8-K 1 mlm04fm1_nov.txt NOVEMBER 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 26, 2004 MERRILL LYNCH MORTGAGE INVESTORS, INC. Mortgage Loan Asset-Backed Certificates, Series 2004-FM1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-112231-16 54-6636565 Pooling and Servicing Agreement) (Commission 54-6637661 (State or other File Number) 54-6637662 jurisdiction 54-6636566 of Incorporation) IRS EIN c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, Maryland 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 MERRILL LYNCH MORTGAGE INVESTORS, INC., Mortgage Loan Asset-Backed Certificates, Series 2004-FM1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Asset-Backed Certificates, Series 2004-FM1 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. MERRILL LYNCH MORTGAGE INVESTORS, INC. Mortgage Loan Asset-Backed Certificates, Series 2004-FM1 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 Loan Asset-Backed Certificates, Series 2004-FM1 Trust, relating to the November 26, 2004 distribution. EX-99.1

Merrill Lynch Mortgage Loans, Inc. Mortgage Pass-Through Certificates Record Date: 810/31/2004 Distribution Date: 911/2726/2004 MLM Series: 2004-FM1 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 R 59020UGC3 RES 12.~~86875~~23250% ~~100~~0.00 0.2400 ~~100~~0.00 A-1 59020UFS9 SEN 12.~~86875~~23250% ~~150~~136,~~598~~594,~~000~~780.0053 ~~367~~271,~~422~~064.5275 96,~~028~~166,~~604~~380.7948 A2A 59020UFT7 SEN 12.~~85875~~22250% ~~112~~100,~~931~~042,~~000~~941.0065 ~~274~~197,~~049~~640.8139 63,~~991~~652,~~549~~897.7407 A2B 59020UFU4 SEN 2.~~08875~~45250% 11,987,000.00 3226,~~688~~131.3066 0.00 M1 59020UFV2 SUB 2.~~18875~~55250% 25,079,000.00 7156,~~664~~901.1146 0.00 M2 59020UFW0 SUB 23.~~71875~~08250% 18,544,000.00 6550,~~821~~810.5456 0.00 M3 59020UFX8 SUB 23.~~91875~~28250% 6,181,000.00 2318,~~553~~034.2678 0.00 B1 59020UFY6 SUB 3.~~36875~~73250% 6,181,000.00 2720,~~184~~507.6018 0.00 B2 59020UFZ3 SUB 3.~~51875~~88250% 5,298,000.00 2418,~~338~~283.6199 0.00 B3 59020UGA7 SUB 5.~~31875~~68250% 4,415,000.00 3022,~~657~~300.4266 0.00 B4 59020UGB5 SUB 5.~~31875~~68250% 6,181,000.00 4231,~~920~~220.3992 0.00 C 59020UGE9 SUB 0.00000% 5,830,~~566~~565.55 1,~~021~~111,~~121~~501.2365 0.00 P 59020UGD1 SUB 0.00000% 0.00 ~~384~~214,~~511~~701.1217 0.00 Totals ~~353~~326,~~225~~334,~~666~~287.5573 2,~~365~~039,~~933~~099.1517 169,~~020~~819,~~254~~277.5355

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 ~~100~~0.2400 0.00 A-1 0.00 ~~141~~130,~~569~~428,~~395~~400.2105 96,~~396~~437,~~027~~445.3123 0.00 A2A 0.00 ~~105~~96,~~939~~390,~~450~~044.2658 73,~~265~~850,~~599~~537.5546 0.00 A2B 0.00 11,987,000.00 3226,~~688~~131.3066 0.00 M1 0.00 25,079,000.00 7156,~~664~~901.1146 0.00 M2 0.00 18,544,000.00 6550,~~821~~810.5456 0.00 M3 0.00 6,181,000.00 2318,~~553~~034.2678 0.00 B1 0.00 6,181,000.00 2720,~~184~~507.6018 0.00 B2 0.00 5,298,000.00 2418,~~338~~283.6199 0.00 B3 0.00 4,415,000.00 3022,~~657~~300.4266 0.00 B4 0.00 6,181,000.00 4231,~~920~~220.3992 0.00 C 0.00 5,~~830~~828,~~565~~223.5500 1,~~021~~111,~~121~~501.2365 0.00 P 0.00 0.00 ~~384~~214,~~511~~701.1217 0.00 Totals 0.00 ~~337~~316,~~205~~512,~~411~~667.0263 1811,~~386~~858,~~187~~376.6872 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) R 100.00 ~~100~~0.00 0.00 ~~100~~0.00 0.00 0.00 A-1 150,598,000.00 ~~150~~136,~~598~~594,~~000~~780.0053 0.00 96,~~028~~166,~~604~~380.7948 0.00 0.00 A2A 112,931,000.00 ~~112~~100,~~931~~042,~~000~~941.0065 0.00 63,~~991~~652,~~549~~897.7407 0.00 0.00 A2B 11,987,000.00 11,987,000.00 0.00 0.00 0.00 0.00 M1 25,079,000.00 25,079,000.00 0.00 0.00 0.00 0.00 M2 18,544,000.00 18,544,000.00 0.00 0.00 0.00 0.00 M3 6,181,000.00 6,181,000.00 0.00 0.00 0.00 0.00 B1 6,181,000.00 6,181,000.00 0.00 0.00 0.00 0.00 B2 5,298,000.00 5,298,000.00 0.00 0.00 0.00 0.00 B3 4,415,000.00 4,415,000.00 0.00 0.00 0.00 0.00 B4 6,181,000.00 6,181,000.00 0.00 0.00 0.00 0.00 C 5,830,566.55 5,830,~~566~~565.55 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 Totals 353,225,666.55 ~~353~~326,~~225~~334,~~666~~287.5573 0.00 169,~~020~~819,~~254~~277.5355 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 R ~~100~~0.00 0.00 0.00000000 ~~100~~0.00 A-1 96,~~028~~166,~~604~~380.7948 ~~141~~130,~~569~~428,~~395~~400.2105 0.~~94004831~~86606993 96,~~028~~166,~~604~~380.7948 A2A 63,~~991~~652,~~549~~897.7407 ~~105~~96,~~939~~390,~~450~~044.2658 0.~~93809008~~85353043 63,~~991~~652,~~549~~897.7407 A2B 0.00 11,987,000.00 1.00000000 0.00 M1 0.00 25,079,000.00 1.00000000 0.00 M2 0.00 18,544,000.00 1.00000000 0.00 M3 0.00 6,181,000.00 1.00000000 0.00 B1 0.00 6,181,000.00 1.00000000 0.00 B2 0.00 5,298,000.00 1.00000000 0.00 B3 0.00 4,415,000.00 1.00000000 0.00 B4 0.00 6,181,000.00 1.00000000 0.00 C 0.00 5,~~830~~828,~~565~~223.5500 0.~~99999983~~99959806 0.00 P 0.00 0.00 0.00000000 0.00 Totals 169,~~020~~819,~~254~~277.5355 ~~337~~316,~~205~~512,~~411~~667.0263 0.~~95464583~~89606361 169,~~020~~819,~~254~~277.5355

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion R 100.00 ~~1000~~0.00000000 0.00000000 ~~1000~~0.00000000 0.00000000 A-1 150,598,000.00 ~~1000~~907.~~00000000~~01590014 0.00000000 5940.~~95169119~~94596529 0.00000000 A2A 112,931,000.00 ~~1000~~885.~~00000000~~87670037 0.00000000 6132.~~90992500~~34627401 0.00000000 A2B 11,987,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 25,079,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 18,544,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 6,181,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B1 6,181,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B2 5,298,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B3 4,415,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B4 6,181,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 5,830,566.55 ~~1000~~999.~~00000000~~99982849 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution R 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~0.00000000 A-1 0.00000000 5940.~~95169119~~94596529 ~~940~~866.~~04830881~~06993486 0.~~94004831~~86606993 5940.~~95169119~~94596529 A2A 0.00000000 6132.~~90992500~~34627401 ~~938~~853.~~09007500~~53042637 0.~~93809008~~85353043 6132.~~90992500~~34627401 A2B 0.00000000 0.00000000 1,000.00000000 1.00000000 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 B1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 999.~~99982849~~59805793 0.~~99999983~~99959806 0.00000000 P 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 R 100.00 12.~~86875~~23250% ~~100~~0.00 0.2400 0.00 0.00 A-1 150,598,000.00 12.~~86875~~23250% ~~150~~136,~~598~~594,~~000~~780.0053 ~~367~~271,~~422~~064.5275 0.00 0.00 A2A 112,931,000.00 12.~~85875~~22250% ~~112~~100,~~931~~042,~~000~~941.0065 ~~274~~197,~~049~~640.8139 0.00 0.00 A2B 11,987,000.00 2.~~08875~~45250% 11,987,000.00 3226,~~688~~131.3066 0.00 0.00 M1 25,079,000.00 2.~~18875~~55250% 25,079,000.00 7156,~~664~~901.1146 0.00 0.00 M2 18,544,000.00 23.~~71875~~08250% 18,544,000.00 6550,~~821~~810.5456 0.00 0.00 M3 6,181,000.00 23.~~91875~~28250% 6,181,000.00 2318,~~553~~034.2678 0.00 0.00 B1 6,181,000.00 3.~~36875~~73250% 6,181,000.00 2720,~~184~~507.6018 0.00 0.00 B2 5,298,000.00 3.~~51875~~88250% 5,298,000.00 2418,~~338~~283.6199 0.00 0.00 B3 4,415,000.00 5.~~31875~~68250% 4,415,000.00 3022,~~657~~300.4266 0.00 0.00 B4 6,181,000.00 5.~~31875~~68250% 6,181,000.00 4231,~~920~~220.3992 0.00 0.00 C 5,830,566.55 0.00000% 5,830,~~566~~565.55 0.00 0.00 0.00 P 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 353,225,666.55 ~~960~~712,~~300~~896.8035 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 R 0.00 0.00 0.2400 0.00 0.00 A-1 0.00 0.00 ~~367~~271,~~422~~064.5275 0.00 ~~141~~130,~~569~~428,~~395~~400.2105 A2A 0.00 0.00 ~~274~~197,~~049~~640.8139 0.00 ~~105~~96,~~939~~390,~~450~~044.2658 A2B 0.00 0.00 3226,~~688~~131.3066 0.00 11,987,000.00 M1 0.00 0.00 7156,~~664~~901.1146 0.00 25,079,000.00 M2 0.00 0.00 6550,~~821~~810.5456 0.00 18,544,000.00 M3 0.00 0.00 2318,~~553~~034.2678 0.00 6,181,000.00 B1 0.00 0.00 2720,~~184~~507.6018 0.00 6,181,000.00 B2 0.00 0.00 2418,~~338~~283.6199 0.00 5,298,000.00 B3 0.00 0.00 3022,~~657~~300.4266 0.00 4,415,000.00 B4 0.00 0.00 4231,~~920~~220.3992 0.00 6,181,000.00 C 0.00 0.00 1,~~021~~111,~~121~~501.2365 0.00 5,~~830~~828,~~565~~223.5500 P 0.00 0.00 ~~384~~214,~~511~~701.1217 0.00 0.00 Totals 0.00 0.00 2,~~365~~039,~~933~~099.1517 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 R 100.00 12.~~86875~~23250% ~~1000~~0.00000000 20.~~40000000~~00000000 0.00000000 0.00000000 A-1 150,598,000.00 12.~~86875~~23250% ~~1000~~907.~~00000000~~01590014 21.~~43975697~~79992264 0.00000000 0.00000000 A2A 112,931,000.00 12.~~85875~~22250% ~~1000~~885.~~00000000~~87670037 21.~~42670135~~75009864 0.00000000 0.00000000 A2B 11,987,000.00 2.~~08875~~45250% 1000.00000000 2.~~72697923~~18000000 0.00000000 0.00000000 M1 25,079,000.00 2.~~18875~~55250% 1000.00000000 2.~~85753459~~26888871 0.00000000 0.00000000 M2 18,544,000.00 23.~~71875~~08250% 1000.00000000 32.~~54947908~~74000000 0.00000000 0.00000000 M3 6,181,000.00 23.~~91875~~28250% 1000.00000000 32.~~81059052~~91777706 0.00000000 0.00000000 B1 6,181,000.00 3.~~36875~~73250% 1000.00000000 43.~~39809092~~31777706 0.00000000 0.00000000 B2 5,298,000.00 3.~~51875~~88250% 1000.00000000 43.~~59392412~~45111174 0.00000000 0.00000000 B3 4,415,000.00 5.~~31875~~68250% 1000.00000000 65.~~94392299~~05111212 0.00000000 0.00000000 B4 6,181,000.00 5.~~31875~~68250% 1000.00000000 65.~~94392331~~05111147 0.00000000 0.00000000 C 5,830,566.55 0.00000% ~~1000~~999.~~00000000~~99982849 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 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 R 0.00000000 0.00000000 20.~~40000000~~00000000 0.00000000 0.00000000 A-1 0.00000000 0.00000000 21.~~43975697~~79992264 0.00000000 ~~940~~866.~~04830881~~06993486 A2A 0.00000000 0.00000000 21.~~42670135~~75009864 0.00000000 ~~938~~853.~~09007500~~53042637 A2B 0.00000000 0.00000000 2.~~72697923~~18000000 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.~~85753459~~26888871 0.00000000 1000.00000000 M2 0.00000000 0.00000000 32.~~54947908~~74000000 0.00000000 1000.00000000 M3 0.00000000 0.00000000 32.~~81059052~~91777706 0.00000000 1000.00000000 B1 0.00000000 0.00000000 43.~~39809092~~31777706 0.00000000 1000.00000000 B2 0.00000000 0.00000000 43.~~59392412~~45111174 0.00000000 1000.00000000 B3 0.00000000 0.00000000 65.~~94392299~~05111212 0.00000000 1000.00000000 B4 0.00000000 0.00000000 65.~~94392331~~05111147 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~175~~190.~~13242002~~63355859 0.00000000 999.~~99982849~~59805793 P 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 1811,~~494~~762,~~913~~171.6799 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 38100,~~451~~015.3615 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0214,701.0017 Total Deposits 1812,~~533~~076,~~365~~888.0331 Withdrawals Reimbursement for Servicer Advances 082,538.0097 Payment of Service Fee ~~147~~135,~~177~~972.3562 Payment of Interest and Principal 1811,~~386~~858,~~187~~376.6872 Total Withdrawals (Pool Distribution Amount) 1812,~~533~~076,~~365~~888.0331 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~147~~135,~~177~~972.3562 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~147~~135,~~177~~972.3562

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 7 0 0 7 1853,~~058,079~~453.4034 0.00 0.00 1853,~~058,079~~453.4034 30 Days 3256 01 0 0 3257 39,~~956~~479,~~893~~499.8730 0395,098.0066 0.00 0.00 39,~~956~~874,~~893~~597.8796 60 Days 1221 0 0 0 1221 13,~~178~~243,~~163~~002.0198 0.00 0.00 0.00 13,~~178~~243,~~163~~002.0198 90 Days 21 0 07 0 28 ~~602~~28,~~716~~238.7717 0.00 01,248,674.0094 0.00 ~~602~~1,~~716~~276,913.7711 120 Days 02 0 02 0 04 0100,766.0071 0.00 0190,809.0025 0.00 0291,575.0096 150 Days 0 0 02 0 02 0.00 0.00 0502,918.0072 0.00 0502,918.0072 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 4680 78 011 0 5399 512,~~737~~851,~~773~~507.6516 1,~~058~~248,~~079~~552.4000 01,942,402.0091 0.00 616,~~795~~042,~~853~~462.0507 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.~~353893~~377358% 0.000000% 0.000000% 0.~~353893~~377358% 0.~~313554~~269428% 0.000000% 0.000000% 0.~~313554~~269428% 30 Days 13.~~617796~~018868% 0.~~000000~~053908% 0.000000% 0.000000% 13.~~617796~~072776% 12.~~172597~~992594% 0.~~000000~~124729% 0.000000% 0.000000% 13.~~172597~~117324% 60 Days 01.~~606673~~132075% 0.000000% 0.000000% 0.000000% 01.~~606673~~132075% 01.~~349140~~023787% 0.000000% 0.000000% 0.000000% 01.~~349140~~023787% 90 Days 0.~~101112~~053908% 0.000000% 0.~~000000~~377358% 0.000000% 0.~~101112~~431267% 0.~~178611~~008915% 0.000000% 0.~~000000~~394196% 0.000000% 0.~~178611~~403110% 120 Days 0.~~000000~~107817% 0.000000% 0.~~000000~~107817% 0.000000% 0.~~000000~~215633% 0.~~000000~~031811% 0.000000% 0.~~000000~~060237% 0.000000% 0.~~000000~~092048% 150 Days 0.000000% 0.000000% 0.~~000000~~107817% 0.000000% 0.~~000000~~107817% 0.000000% 0.000000% 0.~~000000~~158767% 0.000000% 0.~~000000~~158767% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 24.~~325581~~312668% 0.~~353893~~431267% 0.~~000000~~592992% 0.000000% 25.~~679474~~336927% 14.~~700348~~057108% 0.~~313554~~394157% 0.~~000000~~613199% 0.000000% 25.~~013902~~064464%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 38100,~~451~~015.3615

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~231470~~200174% Weighted Average Net Coupon 6.~~731470~~700174% Weighted Average Pass-Through Rate 6.~~731409~~700082% Weighted Average Maturity (Stepdown Calculation ) ~~343~~341 Beginning Scheduled Collateral Loan Count 21,~~075~~917 Number Of Loans Paid In Full 9762 Ending Scheduled Collateral Loan Count 1,~~978~~855 Beginning Scheduled Collateral Balance ~~353~~326,~~225~~334,~~666~~287.5573 Ending Scheduled Collateral Balance ~~337~~316,~~205~~512,~~411~~667.0263 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 ~~337~~316,~~447~~765,~~022~~257.7249 Monthly P &I Constant 2,~~386~~198,~~530~~931.5894 Special Servicing Fee 0.00 Prepayment Penalties 0214,701.0017 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~257~~240,~~913~~878.1398 Unscheduled Principal 159,~~762~~580,~~341~~741.4012 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 2,342.07 Specified O/C Amount 5,828,223.48 Overcollateralized Amount 5,~~830~~828,~~565~~223.5500 Overcollateralized Deficiency Amount 0.0048 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0(2,342.0055) Excess Cash Amount 1,~~021~~109,~~121~~159.2310

Group Level Collateral Statement Group Group A Group A Group B Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.~~733691~~692746 7.~~200702~~197490 7.~~922952~~788158 Weighted Average Net Rate 7.~~233691~~192746 6.~~700702~~697490 7.~~422952~~288158 Weighted Average Maturity ~~343~~341 341 343 ~~345~~ Beginning Loan Count ~~597~~549 ~~706~~659 ~~235~~210 Loans Paid In Full 2820 3322 169 Ending Loan Count ~~569~~529 ~~673~~637 ~~219~~201 Beginning Scheduled Balance 5753,~~788~~173,~~238~~559.6747 ~~135~~125,~~285~~897,~~874~~234.2801 3331,~~643~~383,~~729~~193.2850 Ending scheduled Balance 5551,~~251~~578,~~000~~471.7385 ~~128~~121,~~794~~324,~~407~~470.4306 3229,~~365~~984,~~203~~955.5814 Record Date 0810/31/2004 0810/31/2004 0810/31/2004 Principal And Interest Constant ~~439~~404,~~405~~033.8754 ~~906~~844,~~842~~009.6233 ~~258~~237,~~432~~962.9980 Scheduled Principal 6663,~~975~~157.5598 9588,~~048~~889.2326 3634,~~301~~281.6075 Unscheduled Principal 21,~~470~~531,~~262~~929.3964 64,~~396~~483,~~418~~874.6269 1,~~242~~363,~~224~~956.1061 Scheduled Interest ~~372~~340,~~430~~875.3256 ~~811~~755,~~794~~120.3907 ~~222~~203,~~131~~681.3905 Servicing Fees 2422,~~078~~155.4365 5652,~~369~~457.1118 1413,~~018~~076.2233 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 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 ~~348~~318,~~351~~719.8991 ~~755~~702,~~425~~662.2889 ~~208~~190,~~113~~604.1772 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 7.192746 6.697490 7.288158

Group Level Collateral Statement Group Group B Total Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 6.~~851067~~817824 7.~~231470~~200174 Weighted Average Net Rate 6.~~351067~~317824 6.~~731470~~700174 Weighted Average Maturity ~~345~~ 343 341 Beginning Loan Count ~~537~~499 21,~~075~~917 Loans Paid In Full 2011 9762 Ending Loan Count ~~517~~488 1,~~978~~855 Beginning Scheduled Balance ~~126~~115,~~507~~880,~~823~~300.3275 ~~353~~326,~~225~~334,~~665~~287.5573 Ending scheduled Balance ~~120~~113,~~794~~624,~~799~~770.2858 ~~337~~316,~~205~~512,~~411~~667.0263 Record Date 0810/31/2004 0810/31/2004 Principal And Interest Constant ~~781~~712,~~849~~926.1027 2,~~386~~198,~~530~~931.5894 Scheduled Principal 5954,~~587~~549.7599 ~~257~~240,~~913~~878.1398 Unscheduled Principal 52,~~653~~200,~~436~~980.2918 159,~~762~~580,~~341~~741.4012 Scheduled Interest ~~722~~658,~~261~~376.3528 21,~~128~~958,~~617~~052.4596 Servicing Fees 5248,~~711~~283.5946 ~~147~~135,~~177~~972.3562 Master Servicing Fees 0.00 0.00 Trustee Fee 0.00 0.00 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 ~~669~~610,~~549~~092.7682 1,~~981~~822,~~440~~080.1034 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.317824 6.700082

Filing Compare · MERRILL LYNCH MORTGAGE INVESTORS TRUST SERIES 2004-FM1