8-K 1 gma04he1_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 GMACM Home Equity Loan Trust Home Equity Loan-Backed Variable Pay Revolving Notes, Series 2004-HE1 New York (governing law of 333-110437-07 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road 21045 Columbia, Maryland (Zip Code) (Address of principal executive offices) 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 GMACM Home Equity Loan Trust, Home Equity Loan-Backed Variable Pay Revolving Notes Series 2004-HE1. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Variable Pay Revolving Notes, Series 2004-HE1, 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. GMACM Home Equity Loan Trust Home Equity Loan-Backed Variable Pay Revolving Notes, Series 2004-HE1 By: Wells Fargo Bank Minnesota, N.A., as Indenture Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 12/02/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Variable Pay Revolving Notes, Series 2004-HE1, relating to the November 26, 2004 distribution.

Home Equity Loan-Backed Term Notes, GMACM Series 2004-HE1 Payment Date 0911/2726/2004 Servicing Certificate Group 1 Beginning Pool Balance 1,~~242~~243,~~900~~818,~~014~~695.9856 Beginning PFA 0.00 Ending Pool Balance 1,~~239~~216,~~608~~767,~~919~~756.3066 Ending PFA Balance - Principal Collections 5453,~~782~~298,~~250~~183.8231 Principal Draws 2520,~~291~~359,~~186~~464.9734 Net Principal Collections - Active Loan Count 32,~~649~~696 Interest Collections 5,~~088~~104,~~031~~287.4145 Additional Mortgage Loans - Revolving Period 265,~~199~~887,~~968~~780.1707 Additional Mortgage Loans - Due to Funding Event 0.00 Net WAC Rate 4.~~51606~~93214% Substitution Adjustment Amount 0.00 Excess Cash 2,~~910~~647,~~851~~436.7734 Beginning Ending Interest Security Term Notes Balance Balance Factor Principal Interest Shortfalls % Coupon Class A-1 595,000,000.00 595,000,000.00 1.0000000 0.00 1,064,388.89 0.00 47.25% 2.013% Class A-2 380,000,000.00 380,000,000.00 1.0000000 0.00 686,533.33 0.00 30.18% 2.033% Class A-3 284,311,000.00 284,311,000.00 1.0000000 0.00 541,454.50 0.00 22.58% 2.143% Variable Pay Revolving Notes 1812,~~574~~556,~~417~~948.2099 159,~~663~~909,~~565~~512.4365 0.~~4745572~~3002274 2,~~910~~647,~~851~~436.773 ~~Certificates~~4 ~~- - - - Interest Security Term Notes Interest Shortfalls % Coupon Class A-1 924~~24,~~481~~248.2586 0.00 470.2579% 12.~~695~~173% ~~Class~~Certificates A-2 ~~597,391.67~~- ~~0.00~~- ~~30.18% 1.715% Class A~~-3 ~~475,628.61~~ 0.00 ~~22.58% 1.825% Variable Pay Revolving Notes 31,584.25 0.00 1.24% 1.855% Certificates 0.00~~ - - - Beginning Overcollateralization Amount (82,~~418~~400,~~134~~666.9170) Overcollateralization Amount Increase (Decrease) 2,~~910~~647,~~851~~436.7734 Outstanding Overcollateralization Amount (5246,~~507,283~~769.~~14)~~64 Target Overcollateralization Amount 10,~~155~~341,~~738~~828.2672 Credit Enhancement Draw Amount 0.00 Unreimbursed Prior Draws 0.00 Number Percent Balance of Loans of Balance Delinquent Loans (30 Days)* 35,~~161~~790,~~063~~415.1511 94152 0.2648% Delinquent Loans (60 Days)* ~~570~~979,~~676~~120.0525 1829 0.0508% Delinquent Loans (90 Days)* ~~138~~510,~~817~~988.6747 613 0.0104% Delinquent Loans (120 Days)* ~~132~~230,~~193~~109.1142 43 0.0102% Delinquent Loans (150 Days)* -89,920.56 02 0.0001% Delinquent Loans (180+ Days)* -186,090.46 03 0.0002% REO - 0 0.00% Bankruptcy ~~781~~1,~~643~~367,092.2280 2540 0.0611% Foreclosures ~~363~~240,666.11 54 0.0302% *Delinquency Figures Do Not include Bankruptcy, Foreclosure, and REO. Liquidation To-Date Beginning Loss Amount 0.00 Current Month Loss Amount 0.00 Current Month Recoveries 0.00 Ending Loss Amount 0.00 0.00% Recovery To-Date Beginning Recovery Amount 0.00 Current Month Recovery Amount 0.00 Ending Recovery Amount 0.00 Special Hazard Fraud Bankruptcy Beginning Amount 0.00 0.00 0.00 Current Month Loss Amount 0.00 0.00 0.00 Ending Amount - - - Extraordinary Event Losses 0.00 Excess Loss Amounts 0.00 Funding Account Beginning Funding Account Balance 2625,~~567~~648,~~267~~586.3173 Deposit to Funding Account 2932,~~491~~938,~~063~~718.8597 Excess Of Draws over Principal Collections 0.00 Payment for Additional Purchases 265,~~199~~887,~~968~~780.1707 Prefunding balance sent to Funding account 0.00 Add Variable Funding Note 0.00 Ending Funding Account Balance as of Payment Date 2952,~~858~~699,~~362~~525.9963 Interest earned for Collection Period ~~992~~8,159.7706 Interest withdrawn related to prior Collection ~~Period 5~~3,~~218~~228.3513 Period Cuurent Month Repurchases Units 0 Cuurent Month Repurchases ($) - Bullet Termination Events Yes/No 1) Term Notes have been downgraded below AAA/Aaa by S&P and Moodys, respectively No 2) Trust failed to receive advance of funds from VPRN holder or failed to issue and sell an additional VPRN No 3) Enhancer Default has occurred and is continuing No 4-A) For 3 consecutive months, the average amount in the Funding Account not used to purchase additional balances or subsequent mortgage loans is greater than 30% of the amount actually used to purchase additional balances or subsequent transfer No loans. No 4-B) For 6 consecutive months, the average amount in the Funding Account not used to purchase additional balances or subsequent mortgage loans is greater than 20% of the amount actually used to purchase additional balances or subsequent transfer No loans. No Funding Event Yes/No Reserve Sub-Account balance is more than $2,000,000, provided that ~~theNote~~the Note Balance of the VPRN has been reduced to zero and the Overcollateralization Target Amount has been met. No

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