8-K 1 sab04op1_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 SECURITIZED ASSET BACKED RECEVABLES TRUST Mortgage Pass-Through Certificates, Series 2004-OP1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-108395-01 54-2150446 Pooling and Servicing Agreement) (Commission 54-2150447 (State or other File Number) 54-6612462 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 SECURITIZED ASSET BACKED RECEVABLES TRUST, Mortgage Pass-Through Certificates, Series 2004-OP1 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-OP1 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. SECURITIZED ASSET BACKED RECEVABLES TRUST Mortgage Pass-Through Certificates, Series 2004-OP1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 11/30/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-OP1 Trust, relating to the November 26, 2004 distribution. EX-99.1

Securitized Asset Backed Receivables Mortgage Pass-Through Certificates Record Date: 810/31/2004 Distribution Date: 911/2726/2004 SABR Series: 2004-OP1 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-1 81375WAH9 SEN 2.~~01750~~33500% ~~858~~766,~~455~~842,~~263~~114.1253 1,~~587~~591,~~605~~623.7240 4753,~~622~~946,~~549~~252.6850 A-2 81375WAA4 SEN 12.~~86500~~18250% ~~360~~322,~~603~~811,~~300~~940.8523 ~~616~~626,~~481~~255.4016 1719,~~551~~880,~~983~~256.1137 M-1 81375WAB2 MEZ 2.~~12500~~44250% 117,211,000.00 ~~228~~254,~~317~~478.2610 0.00 M-2 81375WAC0 MEZ 23.~~71500~~03250% 96,632,000.00 ~~240~~260,~~492~~476.8992 0.00 M-3 81375WAD8 MEZ 23.~~96500~~28250% 25,948,000.00 7075,~~524~~710.50 0.00 B-1 81375WAE6 JUN 3.~~21500~~53250% 26,843,000.00 7984,~~108~~287.5602 0.00 B-2 81375WAF3 JUN 3.~~36500~~68250% 20,579,000.00 6367,~~477~~361.6493 0.00 B-3 81375WAG1 JUN 4.~~36500~~68250% 23,263,000.00 9396,~~081~~825.0878 0.00 X SAB04OP1X OC 0.00000% 38,473,940.86 65,~~488~~625,~~596~~217.8740 0.00 P SAB04OP1P Pre_Pay 0.00000% 0.01 1,~~181~~139,~~960~~053.0638 0.00 R SAB04P1R1 RES 0.00000% 0.00 0.00 0.00 Totals 1,~~568~~438,~~008~~603,~~504~~995.8463 109,~~649~~821,~~645~~289.9859 6573,~~174~~826,~~532~~508.7987

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~810~~712,~~832~~895,~~713~~862.4403 4955,~~210~~537,~~155~~875.4090 0.00 A-2 0.00 ~~343~~302,~~051~~931,~~317~~683.7487 1820,~~168~~506,~~464~~511.5153 0.00 M-1 0.00 117,211,000.00 ~~228~~254,~~317~~478.2610 0.00 M-2 0.00 96,632,000.00 ~~240~~260,~~492~~476.8992 0.00 M-3 0.00 25,948,000.00 7075,~~524~~710.50 0.00 B-1 0.00 26,843,000.00 7984,~~108~~287.5602 0.00 B-2 0.00 20,579,000.00 6367,~~477~~361.6493 0.00 B-3 0.00 23,263,000.00 9396,~~081~~825.0878 0.00 X 0.00 38,473,940.86 65,~~488~~625,~~596~~217.8740 0.00 P 0.00 0.01 1,~~181~~139,~~960~~053.0638 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 1,~~502~~364,~~833~~777,~~972~~486.0577 7583,~~824~~647,~~178~~798.7746 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-1 1,025,017,000.00 ~~858~~766,~~455~~842,~~263~~114.1253 0.00 4753,~~622~~946,~~549~~252.6850 0.00 0.00 A-2 415,518,000.00 ~~360~~322,~~603~~811,~~300~~940.8523 0.00 1719,~~551~~880,~~983~~256.1137 0.00 0.00 M-1 117,211,000.00 117,211,000.00 0.00 0.00 0.00 0.00 M-2 96,632,000.00 96,632,000.00 0.00 0.00 0.00 0.00 M-3 25,948,000.00 25,948,000.00 0.00 0.00 0.00 0.00 B-1 26,843,000.00 26,843,000.00 0.00 0.00 0.00 0.00 B-2 20,579,000.00 20,579,000.00 0.00 0.00 0.00 0.00 B-3 23,263,000.00 23,263,000.00 0.00 0.00 0.00 0.00 X 38,474,622.00 38,473,940.86 0.00 0.00 0.00 0.00 P 0.00 0.01 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,789,485,622.00 1,~~568~~438,~~008~~603,~~504~~995.8463 0.00 6573,~~174~~826,~~532~~508.7987 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-1 4753,~~622~~946,~~549~~252.6850 ~~810~~712,~~832~~895,~~713~~862.4403 0.~~79104319~~69549662 4753,~~622~~946,~~549~~252.6850 A-2 1719,~~551~~880,~~983~~256.1137 ~~343~~302,~~051~~931,~~317~~683.7487 0.~~82559917~~72904587 1719,~~551~~880,~~983~~256.1137 M-1 0.00 117,211,000.00 1.00000000 0.00 M-2 0.00 96,632,000.00 1.00000000 0.00 M-3 0.00 25,948,000.00 1.00000000 0.00 B-1 0.00 26,843,000.00 1.00000000 0.00 B-2 0.00 20,579,000.00 1.00000000 0.00 B-3 0.00 23,263,000.00 1.00000000 0.00 X 0.00 38,473,940.86 0.99998230 0.00 P 0.00 0.01 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 6573,~~174~~826,~~532~~508.7987 1,~~502~~364,~~833~~777,~~972~~486.0577 0.~~83981338~~76266468 6573,~~174~~826,~~532~~508.7987

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 1,025,017,000.00 ~~837~~748.~~50343957~~12624037 0.00000000 4652.~~46025352~~62961736 0.00000000 A-2 415,518,000.00 ~~867~~776.~~84038441~~89038797 0.00000000 4247.~~24121003~~84451304 0.00000000 M-1 117,211,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 96,632,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 25,948,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 26,843,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 20,579,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 23,263,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 38,474,622.00 999.98229638 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 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 A-1 0.00000000 4652.~~46025352~~62961736 ~~791~~695.~~04318605~~49662301 0.~~79104319~~69549662 4652.~~46025352~~62961736 A-2 0.00000000 4247.~~24121003~~84451304 ~~825~~729.~~59917438~~04587496 0.~~82559917~~72904587 4247.~~24121003~~84451304 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 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 X 0.00000000 0.00000000 999.98229638 0.99998230 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 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 A-1 1,025,017,000.00 2.~~01750~~33500% ~~858~~766,~~455~~842,~~263~~114.1253 1,~~587~~591,~~605~~623.7041 0.00 0.00 A-2 415,518,000.00 12.~~86500~~18250% ~~360~~322,~~603~~811,~~300~~940.8523 ~~616~~626,~~481~~255.3916 0.00 0.00 M-1 117,211,000.00 2.~~12500~~44250% 117,211,000.00 ~~228~~254,~~317~~478.2610 0.00 0.00 M-2 96,632,000.00 23.~~71500~~03250% 96,632,000.00 ~~240~~260,~~492~~476.8992 0.00 0.00 M-3 25,948,000.00 23.~~96500~~28250% 25,948,000.00 7075,~~524~~710.50 0.00 0.00 B-1 26,843,000.00 3.~~21500~~53250% 26,843,000.00 7984,~~108~~287.5602 0.00 0.00 B-2 20,579,000.00 3.~~36500~~68250% 20,579,000.00 6367,~~477~~361.6493 0.00 0.00 B-3 23,263,000.00 4.~~36500~~68250% 23,263,000.00 9396,~~081~~825.0878 0.00 0.00 X 38,474,622.00 0.00000% 38,473,940.86 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,789,485,622.00 23,~~979~~057,~~089~~018.0282 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-1 0.00 0.00 1,~~587~~591,~~605~~623.7240 0.00 ~~810~~712,~~832~~895,~~713~~862.4403 A-2 0.00 0.00 ~~616~~626,~~481~~255.4016 0.00 ~~343~~302,~~051~~931,~~317~~683.7487 M-1 0.00 0.00 ~~228~~254,~~317~~478.2610 0.00 117,211,000.00 M-2 0.00 0.00 ~~240~~260,~~492~~476.8992 0.00 96,632,000.00 M-3 0.00 0.00 7075,~~524~~710.50 0.00 25,948,000.00 B-1 0.00 0.00 7984,~~108~~287.5602 0.00 26,843,000.00 B-2 0.00 0.00 6367,~~477~~361.6493 0.00 20,579,000.00 B-3 0.00 0.00 9396,~~081~~825.0878 0.00 23,263,000.00 X 0.00 0.00 65,~~488~~625,~~596~~217.8740 0.00 38,473,940.86 P 0.00 0.00 1,~~181~~139,~~960~~053.0638 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 109,~~649~~821,~~645~~289.9859 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-1 1,025,017,000.00 2.~~01750~~33500% ~~837~~748.~~50343957~~12624037 1.~~54885792~~55277757 0.00000000 0.00000000 A-2 415,518,000.00 12.~~86500~~18250% ~~867~~776.~~84038441~~89038797 1.~~48364545~~50716734 0.00000000 0.00000000 M-1 117,211,000.00 2.~~12500~~44250% 1000.00000000 12.~~94791666~~17111107 0.00000000 0.00000000 M-2 96,632,000.00 23.~~71500~~03250% 1000.00000000 2.~~48875000~~69555551 0.00000000 0.00000000 M-3 25,948,000.00 23.~~96500~~28250% 1000.00000000 2.~~71791660~~91777786 0.00000000 0.00000000 B-1 26,843,000.00 3.~~21500~~53250% 1000.00000000 23.~~94708341~~14000000 0.00000000 0.00000000 B-2 20,579,000.00 3.~~36500~~68250% 1000.00000000 3.~~08458331~~27333350 0.00000000 0.00000000 B-3 23,263,000.00 4.~~36500~~68250% 1000.00000000 4.~~00125005~~16222241 0.00000000 0.00000000 X 38,474,622.00 0.00000% 999.98229638 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 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 A-1 0.00000000 0.00000000 1.~~54885794~~55277756 0.00000000 ~~791~~695.~~04318605~~49662301 A-2 0.00000000 0.00000000 1.~~48364547~~50716734 0.00000000 ~~825~~729.~~59917438~~04587496 M-1 0.00000000 0.00000000 12.~~94791666~~17111107 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~48875000~~69555551 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.~~71791660~~91777786 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 23.~~94708341~~14000000 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 3.~~08458331~~27333350 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 4.~~00125005~~16222241 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~168~~146.~~64614992~~20591724 0.00000000 999.98229638 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 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 7582,~~036~~871,~~834~~213.2272 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(420.0003) Prepayment Penalties 1,~~181~~139,~~960~~053.0638 Total Deposits 7684,~~218~~009,~~794~~847.2807 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~394~~362,~~615~~048.5161 Payment of Interest and Principal 7583,~~824~~647,~~178~~798.7746 Total Withdrawals (Pool Distribution Amount) 7684,~~218~~009,~~794~~847.2807 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~392~~359,~~002~~651.1401 Wells Fargo 2,~~613~~397.3760 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~394~~362,~~615~~048.5161

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 1620 01 0 1621 2,~~311~~692,~~143~~141.7307 0165,085.0023 0.00 2,~~311~~857,~~143~~226.7330 30 Days ~~196~~207 42 02 0 ~~200~~211 2830,~~330~~461,~~306~~221.6273 ~~357~~454,~~317~~827.2483 0316,256.0061 0.00 2831,~~687~~232,~~623~~306.8617 60 Days 4448 3 2324 0 7075 57,~~885~~282,~~593~~088.1011 ~~444~~175,~~839~~928.6434 3,~~352~~812,~~176~~323.5254 0.00 911,~~682~~270,~~609~~339.2699 90 Days 2545 1519 7197 64 ~~117~~165 46,~~437~~496,~~220~~755.4051 12,~~822~~059,~~137~~656.8552 1013,~~578~~355,~~058~~090.6334 ~~873~~393,~~024~~670.7625 1722,~~710~~305,~~441~~172.6462 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 ~~265~~300 3844 94124 64 ~~403~~472 3844,~~653~~240,~~120~~065.1235 45,~~935~~382,~~438~~553.4676 1317,~~930~~648,~~235~~755.1572 ~~873~~393,~~024~~670.7625 5867,~~391~~665,~~818~~045.4908 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.~~162206~~219660% 0.~~000000~~010983% 0.000000% 0.~~162206~~230643% 0.~~153728~~197176% 0.~~000000~~012091% 0.000000% 0.~~153728~~209267% 30 Days 12.~~987024~~273476% 0.~~040552~~021966% 0.~~000000~~021966% 0.000000% 2.~~027575~~317408% 12.~~884417~~231018% 0.~~023767~~033312% 0.~~000000~~023163% 0.000000% 12.~~908184~~287493% 60 Days 0.~~446067~~527183% 0.~~030414~~032949% 0.~~233171~~263591% 0.000000% 0.~~709651~~823723% 0.~~391486~~533349% 0.~~029589~~012885% 0.~~222973~~279219% 0.000000% 0.~~644048~~825454% 90 Days 0.~~253447~~494234% 0.~~152068~~208677% 01.~~719789~~065349% 0.~~060827~~043932% 1.~~186131~~812191% 0.~~295146~~475831% 0.~~121201~~150852% 0.~~703609~~978144% 0.~~058070~~028833% 1.~~178026~~633659% 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 23.~~686537~~294893% 0.~~385239~~483251% 01.~~952960~~361889% 0.~~060827~~043932% 45.~~085564~~183965% 23.~~571048~~240198% 0.~~328285~~394225% 01.~~926583~~292617% 0.~~058070~~028833% 34.~~883986~~955873% ~~(7) Delinquencies are stratified according to the information the Servicer has provided. All 90+ deliquencies are reported in the 90 day deliquency field.~~

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~756~~787,~~209~~381.5376

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~547773~~544846% Weighted Average Net Coupon 7.~~247773~~244846% Weighted Average Pass-Through Rate 7.~~245773~~242846% Weighted Average Maturity(Stepdown Calculation ) ~~348~~346 Beginning Scheduled Collateral Loan Count 109,~~223~~520 Number Of Loans Paid In Full ~~359~~415 Ending Scheduled Collateral Loan Count 9,~~864~~105 Beginning Scheduled Collateral Balance 1,~~568~~438,~~008~~603,~~504~~995.8464 Ending Scheduled Collateral Balance 1,~~502~~364,~~833~~777,~~972~~486.0577 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 1,~~503~~365,~~399~~350,~~273~~673.6494 Monthly P &I Constant 1110,~~144~~233,~~985~~413.1602 Special Servicing Fee 0.00 Prepayment Penalties 1,~~181~~139,~~960~~053.0638 Realized Loss Amount 0420.0003 Cumulative Realized Loss 423,~~236~~156.9180 Ending Scheduled Balance for Premium Loans 1,~~502~~364,~~833~~777,~~972~~486.0577 Scheduled Principal 1,~~282~~188,~~507~~374.7545 Unscheduled Principal 6372,~~892~~638,~~025~~134.0442

Miscellaneous Reporting Credit Enhancement Percentage 2325.~~219461~~568266% Delinquency Trigger Event NO Cumulative Loss Trigger Event NO Trigger Event NO Stepdown NO Total Monthly Excess Spread 65,~~488~~625,~~596~~217.9040 Specified Subordinated Amount 38,473,940.87 Subordinated Deficiency 0.00 Extra Principal Distribution Amount 0420.0003 Subordinated Increase Amount 0420.0003 Excess Subordinated Amount 0.00 Subordinated Reduction Amount 0.00 Subordinated Amount 38,473,940.87 Cap Agreement Payment (Class A-2) 0~~.00~~ Cap Agreement Payment (Class M) 0~~.00~~ Cap Agreement Payment (Class B) 0~~.00~~

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.~~414645~~414881 7.~~581131~~573000 7.~~434136~~432532 Weighted Average Net Rate 7.~~114645~~114881 7.~~281131~~273000 7.~~134136~~132532 Weighted Average Maturity ~~348~~346 ~~348~~346 ~~348~~346 Beginning Loan Count 21,~~041~~952 5,~~593~~135 ~~735~~704 Loans Paid In Full 3456 ~~250~~271 1615 Ending Loan Count 21,~~007~~896 54,~~343~~864 ~~719~~689 Beginning Scheduled Balance ~~289~~273,~~198~~463,~~975~~260.0500 ~~817~~741,~~603~~721,~~720~~135.93 ~~129~~123,~~951~~236,~~044~~995.7781 Ending scheduled Balance ~~283~~264,~~698~~617,~~980~~934.0095 ~~775~~696,~~481~~620,~~166~~095.3037 ~~127~~119,~~418~~613,~~908~~382.5186 Record Date 0810/31/2004 0810/31/2004 0810/31/2004 Principal And Interest Constant 21,~~075~~966,~~493~~697.4915 5,~~786~~248,~~590~~264.9318 ~~925~~878,~~816~~025.0992 Scheduled Principal ~~288~~276,~~570~~949.4418 ~~621~~567,~~289~~385.9160 ~~120~~114,~~754~~723.6649 Unscheduled Principal 58,~~211~~568,~~424~~375.6187 4144,~~501~~533,~~264~~654.7296 23,~~411~~508,~~381~~889.6046 Scheduled Interest 1,~~786~~689,~~923~~747.0597 54,~~165~~680,~~301~~878.0258 ~~805~~763,~~061~~302.43 Servicing Fees 7268,~~299~~365.7481 ~~204~~185,~~400~~430.94 32 30,~~487~~809.7624 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~482~~455.0077 1,~~362~~236.6515 ~~216~~205.5840 FRY Amount 0.00 0.00 0.00 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 1,~~714~~620,~~141~~926.3139 4,~~959~~494,~~537~~212.4311 ~~772~~732,~~357~~287.0979 Realized Loss Amount 0420.0003 0.00 0.00 Cumulative Realized Loss 0420.0003 422,~~236~~058.9178 0677.0099 Percentage of Cumulative Losses 0.~~0000~~0001 0.~~0004~~0023 0.~~0000~~0005 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.~~112645~~112881 7.~~279131~~271000 7.~~132136~~130532

Group Level Collateral Statement Group Group 4 Total Collateral Description Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~626246~~639788 7.~~547773~~544846 Weighted Average Net Rate 7.~~326246~~339788 7.~~247773~~244846 Weighted Average Maturity ~~348~~346 ~~348~~346 Beginning Loan Count 1,~~854~~729 109,~~223~~520 Loans Paid In Full 5973 ~~359~~415 Ending Loan Count 1,~~795~~656 9,~~864~~105 Beginning Scheduled Balance ~~331~~300,~~254~~182,~~764~~603.0990 1,~~568~~438,~~008~~603,~~504~~995.8464 Ending scheduled Balance ~~316~~283,~~234~~926,~~917~~073.2459 1,~~502~~364,~~833~~777,~~972~~486.0577 Record Date 0810/31/2004 0810/31/2004 Principal And Interest Constant 2,~~357~~140,~~084~~425.6577 1110,~~144~~233,~~985~~413.1602 Scheduled Principal ~~251~~229,~~892~~316.7418 1,~~282~~188,~~507~~374.7545 Unscheduled Principal 1416,~~767~~027,~~954~~214.1113 6372,~~892~~638,~~025~~134.0442 Scheduled Interest 21,~~105~~911,~~191~~109.9159 9,~~862~~045,~~477~~038.4157 Servicing Fees 8275,~~813~~045.7064 ~~392~~359,~~002~~651.1401 Master Servicing Fees 0.00 0.00 Trustee Fee ~~552~~500.1428 2,~~613~~397.3760 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 21,~~021~~835,~~826~~563.0767 98,~~467~~682,~~861~~989.9096 Realized Loss Amount 0.00 0420.0003 Cumulative Realized Loss 0.00 423,~~236~~156.9180 Percentage of Cumulative Losses 0.0000 0.~~0002~~0013 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 7.~~324246~~337788 7.~~245773~~242846

Filing Compare · SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST 2004-OP1