8-K 1 mlm04he2_dec.txt DECEMBER 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 MERRILL LYNCH MORTGAGE INVESTORS, INC. Mortgage Loan Asset-Backed Certificates, Series 2004-HE2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-112231-25 54-2162609 Pooling and Servicing Agreement) (Commission 54-2162610 (State or other File Number) 54-2162611 jurisdiction 54-2162612 of Incorporation) 54-2162613 54-6643819 54-6643820 IRS EIN c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, Maryland 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On December 27, 2004 a distribution was made to holders of MERRILL LYNCH MORTGAGE INVESTORS, INC., Mortgage Loan Asset-Backed Certificates, Series 2004-HE2 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-HE2 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. MERRILL LYNCH MORTGAGE INVESTORS, INC. Mortgage Loan Asset-Backed Certificates, Series 2004-HE2 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: 12/29/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Asset-Backed Certificates, Series 2004-HE2 Trust, relating to the December 27, 2004 distribution. EX-99.1

Merrill Lynch Mortgage Loans, Inc. Mortgage ~~Pass~~Loan Asset-~~Through~~Backed Certificates Record Date: 1011/3130/042004 Distribution Date: 1112/2627/042004 ~~MLM~~Merrill Lynch Mortgage Loans, Inc. Mortgage Loan Asset-Backed Certificates Series: 2004-HE2 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-1A 59020UKU8 SEN 2.~~31000~~58000% ~~192~~187,~~915~~434,~~000~~213.0081 ~~445~~416,~~633~~416.6535 53,~~480~~801,~~786~~475.1923 A-1B 59020UKV6 SEN 2.~~38000~~65000% 12,~~776~~413,~~000~~029.0014 3028,~~406~~325.8884 ~~362~~251,~~970~~756.8672 A-2A 59020UKW4 SEN 2.~~11000~~38000% ~~112~~107,~~974~~130,~~000~~145.0079 ~~238~~219,~~375~~557.1428 54,~~843~~053,~~854~~229.2197 A-2B 59020UKX2 SEN 2.~~29000~~56000% 69,225,000.00 ~~158~~152,~~525~~602.2567 0.00 A-2C 59020UKY0 SEN 2.~~49000~~76000% 23,492,000.00 5855,~~495~~832.0865 0.00 M-1 59020UKZ7 MEZ 2.~~71000~~98000% 35,772,000.00 9691,~~942~~794.1293 0.00 M-2 59020ULA1 MEZ 3.~~31000~~58000% 21,718,000.00 7166,~~886~~951.5877 0.00 M-3 59020ULB9 MEZ 3.~~51000~~78000% 7,665,000.00 2624,~~904~~949.1558 0.00 B-1 59020ULC7 SUB 34.~~96000~~23000% 7,665,000.00 3027,~~353~~919.4076 0.00 B-2 59020ULD5 SUB 45.~~81000~~08000% 7,665,000.00 3633,~~868~~530.6512 0.00 B-3 59020ULE3 SUB 5.~~41000~~68000% 5,110,000.00 2724,~~645~~993.1058 0.00 B-4 59020ULF0 SUB 5.~~66000~~93000% 5,110,000.00 2826,~~922~~093.6065 0.00 C 59020ULP8 SUB 0.00000% 8,~~947~~943,~~104~~098.2958 1,~~517~~532,~~983~~190.6329 ~~4,005~~0.7100 P 59020ULN3 SEN 0.00000% 0.00 88131,~~994~~080.6770 0.00 R 59020ULM5 SEN 2.~~24000~~58000% ~~100~~0.00 0.2200 ~~100~~0.00 Totals ~~511~~499,~~034~~342,~~204~~487.2932 2,~~857~~832,~~937~~239.1217 118,~~691~~106,~~716~~461.9792

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1A 0.00 ~~187~~183,~~434~~632,~~213~~738.8159 54,~~926~~217,~~419~~891.8458 0.00 A-1B 0.00 12,~~413~~161,~~029~~272.1442 ~~393~~280,~~377~~082.7456 0.00 A-2A 0.00 ~~107~~103,~~130~~076,~~145~~915.7981 64,~~082~~272,~~229~~787.3525 0.00 A-2B 0.00 69,225,000.00 ~~158~~152,~~525~~602.2567 0.00 A-2C 0.00 23,492,000.00 5855,~~495~~832.0865 0.00 M-1 0.00 35,772,000.00 9691,~~942~~794.1293 0.00 M-2 0.00 21,718,000.00 7166,~~886~~951.5877 0.00 M-3 0.00 7,665,000.00 2624,~~904~~949.1558 0.00 B-1 0.00 7,665,000.00 3027,~~353~~919.4076 0.00 B-2 0.00 7,665,000.00 3633,~~868~~530.6512 0.00 B-3 0.00 5,110,000.00 2724,~~645~~993.1058 0.00 B-4 0.00 5,110,000.00 2826,~~922~~093.6065 0.00 C 0.00 8,943,098.58 1,~~521~~532,~~989~~190.3429 0.00 P 0.00 0.00 88131,~~994~~080.6770 0.00 R 0.00 0.00 ~~100~~0.2200 0.00 Totals 0.00 ~~499~~491,~~342~~236,~~487~~025.3240 1410,~~549~~938,~~654~~701.09 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-1A 192,915,000.00 ~~192~~187,~~915~~434,~~000~~213.0081 0.00 53,~~480~~801,~~786~~475.1923 0.00 0.00 A-1B 12,776,000.00 12,~~776~~413,~~000~~029.0014 0.00 ~~362~~251,~~970~~756.8672 0.00 0.00 A-2A 112,974,000.00 ~~112~~107,~~974~~130,~~000~~145.0079 0.00 54,~~843~~053,~~854~~229.2197 0.00 0.00 A-2B 69,225,000.00 69,225,000.00 0.00 0.00 0.00 0.00 A-2C 23,492,000.00 23,492,000.00 0.00 0.00 0.00 0.00 M-1 35,772,000.00 35,772,000.00 0.00 0.00 0.00 0.00 M-2 21,718,000.00 21,718,000.00 0.00 0.00 0.00 0.00 M-3 7,665,000.00 7,665,000.00 0.00 0.00 0.00 0.00 B-1 7,665,000.00 7,665,000.00 0.00 0.00 0.00 0.00 B-2 7,665,000.00 7,665,000.00 0.00 0.00 0.00 0.00 B-3 5,110,000.00 5,110,000.00 0.00 0.00 0.00 0.00 B-4 5,110,000.00 5,110,000.00 0.00 0.00 0.00 0.00 C 8,947,104.29 8,~~947~~943,~~104~~098.2958 0.00 ~~4,005~~0.7100 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 R 100.00 ~~100~~0.00 0.00 ~~100~~0.00 0.00 0.00 Totals 511,034,204.29 ~~511~~499,~~034~~342,~~204~~487.2932 0.00 118,~~691~~106,~~716~~461.9792 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-1A 53,~~480~~801,~~786~~475.1923 ~~187~~183,~~434~~632,~~213~~738.8159 0.~~97158963~~95188419 53,~~480~~801,~~786~~475.1923 A-1B ~~362~~251,~~970~~756.8672 12,~~413~~161,~~029~~272.1442 0.~~97158963~~95188419 ~~362~~251,~~970~~756.8672 A-2A 54,~~843~~053,~~854~~229.2197 ~~107~~103,~~130~~076,~~145~~915.7981 0.~~94827257~~91239503 54,~~843~~053,~~854~~229.2197 A-2B 0.00 69,225,000.00 1.00000000 0.00 A-2C 0.00 23,492,000.00 1.00000000 0.00 M-1 0.00 35,772,000.00 1.00000000 0.00 M-2 0.00 21,718,000.00 1.00000000 0.00 M-3 0.00 7,665,000.00 1.00000000 0.00 B-1 0.00 7,665,000.00 1.00000000 0.00 B-2 0.00 7,665,000.00 1.00000000 0.00 B-3 0.00 5,110,000.00 1.00000000 0.00 B-4 0.00 5,110,000.00 1.00000000 0.00 C ~~4,005~~0.7100 8,943,098.58 0.99955229 ~~4,005~~0.7100 P 0.00 0.00 0.00000000 0.00 R ~~100~~0.00 0.00 0.00000000 ~~100~~0.00 Totals 118,~~691~~106,~~716~~461.9792 ~~499~~491,~~342~~236,~~487~~025.3240 0.~~97712146~~96125860 118,~~691~~106,~~716~~461.9792

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1A 192,915,000.00 ~~1000~~971.~~00000000~~58963175 0.00000000 2819.~~41036825~~70544141 0.00000000 A-1B 12,776,000.00 ~~1000~~971.~~00000000~~58963212 0.00000000 2819.~~41036788~~70544145 0.00000000 A-2A 112,974,000.00 ~~1000~~948.~~00000000~~27257413 0.00000000 5135.~~72742587~~87754678 0.00000000 A-2B 69,225,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-2C 23,492,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 35,772,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 21,718,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 7,665,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 7,665,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 7,665,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 5,110,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-4 5,110,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 8,947,104.29 ~~1000~~999.~~00000000~~55228978 0.00000000 0.~~44771022~~00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R 100.00 ~~1000~~0.00000000 0.00000000 ~~1000~~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-1A 0.00000000 2819.~~41036825~~70544141 ~~971~~951.~~58963175~~88419039 0.~~97158963~~95188419 2819.~~41036825~~70544141 A-1B 0.00000000 2819.~~41036788~~70544145 ~~971~~951.~~58963212~~88419067 0.~~97158963~~95188419 2819.~~41036788~~70544145 A-2A 0.00000000 5135.~~72742587~~87754678 ~~948~~912.~~27257413~~39502726 0.~~94827257~~91239503 5135.~~72742587~~87754678 A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-2C 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 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 C 0.00000000 0.~~44771022~~00000000 999.55228978 0.99955229 0.~~44771022~~00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~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-1A 192,915,000.00 2.~~31000~~58000% ~~192~~187,~~915~~434,~~000~~213.0081 ~~445~~416,~~633~~416.6535 0.00 0.00 A-1B 12,776,000.00 2.~~38000~~65000% 12,~~776~~413,~~000~~029.0014 3028,~~406~~325.8884 0.00 0.00 A-2A 112,974,000.00 2.~~11000~~38000% ~~112~~107,~~974~~130,~~000~~145.0079 ~~238~~219,~~375~~557.1428 0.00 0.00 A-2B 69,225,000.00 2.~~29000~~56000% 69,225,000.00 ~~158~~152,~~525~~602.2567 0.00 0.00 A-2C 23,492,000.00 2.~~49000~~76000% 23,492,000.00 5855,~~495~~832.0865 0.00 0.00 M-1 35,772,000.00 2.~~71000~~98000% 35,772,000.00 9691,~~942~~794.1293 0.00 0.00 M-2 21,718,000.00 3.~~31000~~58000% 21,718,000.00 7166,~~886~~951.5877 0.00 0.00 M-3 7,665,000.00 3.~~51000~~78000% 7,665,000.00 2624,~~904~~949.1558 0.00 0.00 B-1 7,665,000.00 34.~~96000~~23000% 7,665,000.00 3027,~~353~~919.4076 0.00 0.00 B-2 7,665,000.00 45.~~81000~~08000% 7,665,000.00 3633,~~868~~530.6512 0.00 0.00 B-3 5,110,000.00 5.~~41000~~68000% 5,110,000.00 2724,~~645~~993.1058 0.00 0.00 B-4 5,110,000.00 5.~~66000~~93000% 5,110,000.00 2826,~~922~~093.6065 0.00 0.00 C 8,947,104.29 0.00000% 8,~~947~~943,~~104~~098.2958 0.00 0.00 0.00 P 0.00 0.00000% ~~511~~499,~~034~~342,~~204~~487.2931 0.00 0.00 0.00 R 100.00 2.~~24000~~58000% ~~100~~0.00 0.2200 0.00 0.00 Totals 511,034,204.29 1,~~250~~168,~~958~~968.8218 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-1A 0.00 0.00 ~~445~~416,~~633~~416.6535 0.00 ~~187~~183,~~434~~632,~~213~~738.8159 A-1B 0.00 0.00 3028,~~406~~325.8884 0.00 12,~~413~~161,~~029~~272.1442 A-2A 0.00 0.00 ~~238~~219,~~375~~557.1428 0.00 ~~107~~103,~~130~~076,~~145~~915.7981 A-2B 0.00 0.00 ~~158~~152,~~525~~602.2567 0.00 69,225,000.00 A-2C 0.00 0.00 5855,~~495~~832.0865 0.00 23,492,000.00 M-1 0.00 0.00 9691,~~942~~794.1293 0.00 35,772,000.00 M-2 0.00 0.00 7166,~~886~~951.5877 0.00 21,718,000.00 M-3 0.00 0.00 2624,~~904~~949.1558 0.00 7,665,000.00 B-1 0.00 0.00 3027,~~353~~919.4076 0.00 7,665,000.00 B-2 0.00 0.00 3633,~~868~~530.6512 0.00 7,665,000.00 B-3 0.00 0.00 2724,~~645~~993.1058 0.00 5,110,000.00 B-4 0.00 0.00 2826,~~922~~093.6065 0.00 5,110,000.00 C 0.00 0.00 1,~~517~~532,~~983~~190.6329 0.00 8,943,098.58 P 0.00 0.00 88131,~~994~~080.6770 0.00 ~~499~~491,~~342~~236,~~487~~025.3139 R 0.00 0.00 0.2200 0.00 0.00 Totals 0.00 0.00 2,~~857~~832,~~937~~239.1217 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-1A 192,915,000.00 2.~~31000~~58000% ~~1000~~971.~~00000000~~58963175 2.~~31000000~~15854832 0.00000000 0.00000000 A-1B 12,776,000.00 2.~~38000~~65000% ~~1000~~971.~~00000000~~58963212 2.~~38000000~~21711334 0.00000000 0.00000000 A-2A 112,974,000.00 2.~~11000~~38000% ~~1000~~948.~~00000000~~27257413 21.~~11000000~~94343194 0.00000000 0.00000000 A-2B 69,225,000.00 2.~~29000~~56000% 1000.00000000 2.~~29000000~~20444449 0.00000000 0.00000000 A-2C 23,492,000.00 2.~~49000~~76000% 1000.00000000 2.~~49000000~~37666652 0.00000000 0.00000000 M-1 35,772,000.00 2.~~71000~~98000% 1000.00000000 2.~~71000000~~56611120 0.00000000 0.00000000 M-2 21,718,000.00 3.~~31000~~58000% 1000.00000000 3.~~31000000~~08277788 0.00000000 0.00000000 M-3 7,665,000.00 3.~~51000~~78000% 1000.00000000 3.~~51000000~~25500065 0.00000000 0.00000000 B-1 7,665,000.00 34.~~96000~~23000% 1000.00000000 3.~~96000000~~64249967 0.00000000 0.00000000 B-2 7,665,000.00 45.~~81000~~08000% 1000.00000000 4.~~81000000~~37444488 0.00000000 0.00000000 B-3 5,110,000.00 5.~~41000~~68000% 1000.00000000 54.~~41000000~~89111155 0.00000000 0.00000000 B-4 5,110,000.00 5.~~66000~~93000% 1000.00000000 5.~~66000000~~10638943 0.00000000 0.00000000 C 8,947,104.29 0.00000% ~~1000~~999.~~00000000~~55228978 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% ~~1000~~977.~~00000000~~12145903 0.00000000 0.00000000 0.00000000 R 100.00 2.~~24000~~58000% ~~1000~~0.00000000 20.~~20000000~~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-1A 0.00000000 0.00000000 2.~~31000000~~15854832 0.00000000 ~~971~~951.~~58963175~~88419039 A-1B 0.00000000 0.00000000 2.~~38000000~~21711334 0.00000000 ~~971~~951.~~58963212~~88419067 A-2A 0.00000000 0.00000000 21.~~11000000~~94343194 0.00000000 ~~948~~912.~~27257413~~39502726 A-2B 0.00000000 0.00000000 2.~~29000000~~20444449 0.00000000 1000.00000000 A-2C 0.00000000 0.00000000 2.~~49000000~~37666652 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.~~71000000~~56611120 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.~~31000000~~08277788 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~51000000~~25500065 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 3.~~96000000~~64249967 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 4.~~81000000~~37444488 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 54.~~41000000~~89111155 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 5.~~66000000~~10638943 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~169~~171.~~66200245~~24985250 0.00000000 999.55228978 P 0.00000000 0.00000000 0.~~17414621~~25650083 0.00000000 ~~977~~961.~~12145903~~25860317 R 0.00000000 0.00000000 20.~~20000000~~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 1410,~~574~~986,~~656~~209.7138 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 98128,~~933~~723.6392 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(320.00) Prepayment Penalties 88131,~~994~~080.6770 Total Deposits 1411,~~762~~245,~~585~~694.0100 Withdrawals Reimbursement for Servicer Advances 098,933.0063 Payment of Service Fee ~~212~~208,~~930~~059.9228 Payment of Interest and Principal 1410,~~549~~938,~~654~~701.09 Total Withdrawals (Pool Distribution Amount) 1411,~~762~~245,~~585~~694.0100 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~212~~208,~~930~~059.9228 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~212~~208,~~930~~059.9228

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 0.00 88131,~~994~~080.6770 88131,~~994~~080.6770 0.00

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 01 0 0 01 0199,176.0094 0.00 0.00 0199,176.0094 30 Days 7590 0 0 0 7590 1115,~~643~~105,~~581~~725.6895 0.00 0.00 0.00 1115,~~643~~105,~~581~~725.6895 60 Days 3230 0 0 0 3230 43,~~528~~834,~~213~~010.3406 0.00 0.00 0.00 43,~~528~~834,~~213~~010.3406 90 Days 28 01 08 0 217 ~~277~~896,~~366~~867.2459 063,450.00 01,022,160.0054 0.00 ~~277~~1,~~366~~982,478.2413 120 Days 0 0 02 0 02 0.00 0.00 0277,366.0024 0.00 0277,366.0024 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 ~~109~~128 02 010 0 ~~109~~140 1619,~~449~~836,~~161~~603.2660 0262,626.0094 01,299,526.0078 0.00 1621,~~449~~398,~~161~~757.2632 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~~033602% 0.000000% 0.000000% 0.~~000000~~033602% 0.~~000000~~040519% 0.000000% 0.000000% 0.~~000000~~040519% 30 Days 23.~~488388~~024194% 0.000000% 0.000000% 0.000000% 23.~~488388~~024194% 23.~~330325~~073008% 0.000000% 0.000000% 0.000000% 23.~~330325~~073008% 60 Days 1.~~061712~~008065% 0.000000% 0.000000% 0.000000% 1.~~061712~~008065% 0.~~906268~~779965% 0.000000% 0.000000% 0.000000% 0.~~906268~~779965% 90 Days 0.~~066357~~268817% 0.~~000000~~033602% 0.~~000000~~268817% 0.000000% 0.~~066357~~571237% 0.~~055512~~182453% 0.~~000000~~012908% 0.~~000000~~207941% 0.000000% 0.~~055512~~403302% 120 Days 0.000000% 0.000000% 0.~~000000~~067204% 0.000000% 0.~~000000~~067204% 0.000000% 0.000000% 0.~~000000~~056426% 0.000000% 0.~~000000~~056426% 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 34.~~616457~~301075% 0.~~000000~~067204% 0.~~000000~~336022% 0.000000% 34.~~616457~~704301% 34.~~292104~~035426% 0.~~000000~~053427% 0.~~000000~~264367% 0.000000% 34.~~292104~~353220%

~~Delinquency~~OTHER ~~Status~~INFORMATION ByCurrent ~~Groups~~Period ~~DELINQUENT~~Class ~~BANKRUPTCY~~A ~~FORECLOSURE~~Insufficient ~~REO~~Funds ~~Total 1 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 11 0 0 0 11 452,048.64 0.00 0.00 0.00 452,048.64 60 Days 8 0 0 0 8 896,069.78 0.00 0.00 0.00 896,069.78 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 19 0 0 0 19 1,348,118.42 0.00 0.00 0.00 1,348,118.42 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.971731% 0.000000% 0.000000% 0.000000% 0.971731% 0.268265% 0.000000% 0.000000% 0.000000% 0.268265% 60 Days 0.706714% 0.000000% 0.000000% 0.000000% 0.706714% 0.531766% 0.000000% 0.000000% 0.000000% 0.531766% 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 1.678445% 0.000000% 0.000000% 0.000000% 1.678445% 0.800030% 0.000000% 0.000000% 0.000000% 0.800030% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance ~~Principal~~of ~~Balance~~Contaminated ~~Principal~~Properties ~~Balance Principal Balance Principal Balance~~ 0~~-29 Days 0 0 0 0 0~~.00 ~~0.00~~Periodic ~~0.00~~Advance ~~0.00 30 Days 64 0 0 0 64 11~~128,~~191,533~~723.04 0.00 0.00 0.00 11,191,533.04 60 Days 24 0 0 0 24 3,632,143.56 0.00 0.00 0.00 3,632,143.56 90 Days 2 0 0 0 2 277,366.24 0.00 0.00 0.00 277,366.24 120 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 90 0 0 0 90 15,101,042.84 0.00 0.00 0.00 15,101,042.84 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 3.400638% 0.000000% 0.000000% 0.000000% 3.400638% 3.379632% 0.000000% 0.000000% 0.000000% 3.379632% 60 Days 1.275239% 0.000000% 0.000000% 0.000000% 1.275239% 1.096839% 0.000000% 0.000000% 0.000000% 1.096839% 90 Days 0.106270% 0.000000% 0.000000% 0.000000% 0.106270% 0.083759% 0.000000% 0.000000% 0.000000% 0.083759% 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 4.782147% 0.000000% 0.000000% 0.000000% 4.782147% 4.560230% 0.000000% 0.000000% 0.000000% 4.560230%92

~~OTHER~~COLLATERAL ~~INFORMATION~~STATEMENT ~~Current~~Collateral ~~Period~~Description ~~Class~~Mixed AFixed ~~Insufficient~~& ~~Funds~~Arm Weighted Average Gross Coupon 6.992181% Weighted Average Net Coupon 6.492181% Weighted Average Pass-Through Rate 6.492085% Weighted Average Maturity(Stepdown Calculation) 350 Beginning Scheduled Collateral Loan Count 3,014 Number Of Loans Paid In Full 38 Ending Scheduled Collateral Loan Count 2,976 Beginning Scheduled Collateral Balance 499,342,487.31 Ending Scheduled Collateral Balance 491,236,025.39 Ending Actual Collateral Balance at 30-Nov-2004 491,561,597.36 Monthly P &I Constant 3,249,767.71 Special Servicing Fee 0.00 Prepayment Penalties 131,080.70 Realized Loss Amount 320.00 Cumulative Realized Loss 320.00 Scheduled Principal ~~Balance~~340,190.07 ofUnscheduled ~~Contaminated~~Principal ~~Properties~~7,766,271.85 Required Overcollateralization Amount 0.00 ~~Periodic~~Overcollateralized ~~Advance~~Increase 98Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 8,~~933~~943,098.6358 Overcollateralized Amount 8,942,778.58 Overcollateralized Deficiency Amount 320.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 320.00 Excess Cash Amount 1,532,190.29

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.001974% Weighted Average Net Coupon 6.501974% Weighted Average Pass-Through Rate 6.501974% Weighted Average Maturity(Stepdown Calculation ) 351 Beginning Scheduled Collateral Loan Count 3,075 Number Of Loans Paid In Full 61 Ending Scheduled Collateral Loan Count 3,014 Beginning Scheduled Collateral Balance 511,034,204.29 Ending Scheduled Collateral Balance 499,342,487.31 Ending Actual Collateral Balance at 31-Oct-2004 499,654,919.81 Monthly P &I Constant 3,327,176.78 Special Servicing Fee 0.00 Prepayment Penalties 88,994.67 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 345,067.08 Unscheduled Principal 11,346,649.90 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 4,005.71 Specified O/C Amount 8,943,098.58 Overcollateralized Amount 8,947,104.29 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1,523,224.37

Filing Compare · MERRILL LYNCH MORTGAGE INVESTORS TRUST, SERIES 2004-HE2