8-K 1 ffm04fh1_dec.txt DEC. 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): December 27, 2004 FIRST FRANKLIN MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2004-FFH1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-111379-03 Pooling and Servicing Agreement) (Commission 54-2147357 (State or other File Number) 54-2147358 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 December 27, 2004 a distribution was made to holders of FIRST FRANKLIN MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 2004-FFH1 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-FFH1 Trust, relating to the December 27, 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-FFH1 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: 12/31/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-FFH1 Trust, relating to the December 27, 2004 distribution. EX-99.1

First Franklin Mortgage Loan Trust ~~Mortgage~~Asset ~~Pass-Through~~Backed Certificates Record Date: 1011/3130/~~2004~~04 Distribution Date: 1112/2627/~~2004~~04 ~~FFM~~First Franklin Mortgage Loan Trust Asset Backed Certificates Series: 2004-~~FH1~~FFH1 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 2.~~16250~~41000% ~~217~~209,~~022~~160,~~210~~379.3366 ~~417~~434,~~164~~065.9289 78,~~861~~612,~~830~~900.6775 A-2 32027NGM7 SEN 2.~~01250~~26000% ~~115~~104,~~300~~418,~~920~~994.2092 ~~206~~203,~~260~~210.5497 1014,~~881~~325,~~925~~422.2875 A-3 32027NGN5 SEN 2.~~13250~~38000% 199,000,000.00 ~~377~~407,~~215~~839.5644 0.00 A-4 32027NGP0 SEN 2.~~29250~~54000% 31,143,000.00 6368,~~462~~116.5166 0.00 M-1 32027NGQ8 MEZ 2.~~38250~~63000% 25,800,000.00 5458,~~638~~429.6783 0.00 M-2 32027NGR6 MEZ 2.~~43250~~68000% 23,815,000.00 5154,~~493~~959.3273 0.00 M-3 32027NGS4 MEZ 2.~~48250~~73000% 15,877,000.00 3537,~~035~~324.2518 0.00 M-4 32027NGT2 MEZ 23.~~88250~~13000% 13,892,000.00 3537,~~594~~442.3980 0.00 M-5 32027NGU9 MEZ 3.~~03250~~28000% 13,892,000.00 3739,~~446~~237.6618 0.00 M-6 32027NGV7 MEZ 3.~~28250~~53000% 11,908,000.00 3436,~~744~~197.9001 0.00 M-7 32027NGW5 MEZ 3.~~63250~~88000% 11,908,000.00 3839,~~449~~785.6195 0.00 M-8 32027NGX3 MEZ 3.~~73250~~98000% 11,114,000.00 3638,~~873~~090.7815 0.00 M-9 32027NGY1 MEZ 45.~~93250~~18000% 9,526,000.00 4142,~~766~~491.2225 0.00 B 32027NGZ8 SUB 5.~~43250~~68000% 9,129,000.00 44,~~082~~650.9395 0.00 C FFM04FH1C SEN 0.00000% 7,938,425.06 2,~~670~~550,~~179~~680.7703 0.00 P FFM04FH1P SEN 0.00000% 100.00 ~~308~~375,~~949~~821.6152 0.00 R 32027NHA2 RES 0.00000% 0.00 0.00 0.00 Totals ~~717~~698,~~265~~521,~~655~~899.5964 4,~~453~~468,~~358~~343.6454 1822,~~743~~938,~~755~~323.9550

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~209~~200,~~160~~547,~~379~~478.6691 89,~~278~~046,~~995~~966.5964 0.00 A-2 0.00 ~~104~~90,~~418~~093,~~994~~572.9217 1114,~~088~~528,~~185~~633.8272 0.00 A-3 0.00 199,000,000.00 ~~377~~407,~~215~~839.5644 0.00 A-4 0.00 31,143,000.00 6368,~~462~~116.5166 0.00 M-1 0.00 25,800,000.00 5458,~~638~~429.6783 0.00 M-2 0.00 23,815,000.00 5154,~~493~~959.3273 0.00 M-3 0.00 15,877,000.00 3537,~~035~~324.2518 0.00 M-4 0.00 13,892,000.00 3537,~~594~~442.3980 0.00 M-5 0.00 13,892,000.00 3739,~~446~~237.6618 0.00 M-6 0.00 11,908,000.00 3436,~~744~~197.9001 0.00 M-7 0.00 11,908,000.00 3839,~~449~~785.6195 0.00 M-8 0.00 11,114,000.00 3638,~~873~~090.7815 0.00 M-9 0.00 9,526,000.00 4142,~~766~~491.2225 0.00 B 0.00 9,129,000.00 44,~~082~~650.9395 0.00 C 0.00 7,938,425.06 2,~~670~~550,~~179~~680.7703 0.00 P 0.00 100.00 ~~308~~375,~~949~~821.6152 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~698~~675,~~521~~583,~~899~~576.6414 2327,~~197~~406,~~114~~667.5904 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 ~~217~~209,~~022~~160,~~210~~379.3366 ~~164~~161,~~747~~903.9504 78,~~697~~450,~~082~~997.7271 0.00 0.00 A-2 163,600,000.00 ~~115~~104,~~300~~418,~~920~~994.2092 ~~234~~236,~~444~~263.7808 1014,~~647~~089,~~480~~159.5067 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 ~~717~~698,~~265~~521,~~655~~899.5964 ~~399~~398,~~192~~166.7312 1822,~~344~~540,~~563~~157.2238 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 78,~~861~~612,~~830~~900.6775 ~~209~~200,~~160~~547,~~379~~478.6691 0.~~85267175~~81756004 78,~~861~~612,~~830~~900.6775 A-2 1014,~~881~~325,~~925~~422.2875 ~~104~~90,~~418~~093,~~994~~572.9217 0.~~63825792~~55069421 1014,~~881~~325,~~925~~422.2875 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 1822,~~743~~938,~~755~~323.9550 ~~698~~675,~~521~~583,~~899~~576.6414 0.~~87992504~~85102973 1822,~~743~~938,~~755~~323.9550

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 ~~884~~852.~~72160754~~67174749 0.~~67161822~~66002055 3134.~~37824183~~45168247 0.00000000 A-2 163,600,000.00 ~~704~~638.~~77335086~~25791516 1.~~43303655~~44415086 6586.~~08239914~~11955789 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 3235.~~04986005~~11170302 ~~852~~817.~~67174749~~56004448 0.~~85267175~~81756004 3235.~~04986005~~11170302 A-2 0.00000000 6687.~~51543570~~56370874 ~~638~~550.~~25791516~~69420642 0.~~63825792~~55069421 6687.~~51543570~~56370874 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 2.~~16250~~41000% ~~217~~209,~~022~~160,~~210~~379.3366 ~~417~~434,~~164~~065.9289 0.00 0.00 A-2 163,600,000.00 2.~~01250~~26000% ~~115~~104,~~300~~418,~~920~~994.2092 ~~206~~203,~~260~~210.5497 0.00 0.00 A-3 199,000,000.00 2.~~13250~~38000% 199,000,000.00 ~~377~~407,~~215~~839.5644 0.00 0.00 A-4 31,143,000.00 2.~~29250~~54000% 31,143,000.00 6368,~~462~~116.5166 0.00 0.00 M-1 25,800,000.00 2.~~38250~~63000% 25,800,000.00 5458,~~638~~429.6783 0.00 0.00 M-2 23,815,000.00 2.~~43250~~68000% 23,815,000.00 5154,~~493~~959.3273 0.00 0.00 M-3 15,877,000.00 2.~~48250~~73000% 15,877,000.00 3537,~~035~~324.2518 0.00 0.00 M-4 13,892,000.00 23.~~88250~~13000% 13,892,000.00 3537,~~594~~442.3980 0.00 0.00 M-5 13,892,000.00 3.~~03250~~28000% 13,892,000.00 3739,~~446~~237.6618 0.00 0.00 M-6 11,908,000.00 3.~~28250~~53000% 11,908,000.00 3436,~~744~~197.9001 0.00 0.00 M-7 11,908,000.00 3.~~63250~~88000% 11,908,000.00 3839,~~449~~785.6195 0.00 0.00 M-8 11,114,000.00 3.~~73250~~98000% 11,114,000.00 3638,~~873~~090.7815 0.00 0.00 M-9 9,526,000.00 45.~~93250~~18000% 9,526,000.00 4142,~~766~~491.2225 0.00 0.00 B 9,129,000.00 5.~~43250~~68000% 9,129,000.00 44,~~082~~650.9395 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,~~474~~541,~~229~~841.2699 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 ~~417~~434,~~164~~065.9289 0.00 ~~209~~200,~~160~~547,~~379~~478.6691 A-2 0.00 0.00 ~~206~~203,~~260~~210.5497 0.00 ~~104~~90,~~418~~093,~~994~~572.9217 A-3 0.00 0.00 ~~377~~407,~~215~~839.5644 0.00 199,000,000.00 A-4 0.00 0.00 6368,~~462~~116.5166 0.00 31,143,000.00 M-1 0.00 0.00 5458,~~638~~429.6783 0.00 25,800,000.00 M-2 0.00 0.00 5154,~~493~~959.3273 0.00 23,815,000.00 M-3 0.00 0.00 3537,~~035~~324.2518 0.00 15,877,000.00 M-4 0.00 0.00 3537,~~594~~442.3980 0.00 13,892,000.00 M-5 0.00 0.00 3739,~~446~~237.6618 0.00 13,892,000.00 M-6 0.00 0.00 3436,~~744~~197.9001 0.00 11,908,000.00 M-7 0.00 0.00 3839,~~449~~785.6195 0.00 11,908,000.00 M-8 0.00 0.00 3638,~~873~~090.7815 0.00 11,114,000.00 M-9 0.00 0.00 4142,~~766~~491.2225 0.00 9,526,000.00 B 0.00 0.00 44,~~082~~650.9395 0.00 9,129,000.00 C 0.00 0.00 2,~~670~~550,~~179~~680.7703 0.00 7,938,425.06 P 0.00 0.00 ~~308~~375,~~949~~821.6152 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 4,~~453~~468,~~358~~343.6454 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 2.~~16250~~41000% ~~884~~852.~~72160754~~67174749 1.~~70063155~~76953074 0.00000000 0.00000000 A-2 163,600,000.00 2.~~01250~~26000% ~~704~~638.~~77335086~~25791516 1.~~26076125~~24212084 0.00000000 0.00000000 A-3 199,000,000.00 2.~~13250~~38000% 1000.00000000 12.~~89555558~~04944442 0.00000000 0.00000000 A-4 31,143,000.00 2.~~29250~~54000% 1000.00000000 2.~~03777767~~18722217 0.00000000 0.00000000 M-1 25,800,000.00 2.~~38250~~63000% 1000.00000000 2.~~11777791~~26472209 0.00000000 0.00000000 M-2 23,815,000.00 2.~~43250~~68000% 1000.00000000 2.~~16222213~~30777787 0.00000000 0.00000000 M-3 15,877,000.00 2.~~48250~~73000% 1000.00000000 2.~~20666688~~35083328 0.00000000 0.00000000 M-4 13,892,000.00 23.~~88250~~13000% 1000.00000000 2.~~56222214~~69527786 0.00000000 0.00000000 M-5 13,892,000.00 3.~~03250~~28000% 1000.00000000 2.~~69555572~~82444428 0.00000000 0.00000000 M-6 11,908,000.00 3.~~28250~~53000% 1000.00000000 23.~~91777796~~03972204 0.00000000 0.00000000 M-7 11,908,000.00 3.~~63250~~88000% 1000.00000000 3.~~22888898~~34111102 0.00000000 0.00000000 M-8 11,114,000.00 3.~~73250~~98000% 1000.00000000 3.~~31777758~~42722242 0.00000000 0.00000000 M-9 9,526,000.00 45.~~93250~~18000% 1000.00000000 4.~~38444468~~46055532 0.00000000 0.00000000 B 9,129,000.00 5.~~43250~~68000% 1000.00000000 4.~~82888925~~89111075 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.~~70063155~~76953074 0.00000000 ~~852~~817.~~67174749~~56004448 A-2 0.00000000 0.00000000 1.~~26076125~~24212084 0.00000000 ~~638~~550.~~25791516~~69420642 A-3 0.00000000 0.00000000 12.~~89555558~~04944442 0.00000000 1000.00000000 A-4 0.00000000 0.00000000 2.~~03777767~~18722217 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.~~11777791~~26472209 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~16222213~~30777787 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.~~20666688~~35083328 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 2.~~56222214~~69527786 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 2.~~69555572~~82444428 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 23.~~91777796~~03972204 0.00000000 1000.00000000 M-7 0.00000000 0.00000000 3.~~22888898~~34111102 0.00000000 1000.00000000 M-8 0.00000000 0.00000000 3.~~31777758~~42722242 0.00000000 1000.00000000 M-9 0.00000000 0.00000000 4.~~38444468~~46055532 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.~~82888925~~89111075 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~336~~321.~~36220544~~30883841 0.00000000 1000.00239343 P 0.00000000 0.00000000 ~~3089496~~3758215.~~10000000~~20000000 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 2327,~~248~~325,~~240~~097.6677 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) ~~(57,927~~0.~~54)~~00 Prepayment Penalties ~~308~~375,~~949~~821.6152 Total Deposits 2327,~~499~~700,~~262~~919.7329 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~302~~294,~~148~~252.1424 Payment of Interest and Principal 2327,~~197~~406,~~114~~667.5905 Total Withdrawals (Pool Distribution Amount) 2327,~~499~~700,~~262~~919.7329 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~298~~291,~~860~~050.6879 Trustee Fee 3,~~287~~201.4645 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~302~~294,~~148~~252.1424

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 17 0 0 17 2,480,803.15 0.00 0.00 2,480,803.15 30 Days 278 12 2 0 292 37,645,533.70 1,724,348.39 161,534.86 0.00 39,531,416.95 60 Days 73 4 1 0 78 9,807,515.82 504,795.03 80,699.15 0.00 10,393,010.00 90 Days 28 1 12 0 41 3,437,143.09 232,750.00 2,153,662.70 0.00 5,823,555.79 120 Days 2 4 16 0 22 520,914.13 646,545.43 2,006,774.02 0.00 3,174,233.58 150 Days 1 3 8 1 13 70,907.12 267,499.30 1,332,585.21 84,110.20 1,755,101.83 180+ Days 2 8 21 8 39 223,076.79 1,427,900.33 3,091,072.24 1,425,187.89 6,167,237.25 Totals 384 49 60 9 502 51,705,090.65 7,284,641.63 8,826,328.18 1,509,298.09 69,325,358.55 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.~~353504~~363948% 0.000000% 0.000000% 0.~~353504~~363948% 0.~~355150~~367209% 0.000000% 0.000000% 0.~~355150~~367209% 30 Days 5.~~780828~~951616% 0.~~249532~~256904% 0.~~041589~~042817% 0.000000% 6.~~071948~~251338% 5.~~389313~~572299% 0.~~246857~~255238% 0.~~023125~~023910% 0.000000% 5.~~659295~~851447% 60 Days 1.~~517987~~562835% 0.~~083177~~085635% 0.~~020794~~021409% 0.000000% 1.~~621959~~669878% 1.~~404038~~451710% 0.~~072266~~074720% 0.~~011553~~011945% 0.000000% 1.~~487857~~538375% 90 Days 0.~~582242~~599443% 0.~~020794~~021409% 0.~~249532~~256904% 0.000000% 0.~~852568~~877756% 0.~~492059~~508767% 0.~~033320~~034452% 0.~~308317~~318786% 0.000000% 0.~~833697~~862004% 120 Days 0.~~041589~~042817% 0.~~083177~~085635% 0.~~332710~~342539% 0.000000% 0.~~457476~~470991% 0.~~074574~~077106% 0.~~092559~~095702% 0.~~287289~~297043% 0.000000% 0.~~454421~~469851% 150 Days 0.~~020794~~021409% 0.~~062383~~064226% 0.~~166355~~171270% 0.~~020794~~021409% 0.~~270326~~278313% 0.~~010151~~010496% 0.~~038295~~039595% 0.~~190772~~197249% 0.~~012041~~012450% 0.~~251259~~259790% 180+ Days 0.~~041589~~042817% 0.~~166355~~171270% 0.~~436681~~449583% 0.~~166355~~171270% 0.~~810979~~834939% 0.~~031936~~033020% 0.~~204417~~211358% 0.~~442516~~457541% 0.~~204029~~210957% 0.~~882898~~912876% Totals 78.~~985028~~220938% 1.~~018923~~049026% 1.~~247661~~284522% 0.~~187149~~192678% 10.~~438761~~747163% 7.~~402072~~653397% 1.~~042865~~078274% 1.~~263572~~306475% 0.~~216070~~223407% 910.~~924579~~261552%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~353,300~~0.2800

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~536094~~536272% Weighted Average Net Coupon 7.~~036094~~036272% Weighted Average Pass-Through Rate 7.~~030594~~030772% Weighted Average Maturity(Stepdown Calculation ) ~~349~~348 Beginning Scheduled Collateral Loan Count 4,~~911~~809 Number Of Loans Paid In Full ~~102~~138 Ending Scheduled Collateral Loan Count 4,~~809~~671 Beginning Scheduled Collateral Balance ~~717~~698,~~265~~521,~~655~~899.5964 Ending Scheduled Collateral Balance ~~698~~675,~~521~~583,~~899~~576.6414 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~698~~675,~~521~~583,~~899~~576.6414 Monthly P &I Constant 4,~~903~~785,~~677~~041.5198 Special Servicing Fee 0.00 Prepayment Penalties ~~308~~375,~~949~~821.6152 Realized Loss Amount ~~57,927~~0.5400 Cumulative Realized Loss 57,927.54 Ending Scheduled Balance for Premium Loans ~~698~~675,~~521~~583,~~899~~576.6414 Scheduled Principal ~~399~~398,~~192~~166.7312 Unscheduled Principal 1822,~~344~~540,~~563~~157.2238

Miscellaneous Reporting Credit Enhancement Percentage 2122.~~5819~~1610% Excess Cash Amount ~~2,728,107~~0.3100 Extra Principal Distribution ~~57,927~~0.5400 Overcollateralization Amount 7,938,425.06 Overcollateralization Target Amount 7,938,425.06 Overcollateralization Deficiency Amount ~~57,927~~0.5400 Overcollateralization Release Amount 0.00 Overcollateralization Increase Amount ~~57,927~~0.5400 Overcollaterized Reduction Amount 0.00 Trigger Event Not in Trigger Step Down Date Do Not in Stepdown Dividend Account Deposit N/A Dividend Account Withdrawal N/A Dividend Account Balance N/A Soldier Sailor Adjustment 0.00 Cap Payment 0.00 Miscellaneous Bond Adjustment 0101.0050 Next Month A-1 Coupon Rate 2.~~4100~~41750% Next Month A-2 Coupon Rate 2.~~6400~~64750% Next Month A-3 Coupon Rate 23.~~8700~~10750% Next Month A-4 Coupon Rate 3.~~1000~~33750% Next Month M-1 Coupon Rate 3.~~3300~~56750% Next Month M-2 Coupon Rate 3.~~5600~~79750% Next Month M-3 Coupon Rate 34.~~7900~~02750% Next Month M-4 Coupon Rate 4.~~0200~~25750% Next Month M-5 Coupon Rate 4.~~2500~~48750% Next Month M-6 Coupon Rate 4.~~4800~~71750% Next Month M-7 Coupon Rate 4.~~7100~~94750% Next Month M-8 Coupon Rate 45.~~9400~~17750% Next Month M-9 Coupon Rate 5.~~1700~~40750%

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.~~579704~~579610 7.~~508746~~509195 7.~~536094~~536272 Weighted Average Net Rate 7.~~079704~~079610 7.~~008746~~009195 7.~~036094~~036272 Weighted Average Maturity ~~349~~348 ~~349~~348 ~~349~~348 Beginning Loan Count 2,~~068~~018 2,~~843~~791 4,~~911~~809 Loans Paid In Full 5064 5274 ~~102~~138 Ending Loan Count 21,~~018~~954 2,~~791~~717 4,~~809~~671 Beginning Scheduled Balance ~~276~~268,~~443~~605,~~317~~784.9020 ~~440~~429,~~822~~916,~~337~~115.6944 ~~717~~698,~~265~~521,~~655~~899.5964 Ending scheduled Balance ~~268~~259,~~605~~992,~~784~~883.2045 ~~429~~415,~~916~~590,~~115~~692.4469 ~~698~~675,~~521~~583,~~899~~576.6414 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 1,~~910~~858,~~880~~508.1591 2,~~992~~926,~~797~~533.3607 4,~~903~~785,~~677~~041.5198 Scheduled Principal ~~164~~161,~~747~~903.9504 ~~234~~236,~~444~~263.7808 ~~399~~398,~~192~~166.7312 Unscheduled Principal 78,~~672~~450,~~785~~997.7571 1014,~~671~~089,~~777~~159.4767 1822,~~344~~540,~~563~~157.2238 Scheduled Interest 1,~~746~~696,~~132~~605.2087 2,~~758~~690,~~352~~269.5899 4,~~504~~386,~~484~~875.7886 Servicing Fees ~~115~~111,~~184~~919.7004 ~~183~~179,~~675~~131.9875 ~~298~~291,~~860~~050.6879 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 1,~~267~~231.0306 21,~~020~~970.4339 3,~~287~~201.4645 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,~~629~~583,~~680~~455.4777 2,~~572~~509,~~656~~167.1785 4,~~202~~092,~~336~~623.6462 Realized Loss Amount 0.00 ~~57,927~~0.5400 ~~57,927~~0.5400 Cumulative Realized Loss 0.00 57,927.54 57,927.54 Percentage of Cumulative Losses 0.0000 0.0118 0.0073 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.~~074204~~074110 7.~~003246~~003695 7.~~030594~~030772

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