8-K 1 ffm04fh1_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 Asset Backed Certificates, Series 2004-FH1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-111379-03 54-2147357 Pooling and Servicing Agreement) (Commission 54-2147358 (State or other File Number) IRS EIN 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 FIRST FRANKLIN MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 2004-FH1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-FH1 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. FIRST FRANKLIN MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2004-FH1 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: 12/6/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-FH1 Trust, relating to the November 26, 2004 distribution. EX-99.1

First Franklin Mortgage Loan Trust ~~Asset~~Mortgage ~~Backed~~Pass-Through Certificates Record Date: 810/31/2004 Distribution Date: 911/2726/2004 FFM Series: 2004-~~FFH1~~FH1 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 32027NGL9 SEN 12.~~84500~~16250% ~~227~~217,~~103~~022,~~077~~210.8033 ~~384~~417,~~088~~164.0892 57,~~037~~861,~~275~~830.7867 A-2 32027NGM7 SEN 12.~~69500~~01250% ~~132~~115,~~630~~300,~~061~~920.7220 206,~~073~~260.9654 710,~~269~~881,~~945~~925.0128 A-3 32027NGN5 SEN 12.~~81500~~13250% 199,000,000.00 ~~331~~377,~~086~~215.2556 0.00 A-4 32027NGP0 SEN 12.~~97500~~29250% 31,143,000.00 5663,~~381~~462.8151 0.00 M-1 32027NGQ8 MEZ 2.~~06500~~38250% 25,800,000.00 4854,~~837~~638.2567 0.00 M-2 32027NGR6 MEZ 2.~~11500~~43250% 23,815,000.00 4651,~~171~~493.3332 0.00 M-3 32027NGS4 MEZ 2.~~16500~~48250% 15,877,000.00 3135,~~509~~035.2325 0.00 M-4 32027NGT2 MEZ 2.~~56500~~88250% 13,892,000.00 3235,~~663~~594.5739 0.00 M-5 32027NGU9 MEZ 23.~~71500~~03250% 13,892,000.00 3437,~~573~~446.7266 0.00 M-6 32027NGV7 MEZ 23.~~96500~~28250% 11,908,000.00 3234,~~364~~744.9590 0.00 M-7 32027NGW5 MEZ 3.~~31500~~63250% 11,908,000.00 3638,~~185~~449.4461 0.00 M-8 32027NGX3 MEZ 3.~~41500~~73250% 11,114,000.00 3436,~~791~~873.4578 0.00 M-9 32027NGY1 MEZ 4.~~61500~~93250% 9,526,000.00 4041,~~298~~766.9522 0.00 B 32027NGZ8 SUB 5.~~11500~~43250% 9,129,000.00 4244,~~803~~082.6093 0.00 C FFM04FH1C SEN 0.00000% 7,938,425.06 32,~~356~~670,~~912~~179.77 0.00 P FFM04FH1P SEN 0.00000% 100.00 ~~203~~308,~~633~~949.4261 0.00 R 32027NHA2 RES 0.00000% 0.00 0.00 0.00 Totals ~~744~~717,~~675~~265,~~664~~655.5859 4,~~918~~453,~~375~~358.7864 1218,~~307~~743,~~220~~755.7995

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~222~~209,~~065~~160,~~802~~379.0266 58,~~421~~278,~~363~~995.8659 0.00 A-2 0.00 ~~125~~104,~~360~~418,~~116~~994.7192 711,~~476~~088,~~018~~185.9782 0.00 A-3 0.00 199,000,000.00 ~~331~~377,~~086~~215.2556 0.00 A-4 0.00 31,143,000.00 5663,~~381~~462.8151 0.00 M-1 0.00 25,800,000.00 4854,~~837~~638.2567 0.00 M-2 0.00 23,815,000.00 4651,~~171~~493.3332 0.00 M-3 0.00 15,877,000.00 3135,~~509~~035.2325 0.00 M-4 0.00 13,892,000.00 3235,~~663~~594.5739 0.00 M-5 0.00 13,892,000.00 3437,~~573~~446.7266 0.00 M-6 0.00 11,908,000.00 3234,~~364~~744.9590 0.00 M-7 0.00 11,908,000.00 3638,~~185~~449.4461 0.00 M-8 0.00 11,114,000.00 3436,~~791~~873.4578 0.00 M-9 0.00 9,526,000.00 4041,~~298~~766.9522 0.00 B 0.00 9,129,000.00 4244,~~803~~082.6093 0.00 C 0.00 7,938,425.06 32,~~356~~670,~~912~~179.77 0.00 P 0.00 100.00 ~~203~~308,~~633~~949.4261 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~732~~698,~~368~~521,~~443~~899.7964 1723,~~225~~197,~~596~~114.5759 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-1 245,300,000.00 ~~227~~217,~~103~~022,~~077~~210.8033 ~~166~~164,~~478~~747.9395 47,~~870~~697,~~796~~082.8572 0.00 0.00 A-2 163,600,000.00 ~~132~~115,~~630~~300,~~061~~920.7220 ~~244~~234,~~559~~444.3778 710,~~025~~647,~~385~~480.6450 0.00 0.00 A-3 199,000,000.00 199,000,000.00 0.00 0.00 0.00 0.00 A-4 31,143,000.00 31,143,000.00 0.00 0.00 0.00 0.00 M-1 25,800,000.00 25,800,000.00 0.00 0.00 0.00 0.00 M-2 23,815,000.00 23,815,000.00 0.00 0.00 0.00 0.00 M-3 15,877,000.00 15,877,000.00 0.00 0.00 0.00 0.00 M-4 13,892,000.00 13,892,000.00 0.00 0.00 0.00 0.00 M-5 13,892,000.00 13,892,000.00 0.00 0.00 0.00 0.00 M-6 11,908,000.00 11,908,000.00 0.00 0.00 0.00 0.00 M-7 11,908,000.00 11,908,000.00 0.00 0.00 0.00 0.00 M-8 11,114,000.00 11,114,000.00 0.00 0.00 0.00 0.00 M-9 9,526,000.00 9,526,000.00 0.00 0.00 0.00 0.00 B 9,129,000.00 9,129,000.00 0.00 0.00 0.00 0.00 C 7,938,406.06 7,938,425.06 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 793,842,506.06 ~~744~~717,~~675~~265,~~664~~655.5859 ~~411~~399,~~038~~192.3073 1118,~~896~~344,~~182~~563.4922 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 57,~~037~~861,~~275~~830.7867 ~~222~~209,~~065~~160,~~802~~379.0266 0.~~90528252~~85267175 57,~~037~~861,~~275~~830.7867 A-2 710,~~269~~881,~~945~~925.0128 ~~125~~104,~~360~~418,~~116~~994.7192 0.~~76625988~~63825792 710,~~269~~881,~~945~~925.0128 A-3 0.00 199,000,000.00 1.00000000 0.00 A-4 0.00 31,143,000.00 1.00000000 0.00 M-1 0.00 25,800,000.00 1.00000000 0.00 M-2 0.00 23,815,000.00 1.00000000 0.00 M-3 0.00 15,877,000.00 1.00000000 0.00 M-4 0.00 13,892,000.00 1.00000000 0.00 M-5 0.00 13,892,000.00 1.00000000 0.00 M-6 0.00 11,908,000.00 1.00000000 0.00 M-7 0.00 11,908,000.00 1.00000000 0.00 M-8 0.00 11,114,000.00 1.00000000 0.00 M-9 0.00 9,526,000.00 1.00000000 0.00 B 0.00 9,129,000.00 1.00000000 0.00 C 0.00 7,938,425.06 1.00000239 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 1218,~~307~~743,~~220~~755.7995 ~~732~~698,~~368~~521,~~443~~899.7964 0.~~92256139~~87992504 1218,~~307~~743,~~220~~755.7995

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 245,300,000.00 ~~925~~884.~~81768365~~72160754 0.~~67867481~~67161822 1931.~~85648940~~37824183 0.00000000 A-2 163,600,000.00 ~~810~~704.~~69719878~~77335086 1.~~49486167~~43303655 4265.~~94245501~~08239914 0.00000000 A-3 199,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-4 31,143,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 25,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 23,815,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 15,877,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 13,892,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 13,892,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 11,908,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-7 11,908,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-8 11,114,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-9 9,526,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 9,129,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 7,938,406.06 1000.00239343 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 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 2032.~~53516421~~04986005 ~~905~~852.~~28251945~~67174749 0.~~90528252~~85267175 2032.~~53516421~~04986005 A-2 0.00000000 4466.~~43731669~~51543570 ~~766~~638.~~25988209~~25791516 0.~~76625988~~63825792 4466.~~43731669~~51543570 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 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 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 1,000.00239343 1.00000239 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 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-1 245,300,000.00 12.~~84500~~16250% ~~227~~217,~~103~~022,~~077~~210.8033 ~~384~~417,~~088~~164.0892 0.00 0.00 A-2 163,600,000.00 12.~~69500~~01250% ~~132~~115,~~630~~300,~~061~~920.7220 206,~~073~~260.9654 0.00 0.00 A-3 199,000,000.00 12.~~81500~~13250% 199,000,000.00 ~~331~~377,~~086~~215.2556 0.00 0.00 A-4 31,143,000.00 12.~~97500~~29250% 31,143,000.00 5663,~~381~~462.8151 0.00 0.00 M-1 25,800,000.00 2.~~06500~~38250% 25,800,000.00 4854,~~837~~638.2567 0.00 0.00 M-2 23,815,000.00 2.~~11500~~43250% 23,815,000.00 4651,~~171~~493.3332 0.00 0.00 M-3 15,877,000.00 2.~~16500~~48250% 15,877,000.00 3135,~~509~~035.2325 0.00 0.00 M-4 13,892,000.00 2.~~56500~~88250% 13,892,000.00 3235,~~663~~594.5739 0.00 0.00 M-5 13,892,000.00 23.~~71500~~03250% 13,892,000.00 3437,~~573~~446.7266 0.00 0.00 M-6 11,908,000.00 23.~~96500~~28250% 11,908,000.00 3234,~~364~~744.9590 0.00 0.00 M-7 11,908,000.00 3.~~31500~~63250% 11,908,000.00 3638,~~185~~449.4461 0.00 0.00 M-8 11,114,000.00 3.~~41500~~73250% 11,114,000.00 3436,~~791~~873.4578 0.00 0.00 M-9 9,526,000.00 4.~~61500~~93250% 9,526,000.00 4041,~~298~~766.9522 0.00 0.00 B 9,129,000.00 5.~~11500~~43250% 9,129,000.00 4244,~~803~~082.6093 0.00 0.00 C 7,938,406.06 0.00000% 7,938,425.06 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 793,842,506.06 1,~~357~~474,~~829~~229.5926 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 ~~384~~417,~~088~~164.0892 0.00 ~~222~~209,~~065~~160,~~802~~379.0266 A-2 0.00 0.00 206,~~073~~260.9654 0.00 ~~125~~104,~~360~~418,~~116~~994.7192 A-3 0.00 0.00 ~~331~~377,~~086~~215.2556 0.00 199,000,000.00 A-4 0.00 0.00 5663,~~381~~462.8151 0.00 31,143,000.00 M-1 0.00 0.00 4854,~~837~~638.2567 0.00 25,800,000.00 M-2 0.00 0.00 4651,~~171~~493.3332 0.00 23,815,000.00 M-3 0.00 0.00 3135,~~509~~035.2325 0.00 15,877,000.00 M-4 0.00 0.00 3235,~~663~~594.5739 0.00 13,892,000.00 M-5 0.00 0.00 3437,~~573~~446.7266 0.00 13,892,000.00 M-6 0.00 0.00 3234,~~364~~744.9590 0.00 11,908,000.00 M-7 0.00 0.00 3638,~~185~~449.4461 0.00 11,908,000.00 M-8 0.00 0.00 3436,~~791~~873.4578 0.00 11,114,000.00 M-9 0.00 0.00 4041,~~298~~766.9522 0.00 9,526,000.00 B 0.00 0.00 4244,~~803~~082.6093 0.00 9,129,000.00 C 0.00 0.00 32,~~356~~670,~~912~~179.77 0.00 7,938,425.06 P 0.00 0.00 ~~203~~308,~~633~~949.4261 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 4,~~918~~453,~~375~~358.7864 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-1 245,300,000.00 12.~~84500~~16250% ~~925~~884.~~81768365~~72160754 1.~~56578916~~70063155 0.00000000 0.00000000 A-2 163,600,000.00 12.~~69500~~01250% ~~810~~704.~~69719878~~77335086 1.~~25962078~~26076125 0.00000000 0.00000000 A-3 199,000,000.00 12.~~81500~~13250% 1000.00000000 1.~~66375000~~89555558 0.00000000 0.00000000 A-4 31,143,000.00 12.~~97500~~29250% 1000.00000000 12.~~81041679~~03777767 0.00000000 0.00000000 M-1 25,800,000.00 2.~~06500~~38250% 1000.00000000 12.~~89291667~~11777791 0.00000000 0.00000000 M-2 23,815,000.00 2.~~11500~~43250% 1000.00000000 12.~~93874995~~16222213 0.00000000 0.00000000 M-3 15,877,000.00 2.~~16500~~48250% 1000.00000000 12.~~98458336~~20666688 0.00000000 0.00000000 M-4 13,892,000.00 2.~~56500~~88250% 1000.00000000 2.~~35125036~~56222214 0.00000000 0.00000000 M-5 13,892,000.00 23.~~71500~~03250% 1000.00000000 2.~~48875036~~69555572 0.00000000 0.00000000 M-6 11,908,000.00 23.~~96500~~28250% 1000.00000000 2.~~71791653~~91777796 0.00000000 0.00000000 M-7 11,908,000.00 3.~~31500~~63250% 1000.00000000 3.~~03875042~~22888898 0.00000000 0.00000000 M-8 11,114,000.00 3.~~41500~~73250% 1000.00000000 3.~~13041659~~31777758 0.00000000 0.00000000 M-9 9,526,000.00 4.~~61500~~93250% 1000.00000000 4.~~23041675~~38444468 0.00000000 0.00000000 B 9,129,000.00 5.~~11500~~43250% 1000.00000000 4.~~68875014~~82888925 0.00000000 0.00000000 C 7,938,406.06 0.00000% 1000.00239343 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 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.~~56578916~~70063155 0.00000000 ~~905~~852.~~28251945~~67174749 A-2 0.00000000 0.00000000 1.~~25962078~~26076125 0.00000000 ~~766~~638.~~25988209~~25791516 A-3 0.00000000 0.00000000 1.~~66375000~~89555558 0.00000000 1000.00000000 A-4 0.00000000 0.00000000 12.~~81041679~~03777767 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 12.~~89291667~~11777791 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 12.~~93874995~~16222213 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 12.~~98458336~~20666688 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 2.~~35125036~~56222214 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 2.~~48875036~~69555572 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 2.~~71791653~~91777796 0.00000000 1000.00000000 M-7 0.00000000 0.00000000 3.~~03875042~~22888898 0.00000000 1000.00000000 M-8 0.00000000 0.00000000 3.~~13041659~~31777758 0.00000000 1000.00000000 M-9 0.00000000 0.00000000 4.~~23041675~~38444468 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.~~68875014~~82888925 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~422~~336.~~86987396~~36220544 0.00000000 1000.00239343 P 0.00000000 0.00000000 ~~2036334~~3089496.~~20000000~~10000000 0.00000000 1000.00000000 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 1723,~~581~~248,~~628~~240.1066 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(57,927.0054) Prepayment Penalties ~~203~~308,~~633~~949.4261 Total Deposits 1723,~~785~~499,~~261~~262.5273 Withdrawals Reimbursement for Servicer Advances ~~245,970~~0.3100 Payment of Service Fee ~~313~~302,~~694~~148.6414 Payment of Interest and Principal 1723,~~225~~197,~~596~~114.5759 Total Withdrawals (Pool Distribution Amount) 1723,~~785~~499,~~261~~262.5273 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~310~~298,~~281~~860.5368 Trustee Fee 3,~~413~~287.1146 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~313~~302,~~694~~148.6414

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 ~~356,597~~0.5000 0.00 0.00 Reserve Fund 1,000.00 ~~356,597~~0.5000 ~~356,597~~0.5000 1,000.00

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 017 0 0 017 02,480,803.0015 0.00 0.00 02,480,803.0015 30 Days ~~236~~278 012 02 0 ~~236~~292 3137,~~433~~645,~~713~~533.1070 01,724,348.0039 0161,534.0086 0.00 3139,~~433~~531,~~713~~416.1095 60 Days 7673 04 01 0 7678 119,~~117~~807,~~956~~515.0782 0504,795.0003 080,699.0015 0.00 1110,~~117~~393,~~956~~010.0700 90 Days 928 321 4212 20 8541 13,~~427~~437,~~092~~143.8409 4232,~~719,586~~750.4400 62,~~591~~153,~~385~~662.6470 ~~187,205~~0.5300 125,~~925~~823,~~270~~555.4579 120 Days 02 04 016 0 022 0520,914.0013 0646,545.0043 02,006,774.0002 0.00 03,174,233.0058 150 Days 01 03 08 01 013 070,907.0012 0267,499.0030 01,332,585.0021 084,110.0020 01,755,101.0083 180+ Days 02 08 021 08 039 0223,076.0079 01,427,900.0033 03,091,072.0024 01,425,187.0089 06,167,237.0025 Totals ~~321~~384 3249 4260 29 ~~397~~502 4351,~~978~~705,~~762~~090.0165 47,~~719~~284,~~586~~641.4463 68,~~591~~826,~~385~~328.6418 ~~187~~1,~~205~~509,298.5309 5569,~~476~~325,~~939~~358.6255 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~000000~~353504% 0.000000% 0.000000% 0.~~000000~~353504% 0.~~000000~~355150% 0.000000% 0.000000% 0.~~000000~~355150% 30 Days 45.~~730407~~780828% 0.~~000000~~249532% 0.~~000000~~041589% 0.000000% 46.~~730407~~071948% 45.~~292063~~389313% 0.~~000000~~246857% 0.~~000000~~023125% 0.000000% 45.~~292063~~659295% 60 Days 1.~~523351~~517987% 0.~~000000~~083177% 0.~~000000~~020794% 0.000000% 1.~~523351~~621959% 1.~~518082~~404038% 0.~~000000~~072266% 0.~~000000~~011553% 0.000000% 1.~~518082~~487857% 90 Days 0.~~180397~~582242% 0.~~641411~~020794% 0.~~841852~~249532% 0.~~040088~~000000% 10.~~703748~~852568% 0.~~194860~~492059% 0.~~644428~~033320% 0.~~900010~~308317% 0.~~025562~~000000% 10.~~764859~~833697% 120 Days 0.~~000000~~041589% 0.~~000000~~083177% 0.~~000000~~332710% 0.000000% 0.~~000000~~457476% 0.~~000000~~074574% 0.~~000000~~092559% 0.~~000000~~287289% 0.000000% 0.~~000000~~454421% 150 Days 0.~~000000~~020794% 0.~~000000~~062383% 0.~~000000~~166355% 0.~~000000~~020794% 0.~~000000~~270326% 0.~~000000~~010151% 0.~~000000~~038295% 0.~~000000~~190772% 0.~~000000~~012041% 0.~~000000~~251259% 180+ Days 0.~~000000~~041589% 0.~~000000~~166355% 0.~~000000~~436681% 0.~~000000~~166355% 0.~~000000~~810979% 0.~~000000~~031936% 0.~~000000~~204417% 0.~~000000~~442516% 0.~~000000~~204029% 0.~~000000~~882898% Totals 67.~~434155~~985028% 01.~~641411~~018923% 01.~~841852~~247661% 0.~~040088~~187149% 710.~~957507~~438761% 67.~~005005~~402072% 01.~~644428~~042865% 01.~~900010~~263572% 0.~~025562~~216070% 79.~~575004~~924579%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0353,300.0028

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~528388~~536094% Weighted Average Net Coupon 7.~~028388~~036094% Weighted Average Pass-Through Rate 7.~~022888~~030594% Weighted Average Maturity(Stepdown Calculation ) ~~351~~349 Beginning Scheduled Collateral Loan Count 54,~~055~~911 Number Of Loans Paid In Full 66102 Ending Scheduled Collateral Loan Count 4,~~989~~809 Beginning Scheduled Collateral Balance ~~744~~717,~~675~~265,~~664~~655.5859 Ending Scheduled Collateral Balance ~~732~~698,~~368~~521,~~443~~899.7964 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 ~~732~~698,~~368~~521,~~443~~899.7964 Monthly P &I Constant 54,~~082~~903,~~877~~677.6951 Special Servicing Fee 0.00 Prepayment Penalties ~~203~~308,~~633~~949.4261 Realized Loss Amount 057,927.0054 Cumulative Realized Loss 057,927.0054 Ending Scheduled Balance for Premium Loans ~~732~~698,~~368~~521,~~443~~899.7964 Scheduled Principal ~~411~~399,~~038~~192.3073 Unscheduled Principal 1118,~~896~~344,~~182~~563.4922

Miscellaneous Reporting Credit Enhancement Percentage 2021.~~7875~~5819% ~~Extra~~Excess ~~Principal~~Cash Amount 02,728,107.0031 ~~Overcollateralization~~Extra ~~Deficiency~~Principal ~~Amount~~Distribution 057,927.0054 Overcollateralization ~~Increase~~ Amount 07,938,425.0006 Overcollateralization Target Amount 7,938,425.06 Overcollateralization Deficiency Amount 57,927.54 Overcollateralization Release Amount 0.00 ~~Target~~ Overcollateralization Increase Amount 757,~~938,425~~927.0654 ~~Step~~Overcollaterized ~~Down~~Reduction ~~Not~~Amount in0.00 ~~Stepdown~~ Trigger Event Not in Trigger Step Down Date Do Not Stepdown Dividend Account Deposit N/A Dividend Account Withdrawal N/A Dividend Account Balance N/A Soldier Sailor Adjustment 0.00 Cap Payment ~~356,597~~0.5000 Miscellaneous Bond Adjustment 0.00 Next Month A-1 Coupon Rate 2.~~07000~~4100% Next Month A-2 Coupon Rate 2.~~30000~~6400% Next Month A-3 Coupon Rate 2.~~53000~~8700% Next Month A-4 Coupon 2Rate 3.~~76000~~1000% Next Month M-1 Coupon 2Rate 3.~~99000~~3300% Next Month M-2 Coupon Rate 3.~~22000~~5600% Next Month M-3 Coupon Rate 3.~~45000~~7900% Next Month M-4 Coupon 3Rate 4.~~68000~~0200% Next Month M-5 Coupon 3Rate 4.~~91000~~2500% Next Month M-6 Coupon Rate 4.~~14000~~4800% Next Month M-7 Coupon Rate 4.~~37000~~7100% Next Month M-8 Coupon Rate 4.~~60000~~9400% Next Month M-9 Coupon ~~4.83000%~~Rate ~~Soldier/Sailor Adjustment 0~~5.001700%

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~577422~~579704 7.~~497722~~508746 7.~~528388~~536094 Weighted Average Net Rate 7.~~077422~~079704 67.~~997722~~008746 7.~~028388~~036094 Weighted Average Maturity ~~351~~349 ~~351~~349 ~~351~~349 Beginning Loan Count 2,~~124~~068 2,~~931~~843 54,~~055~~911 Loans Paid In Full 2750 3952 66102 Ending Loan Count 2,~~097~~018 2,~~892~~791 4,~~989~~809 Beginning Scheduled Balance ~~286~~276,~~524~~443,~~185~~317.3790 ~~458~~440,~~151~~822,~~479~~337.2169 ~~744~~717,~~675~~265,~~664~~655.5859 Ending scheduled Balance ~~281~~268,~~486~~605,~~909~~784.5920 ~~450~~429,~~881~~916,~~534~~115.2044 ~~732~~698,~~368~~521,~~443~~899.7964 Record Date 0810/31/2004 0810/31/2004 0810/31/2004 Principal And Interest Constant 1,~~975~~910,~~741~~880.1815 32,~~107~~992,~~136~~797.5136 54,~~082~~903,~~877~~677.6951 Scheduled Principal ~~166~~164,~~478~~747.9395 ~~244~~234,~~559~~444.3778 ~~411~~399,~~038~~192.3073 Unscheduled Principal 47,~~870~~672,~~796~~785.8575 710,~~025~~671,~~385~~777.6447 1118,~~896~~344,~~182~~563.4922 Scheduled Interest 1,~~809~~746,~~262~~132.2520 2,~~862~~758,~~577~~352.1458 4,~~671~~504,~~839~~484.3978 Servicing Fees ~~119~~115,~~385~~184.1170 ~~190~~183,~~896~~675.4298 ~~310~~298,~~281~~860.5368 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 1,~~313~~267.2003 2,~~099~~020.9143 3,~~413~~287.1146 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,~~688~~629,~~563~~680.9447 2,~~669~~572,~~580~~656.8117 4,~~358~~202,~~144~~336.7564 Realized Loss Amount 0.00 057,927.0054 057,927.0054 Cumulative Realized Loss 0.00 057,927.0054 057,927.0054 Percentage of Cumulative Losses 0.0000 0.~~0000~~0118 0.~~0000~~0073 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.~~071922~~074204 67.~~992222~~003246 7.~~022888~~030594

Filing Compare · FINANCIAL ASSET SEC CORP FIRST FRANK MORT LOAN TR 2004-FFH1