50029592% 47,773,211.09 1011.~~12295346~~63460888% 3.~~423816~~935093% 0.000000% Class M-4 21,078,211.09 3.75044984% 21,078,211.09 45.~~46638911~~13335270% 1.~~488570~~710857% 0.000000% Class R-I 2,251,211.09 0.40055839% 2,251,211.09 0.~~47702268~~54825623% 0.000000% 0.000000% Class R-II 2,251,211.09 0.40055839% 2,251,211.09 0.~~47702268~~54825623% 0.000000% 0.000000% Class X 100.00 0.00001779% 100.00 0.~~00002119~~00002435% 0.~~477001~~548232% 0.000000% Class P 0.00 0.00000000% 0.00 0.00000000% 0.~~000021~~000024% 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.~~602426~~588079% Weighted Average Net Coupon 9.~~102426~~088079% Weighted Average Pass-Through Rate 6.~~855812~~843677% Weighted Average Maturity(Stepdown Calculation ) ~~220~~218 Beginning Scheduled Collateral Loan Count 109,~~267~~348 Number Of Loans Paid In Full ~~383~~522 Ending Scheduled Collateral Loan Count 98,~~884~~826 Beginning Scheduled Collateral Balance ~~494~~440,~~088~~978,~~527~~894.0737 Ending Scheduled Collateral Balance ~~471~~410,~~929~~612,~~573~~953.5602 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 ~~472~~410,~~155~~823,~~774~~379.3280 Monthly P &I Constant 43,~~242~~789,~~953~~036.1645 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 4017,~~344~~910.7430 Cumulative Realized Loss ~~106~~136,~~348~~380.0314 Ending Scheduled Balance for Premium Loans ~~471~~410,~~929~~612,~~573~~953.5602 Scheduled Principal ~~289~~265,~~245~~585.9196 Unscheduled Principal 2130,~~869~~100,~~707~~355.6039

Miscellaneous Reporting Targeted Overcollateralization Amount 2,251,111.09 Overcollateralization Deficiency Amount 4017,~~344~~910.7430 Overcollateralization Amount 2,251,111.09 Payments made by the Cap Provider 24133,~~671~~618.3764

theMurrayhillcompany FFMLT 2004-FFA Credit Risk Manager Report August 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 August 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 Closing Date 7/31/2004 7/31/2004 as a Percentage of Closing Date Collateral Balance $562,018,211 $494,393,252 87.96% Loan Count 11,412 10,272 90.01% 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. Hurricane Update This month, Murrayhill identified all active loans within this portfolio which are secured by properties located in Florida disaster relief areas affected by Hurricanes Charley and Frances. We are working with the servicers to obtain information regarding their hurricane disaster relief policies, and will be monitoring each loan to ensure the appropriate actions are taken by each servicer. As of mortgage data through 7/31/04, 584 loans have been identified in FFMLT 2004- FFA. (C) 2004 The Murrayhill Company. All Rights Reserved. Section Two Prepayment Premium Analysis Reconciliation of Prepayment Premiums for FFMLT 2004-FFA Mortgage Data Through: July 31, 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-Aug-04 25-Jul-04 25-Jun-04 25-May-04 25-Apr-04 25-Mar-04 Total $695,797 $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-Aug-04 25-Jul-04 25-Jun-04 25-May-04 25-Apr-04 25-Mar-04 P Class $698,998 $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 servicer: $695,797 Amount distributed to P Class: $698,998 Difference*: -$3,201 * Value Added by Murrayhill: Murrayhill requested the servicer remit a prepayment premium for loan 4508893, which paid off with an active prepayment flag during the 4/25/04 distribution but did not remit a prepayment penalty. The $3,201 premium was subsequently passed with the 8/25/04 distribution. Aggregate Paid-Off Loans Report for FFMLT 2004-FFA Mortgage Data Through: July 31, 2004 Distribution Date 25-Aug-04 25-Jul-04 25-Jun-04 Loans with Active Prepayment Flags that Remitted Premiums ( A ) 312 231 144 Loans without Prepayment Flags that Remitted Premiums 0 1 0 Total Loans that Remitted Premiums ( B ) 312 232 144 Loans with Active Prepayment Flags ( C ) 312 231 144 Loans without Prepayment Flags that Remitted Premiums 0 1 0 Subtotal ( D ) 312 232 144 Premiums Remitted with Active Prepayment Flags (A/C) 100.0% 100.0% 100.0% Total Loans that Remitted Premiums to the Subtotal (B/D ) 100.0% 100.0% 100.0% Total Paid-Off Loans ( E ) 361 269 175 Total Loans that Remitted Premiums to the Total Paid-Off Loans ( B/E ) 86.4% 86.2% 82.3% Aggregate Paid-Off Loans Report for FFMLT 2004-FFA Mortgage Data Through: July 31, 2004 (Cont.) Distribution Date 25-May-04 25-Apr-04 25-Mar-04 Loans with Active Prepayment Flags that Remitted Premiums ( A ) 130 68 29 Loans without Prepayment Flags that Remitted Premiums 0 1 0 Total Loans that Remitted Premiums ( B ) 130 69 29 Loans with Active Prepayment Flags ( C ) 142 72 29 Loans without Prepayment Flags that Remitted Premiums 0 1 0 Subtotal ( D ) 142 73 29 Premiums Remitted with Active Prepayment Flags (A/C) 91.5% 94.4% 100.0% Total Loans that Remitted Premiums to the Subtotal (B/D ) 91.5% 94.5% 100.0% Total Paid-Off Loans ( E ) 179 116 43 Total Loans that Remitted Premiums to the Total Paid-Off Loans ( B/E ) 72.6% 59.5% 67.4% Paid-Off Loans Exception Report for FFMLT 2004-FFA Mortgage Data Through: July 31, 2004 Servicer: Total Total Paid-Off Loans with Flags 316 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* 4 Total Paid-Off Loans with Active Prepayment Flags (C) 312 Other Exceptions: Paid-Off Loans that Did Not Collect Premiums because of State 0 Statutes Paid-Off Loans with Active Prepayment Flags that Have Not 0 Remitted Premiums * These categories are mutually exclusive. Paid-Off Loans With Prepayment Flags for FFMLT 2004-FFA Mortgage Data Through: July 31, 2004 Loan number Delinquency Origination PPP Exp. Date Payoff String Date Flag Balance 4506762 699990 8/8/03 2 8/8/05 $29,897 4509358 699990 8/22/03 2 8/22/05 $43,039 4506960 699990 8/25/03 2 8/25/05 $26,899 4510607 699990 9/30/03 2 9/30/05 $35,931 4506954 CCCCC0 8/25/03 2 8/25/05 $13,156 4513491 CCCCC0 10/17/03 2 10/17/05 $17,724 4506359 CCCCC0 1/24/03 2 1/24/05 $23,073 4516075 CCCCC0 10/9/03 2 10/9/05 $32,109 4509198 CCCCC0 8/25/03 2 8/25/05 $34,309 4510447 CCCCC0 9/30/03 2 9/30/05 $41,269 4510073 CCCCC0 9/16/03 2 9/16/05 $45,954 4514351 CCCCC0 10/24/03 2 10/24/05 $53,693 4510549 CCCCC0 9/12/03 2 9/12/05 $53,032 4515282 CCCCC0 9/26/03 2 9/26/05 $14,941 4516131 CCCCC0 10/29/03 2 10/29/05 $17,324 4510327 CCCCC0 9/10/03 2 9/10/05 $15,246 4513168 CCCCC0 9/22/03 2 9/22/05 $16,844 4509395 CCCCC0 8/29/03 2 8/29/05 $74,153 4513669 CCCCC0 9/24/03 2 9/24/05 $29,779 4510302 CCCCC0 9/12/03 2 9/12/05 $25,453 4507522 CCCCC0 8/13/03 2 8/13/05 $27,399 4514869 CCCCC0 10/8/03 2 10/8/05 $26,670 4516571 CCCCC0 10/16/03 2 10/16/05 $28,653 4514353 CCCCC0 10/17/03 2 10/17/05 $30,676 4506579 CCCCC0 8/5/03 2 8/5/05 $23,256 4514680 CCCCC0 10/16/03 2 10/16/05 $29,669 4507391 CCCCC0 8/12/03 2 8/12/05 $31,755 4508212 CCCCC0 7/31/03 2 7/31/05 $31,805 4507455 CCCCC0 8/7/03 2 8/7/05 $25,069 4508323 CCCCC0 8/7/03 2 8/7/05 $32,799 4515411 CCCCC0 10/3/03 2 10/3/05 $33,777 4515798 CCCCC0 10/1/03 2 10/1/05 $25,111 4506148 CCCCC0 12/17/02 2 12/17/04 $24,595 4516661 CCCCC0 9/25/03 2 9/25/05 $28,887 4508895 CCCCC0 8/5/03 2 8/5/05 $30,389 4507120 CCCCC0 8/18/03 2 8/18/05 $38,674 4516016 CCCCC0 10/17/03 1 10/17/04 $61,700 4508331 CCCCC0 8/8/03 2 8/8/05 $31,696 4516499 CCCCC0 10/1/03 2 10/1/05 $34,633 4507333 CCCCC0 8/11/03 2 8/11/05 $36,001 4509231 CCCC30 8/25/03 2 8/25/05 $36,398 4513743 CCCCC0 10/17/03 2 10/17/05 $38,811 4512260 CCCCC0 9/25/03 2 9/25/05 $39,850 4517196 CCCCC0 9/30/03 2 9/30/05 $34,866 4516154 CCCCC0 10/21/03 2 10/21/05 $34,866 4507557 CCCCC0 8/15/03 2 8/15/05 $33,205 4510268 CCCCC0 9/17/03 2 9/17/05 $35,047 4512902 C3CCC0 9/23/03 2 9/23/05 $39,751 4516324 CCCCC0 10/10/03 2 10/10/05 $39,800 4510943 CCCCC0 10/1/03 2 10/1/05 $31,893 4517057 CCCCC0 10/27/03 2 10/27/05 $40,652 4509284 CCCCC0 8/22/03 2 8/22/05 $36,814 4510415 CCCCC0 9/2/03 2 9/2/05 $37,034 4509205 CCCCC0 8/15/03 2 8/15/05 $41,138 4509876 CCCCC0 9/9/03 2 9/9/05 $30,713 4514724 CCCCC0 10/20/03 2 10/20/05 $41,060 4506229 CCCCC0 1/7/03 2 1/7/05 $29,712 4515870 CCCCC0 10/8/03 2 10/8/05 $42,780 4513161 CCCCC0 9/16/03 2 9/16/05 $33,886 4515023 CCCCC0 9/22/03 2 9/22/05 $33,245 4512751 CCCCC0 8/29/03 2 8/29/05 $41,793 4508377 CCCCC0 8/1/03 2 8/1/05 $39,124 4507418 CCCCC0 8/8/03 2 8/8/05 $44,310 4510224 CCCCC0 9/10/03 2 9/10/05 $33,300 4512973 CCCCC0 9/12/03 2 9/12/05 $39,428 4512143 CCCCC0 9/26/03 2 9/26/05 $73,574 4508515 CCCCC0 8/6/03 2 8/6/05 $45,123 4507942 CCCCC0 8/7/03 2 8/7/05 $40,403 4514601 CCCCC0 10/3/03 2 10/3/05 $45,777 4507650 CCCCC0 8/14/03 2 8/14/05 $40,601 4514176 CCCCC0 9/30/03 2 9/30/05 $43,467 4507431 CCCCC0 8/18/03 2 8/18/05 $46,117 4514058 CCCCC0 10/22/03 2 10/22/05 $40,074 4512193 CCCCC0 8/26/03 2 8/26/05 $47,692 4516002 CCCCC0 10/6/03 2 10/6/05 $47,755 4514355 CCCCC0 10/2/03 2 10/2/05 $43,808 4507234 CCCCC0 8/11/03 2 8/11/05 $46,515 4506460 CCCCC0 8/15/03 2 8/15/05 $46,713 4517016 C3C360 10/24/03 2 10/24/05 $35,899 4511930 CCCCC0 9/11/03 2 9/11/05 $34,391 4512025 CCCCC0 9/3/03 2 9/3/05 $41,718 4515522 CCCCC0 10/6/03 2 10/6/05 $36,199 4510971 CCCCC0 9/18/03 2 9/18/05 $48,718 4512590 CCCCC0 9/23/03 2 9/23/05 $49,066 4516096 CCCCC0 9/26/03 2 9/26/05 $35,872 4508846 CCCCC0 7/29/03 2 7/29/05 $45,303 4515790 CCCCC0 10/20/03 2 10/20/05 $49,519 4506539 CCCCC0 8/18/03 2 8/18/05 $51,153 4509356 CCCCC0 8/22/03 2 8/22/05 $37,858 4509844 CCCCC0 8/29/03 2 8/29/05 $42,792 4515544 CCCCC0 9/26/03 2 9/26/05 $41,827 4513270 CCCCC0 10/31/03 2 10/31/05 $42,208 4511184 CCCCC0 9/3/03 2 9/3/05 $50,306 4509653 CCCCC0 9/18/03 2 9/18/05 $50,309 4511604 CCCCC0 9/20/03 2 9/20/05 $42,225 4506074 CCCCC0 12/12/02 2 12/12/04 $35,335 4514040 CCCCC0 9/30/03 2 9/30/05 $36,255 4509480 CCCCC0 9/5/03 2 9/5/05 $47,166 4506818 CCCCC0 8/20/03 2 8/20/05 $51,666 4512947 CCCCC0 9/3/03 2 9/3/05 $51,701 4508247 CCCCC0 8/6/03 2 8/6/05 $36,193 4507581 CCCCC0 8/13/03 2 8/13/05 $48,730 4510454 CCCCC0 9/2/03 2 9/2/05 $53,668 4508674 CCCCC0 8/4/03 2 8/4/05 $53,872 4507075 CCCCC0 8/20/03 2 8/20/05 $52,757 4507268 CCCCC0 8/13/03 2 8/13/05 $49,624 4514932 CCCCC0 10/23/03 2 10/23/05 $52,743 4510826 CCCCC0 9/16/03 2 9/16/05 $38,690 4506958 CCCCC0 8/19/03 2 8/19/05 $46,652 4513233 CCCCC0 9/23/03 2 9/23/05 $48,029 4508189 CCCCC0 8/7/03 2 8/7/05 $48,740 4516848 CCCCC0 10/6/03 2 10/6/05 $38,902 4512785 CCCCC0 9/16/03 2 9/16/05 $46,995 4508321 CCCCC0 7/25/03 2 7/25/05 $54,824 4514269 CCCCC0 10/21/03 2 10/21/05 $39,884 4507893 CCCCC0 8/14/03 2 8/14/05 $52,146 4512923 CCCCC0 8/27/03 2 8/27/05 $39,475 4514263 CCCCC0 10/21/03 2 10/21/05 $45,293 4514290 CCCCC0 10/28/03 2 10/28/05 $44,451 4516260 CCCCC0 10/15/03 2 10/15/05 $43,272 4509106 CCCCC0 8/22/03 2 8/22/05 $56,781 4514457 CCCCC0 10/14/03 2 10/14/05 $57,356 4510478 CCCCC0 9/15/03 2 9/15/05 $57,444 4513474 CCCCC0 10/7/03 2 10/7/05 $56,166 4514678 CCCCC0 10/23/03 2 10/23/05 $48,523 4512659 CCCCC0 9/15/03 2 9/15/05 $56,290 4516115 CCCCC0 10/9/03 2 10/9/05 $58,102 4514167 CCCCC0 10/24/03 2 10/24/05 $48,821 4506877 CCCCC0 8/13/03 2 8/13/05 $44,434 4506705 CCCCC0 8/20/03 2 8/20/05 $56,828 4511803 CCCCC0 9/3/03 2 9/3/05 $58,659 4517191 CCCCC0 9/26/03 2 9/26/05 $52,550 4509381 CCCCC0 8/20/03 2 8/20/05 $43,795 4506685 CCCCC0 8/18/03 2 8/18/05 $59,118 4512512 CCCCC0 9/8/03 2 9/8/05 $59,158 4512440 CCCCC0 9/3/03 2 9/3/05 $57,681 4515856 CCCCC0 10/10/03 2 10/10/05 $59,495 4507737 CCCCC0 8/7/03 2 8/7/05 $62,018 4509611 CCCCC0 9/26/03 2 9/26/05 $58,677 4509291 CCCCC0 8/15/03 2 8/15/05 $52,395 4513647 CCCCC0 10/17/03 2 10/17/05 $52,796 4515528 CCCCC0 10/30/03 2 10/30/05 $52,776 4516528 CCCCC0 10/28/03 2 10/28/05 $45,280 4508792 CCCCC0 7/30/03 2 7/30/05 $57,482 4511537 CCCCC0 9/18/03 2 9/18/05 $53,766 4509299 CCCCC0 8/18/03 2 8/18/05 $54,137 4508061 CCCCC0 7/31/03 2 7/31/05 $54,336 4509730 CCCCC0 9/8/03 2 9/8/05 $58,086 4510593 CCCCC0 9/16/03 2 9/16/05 $63,582 4506692 CCCCC0 8/20/03 2 8/20/05 $47,632 4506052 CCCCC0 12/19/02 2 12/19/04 $44,726 4516092 CCCCC0 9/26/03 2 9/26/05 $49,036 4511818 CCCCC0 9/8/03 2 9/8/05 $46,859 4515165 CCCCC0 10/15/03 2 10/15/05 $45,885 4507060 CCCCC0 8/19/03 2 8/19/05 $64,484 4516311 CCCCC0 10/1/03 2 10/1/05 $63,991 4516717 CC3CC0 9/30/03 2 9/30/05 $47,034 4509595 CCCCC0 9/17/03 2 9/17/05 $56,056 4509190 CCCCC0 8/25/03 2 8/25/05 $63,499 4507051 CCCCC0 8/6/03 2 8/6/05 $65,577 4517157 CCCCC0 10/22/03 2 10/22/05 $47,773 4508863 CCCCC0 7/30/03 2 7/30/05 $50,192 4507736 CCCCC0 8/11/03 2 8/11/05 $64,007 4507594 CCCCC0 8/15/03 2 8/15/05 $64,006 4507147 CCCCC0 8/13/03 2 8/13/05 $64,156 4511750 CCCCC0 9/25/03 2 9/25/05 $49,244 4509863 CCCCC0 9/29/03 2 9/29/05 $59,084 4508570 CCCCC0 8/1/03 2 8/1/05 $66,570 4510265 CCCCC0 9/4/03 2 9/4/05 $66,565 4514062 CCCCC0 10/3/03 2 10/3/05 $56,926 4507116 CCCCC0 8/19/03 2 8/19/05 $50,795 4512584 CCCCC0 9/8/03 2 9/8/05 $57,636 4506839 CCCCC0 8/12/03 2 8/12/05 $61,658 4511878 CCCCC0 9/15/03 2 9/15/05 $67,211 4509287 CCCCC0 8/15/03 2 8/15/05 $57,707 4512291 CCCCC0 9/10/03 2 9/10/05 $67,808 4507696 CCCCC0 8/7/03 2 8/7/05 $68,127 4513095 CCCCC0 9/3/03 2 9/3/05 $55,550 4507014 CCCCC0 8/19/03 2 8/19/05 $62,653 4512780 CCCCC0 9/16/03 2 9/16/05 $61,112 4506272 CCCCC0 1/27/03 2 1/27/05 $56,492 4512524 CCCCC0 9/15/03 2 9/15/05 $66,814 4514507 CCCCC0 10/3/03 2 10/3/05 $52,518 4510766 CCCCC0 9/8/03 2 9/8/05 $64,620 4509837 CCCCC0 8/27/03 2 8/27/05 $51,589 4508021 CCCCC0 8/7/03 2 8/7/05 $56,691 4507193 CCCCC0 8/19/03 2 8/19/05 $56,726 4510998 CCCCC0 9/10/03 2 9/10/05 $52,997 4507681 CCCCC0 8/11/03 2 8/11/05 $60,697 4507971 CCCCC0 8/13/03 2 8/13/05 $50,804 4509819 CCCCC0 9/18/03 2 9/18/05 $50,848 4513786 CCCCC0 10/8/03 2 10/8/05 $50,750 4506722 CCCCC0 8/19/03 2 8/19/05 $49,842 4507963 CCCCC0 8/13/03 2 8/13/05 $59,099 4517138 CCCC30 10/3/03 2 10/3/05 $50,257 4517040 CCCCC0 10/23/03 2 10/23/05 $68,638 4512999 CCCCC0 8/27/03 2 8/27/05 $70,743 4509812 CCCCC0 9/9/03 2 9/9/05 $70,989 4511935 CCCCC0 9/8/03 2 9/8/05 $63,673 4509014 CCCCC0 7/29/03 2 7/29/05 $65,599 4509229 CCCCC0 8/21/03 2 8/21/05 $65,636 4507222 CCCCC0 8/19/03 2 8/19/05 $54,546 4511614 CCCCC0 9/16/03 2 9/16/05 $52,288 4512442 CCCCC0 9/25/03 2 9/25/05 $54,767 4510346 CCCCC0 9/26/03 2 9/26/05 $51,227 4506795 CCCCC0 8/12/03 2 8/12/05 $48,962 4509583 CCCCC0 9/19/03 2 9/19/05 $66,470 4509688 CCCCC0 9/23/03 2 9/23/05 $51,703 4511702 CCCCC0 9/23/03 2 9/23/05 $70,612 4508818 CCCCC0 7/31/03 2 7/31/05 $55,765 4507765 CCCCC0 8/4/03 2 8/4/05 $73,327 4510345 CCCCC0 9/22/03 2 9/22/05 $71,393 4508156 CCCCC0 8/1/03 2 8/1/05 $72,555 4515632 C3C990 10/6/03 2 10/6/05 $54,256 4516047 CCCCC0 10/10/03 2 10/10/05 $54,572 4508420 CCCCC0 8/7/03 2 8/7/05 $73,193 4510936 CCCCC0 8/6/03 2 8/6/05 $66,386 4510618 CCCCC0 9/12/03 2 9/12/05 $54,836 4506355 CCCCC0 1/22/03 2 1/22/05 $63,835 4513638 CCCCC0 10/6/03 2 10/6/05 $75,812 4510140 CCCCC0 9/5/03 2 9/5/05 $65,515 4507853 CCCCC0 8/11/03 2 8/11/05 $56,799 4511814 CCCCC0 9/10/03 2 9/10/05 $65,621 4508656 CCCCC0 7/28/03 2 7/28/05 $76,582 4508842 CCCCC0 7/28/03 2 7/28/05 $68,601 4506646 CCCCC0 8/21/03 2 8/21/05 $70,609 4511017 CCCCC0 9/22/03 2 9/22/05 $55,060 4509251 CCCCC0 8/26/03 2 8/26/05 $71,007 4509298 CCCCC0 8/12/03 2 8/12/05 $66,477 4507056 CCCCC0 8/18/03 2 8/18/05 $71,106 4516830 CCCCC0 10/10/03 1 10/10/04 $75,605 4508400 CCCCC0 7/30/03 2 7/30/05 $71,603 4513472 CCCCC0 9/30/03 2 9/30/05 $76,030 4515166 CCCCC0 10/13/03 2 10/13/05 $78,498 4507816 CCCCC0 10/9/03 2 10/9/05 $57,842 4508713 CCCCC0 7/30/03 2 7/30/05 $59,926 4517087 CCCCC0 10/22/03 2 10/22/05 $72,183 4512040 CCCCC0 9/2/03 2 9/2/05 $70,269 4507164 CCCCC0 8/15/03 2 8/15/05 $76,499 4506291 CCCCC0 1/16/03 2 1/16/05 $56,812 4515695 CCCCC0 9/29/03 2 9/29/05 $73,676 4517206 CCCCC0 10/17/03 2 10/17/05 $58,844 4512558 CCCCC0 9/4/03 2 9/4/05 $78,618 4513648 CCCCC0 10/3/03 2 10/3/05 $69,627 4507726 CCCCC0 8/11/03 2 8/11/05 $81,641 4511217 CCCCC0 9/10/03 2 9/10/05 $60,907 4510438 CCCCC0 9/10/03 2 9/10/05 $81,926 4510180 CCCCC0 9/2/03 2 9/2/05 $71,317 4512982 CCCCC0 9/5/03 2 9/5/05 $58,540 4511529 CCCCC0 9/5/03 2 9/5/05 $71,090 4516705 CCCCC0 10/1/03 2 10/1/05 $63,076 4510155 CCCCC0 9/29/03 2 9/29/05 $71,606 4509966 CCCCC0 9/2/03 2 9/2/05 $83,716 4507647 CCCCC0 8/13/03 2 8/13/05 $84,222 4512936 CCCCC0 9/18/03 2 9/18/05 $61,423 4508628 CCCCC0 8/4/03 2 8/4/05 $82,494 4506071 CCCCC0 12/19/02 2 12/19/04 $60,634 4507564 CCCCC0 8/6/03 2 8/6/05 $65,728 4511791 CCCCC0 9/24/03 2 9/24/05 $74,476 4511364 CCCCC0 9/8/03 2 9/8/05 $67,374 4515141 CCCCC0 9/29/03 2 9/29/05 $81,595 4512926 CCCCC0 9/22/03 2 9/22/05 $86,524 4513215 CCCCC0 9/12/03 2 9/12/05 $84,160 4514677 CCCCC0 10/17/03 2 10/17/05 $65,227 4516737 CCCCC0 10/10/03 1 10/10/04 $82,637 4511523 CCCCC0 8/26/03 2 8/26/05 $65,630 4515467 CCCCC0 10/10/03 2 10/10/05 $83,632 4507732 CCCCC0 8/8/03 2 8/8/05 $69,739 4514368 CCCCC0 9/24/03 2 9/24/05 $75,853 4515129 CCCCC0 10/1/03 2 10/1/05 $74,654 4509628 CCCCC0 9/9/03 2 9/9/05 $94,560 4514475 CCCCC0 10/15/03 2 10/15/05 $72,785 4507401 CCCCC0 8/11/03 2 8/11/05 $88,013 4506738 CCCCC0 8/20/03 2 8/20/05 $73,226 4515925 CCCCC0 10/23/03 2 10/23/05 $93,545 4511320 CCCCC0 9/2/03 2 9/2/05 $68,786 4507704 CCCCC0 8/7/03 2 8/7/05 $88,533 4509158 CCCCC0 8/22/03 2 8/22/05 $94,421 4515914 CCCCC0 9/23/03 2 9/23/05 $74,152 4506429 CCCCC0 8/21/03 2 8/21/05 $71,752 4517339 CCCCC0 9/25/03 2 9/25/05 $98,615 4513966 CCCCC0 10/28/03 2 10/28/05 $73,793 4508258 CCCCC0 7/31/03 2 7/31/05 $75,294 4509892 CCCCC0 9/4/03 2 9/4/05 $101,413 4511829 CCCCC0 9/12/03 2 9/12/05 $99,453 4516400 CCCCC0 10/6/03 2 10/6/05 $75,599 4512762 CCCCC0 9/26/03 2 9/26/05 $104,134 4509510 CCCCC0 9/2/03 2 9/2/05 $77,654 4516628 CCCCC0 9/26/03 2 9/26/05 $108,092 4513604 CCCCC0 9/19/03 2 9/19/05 $98,758 4514698 CCCCC0 10/24/03 2 10/24/05 $100,535 4510778 CCCCC0 9/10/03 2 9/10/05 $77,767 4509013 CCCCC0 7/30/03 2 7/30/05 $114,183 4514173 CCCCC0 10/15/03 2 10/15/05 $104,408 4514450 CCCCC0 10/8/03 2 10/8/05 $84,458 4515156 CCCCC0 10/22/03 2 10/22/05 $102,526 4506723 CCCCC0 8/13/03 2 8/13/05 $81,636 4510859 CCCCC0 8/29/03 2 8/29/05 $104,405 4513557 CCCCC0 10/9/03 2 10/9/05 $111,385 4508068 CCCCC0 8/8/03 2 8/8/05 $96,353 4510061 CCCCC0 9/11/03 2 9/11/05 $82,611 4506154 CCCCC0 12/9/02 2 12/9/04 $79,479 4508415 CCCCC0 8/7/03 2 8/7/05 $98,146 4506431 CCCCC0 8/21/03 2 8/21/05 $89,621 4508836 CCCCC0 7/30/03 2 7/30/05 $115,361 4508705 CCCCC0 8/6/03 2 8/6/05 $115,706 4506288 CCCCC0 1/27/03 2 1/27/05 $119,452 4508916 CCCCC0 7/29/03 2 7/29/05 $119,339 4512855 CCCCC0 9/4/03 2 9/4/05 $118,257 4510418 CCCCC0 9/10/03 2 9/10/05 $140,636 4507163 CCCCC0 8/15/03 2 8/15/05 $134,291 4508190 CCCCC0 8/5/03 2 8/5/05 $129,700 4507107 CCCCC0 8/7/03 2 8/7/05 $145,494 4515995 CCCCC0 10/16/03 2 10/16/05 $145,394 4507560 CCCCC0 8/13/03 2 8/13/05 $124,470 Paid-Off Loans With Prepayment Flags for FFMLT 2004-FFA Mortgage Data Through: July 31, 2004 (Cont.) Loan Number PPP Remitted % of PPP PPP Comments Premium to Collected, Collected, Payoff w/Flag No Flag Balance 4506762 $0 0% Liquidated through loss mitigation 4509358 $0 0% Liquidated through loss mitigation 4506960 $0 0% Liquidated through loss mitigation 4510607 $0 0% Liquidated through loss mitigation 4506954 $132 1% 4513491 $178 1% 4506359 $232 1% 4516075 $323 1% 4509198 $389 1% 4510447 $413 1% 4510073 $462 1% 4514351 $539 1% 4510549 $540 1% 4515282 $612 4% 4516131 $632 4% 4510327 $701 5% 4513168 $741 4% 4509395 $742 1% 4513669 $848 3% 4510302 $851 3% 4507522 $917 3% 4514869 $920 3% 4516571 $959 3% 4514353 $965 3% 4506579 $1,047 5% 4514680 $1,090 4% 4507391 $1,095 3% 4508212 $1,096 3% 4507455 $1,103 4% 4508323 $1,130 3% 4515411 $1,130 3% 4515798 $1,155 5% 4506148 $1,157 5% 4516661 $1,184 4% 4508895 $1,185 4% 4507120 $1,216 3% 4516016 $1,235 2% 4508331 $1,235 4% 4516499 $1,263 4% 4507333 $1,313 4% 4509231 $1,330 4% 4513743 $1,336 3% 4512260 $1,348 3% 4517196 $1,358 4% 4516154 $1,358 4% 4507557 $1,361 4% 4510268 $1,366 4% 4512902 $1,372 3% 4516324 $1,372 3% 4510943 $1,403 4% 4517057 $1,411 3% 4509284 $1,417 4% 4510415 $1,424 4% 4509205 $1,426 3% 4509876 $1,443 5% 4514724 $1,456 4% 4506229 $1,456 5% 4515870 $1,475 3% 4513161 $1,490 4% 4515023 $1,496 4% 4512751 $1,524 4% 4508377 $1,526 4% 4507418 $1,527 3% 4510224 $1,531 5% 4512973 $1,537 4% 4512143 $1,541 2% 4508515 $1,554 3% 4507942 $1,575 4% 4514601 $1,577 3% 4507650 $1,583 4% 4514176 $1,585 4% 4507431 $1,590 3% 4514058 $1,594 4% 4512193 $1,596 3% 4516002 $1,598 3% 4514355 $1,598 4% 4507234 $1,602 3% 4506460 $1,610 3% 4517016 $1,617 5% 4511930 $1,619 5% 4512025 $1,626 4% 4515522 $1,629 4% 4510971 $1,630 3% 4512590 $1,643 3% 4516096 $1,651 5% 4508846 $1,654 4% 4515790 $1,658 3% 4506539 $1,660 3% 4509356 $1,664 4% 4509844 $1,667 4% 4515544 $1,672 4% 4513270 $1,679 4% 4511184 $1,683 3% 4509653 $1,683 3% 4511604 $1,688 4% 4506074 $1,697 5% 4514040 $1,707 5% 4509480 $1,721 4% 4506818 $1,728 3% 4512947 $1,729 3% 4508247 $1,733 5% 4507581 $1,776 4% 4510454 $1,796 3% 4508674 $1,803 3% 4507075 $1,807 3% 4507268 $1,814 4% 4514932 $1,817 3% 4510826 $1,818 5% 4506958 $1,818 4% 4513233 $1,824 4% 4508189 $1,825 4% 4516848 $1,828 5% 4512785 $1,831 4% 4508321 $1,834 3% 4514269 $1,837 5% 4507893 $1,848 4% 4512923 $1,855 5% 4514263 $1,856 4% 4514290 $1,866 4% 4516260 $1,903 4% 4509106 $1,904 3% 4514457 $1,919 3% 4510478 $1,922 3% 4513474 $1,933 3% 4514678 $1,939 4% 4512659 $1,941 3% 4516115 $1,946 3% 4514167 $1,952 4% 4506877 $1,952 4% 4506705 $1,960 3% 4511803 $1,961 3% 4517191 $1,970 4% 4509381 $1,970 4% 4506685 $1,977 3% 4512512 $1,981 3% 4512440 $1,989 3% 4515856 $1,992 3% 4507737 $2,014 3% 4509611 $2,022 3% 4509291 $2,042 4% 4513647 $2,057 4% 4515528 $2,058 4% 4516528 $2,082 5% 4508792 $2,095 4% 4511537 $2,096 4% 4509299 $2,109 4% 4508061 $2,118 4% 4509730 $2,118 4% 4510593 $2,127 3% 4506692 $2,142 4% 4506052 $2,147 5% 4516092 $2,154 4% 4511818 $2,154 5% 4515165 $2,156 5% 4507060 $2,157 3% 4516311 $2,163 3% 4516717 $2,165 5% 4509595 $2,185 4% 4509190 $2,189 3% 4507051 $2,195 3% 4517157 $2,197 5% 4508863 $2,204 4% 4507736 $2,205 3% 4507594 $2,207 3% 4507147 $2,210 3% 4511750 $2,215 4% 4509863 $2,216 4% 4508570 $2,227 3% 4510265 $2,227 3% 4514062 $2,228 4% 4507116 $2,231 4% 4512584 $2,246 4% 4506839 $2,247 4% 4511878 $2,248 3% 4509287 $2,250 4% 4512291 $2,268 3% 4507696 $2,280 3% 4513095 $2,282 4% 4507014 $2,284 4% 4512780 $2,289 4% 4506272 $2,290 4% 4512524 $2,301 3% 4514507 $2,310 4% 4510766 $2,321 4% 4509837 $2,322 5% 4508021 $2,326 4% 4507193 $2,326 4% 4510998 $2,330 4% 4507681 $2,335 4% 4507971 $2,336 5% 4509819 $2,338 5% 4513786 $2,339 5% 4506722 $2,341 5% 4507963 $2,360 4% 4517138 $2,362 5% 4517040 $2,366 3% 4512999 $2,366 3% 4509812 $2,377 3% 4511935 $2,388 4% 4509014 $2,392 4% 4509229 $2,394 4% 4507222 $2,398 4% 4511614 $2,404 5% 4512442 $2,406 4% 4510346 $2,408 5% 4506795 $2,418 5% 4509583 $2,425 4% 4509688 $2,429 5% 4511702 $2,433 3% 4508818 $2,451 4% 4507765 $2,452 3% 4510345 $2,469 3% 4508156 $2,499 3% 4515632 $2,500 5% 4516047 $2,511 5% 4508420 $2,515 3% 4510936 $2,519 4% 4510618 $2,522 5% 4506355 $2,524 4% 4513638 $2,539 3% 4510140 $2,554 4% 4507853 $2,555 4% 4511814 $2,560 4% 4508656 $2,567 3% 4508842 $2,569 4% 4506646 $2,574 4% 4511017 $2,587 5% 4509251 $2,588 4% 4509298 $2,591 4% 4507056 $2,594 4% 4516830 $2,606 3% 4508400 $2,612 4% 4513472 $2,622 3% 4515166 $2,626 3% 4507816 $2,631 5% 4508713 $2,633 4% 4517087 $2,634 4% 4512040 $2,634 4% 4507164 $2,638 3% 4506291 $2,672 5% 4515695 $2,686 4% 4517206 $2,706 5% 4512558 $2,711 3% 4513648 $2,718 4% 4507726 $2,732 3% 4511217 $2,739 4% 4510438 $2,743 3% 4510180 $2,750 4% 4512982 $2,753 5% 4511529 $2,770 4% 4516705 $2,775 4% 4510155 $2,791 4% 4509966 $2,803 3% 4507647 $2,820 3% 4512936 $2,823 5% 4508628 $2,842 3% 4506071 $2,887 5% 4507564 $2,889 4% 4511791 $2,901 4% 4511364 $2,959 4% 4515141 $2,975 4% 4512926 $2,983 3% 4513215 $2,986 4% 4514677 $2,998 5% 4516737 $3,015 4% 4511523 $3,018 5% 4515467 $3,049 4% 4507732 $3,063 4% 4514368 $3,107 4% 4515129 $3,133 4% 4509628 $3,163 3% 4514475 $3,202 4% 4507401 $3,208 4% 4506738 $3,218 4% 4515925 $3,223 3% 4511320 $3,233 5% 4507704 $3,235 4% 4509158 $3,253 3% 4515914 $3,259 4% 4506429 $3,300 5% 4517339 $3,311 3% 4513966 $3,321 5% 4508258 $3,388 5% 4509892 $3,392 3% 4511829 $3,426 3% 4516400 $3,477 5% 4512762 $3,485 3% 4509510 $3,493 4% 4516628 $3,511 3% 4513604 $3,518 4% 4514698 $3,565 4% 4510778 $3,578 5% 4509013 $3,590 3% 4514173 $3,603 3% 4514450 $3,632 4% 4515156 $3,638 4% 4506723 $3,646 4% 4510859 $3,704 4% 4513557 $3,731 3% 4508068 $3,762 4% 4510061 $3,801 5% 4506154 $3,814 5% 4508415 $3,920 4% 4506431 $3,943 4% 4508836 $4,208 4% 4508705 $4,221 4% 4506288 $4,243 4% 4508916 $4,350 4% 4512855 $4,492 4% 4510418 $4,708 3% 4507163 $4,929 4% 4508190 $5,177 4% 4507107 $5,307 4% 4515995 $5,447 4% 4507560 $5,472 4% (C) 2004 The Murrayhill Company. All Rights Reserved. Section Three Mortgage Insurance Report FFMLT 2004-FFA Insurance Claim Summary Mortgage Data Through: July 31, 2004 Claim Payment Breakdown # of Loans Dollar Amount Claims Paid: 0 $0.00 Claims Pending:28 $1,693,145.70 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: 7 12 5 4 0 0 0 0 FFMLT 2004-FFA Mortgage Insurance Claims Mortgage Data Through: July 31, 2004 Wells Fargo / ASC First Pmt. Current Valuation OAV Orig Amount Senior Lien Bal MI 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 450647610/1/2003 BPO - 06/04/2004 $120,395 $24,050$0 R002288345 8/11/2004 CCC699 2/1/2004 $138,500 $24,01117.33% 100.00%$25,483.47 $0.00 450676210/1/2003 BPO - 03/29/2004 $150,000 $30,000$0 R002296429 5/12/2004 699999 11/1/2003 $145,000 $29,97820.67% 100.00%$31,826.00 $0.00 450693810/1/2003 BPO - 03/23/2004 $265,000 $53,000$0 R002320074 6/14/2004 369999 12/1/2003 $249,900 $52,94921.18% 100.00%$56,263.86 $0.00 450696010/1/2003 BPO - 03/11/2004 $134,900 $27,000$0 R002292132 5/12/2004 699999 11/1/2003 $60,000$26,98044.96% 100.00%$28,570.11 $0.00 450725410/1/2003 BPO - 04/19/2004 $56,000$11,200$0 R002279435 7/8/2004 C36999 1/1/2004 $65,000$11,17817.19% 100.00%$11,743.12 $0.00 450748810/1/2003 BPO - 03/05/2004 $172,250 $34,450$0 R002302432 4/8/2004 999900 10/1/2003 $185,000 $0 0.00% 100.00%$35,996.93 $0.00 450773810/1/2003 BPO - 03/11/2004 $166,000 $33,200$0 R002300927 7/8/2004 369999 1/1/2004 $169,000 $33,12919.60% 100.00%$34,715.56 $0.00 450776910/1/2003 BPO - 05/07/2004 $669,900 $125,000 $0 R002343292 8/11/2004 CC3699 2/1/2004 $620,000 $124,784 20.12% 100.00%$132,271.08 $0.00 450782510/1/2003 BPO - 03/16/2004 $175,000 $35,000$0 R002303064 6/14/2004 369999 12/1/2003 $177,500 $34,94419.68% 100.00%$36,679.69 $0.00 450797510/1/2003 Int Est - 03/31/2004 $157,500 $31,500$0 R002320074 5/31/2004 369900 12/1/2003 $119,700 $0 0.00% 100.00%$56,263.86 $0.00 450863610/1/2003 BPO - 04/13/2004 $249,000 $49,800$0 R002317259 7/8/2004 C36999 1/1/2004 $245,000 $49,73020.29% 100.00%$52,634.45 $0.00 450865510/1/2003 BPO - 05/11/2004 $154,000 $30,800$0 R002297255 8/11/2004 C33699 2/1/2004 $160,000 $30,68719.17% 100.00%$32,098.99 $0.00 450866610/1/2003 BPO - 04/15/2004 $530,000 $106,000 $0 R002340781 7/8/2004 C36999 1/1/2004 $170,000 $105,747 62.20% 100.00%$110,535.31 $0.00 45089539/1/2003 BPO - 03/09/2004 $405,000 $80,000$0 R002335566 6/14/2004 699999 12/1/2003 $449,000 $79,89117.79% 100.00%$84,893.26 $0.00 (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Mortgage Insurance Claims Mortgage Data Through: July 31, 2004 Wells Fargo / ASC First Pmt. Current Valuation OAV Orig Amount Senior Lien Bal MI 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 450935810/1/2003 BPO - 03/10/2004 $216,000 $43,200$0 R002312071 5/12/2004 699999 11/1/2003 $235,000 $43,16918.36% 100.00%$45,712.44 $0.00 450943610/1/2003 BPO - 02/03/2004 $360,000 $72,000$0 R002332217 4/8/2004 999900 10/1/2003 $368,000 $0 0.00% 100.00%$76,441.87 $0.00 450947211/1/2003 BPO - 03/11/2004 $70,000$14,000$0 R002280258 6/14/2004 369999 2/1/2004 $69,000 $13,962 20.23% 100.00% $14,592.41 $0.00 450977211/1/2003 BPO - 04/12/2004 $225,000 $42,000$0 R002314196 7/8/2004 C36999 1/1/2004 $203,000 $41,94120.66% 100.00%$44,087.56 $0.00 450978111/1/2003 BPO - 05/07/2004 $101,000 $20,200$0 R002284375 8/11/2004 CC3699 2/1/2004 $114,500 $20,10517.55% 100.00%$21,284.85 $0.00 450991911/1/2003 Int Est - 06/30/2004 $200,000 $40,000$0 R002309311 6/14/2004 369999 12/1/2003 $152,000 $39,97326.29% 100.00%$42,421.19 $0.00 450993911/1/2003 BPO - 04/12/2004 $750,000 $150,000 $0 R002344230 8/11/2004 C36999 2/1/2004 $850,000 $149,717 17.61% 100.00%$157,501.87 $0.00 451049411/1/2003 BPO - 03/11/2004 $850,000 $170,000 $0 R002344662 6/14/2004 369999 12/1/2003 $899,000 $169,788 18.88% 100.00%$177,529.78 $0.00 451060711/1/2003 BPO - 03/11/2004 $180,250 $36,050$0 R002304769 5/12/2004 699999 11/1/2003 $170,000 $36,03321.19% 100.00%$38,206.21 $0.00 451073011/1/2003 BPO - 01/26/2004 $220,000 $44,000$0 R002312835 4/8/2004 999900 2/1/2004 $220,000 $0 0.00% 100.00%$46,119.03 $0.00 451096011/1/2003 BPO - 03/22/2004 $280,000 $56,000$0 R002322199 8/11/2004 333699 2/1/2004 $420,000 $55,92313.31% 100.00%$59,278.68 $0.00 451109011/1/2003 BPO - 03/11/2004 $150,918 $30,183$0 R002296534 8/11/2004 3C3699 2/1/2004 $150,000 $30,10120.06% 100.00%$31,383.68 $0.00 451122911/1/2003 BPO - 04/19/2004 $70,000$14,000$0 R002280232 7/8/2004 C36999 1/1/2004 $63,000$13,97222.17% 100.00%$14,557.64 $0.00 451190911/1/2003 BPO - 05/10/2004 $163,900 $32,900$0 R002299956 8/11/2004 CC3699 2/1/2004 $175,000 $32,83818.76% 100.00%$34,545.39 $0.00 (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Mortgage Insurance Claims Mortgage Data Through: July 31, 2004 Wells Fargo / ASC First Pmt. Current Valuation OAV Orig Amount Senior Lien Bal MI 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 451202611/1/2003 BPO - 03/22/2004 $133,000 $26,600$0 R002291746 6/14/2004 36C999 12/1/2003 $95,000$26,57527.97% 100.00%$28,247.05 $0.00 451205111/1/2003 BPO - 03/11/2004 $850,000 $170,000 $0 R002344654 6/14/2004 369999 12/1/2003 $840,000 $169,464 20.17% 100.00%$177,422.04 $0.00 451209811/1/2003 BPO - 03/18/2004 $153,000 $30,600$0 R002297132 7/8/2004 336999 1/1/2004 $154,900 $30,57219.73% 100.00%$32,457.87 $0.00 451218410/1/2003 BPO - 03/10/2004 $440,000 $88,000$0 R002337534 8/11/2004 666699 2/1/2004 $455,000 $87,84019.30% 100.00%$92,993.48 $0.00 451261111/1/2003 BPO - 03/10/2004 $480,000 $96,000 $384,000 R002339201 4/8/2004 699000 11/1/2003 $535,000 $0 71.77% 100.00%$101,625.07 $0.00 451271011/1/2003 BPO - 03/11/2004 $500,000 $100,000 $0 R002339984 6/14/2004 369999 12/1/2003 $720,000 $99,87513.87% 100.00%$104,429.27 $0.00 451282511/1/2003 BPO - 03/12/2004 $310,000 $62,000$0 R002326371 6/14/2004 369999 12/1/2003 $325,000 $61,93719.05% 100.00%$65,098.50 $0.00 451318911/1/2003 BPO - 03/15/2004 $187,000 $37,400$0 R002306274 6/14/2004 369999 12/1/2003 $175,000 $37,370 21.35% 100.00% $39,608.44 $0.00 451319511/1/2003 BPO - 03/12/2004 $499,674 $99,900$0 R002339861 6/14/2004 369999 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 FFMLT 2004-FFA Historical Monthly Losses Losses Through: July 31, 2004 Date Loan Loss Amount Loss Percentage 8/25/2004 $42,1740.01% 7/25/2004 $23,8290.00% 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: $66,0030.01% *The loss percentage is a calculation of the total monthly loss as a percentage of the original balance of the security. FFMLT 2004-FFA Loss Reconciliation Report Trustee Remittance Date: August 25, 2004 Remittance Statement Summary 8/25/2004 $42,174 Loan-Level Losses: $42,174 Subsequent Losses: $0 Subsequent Gains: $0 Monthly Security Loss: $42,174 Losses Remitted: $42,174 Difference: $0 Loan-Level Loss Report Loan Number Loss Loan Number Loss Loan Number Loss 4506382 $42,174 Loan-Level Loss Report Total: $42,174 FFMLT 2004-FFA Loss Report Losses through July 31, 2004 August 25, 2004 Chase Home Finance Orig. LTV Original AmtMonths Delinquent Loan Number State Orig. Date Orig Appraisal Value Decline Advances Loss Severity 4506382CO 1/31/2003 20% $40,400-3.36% 7 $0 $42,174104.39% $201,800 Servicer Total:$40,400 Distribution Date Total: $40,400$42,174104.39% (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Loss Report Losses through July 31, 2004 July 25, 2004 Chase Home Finance Orig. LTV Original AmtMonths Delinquent Loan Number State Orig. Date Orig Appraisal Value Decline Advances Loss Severity 4506178IN 12/31/2002 22% $10,000-4.66% 8 $0 $10,557105.57% $45,000 4506351IL 1/6/2003 16% $12,500-25.00%8 $238 $13,273106.18% $80,000 Servicer Total:$22,500 Distribution Date Total: $62,900$23,82937.88% (c) 2004 The Murrayhill Company. All Rights Reserved. Section Five Analytics FFMLT 2004-FFA FICO Distribution by Status Mortgage Data Through: July 31, 2004 FICO Delinquency Percentage 600 Current0.052 600 Delinquent 0.151 600 Paid Off 0.068 610 Current0.079 610 Delinquent 0.205 610 Paid Off 0.088 620 Current0.083 620 Delinquent 0.151 620 Paid Off 0.064 630 Current0.081 630 Delinquent 0.151 630 Paid Off 0.063 640 Current0.088 640 Delinquent 0.11 640 Paid Off 0.091 650 Current0.096 650 Delinquent 0.046 650 Paid Off 0.084 660 Current0.082 660 Delinquent 0.027 660 Paid Off 0.083 670 Current0.074 670 Delinquent 0.037 670 Paid Off 0.086 680 Current0.062 680 Delinquent 0.023 680 Paid Off 0.058 690 Current0.05 690 Delinquent 0.041 690 Paid Off 0.072 700 Current0.046 700 Delinquent 0.014 700 Paid Off 0.049 710 Current0.041 710 Delinquent 0.014 710 Paid Off 0.046 720 Current0.036 720 Delinquent 0.009 720 Paid Off 0.03 730 Current0.026 730 Delinquent 0.009 730 Paid Off 0.029 740 Current0.027 740 Delinquent 0.005 740 Paid Off 0.019 750 Current0.021 750 Paid Off 0.025 760 Current0.018 760 Delinquent 0.009 760 Paid Off 0.016 770 Current0.015 770 Paid Off 0.014 780 Current0.01 780 Paid Off 0.013 790 Current0.007 800 Current0.003 800 Paid Off 0.002 810 Current0.001 810 Paid Off 0.001 820 Current0 Status # of Loans Average Std. Deviation Current 10,053 665 46.393 Delinquent 219 632 32.682 Paid Off 1,140 665 45.254 Total: 11,412 FFMLT 2004-FFA Loan-to-Value Distribution by Status Mortgage Data Through: July 31, 2004 LTV Delinquency Percentage 0 Current0 0 Paid Off 0.004 0.1 Current0.027 0.1 Paid Off 0.051 0.1 Delinquent 0.023 0.2 Current0.957 0.2 Paid Off 0.93 0.2 Delinquent 0.963 0.3 Paid Off 0.015 0.3 Delinquent 0.014 0.3 Current0.015 Status # of Loans Average Std. Deviation Current 10,053 0.995 0.021 Delinquent 219 0.995 0.026 Paid Off 1,140 0.991 0.029 Total: 11,412 FFMLT 2004-FFA Balance Distribution by Status Mortgage Data Through: July 31, 2004 BalanceDelinquency Percentage 0 Current 0 10000 Current 0.027 10000 Delinquent 0.05 20000 Delinquent 0.242 20000 Current 0.156 30000 Current 0.228 30000 Delinquent 0.26 40000 Delinquent 0.128 40000 Current 0.157 50000 Current 0.118 50000 Delinquent 0.091 60000 Delinquent 0.068 60000 Current 0.096 70000 Current 0.07 70000 Delinquent 0.018 80000 Current 0.048 80000 Delinquent 0.027 90000 Current 0.03 90000 Delinquent 0.009 100000 Delinquent 0.018 100000 Current 0.02 110000 Current 0.014 110000 Delinquent 0.027 120000 Delinquent 0.009 120000 Current 0.012 130000 Current 0.007 130000 Delinquent 0.014 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 0.014 170000 Current 0.003 180000 Current 0 190000 Current 0 200000 Delinquent 0.009 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 10,053 48,195.73 28,834.09 Delinquent 219 45,121.54 35,527.96 Total: 10,272 FFMLT 2004-FFA Mortgage Type Distribution by Status Mortgage Data Through: July 31, 2004 Mortgage Type Delinquency Percentage Investment HomeCurrent0.001 Investment HomeDelinquent 0.005 Primary Home Current0.998 Primary Home Delinquent 0.995 Primary Home Paid Off 0.998 Second Home Current0.002 Second Home Paid Off 0.002 Mortgage Type Loan Count Total Balance Avg. Balance Std. Deviation Fixed 11,412 494,393,251.52 43,322.23 31,064.28 Total: 11,412 494,393,251.52 FFMLT 2004-FFA Mortgage Term Distribution by Status Mortgage Data Through: July 31, 2004 Mortgage Term Delinquency Percentage 120 Current0.002 120 Paid Off 0.002 120 Delinquent 0.005 180 Current0.163 180 Paid Off 0.132 180 Delinquent 0.228 240 Paid Off 0.866 240 Delinquent 0.767 240 Current0.835 # of Loans Other 120 180 240 360 11,412 0 20 1,844 9,548 0 FFMLT 2004-FFA Mortgage Purpose Distribution Mortgage Data through: July 31, 2004 Origination Statistics Current Loans Delinquent Loans Paid Off Loans Number of Loans: 11,412 Number of Loans: 10,053 Number of Loans: 219 Number of Loans: 1,140 PurposeNumber Percentage PurposeNumber Percentage PurposeNumber Percentage PurposeNumber Percentage Cash-out refinance 975 8.5% Cash-out refinance 841 8.4% Cash-out refinance 18 8.2% Cash-out refinance 116 10.2% Purchase 10,164 89.1% Purchase 8,973 89.3% Purchase 192 87.7% Purchase 999 87.6% Rate/term 272 2.4% Rate/term 238 2.4% Rate/term 9 4.1% Rate/term 25 2.2% Home 0 0.0% Home 0 0.0% Home 0 0.0% Home 0 0.0% Other 1 0.0% Other 1 0.0% Other 0 0.0% Other 0 0.0% Total 11,412 100% Total 10,053 100% Total 219 100% Total 1,140 100% FFMLT 2004-FFA Ownership Distribution by Status Mortgage Data Through: July 31, 2004 Ownership Type Delinquency Percentage Investment HomeCurrent 0.001 Investment HomeDelinquent 0.005 Primary Home Current 0.998 Primary Home Delinquent 0.995 Primary Home Paid Off 0.998 Second Home Current 0.002 Second Home Paid Off 0.002 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: July 31, 2004 Total Count in Status As Of Date 30 Days 60 Days 90 Days Foreclosure REO 7/31/2004 91 46 81 1 0 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: July 31, 2004 Total Balance in Status As Of Date 30 Days 60 Days 90 Days Foreclosure REO 7/31/2004 $ 3,589,826 $ 1,898,081 $ 4,365,305 $ 28,405 $ - 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 $ - $ - FFMLT 2004-FFA Conditional Prepayment Rates Mortgage Data Through: July 31, 2004 Date Distribution Date CPR 3-Month MA 6-Month MA 12-Month MA 31-Jul-04 25-Aug-04 40.02% 30.54% 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.

Filing Compare · STRUCTURED ASSET SEC CORP MORT PASS THR CERTS SER 2004-FFA