8-K 1 fld04003_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 FIELDSTONE MORTGAGE INVESTMENT TRUST Mortgage-Backed Notes, Series 2004-3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-115858-01 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction 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 FIELDSTONE MORTGAGE INVESTMENT TRUST, Mortgage-Backed Notes, Series 2004-3 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage-Backed Notes, Series 2004-3 Trust, relating to the November 26, 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. FIELDSTONE MORTGAGE INVESTMENT TRUST Mortgage-Backed Notes, Series 2004-3 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trust Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 11/27/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage-Backed Notes, Series 2004-3 Trust, relating to the November 26, 2004 distribution. EX-99.1

Fieldstone Mortgage Company Mortgage Pass-Through Certificates Record Date: 810/31/2004 Distribution Date: 911/2726/2004 FLD Series: 2004-3 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 1-A 31659TBJ3 SEN 12.~~88500~~20250% ~~401~~390,~~363~~367,~~943~~620.7041 ~~693~~764,~~523~~253.4406 47,~~702~~698,~~061~~178.7955 2-A1 31659TBK0 SEN 12.~~94500~~26250% ~~201~~195,~~576~~505,~~857~~904.0643 ~~359~~393,~~394~~184.7410 14,~~882~~089,~~464~~772.7827 2-A2 31659TBL8 SEN 12.~~80500~~12250% ~~163~~157,~~513~~459,~~808~~783.5935 ~~270~~297,~~547~~074.2213 14,~~877~~078,~~215~~368.9892 2-A3 31659TBM6 SEN 2.~~11500~~43250% 37,501,000.00 7281,~~705~~085.0650 0.00 A-IO 31659TBX2 SEN 01.00000% 0.00 0250,000.00 0.00 M1 31659TBN4 MEZ 2.~~17500~~49250% 27,000,000.00 5359,~~831~~820.2500 0.00 M2 31659TBP9 MEZ 2.~~24500~~56250% 27,500,000.00 5662,~~592~~638.7189 0.00 M3 31659TBQ7 MEZ 2.~~30500~~62250% 17,500,000.00 3640,~~976~~794.0444 0.00 M4 31659TBR5 MEZ 23.~~84500~~16250% 30,000,000.00 7884,~~237~~333.5033 0.00 M5 31659TBS3 MEZ 3.~~06500~~38250% 12,500,000.00 3537,~~119~~583.7933 0.00 M6 31659TBT1 MEZ 3.~~56500~~88250% 12,500,000.00 4043,~~848~~138.9689 0.00 M7 31659TBU8 MEZ 34.~~76500~~08250% 10,000,000.00 3436,~~512~~288.5089 0.00 M8 31659TBV6 MEZ 4.~~11500~~43250% 12,500,000.00 4749,~~151~~250.0400 0.00 M9 31659TBW4 MEZ 4.~~11500~~43250% 25,000,000.00 9498,~~302~~500.0800 0.00 Owner Cert FLD0403OTC SEN 0.00000% 0.01 32,~~219~~147,~~452~~076.8047 0.00 Totals ~~978~~955,~~455~~334,~~609~~308.3620 54,~~093~~445,~~195~~021.1303 815,~~461~~866,~~742~~319.5574

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1-A 0.00 ~~396~~382,~~661~~669,~~881~~441.9186 58,~~395~~462,~~585~~431.2361 0.00 2-A1 0.00 ~~199~~191,~~694~~416,~~392~~132.2816 24,~~241~~482,~~859~~956.5237 0.00 2-A2 0.00 ~~161~~153,~~636~~381,~~592~~414.6142 24,~~147~~375,~~763~~443.2005 0.00 2-A3 0.00 37,501,000.00 7281,~~705~~085.0650 0.00 A-IO 0.00 0.00 0250,000.00 0.00 M1 0.00 27,000,000.00 5359,~~831~~820.2500 0.00 M2 0.00 27,500,000.00 5662,~~592~~638.7189 0.00 M3 0.00 17,500,000.00 3640,~~976~~794.0444 0.00 M4 0.00 30,000,000.00 7884,~~237~~333.5033 0.00 M5 0.00 12,500,000.00 3537,~~119~~583.7933 0.00 M6 0.00 12,500,000.00 4043,~~848~~138.9689 0.00 M7 0.00 10,000,000.00 3436,~~512~~288.5089 0.00 M8 0.00 12,500,000.00 4749,~~151~~250.0400 0.00 M9 0.00 25,000,000.00 9498,~~302~~500.0800 0.00 Owner Cert 0.00 0.01 32,~~219~~147,~~452~~076.8047 0.00 Totals 0.00 ~~969~~939,~~993~~467,~~866~~988.8145 1320,~~554~~311,~~937~~340.6877 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) 1-A 404,429,000.00 ~~401~~390,~~363~~367,~~943~~620.7041 0.00 47,~~702~~698,~~061~~178.7955 0.00 0.00 2-A1 204,070,000.00 ~~201~~195,~~576~~505,~~857~~904.0643 0.00 14,~~882~~089,~~464~~772.7827 0.00 0.00 2-A2 166,000,000.00 ~~163~~157,~~513~~459,~~808~~783.5935 0.00 14,~~877~~078,~~215~~368.9892 0.00 0.00 2-A3 37,501,000.00 37,501,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M1 27,000,000.00 27,000,000.00 0.00 0.00 0.00 0.00 M2 27,500,000.00 27,500,000.00 0.00 0.00 0.00 0.00 M3 17,500,000.00 17,500,000.00 0.00 0.00 0.00 0.00 M4 30,000,000.00 30,000,000.00 0.00 0.00 0.00 0.00 M5 12,500,000.00 12,500,000.00 0.00 0.00 0.00 0.00 M6 12,500,000.00 12,500,000.00 0.00 0.00 0.00 0.00 M7 10,000,000.00 10,000,000.00 0.00 0.00 0.00 0.00 M8 12,500,000.00 12,500,000.00 0.00 0.00 0.00 0.00 M9 25,000,000.00 25,000,000.00 0.00 0.00 0.00 0.00 Owner Cert 0.01 0.01 0.00 0.00 0.00 0.00 Totals 986,500,000.01 ~~978~~955,~~455~~334,~~609~~308.3620 0.00 815,~~461~~866,~~742~~319.5574 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 1-A 47,~~702~~698,~~061~~178.7955 ~~396~~382,~~661~~669,~~881~~441.9186 0.~~98079485~~94619684 47,~~702~~698,~~061~~178.7955 2-A1 14,~~882~~089,~~464~~772.7827 ~~199~~191,~~694~~416,~~392~~132.2816 0.~~97855830~~93799251 14,~~882~~089,~~464~~772.7827 2-A2 14,~~877~~078,~~215~~368.9892 ~~161~~153,~~636~~381,~~592~~414.6142 0.~~97371441~~92398442 14,~~877~~078,~~215~~368.9892 2-A3 0.00 37,501,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M1 0.00 27,000,000.00 1.00000000 0.00 M2 0.00 27,500,000.00 1.00000000 0.00 M3 0.00 17,500,000.00 1.00000000 0.00 M4 0.00 30,000,000.00 1.00000000 0.00 M5 0.00 12,500,000.00 1.00000000 0.00 M6 0.00 12,500,000.00 1.00000000 0.00 M7 0.00 10,000,000.00 1.00000000 0.00 M8 0.00 12,500,000.00 1.00000000 0.00 M9 0.00 25,000,000.00 1.00000000 0.00 Owner Cert 0.00 0.01 1.00000000 0.00 Totals 815,~~461~~866,~~742~~319.5574 ~~969~~939,~~993~~467,~~866~~988.8145 0.~~98326798~~95232437 815,~~461~~866,~~742~~319.5574

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A 404,429,000.00 ~~992~~965.~~42127469~~23152496 0.00000000 1119.~~62642093~~03468483 0.00000000 2-A1 204,070,000.00 ~~987~~958.~~78290322~~03353962 0.00000000 920.~~22460322~~04102646 0.00000000 2-A2 166,000,000.00 ~~985~~948.~~02294331~~55291175 0.00000000 1124.~~30853000~~56848747 0.00000000 2-A3 37,501,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 27,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 27,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 17,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 30,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 12,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 12,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 10,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 12,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 25,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 Owner Cert 0.01 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 1-A 0.00000000 1119.~~62642093~~03468483 ~~980~~946.~~79485376~~19684014 0.~~98079485~~94619684 1119.~~62642093~~03468483 2-A1 0.00000000 920.~~22460322~~04102646 ~~978~~937.~~55830000~~99251316 0.~~97855830~~93799251 920.~~22460322~~04102646 2-A2 0.00000000 1124.~~30853000~~56848747 ~~973~~923.~~71441331~~98442422 0.~~97371441~~92398442 1124.~~30853000~~56848747 2-A3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 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 M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 Owner Cert 0.00000000 0.00000000 0.00000000 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 1-A 404,429,000.00 12.~~88500~~20250% ~~401~~390,~~363~~367,~~943~~620.7041 ~~693~~764,~~523~~253.4505 0.00 0.00 2-A1 204,070,000.00 12.~~94500~~26250% ~~201~~195,~~576~~505,~~857~~904.0643 ~~359~~393,~~394~~184.7410 0.00 0.00 2-A2 166,000,000.00 12.~~80500~~12250% ~~163~~157,~~513~~459,~~808~~783.5935 ~~270~~297,~~547~~074.2212 0.00 0.00 2-A3 37,501,000.00 2.~~11500~~43250% 37,501,000.00 7281,~~705~~085.0650 0.00 0.00 A-IO 0.00 01.00000% 300,000,000.00 0250,000.00 0.00 0.00 M1 27,000,000.00 2.~~17500~~49250% 27,000,000.00 5359,~~831~~820.2500 0.00 0.00 M2 27,500,000.00 2.~~24500~~56250% 27,500,000.00 5662,~~592~~638.7189 0.00 0.00 M3 17,500,000.00 2.~~30500~~62250% 17,500,000.00 3640,~~976~~794.0444 0.00 0.00 M4 30,000,000.00 23.~~84500~~16250% 30,000,000.00 7884,~~237~~333.5033 0.00 0.00 M5 12,500,000.00 3.~~06500~~38250% 12,500,000.00 3537,~~119~~583.7933 0.00 0.00 M6 12,500,000.00 3.~~56500~~88250% 12,500,000.00 4043,~~848~~138.9689 0.00 0.00 M7 10,000,000.00 34.~~76500~~08250% 10,000,000.00 3436,~~512~~288.5089 0.00 0.00 M8 12,500,000.00 4.~~11500~~43250% 12,500,000.00 4749,~~151~~250.0400 0.00 0.00 M9 25,000,000.00 4.~~11500~~43250% 25,000,000.00 9498,~~302~~500.0800 0.00 0.00 Owner Cert 0.01 0.00000% 0.01 0.00 0.00 0.00 Totals 986,500,000.01 12,~~873~~297,~~742~~944.3454 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 1-A 0.00 0.00 ~~693~~764,~~523~~253.4406 0.00 ~~396~~382,~~661~~669,~~881~~441.9186 2-A1 0.00 0.00 ~~359~~393,~~394~~184.7410 0.00 ~~199~~191,~~694~~416,~~392~~132.2816 2-A2 0.00 0.00 ~~270~~297,~~547~~074.2213 0.00 ~~161~~153,~~636~~381,~~592~~414.6142 2-A3 0.00 0.00 7281,~~705~~085.0650 0.00 37,501,000.00 A-IO 0.00 0.00 0250,000.00 0.00 300,000,000.00 M1 0.00 0.00 5359,~~831~~820.2500 0.00 27,000,000.00 M2 0.00 0.00 5662,~~592~~638.7189 0.00 27,500,000.00 M3 0.00 0.00 3640,~~976~~794.0444 0.00 17,500,000.00 M4 0.00 0.00 7884,~~237~~333.5033 0.00 30,000,000.00 M5 0.00 0.00 3537,~~119~~583.7933 0.00 12,500,000.00 M6 0.00 0.00 4043,~~848~~138.9689 0.00 12,500,000.00 M7 0.00 0.00 3436,~~512~~288.5089 0.00 10,000,000.00 M8 0.00 0.00 4749,~~151~~250.0400 0.00 12,500,000.00 M9 0.00 0.00 9498,~~302~~500.0800 0.00 25,000,000.00 Owner Cert 0.00 0.00 32,~~219~~147,~~452~~076.8047 0.00 0.01 Totals 0.00 0.00 54,~~093~~445,~~195~~021.1303 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 1-A 404,429,000.00 12.~~88500~~20250% ~~992~~965.~~42127469~~23152496 1.~~71482127~~88970882 0.00000000 0.00000000 2-A1 204,070,000.00 12.~~94500~~26250% ~~987~~958.~~78290322~~03353962 1.~~76113461~~92671191 0.00000000 0.00000000 2-A2 166,000,000.00 12.~~80500~~12250% ~~985~~948.~~02294331~~55291175 1.~~62980253~~78960313 0.00000000 0.00000000 2-A3 37,501,000.00 2.~~11500~~43250% 1000.00000000 12.~~93874990~~16222234 0.00000000 0.00000000 A-IO 0.00 01.00000% 1000.00000000 0.~~00000000~~83333333 0.00000000 0.00000000 M1 27,000,000.00 2.~~17500~~49250% 1000.00000000 12.~~99375000~~21555556 0.00000000 0.00000000 M2 27,500,000.00 2.~~24500~~56250% 1000.00000000 2.~~05791673~~27777782 0.00000000 0.00000000 M3 17,500,000.00 2.~~30500~~62250% 1000.00000000 2.~~11291657~~33111086 0.00000000 0.00000000 M4 30,000,000.00 23.~~84500~~16250% 1000.00000000 2.~~60791667~~81111100 0.00000000 0.00000000 M5 12,500,000.00 3.~~06500~~38250% 1000.00000000 23.~~80958320~~00666640 0.00000000 0.00000000 M6 12,500,000.00 3.~~56500~~88250% 1000.00000000 3.~~26791680~~45111120 0.00000000 0.00000000 M7 10,000,000.00 34.~~76500~~08250% 1000.00000000 3.~~45125000~~62888900 0.00000000 0.00000000 M8 12,500,000.00 4.~~11500~~43250% 1000.00000000 3.~~77208320~~94000000 0.00000000 0.00000000 M9 25,000,000.00 4.~~11500~~43250% 1000.00000000 3.~~77208320~~94000000 0.00000000 0.00000000 Owner Cert 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) 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 1-A 0.00000000 0.00000000 1.~~71482124~~88970885 0.00000000 ~~980~~946.~~79485376~~19684014 2-A1 0.00000000 0.00000000 1.~~76113461~~92671191 0.00000000 ~~978~~937.~~55830000~~99251316 2-A2 0.00000000 0.00000000 1.~~62980253~~78960319 0.00000000 ~~973~~923.~~71441331~~98442422 2-A3 0.00000000 0.00000000 12.~~93874990~~16222234 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 0.~~00000000~~83333333 0.00000000 1000.00000000 M1 0.00000000 0.00000000 12.~~99375000~~21555556 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~05791673~~27777782 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~11291657~~33111086 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.~~60791667~~81111100 0.00000000 1000.00000000 M5 0.00000000 0.00000000 23.~~80958320~~00666640 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.~~26791680~~45111120 0.00000000 1000.00000000 M7 0.00000000 0.00000000 3.~~45125000~~62888900 0.00000000 1000.00000000 M8 0.00000000 0.00000000 3.~~77208320~~94000000 0.00000000 1000.00000000 M9 0.00000000 0.00000000 3.~~77208320~~94000000 0.00000000 1000.00000000 Owner Cert 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 ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1320,~~973~~723,~~568~~017.5038 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) 0(2,747.0082) Prepayment Penalties 0.00 Total Deposits 1320,~~973~~720,~~568~~269.5056 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~418~~408,~~630~~928.8279 Payment of Interest and Principal 1320,~~554~~311,~~937~~340.6877 Total Withdrawals (Pool Distribution Amount) 1320,~~973~~720,~~568~~269.5056 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~413~~403,~~258~~680.4895 Indenture Trustee Fee - HSBC Bank USA 0.00 ~~Master Servicing Fee 5,372.34~~ Owner Trustee Fee - US Bank Trust NA 0.00 Wells Fargo Bank, NA 5,247.84 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~418~~408,~~630~~928.8279

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 0.00 0.00 0.00 0.00 SWAP Counterparty Account 0.00 0.00 0662,444.0044 0.00

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 614 0 0 614 12,~~381~~827,~~051~~396.5481 0.00 0.00 12,~~381~~827,~~051~~396.5481 30 Days 1634 01 0 0 1635 35,~~032~~392,~~028~~285.8308 079,953.0039 0.00 0.00 35,~~032~~472,~~028~~238.8347 60 Days 38 0 05 0 313 ~~556~~696,~~000~~980.0090 0.00 01,368,800.00 0.00 ~~556~~2,~~000~~065,780.0090 90 Days 01 0 011 0 012 0169,890.0048 0.00 01,991,341.0067 0.00 02,161,232.0015 120 Days 02 0 03 0 05 0156,725.00 0.00 0695,500.00 0.00 0852,225.00 150 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 1945 615 019 0 2579 36,~~588~~415,~~028~~881.8346 12,~~381~~907,~~051~~350.5420 04,055,641.0067 0.00 413,~~969~~378,~~080~~873.3733 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.~~124249~~298190% 0.000000% 0.000000% 0.~~124249~~298190% 0.~~140410~~296660% 0.000000% 0.000000% 0.~~140410~~296660% 30 Days 0.~~331332~~724175% 0.~~000000~~021299% 0.000000% 0.000000% 0.~~331332~~745474% 0.~~308263~~565777% 0.~~000000~~008389% 0.000000% 0.000000% 0.~~308263~~574166% 60 Days 0.~~062125~~170394% 0.000000% 0.~~000000~~106496% 0.000000% 0.~~062125~~276890% 0.~~056528~~073130% 0.000000% 0.~~000000~~143619% 0.000000% 0.~~056528~~216749% 90 Days 0.~~000000~~021299% 0.000000% 0.~~000000~~234292% 0.000000% 0.~~000000~~255591% 0.~~000000~~017826% 0.000000% 0.~~000000~~208938% 0.000000% 0.~~000000~~226764% 120 Days 0.~~000000~~042599% 0.000000% 0.~~000000~~063898% 0.000000% 0.~~000000~~106496% 0.~~000000~~016444% 0.000000% 0.~~000000~~072974% 0.000000% 0.~~000000~~089418% 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.~~393456~~958466% 0.~~124249~~319489% 0.~~000000~~404686% 0.000000% 01.~~517706~~682641% 0.~~364791~~673177% 0.~~140410~~305049% 0.~~000000~~425532% 0.000000% 01.~~505201~~403758%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 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 29 0 0 29 ~~481~~1,~~737~~661,367.1169 0.00 0.00 ~~481~~1,~~737~~661,367.1169 30 Days 718 01 0 0 719 12,~~639~~505,~~209~~299.8018 079,953.0039 0.00 0.00 12,~~639~~585,~~209~~252.8057 60 Days 13 0 04 0 17 ~~135~~326,~~000~~104.0085 0.00 0732,800.00 0.00 ~~135~~1,~~000~~058,904.0085 90 Days 0 0 05 0 05 0.00 0.00 01,136,326.0064 0.00 01,136,326.0064 120 Days 01 0 01 0 02 074,700.00 0.00 0148,000.00 0.00 0222,700.00 150 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 822 210 010 0 1042 12,~~774~~906,~~209~~104.8003 ~~481~~1,~~737~~741,321.1108 02,017,126.0064 0.00 26,~~255~~664,~~946~~551.9175 0-29 Days 0.~~072754~~336072% 0.000000% 0.000000% 0.~~072754~~336072% 0.~~098245~~348764% 0.000000% 0.000000% 0.~~098245~~348764% 30 Days 0.~~254638~~672143% 0.~~000000~~037341% 0.000000% 0.000000% 0.~~254638~~709485% 0.~~334300~~525927% 0.~~000000~~016784% 0.000000% 0.000000% 0.~~334300~~542711% 60 Days 0.~~036377~~112024% 0.000000% 0.~~000000~~149365% 0.000000% 0.~~036377~~261389% 0.~~027532~~068458% 0.000000% 0.~~000000~~153834% 0.000000% 0.~~027532~~222291% 90 Days 0.000000% 0.000000% 0.~~000000~~186706% 0.000000% 0.~~000000~~186706% 0.000000% 0.000000% 0.~~000000~~238544% 0.000000% 0.~~000000~~238544% 120 Days 0.~~000000~~037341% 0.000000% 0.~~000000~~037341% 0.000000% 0.~~000000~~074683% 0.~~000000~~015681% 0.000000% 0.~~000000~~031069% 0.000000% 0.~~000000~~046750% 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.~~291015~~821509% 0.~~072754~~373413% 0.~~000000~~373413% 0.000000% 01.~~363769~~568335% 0.~~361832~~610066% 0.~~098245~~365548% 0.~~000000~~423447% 0.000000% 01.~~460077~~399061% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 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 45 0 0 45 ~~899~~1,~~314~~166,029.4312 0.00 0.00 ~~899~~1,~~314~~166,029.4312 30 Days 916 0 0 0 916 12,~~392~~886,~~819~~985.0390 0.00 0.00 0.00 12,~~392~~886,~~819~~985.0390 60 Days 25 0 01 0 26 ~~421~~370,~~000~~876.0005 0.00 0636,000.00 0.00 ~~421~~1,~~000~~006,876.0005 90 Days 01 0 06 0 07 0169,890.0048 0.00 0855,015.0003 0.00 01,024,905.0051 120 Days 01 0 02 0 03 082,025.00 0.00 0547,500.00 0.00 0629,525.00 150 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 1123 45 09 0 1537 13,~~813~~509,~~819~~777.0343 ~~899~~1,~~314~~166,029.4312 02,038,515.0003 0.00 26,~~713~~714,~~133~~321.4658 0-29 Days 0.~~192308~~247893% 0.000000% 0.000000% 0.~~192308~~247893% 0.~~182326~~244596% 0.000000% 0.000000% 0.~~182326~~244596% 30 Days 0.~~432692~~793257% 0.000000% 0.000000% 0.000000% 0.~~432692~~793257% 0.~~282379~~605598% 0.000000% 0.000000% 0.000000% 0.~~282379~~605598% 60 Days 0.~~096154~~247893% 0.000000% 0.~~000000~~049579% 0.000000% 0.~~096154~~297471% 0.~~085353~~077798% 0.000000% 0.~~000000~~133413% 0.000000% 0.~~085353~~211211% 90 Days 0.~~000000~~049579% 0.000000% 0.~~000000~~297471% 0.000000% 0.~~000000~~347050% 0.~~000000~~035638% 0.000000% 0.~~000000~~179355% 0.000000% 0.~~000000~~214993% 120 Days 0.~~000000~~049579% 0.000000% 0.~~000000~~099157% 0.000000% 0.~~000000~~148736% 0.~~000000~~017206% 0.000000% 0.~~000000~~114848% 0.000000% 0.~~000000~~132054% 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 01.~~528846~~140307% 0.~~192308~~247893% 0.~~000000~~446207% 0.000000% 01.~~721154~~834408% 0.~~367732~~736240% 0.~~182326~~244596% 0.~~000000~~427616% 0.000000% 01.~~550059~~408452%

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 6.~~509661~~506469% Weighted Average Net Coupon 6.~~009728~~006469% Weighted Average Pass-Through Rate 65.~~003230~~999969% Weighted Average Maturity(Stepdown Calculation ) ~~357~~355 Beginning Scheduled Collateral Loan Count 34,~~723~~767 Number Of Loans Paid In Full ~~(1,106)~~72 Ending Scheduled Collateral Loan Count 4,~~829~~695 Beginning Scheduled Collateral Balance ~~745~~968,~~807~~834,~~773~~308.1819 Ending Scheduled Collateral Balance ~~983~~952,~~493~~967,~~866~~988.8045 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 ~~983~~953,~~585~~075,~~792~~535.2882 Monthly P &I Constant 5,~~637~~504,~~937~~201.1132 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 02,747.0082 Cumulative Realized Loss 02,747.0082 Ending Scheduled Balance for Premium Loans ~~983~~952,~~493~~967,~~866~~988.8045 Scheduled Principal ~~256~~251,~~858~~126.1802 Unscheduled Principal 815,~~204~~615,~~883~~193.6772

~~Miscellaneous~~SWAP ~~Reporting~~Payment ~~Libor Rate 1.615000% Required Overcollateralization 13~~662,~~500,000~~444.~~00 Overcollateralization Deficiency 0.00 Prepayment Premiums 130,845.98~~44

~~Group~~Miscellaneous ~~Level~~Reporting ~~Collateral~~Libor ~~Statement Group 1 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon~~ Rate ~~6.520909 6.498457 6.509661 Weighted Average Net Rate 6.021005 5.998495 6.009728 Weighted Average Maturity 357 357 357 Beginning Loan Count 2,111~~ 1~~,612 3,723 Loans Paid In Full (638) (468) (1,106) Ending Loan Count 2,749 2,080 4,829 Beginning Scheduled Balance 371,650,089~~.14932500% ~~374,157,684.04~~Required ~~745,807,773.18~~Overcollateralization ~~Ending scheduled Balance 490~~13,~~298~~500,~~298~~000.05 493,195,568.75 983,493,866.80 Record Date 08/31/2004 08/31/2004 08/31/2004 Principal And Interest Constant 2,833,426.56 2,804,510.55 5,637,937.11 Scheduled Principal 143,549.71 113,308.47 256,858.18 Unscheduled Principal 4,558,511.73 3,646,371.94 8,204,883.67 Scheduled Interest 2,689,876.85 2,691,202.08 5,381,078.93 Servicing Fees 206,210.14 207,048.34 413,258.48 Master Servicing Fees 2,680.71 2,691.63 5,372.34 Trustee Fee 0.00 ~~0.00~~Overcollateralization ~~0.00~~Deficiency ~~FRY Amount~~ 0.00 ~~0.00~~Prepayment ~~0.00~~Premiums ~~Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 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 2~~266,~~480,986~~066.00 2,481,462.11 4,962,448.11 Realized Loss 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 6.014507 5.991997 6.00323079

Filing Compare · Fieldstone Mortgage Investment Trust, Series 2004-3