8-K 1 own04001_dec.txt DECEMBER 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): December 27, 2004 OWNIT MORTGAGE LOAN TRUST Mortgage Loan Asset-Backed Certificates, Series 2004-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-112231-31 54-2162638 Pooling and Servicing Agreement) (Commission 54-2162639 (State or other File Number) 54-6643827 jurisdiction 54-6643828 of Incorporation) IRS EIN 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 OWNIT MORTGAGE LOAN TRUST, Mortgage Loan Asset-Backed Certificates, Series 2004-1 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 2004-1 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. OWNIT MORTGAGE LOAN TRUST Mortgage Loan Asset-Backed Certificates, Series 2004-1 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: 12/30/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Asset-Backed Certificates, Series 2004-1 Trust, relating to the December 27, 2004 distribution. EX-99.1

OwnIt Mortgage Loan Trust Mortgage Loan Asset-Backed Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~OWNIT~~OwnIt Mortgage Loan Trust Mortgage Loan Asset-Backed Certificates Series: 2004-1 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 691215AR8 RES 2.~~25000~~53500% ~~100~~0.00 0.1700 ~~100~~0.00 A-1A 691215AA5 SEN 2.~~31500~~53500% ~~150~~148,~~668~~786,~~000~~962.0088 ~~271~~324,~~286~~789.1054 12,~~881~~644,~~037~~887.1234 A-1B 691215AB3 SEN 2.~~41000~~63000% 37,~~667~~196,~~000~~740.0072 7084,~~604~~240.7029 ~~470~~661,~~259~~221.2883 A-2 691215AC1 SEN 2.~~34000~~56000% ~~137~~135,~~003~~905,~~000~~761.0062 ~~249~~299,~~345~~596.4670 12,~~097~~602,~~238~~917.3803 M-1 691215AD9 MEZ 2.~~64000~~86000% 30,069,000.00 6174,~~741~~053.6827 0.00 M-2 691215AE7 MEZ 3.~~16000~~38000% 22,761,000.00 5566,~~941~~247.4815 0.00 M-3 691215AF4 MEZ 3.~~26000~~48000% 6,473,000.00 1619,~~412~~397.6542 0.00 B-1 691215AG2 SUB 3.~~76000~~98000% 5,846,000.00 1720,~~096~~035.3054 0.00 B-2 691215AH0 SUB 34.~~81000~~03000% 5,011,000.00 1417,~~849~~389.2656 0.00 B-3 691215AJ6 SUB 5.~~21000~~43000% 3,549,000.00 1416,~~381~~594.3453 0.00 B-4 691215AK3 SUB 5.~~46000~~68000% 2,923,000.00 1214,~~413~~296.0172 0.00 B-5 691215AL1 SUB 5.~~46000~~68000% 3,967,000.00 1619,~~846~~403.5304 0.00 B-6 691215AM9 SUB 5.~~46000~~68000% 2,923,000.00 1214,~~413~~296.0172 0.00 B-7 691215AN7 SUB 5.~~46000~~68000% 2,923,000.00 1214,~~413~~296.0172 0.00 P 691215AP2 SEN 0.00000% 0.00 45147,~~342~~351.1893 0.00 C 691215AQ0 SEN-OC 0.00000% 5,~~853~~846,~~308~~910.4600 1,~~333~~155,~~797~~256.6972 ~~6,398~~0.4600 Totals ~~417~~414,~~636~~181,~~408~~375.4622 2,~~204~~287,~~884~~245.5785 35,~~455~~909,~~033~~026.2420

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 ~~100~~0.1700 0.00 A-1A 0.00 ~~148~~146,~~786~~142,~~962~~075.8854 2,~~152~~969,~~323~~676.2288 0.00 A-1B 0.00 3736,~~196~~535,~~740~~518.7289 ~~540~~745,~~863~~462.9812 0.00 A-2 0.00 ~~135~~133,~~905~~302,~~761~~844.6259 12,~~346~~902,~~583~~513.8473 0.00 M-1 0.00 30,069,000.00 6174,~~741~~053.6827 0.00 M-2 0.00 22,761,000.00 5566,~~941~~247.4815 0.00 M-3 0.00 6,473,000.00 1619,~~412~~397.6542 0.00 B-1 0.00 5,846,000.00 1720,~~096~~035.3054 0.00 B-2 0.00 5,011,000.00 1417,~~849~~389.2656 0.00 B-3 0.00 3,549,000.00 1416,~~381~~594.3453 0.00 B-4 0.00 2,923,000.00 1214,~~413~~296.0172 0.00 B-5 0.00 3,967,000.00 1619,~~846~~403.5304 0.00 B-6 0.00 2,923,000.00 1214,~~413~~296.0172 0.00 B-7 0.00 2,923,000.00 1214,~~413~~296.0172 0.00 P 0.00 0.00 45147,~~342~~351.1893 0.00 C 0.00 5,846,910.00 1,~~340~~155,~~196~~256.1572 0.00 Totals 0.00 ~~414~~408,~~181~~272,~~375~~349.2202 58,~~659~~196,~~917~~272.8105 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-1A 150,668,000.00 ~~150~~148,~~668~~786,~~000~~962.0088 0.00 12,~~881~~644,~~037~~887.1234 0.00 0.00 A-1B 37,667,000.00 37,~~667~~196,~~000~~740.0072 0.00 ~~470~~661,~~259~~221.2883 0.00 0.00 A-2 137,003,000.00 ~~137~~135,~~003~~905,~~000~~761.0062 0.00 12,~~097~~602,~~238~~917.3803 0.00 0.00 M-1 30,069,000.00 30,069,000.00 0.00 0.00 0.00 0.00 M-2 22,761,000.00 22,761,000.00 0.00 0.00 0.00 0.00 M-3 6,473,000.00 6,473,000.00 0.00 0.00 0.00 0.00 B-1 5,846,000.00 5,846,000.00 0.00 0.00 0.00 0.00 B-2 5,011,000.00 5,011,000.00 0.00 0.00 0.00 0.00 B-3 3,549,000.00 3,549,000.00 0.00 0.00 0.00 0.00 B-4 2,923,000.00 2,923,000.00 0.00 0.00 0.00 0.00 B-5 3,967,000.00 3,967,000.00 0.00 0.00 0.00 0.00 B-6 2,923,000.00 2,923,000.00 0.00 0.00 0.00 0.00 B-7 2,923,000.00 2,923,000.00 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 C 5,853,308.46 5,~~853~~846,~~308~~910.4600 0.00 ~~6,398~~0.4600 0.00 0.00 Totals 417,636,408.46 ~~417~~414,~~636~~181,~~408~~375.4622 0.00 35,~~455~~909,~~033~~026.2420 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-1A 12,~~881~~644,~~037~~887.1234 ~~148~~146,~~786~~142,~~962~~075.8854 0.~~98751535~~96996094 12,~~881~~644,~~037~~887.1234 A-1B ~~470~~661,~~259~~221.2883 3736,~~196~~535,~~740~~518.7289 0.~~98751535~~96996094 ~~470~~661,~~259~~221.2883 A-2 12,~~097~~602,~~238~~917.3803 ~~135~~133,~~905~~302,~~761~~844.6259 0.~~99199114~~97299216 12,~~097~~602,~~238~~917.3803 M-1 0.00 30,069,000.00 1.00000000 0.00 M-2 0.00 22,761,000.00 1.00000000 0.00 M-3 0.00 6,473,000.00 1.00000000 0.00 B-1 0.00 5,846,000.00 1.00000000 0.00 B-2 0.00 5,011,000.00 1.00000000 0.00 B-3 0.00 3,549,000.00 1.00000000 0.00 B-4 0.00 2,923,000.00 1.00000000 0.00 B-5 0.00 3,967,000.00 1.00000000 0.00 B-6 0.00 2,923,000.00 1.00000000 0.00 B-7 0.00 2,923,000.00 1.00000000 0.00 P 0.00 0.00 0.00000000 0.00 C ~~6,398~~0.4600 5,846,910.00 0.99890686 ~~6,398~~0.4600 Totals 35,~~455~~909,~~033~~026.2420 ~~414~~408,~~181~~272,~~375~~349.2202 0.~~99172717~~97757844 35,~~455~~909,~~033~~026.2420

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-1A 150,668,000.00 ~~1000~~987.~~00000000~~51535084 0.00000000 1217.~~48464916~~55440664 0.00000000 A-1B 37,667,000.00 ~~1000~~987.~~00000000~~51535084 0.00000000 1217.~~48464916~~55440651 0.00000000 A-2 137,003,000.00 ~~1000~~991.~~00000000~~99113611 0.00000000 818.~~00886389~~99897834 0.00000000 M-1 30,069,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 22,761,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 6,473,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 5,846,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 5,011,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 3,549,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-4 2,923,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-5 3,967,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-6 2,923,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-7 2,923,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 C 5,853,308.46 ~~1000~~998.~~00000000~~90686438 0.00000000 10.~~09313562~~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-1A 0.00000000 1217.~~48464916~~55440664 ~~987~~969.~~51535084~~96094420 0.~~98751535~~96996094 1217.~~48464916~~55440664 A-1B 0.00000000 1217.~~48464916~~55440651 ~~987~~969.~~51535084~~96094433 0.~~98751535~~96996094 1217.~~48464916~~55440651 A-2 0.00000000 818.~~00886389~~99897834 ~~991~~972.~~99113611~~99215776 0.~~99199114~~97299216 818.~~00886389~~99897834 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 B-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00000000 10.~~09313562~~00000000 998.90686438 0.99890686 10.~~09313562~~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 2.~~25000~~53500% ~~100~~0.00 0.1700 0.00 0.00 A-1A 150,668,000.00 2.~~31500~~53500% ~~150~~148,~~668~~786,~~000~~962.0088 ~~271~~324,~~286~~789.1054 0.00 0.00 A-1B 37,667,000.00 2.~~41000~~63000% 37,~~667~~196,~~000~~740.0072 7084,~~604~~240.7029 0.00 0.00 A-2 137,003,000.00 2.~~34000~~56000% ~~137~~135,~~003~~905,~~000~~761.0062 ~~249~~299,~~345~~596.4670 0.00 0.00 M-1 30,069,000.00 2.~~64000~~86000% 30,069,000.00 6174,~~741~~053.6827 0.00 0.00 M-2 22,761,000.00 3.~~16000~~38000% 22,761,000.00 5566,~~941~~247.4815 0.00 0.00 M-3 6,473,000.00 3.~~26000~~48000% 6,473,000.00 1619,~~412~~397.6542 0.00 0.00 B-1 5,846,000.00 3.~~76000~~98000% 5,846,000.00 1720,~~096~~035.3054 0.00 0.00 B-2 5,011,000.00 34.~~81000~~03000% 5,011,000.00 1417,~~849~~389.2656 0.00 0.00 B-3 3,549,000.00 5.~~21000~~43000% 3,549,000.00 1416,~~381~~594.3453 0.00 0.00 B-4 2,923,000.00 5.~~46000~~68000% 2,923,000.00 1214,~~413~~296.0172 0.00 0.00 B-5 3,967,000.00 5.~~46000~~68000% 3,967,000.00 1619,~~846~~403.5304 0.00 0.00 B-6 2,923,000.00 5.~~46000~~68000% 2,923,000.00 1214,~~413~~296.0172 0.00 0.00 B-7 2,923,000.00 5.~~46000~~68000% 2,923,000.00 1214,~~413~~296.0172 0.00 0.00 P 0.00 0.00000% 0.00 0.00 0.00 0.00 C 5,853,308.46 0.00000% 5,~~853~~846,~~308~~910.4600 0.00 0.00 0.00 Totals 417,636,408.46 ~~825~~984,~~744~~637.7020 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 0.1700 0.00 0.00 A-1A 0.00 0.00 ~~271~~324,~~286~~789.1054 0.00 ~~148~~146,~~786~~142,~~962~~075.8854 A-1B 0.00 0.00 7084,~~604~~240.7029 0.00 3736,~~196~~535,~~740~~518.7289 A-2 0.00 0.00 ~~249~~299,~~345~~596.4670 0.00 ~~135~~133,~~905~~302,~~761~~844.6259 M-1 0.00 0.00 6174,~~741~~053.6827 0.00 30,069,000.00 M-2 0.00 0.00 5566,~~941~~247.4815 0.00 22,761,000.00 M-3 0.00 0.00 1619,~~412~~397.6542 0.00 6,473,000.00 B-1 0.00 0.00 1720,~~096~~035.3054 0.00 5,846,000.00 B-2 0.00 0.00 1417,~~849~~389.2656 0.00 5,011,000.00 B-3 0.00 0.00 1416,~~381~~594.3453 0.00 3,549,000.00 B-4 0.00 0.00 1214,~~413~~296.0172 0.00 2,923,000.00 B-5 0.00 0.00 1619,~~846~~403.5304 0.00 3,967,000.00 B-6 0.00 0.00 1214,~~413~~296.0172 0.00 2,923,000.00 B-7 0.00 0.00 1214,~~413~~296.0172 0.00 2,923,000.00 P 0.00 0.00 45147,~~342~~351.1893 0.00 0.00 C 0.00 0.00 1,~~333~~155,~~797~~256.6972 0.00 5,846,910.00 Totals 0.00 0.00 2,~~204~~287,~~884~~245.5785 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 2.~~25000~~53500% ~~1000~~0.00000000 10.~~70000000~~00000000 0.00000000 0.00000000 A-1A 150,668,000.00 2.~~31500~~53500% ~~1000~~987.~~00000000~~51535084 12.~~80055553~~15566371 0.00000000 0.00000000 A-1B 37,667,000.00 2.~~41000~~63000% ~~1000~~987.~~00000000~~51535084 12.~~87444447~~23644808 0.00000000 0.00000000 A-2 137,003,000.00 2.~~34000~~56000% ~~1000~~991.~~00000000~~99113611 12.~~82000000~~18678934 0.00000000 0.00000000 M-1 30,069,000.00 2.~~64000~~86000% 1000.00000000 2.~~05333333~~46277794 0.00000000 0.00000000 M-2 22,761,000.00 3.~~16000~~38000% 1000.00000000 2.~~45777778~~91055534 0.00000000 0.00000000 M-3 6,473,000.00 3.~~26000~~48000% 1000.00000000 2.~~53555538~~99666615 0.00000000 0.00000000 B-1 5,846,000.00 3.~~76000~~98000% 1000.00000000 23.~~92444406~~42722203 0.00000000 0.00000000 B-2 5,011,000.00 34.~~81000~~03000% 1000.00000000 23.~~96333267~~47027739 0.00000000 0.00000000 B-3 3,549,000.00 5.~~21000~~43000% 1000.00000000 4.~~05222316~~67583263 0.00000000 0.00000000 B-4 2,923,000.00 5.~~46000~~68000% 1000.00000000 4.~~24666781~~89111187 0.00000000 0.00000000 B-5 3,967,000.00 5.~~46000~~68000% 1000.00000000 4.~~24666751~~89111167 0.00000000 0.00000000 B-6 2,923,000.00 5.~~46000~~68000% 1000.00000000 4.~~24666781~~89111187 0.00000000 0.00000000 B-7 2,923,000.00 5.~~46000~~68000% 1000.00000000 4.~~24666781~~89111187 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 C 5,853,308.46 0.00000% ~~1000~~998.~~00000000~~90686438 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 10.~~70000000~~00000000 0.00000000 0.00000000 A-1A 0.00000000 0.00000000 12.~~80055553~~15566371 0.00000000 ~~987~~969.~~51535084~~96094420 A-1B 0.00000000 0.00000000 12.~~87444447~~23644808 0.00000000 ~~987~~969.~~51535084~~96094433 A-2 0.00000000 0.00000000 12.~~82000000~~18678934 0.00000000 ~~991~~972.~~99113611~~99215776 M-1 0.00000000 0.00000000 2.~~05333333~~46277794 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~45777778~~91055534 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.~~53555538~~99666615 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 23.~~92444406~~42722203 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 23.~~96333267~~47027739 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 4.~~05222316~~67583263 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 4.~~24666781~~89111187 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 4.~~24666751~~89111167 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 4.~~24666781~~89111187 0.00000000 1000.00000000 B-7 0.00000000 0.00000000 4.~~24666781~~89111187 0.00000000 1000.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00000000 0.00000000 ~~227~~197.~~87073313~~36815989 0.00000000 998.90686438 (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 58,~~836~~224,~~543~~084.2233 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) 0.00 Prepayment Penalties 0147,351.0093 Total Deposits 58,~~836~~371,~~543~~436.2226 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~176~~175,~~625~~164.4121 Payment of Interest and Principal 58,~~659~~196,~~917~~272.8105 Total Withdrawals (Pool Distribution Amount) 58,~~836~~371,~~543~~436.2226 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~174~~172,~~015~~575.1757 Trustee Fee 2,~~610~~588.2464 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~176~~175,~~625~~164.4121

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 2919 02 0 0 2921 42,~~758~~994,~~891~~844.7815 0378,100.00 0.00 0.00 43,~~758~~372,~~891~~944.7815 60 Days 1016 10 0 0 1116 ~~868~~2,~~504~~394,088.5480 ~~108,800~~0.00 0.00 0.00 ~~977~~2,~~304~~394,088.5480 90 Days 05 0 01 0 06 0500,880.0043 0.00 0108,800.00 0.00 0609,680.0043 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 3940 2 1 0 043 40 5,~~627~~889,~~396~~813.3238 ~~108~~378,~~800~~100.00 0108,800.00 0.00 56,~~736~~376,~~196~~713.3238 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% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~139489~~756068% 0.~~000000~~079586% 0.000000% 0.000000% 10.~~139489~~835655% 10.~~148987~~733260% 0.~~000000~~092574% 0.000000% 0.000000% 10.~~148987~~825834% 60 Days 0.~~392927~~636689% 0.~~039293~~000000% 0.000000% 0.000000% 0.~~432220~~636689% 0.~~209692~~586170% 0.~~026269~~000000% 0.000000% 0.000000% 0.~~235961~~586170% 90 Days 0.~~000000~~198965% 0.000000% 0.~~000000~~039793% 0.000000% 0.~~000000~~238758% 0.~~000000~~122636% 0.000000% 0.~~000000~~026639% 0.000000% 0.~~000000~~149275% 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 1.~~532417~~591723% 0.~~039293~~079586% 0.~~000000~~039793% 0.000000% 1.~~571709~~711102% 1.~~358679~~442066% 0.~~026269~~092574% 0.~~000000~~026639% 0.000000% 1.~~384948~~561279%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 1 Fixed 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 74 0 0 0 74 ~~331~~223,~~748~~499.4363 0.00 0.00 0.00 ~~331~~223,~~748~~499.4363 60 Days 5 0 0 0 5 ~~221~~216,~~628~~773.4258 0.00 0.00 0.00 ~~221~~216,~~628~~773.4258 90 Days 02 0 0 0 02 0109,949.0084 0.00 0.00 0.00 0109,949.0084 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 1211 0 0 0 1211 ~~553~~550,~~376~~223.8505 0.00 0.00 0.00 ~~553~~550,~~376~~223.8505 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~988701~~571429% 0.000000% 0.000000% 0.000000% 0.~~988701~~571429% 0.~~693627~~471322% 0.000000% 0.000000% 0.000000% 0.~~693627~~471322% 60 Days 0.~~706215~~714286% 0.000000% 0.000000% 0.000000% 0.~~706215~~714286% 0.~~463386~~457138% 0.000000% 0.000000% 0.000000% 0.~~463386~~457138% 90 Days 0.~~000000~~285714% 0.000000% 0.000000% 0.000000% 0.~~000000~~285714% 0.~~000000~~231865% 0.000000% 0.000000% 0.000000% 0.~~000000~~231865% 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 1.~~694915~~571429% 0.000000% 0.000000% 0.000000% 1.~~694915~~571429% 1.~~157012~~160324% 0.000000% 0.000000% 0.000000% 1.~~157012~~160324% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 1 ARM 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 1913 02 0 0 1915 32,~~737~~513,~~465~~650.3010 0378,100.00 0.00 0.00 32,~~737~~891,~~465~~750.3010 60 Days 48 10 0 0 58 ~~625~~1,~~658~~487,422.8970 ~~108,800~~0.00 0.00 0.00 ~~734~~1,~~458~~487,422.8970 90 Days 02 0 01 0 03 0369,687.0002 0.00 0108,800.00 0.00 0478,487.0002 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 23 2 1 0 026 24 4,~~363~~370,~~124~~759.1982 ~~108~~378,~~800~~100.00 0108,800.00 0.00 4,~~471~~857,~~924~~659.1982 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~903808~~319797% 0.~~000000~~203046% 0.000000% 0.000000% 1.~~903808~~522843% 1.~~950847~~331471% 0.~~000000~~200278% 0.000000% 0.000000% 1.~~950847~~531749% 60 Days 0.~~400802~~812183% 0.~~100200~~000000% 0.000000% 0.000000% 0.~~501002~~812183% 0.~~326576~~787882% 0.~~056790~~000000% 0.000000% 0.000000% 0.~~383366~~787882% 90 Days 0.~~000000~~203046% 0.000000% 0.~~000000~~101523% 0.000000% 0.~~000000~~304569% 0.~~000000~~195822% 0.000000% 0.~~000000~~057631% 0.000000% 0.~~000000~~253453% 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 2.~~304609~~335025% 0.~~100200~~203046% 0.~~000000~~101523% 0.000000% 2.~~404810~~639594% 2.~~277423~~315175% 0.~~056790~~200278% 0.~~000000~~057631% 0.000000% 2.~~334213~~573085% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 2 Fixed 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 21 0 0 0 21 ~~189~~82,~~678~~351.0568 0.00 0.00 0.00 ~~189~~82,~~678~~351.0568 60 Days 12 0 0 0 12 21189,~~217~~892.2352 0.00 0.00 0.00 21189,~~217~~892.2352 90 Days 01 0 0 0 01 021,243.0057 0.00 0.00 0.00 021,243.0057 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 34 0 0 0 34 ~~210~~293,~~895~~487.2877 0.00 0.00 0.00 ~~210~~293,~~895~~487.2877 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~514139~~260417% 0.000000% 0.000000% 0.000000% 0.~~514139~~260417% 0.~~514973~~226319% 0.000000% 0.000000% 0.000000% 0.~~514973~~226319% 60 Days 0.~~257069~~520833% 0.000000% 0.000000% 0.000000% 0.~~257069~~520833% 0.~~057604~~521864% 0.000000% 0.000000% 0.000000% 0.~~057604~~521864% 90 Days 0.~~000000~~260417% 0.000000% 0.000000% 0.000000% 0.~~000000~~260417% 0.~~000000~~058382% 0.000000% 0.000000% 0.000000% 0.~~000000~~058382% 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 01.~~771208~~041667% 0.000000% 0.000000% 0.000000% 01.~~771208~~041667% 0.~~572577~~806565% 0.000000% 0.000000% 0.000000% 0.~~572577~~806565% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp 2 ARM 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 0 0 0 0.00 0.00 0.00 0.00 30 Days 1 0 0 0 1 ~~500~~175,~~000~~342.0074 0.00 0.00 0.00 ~~500~~175,~~000~~342.0074 60 Days 01 0 0 0 01 0500,000.00 0.00 0.00 0.00 0500,000.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 12 0 0 0 12 ~~500~~675,~~000~~342.0074 0.00 0.00 0.00 ~~500~~675,~~000~~342.0074 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~222222~~225225% 0.000000% 0.000000% 0.000000% 0.~~222222~~225225% 0.~~362479~~129086% 0.000000% 0.000000% 0.000000% 0.~~362479~~129086% 60 Days 0.~~000000~~225225% 0.000000% 0.000000% 0.000000% 0.~~000000~~225225% 0.~~000000~~368096% 0.000000% 0.000000% 0.000000% 0.~~000000~~368096% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.~~222222~~450450% 0.000000% 0.000000% 0.000000% 0.~~222222~~450450% 0.~~362479~~497181% 0.000000% 0.000000% 0.000000% 0.~~362479~~497181%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 3438,~~753~~169.5665

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 6.~~712540~~707374% Weighted Average Net Coupon 6.~~212540~~207374% Weighted Average Pass-Through Rate 6.~~205040~~199874% Weighted Average Maturity(Stepdown Calculation ) ~~345~~344 Beginning Scheduled Collateral Loan Count 2,~~567~~545 Number Of Loans Paid In Full 2232 Ending Scheduled Collateral Loan Count 2,~~545~~513 Beginning Scheduled Collateral Balance ~~417~~414,~~636~~181,~~408~~375.4622 Ending Scheduled Collateral Balance ~~414~~408,~~181~~272,~~375~~349.2202 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~414~~408,~~181~~428,~~375~~856.2289 Monthly P &I Constant 2,~~507~~486,~~706~~372.6747 Special Servicing Fee 0.00 Prepayment Penalties 0147,351.0093 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 171,~~539~~314.1350 Unscheduled Principal 35,~~283~~737,~~494~~711.0070

Miscellaneous Reporting Class A-1 Trigger in effect NO Available Funds Cap 76.~~261434~~288650% Principal Distribution 35,~~448~~909,~~634~~026.7820 Overcollateralization 5,846,910.00 Overcollateralization Deficiency 0.00 Overcollateralization Release ~~6,398~~0.4600 Principal Remittance 35,~~455~~909,~~033~~026.2420 Stepdown Date reached NO Rolling 3 month Delinquency Rate 0.~~002360~~004854% Trigger Event in effect NO Target Overcollateralization 5,846,910.00 Extra Principal Distribution 0.00

Group Level Collateral Statement Group Grp 1 Fixed Grp 1 ARM Grp 2 Fixed Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 8.~~376551~~370343 6.~~371582~~365883 8.~~859577~~857539 Weighted Average Net Rate 7.~~876551~~870343 5.~~871582~~865883 8.~~359577~~357539 Weighted Average Maturity ~~345~~344 ~~345~~344 ~~337~~336 Beginning Loan Count ~~716~~708 ~~1,008~~998 ~~390~~389 Loans Paid In Full 8 1013 15 Ending Loan Count ~~708~~700 ~~998~~985 ~~389~~384 Beginning Scheduled Balance 4847,~~352~~828,~~847~~079.0419 ~~193~~191,~~412~~581,~~648~~656.1894 36,~~969~~832,~~013~~640.3504 Ending scheduled Balance 47,~~828~~391,~~079~~561.1988 ~~191~~188,~~581~~712,~~656~~065.9408 36,~~832~~367,~~640~~724.0429 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~369~~365,~~968~~709.4513 1,~~106~~096,~~869~~065.2974 ~~295~~294,~~231~~275.4569 Scheduled Principal 32,~~443~~094.3860 79,~~915~~743.5769 22,~~289~~403.9457 Unscheduled Principal ~~492~~404,~~324~~422.4771 12,~~751~~789,~~075~~848.5617 ~~114~~442,~~083~~512.3718 Scheduled Interest ~~337~~333,~~525~~614.0753 1,~~026~~016,~~953~~322.7205 ~~272~~271,~~941~~872.5112 Servicing Fees 2019,~~147~~928.0237 8079,~~588~~825.6069 15,~~403~~346.7693 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~302~~298.2193 1,~~208~~197.8339 ~~231~~230.0620 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 ~~317~~313,~~075~~387.8423 ~~945~~935,~~156~~298.2997 ~~257~~256,~~306~~294.6999 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.~~869051~~862843 5.~~864082~~858383 8.~~352077~~350039

Group Level Collateral Statement Group Grp 2 ARM Total Collateral Description Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 6.~~036611~~030920 6.~~712540~~707374 Weighted Average Net Rate 5.~~536611~~530920 6.~~212540~~207374 Weighted Average Maturity ~~337~~336 ~~345~~344 Beginning Loan Count ~~453~~450 2,~~567~~545 Loans Paid In Full 36 2232 Ending Loan Count ~~450~~444 2,~~545~~513 Beginning Scheduled Balance ~~138~~137,~~901~~938,~~899~~999.8905 ~~417~~414,~~636~~181,~~408~~375.4622 Ending scheduled Balance ~~137~~135,~~938~~800,~~999~~997.0577 ~~414~~408,~~181~~272,~~375~~349.2202 Record Date 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~735~~730,~~637~~321.4891 2,~~507~~486,~~706~~372.6747 Scheduled Principal 3637,~~890~~072.2464 171,~~539~~314.1350 Unscheduled Principal ~~926~~2,~~010~~100,928.6064 35,~~283~~737,~~494~~711.0070 Scheduled Interest ~~698~~693,~~747~~249.2427 2,~~336~~315,~~167~~057.5497 Servicing Fees 57,~~875~~474.7958 ~~174~~172,~~015~~575.1757 Master Servicing Fees 0.00 0.00 Trustee Fee ~~868~~862.1412 2,~~610~~588.2464 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 ~~640~~634,~~003~~912.3157 2,~~159~~139,~~542~~893.1376 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 5.~~529111~~523420 6.~~205040~~199874

Filing Compare · OWNIT MORTGAGE LOAN TRUST SERIES 2004-1