8-K 1 ace05sn1_10505.txt 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): May 25, 2005 ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-119047-08 54-2169419 Pooling and Servicing Agreement) (Commission 54-2169420 (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 May 25, 2005 a distribution was made to holders of ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust, relating to the May 25, 2005 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. ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 5/26/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust, relating to the May 25, 2005 distribution. EX-99.1

ACE Securities Corporation ~~Mortgage~~Asset ~~Loan~~Backed Pass-Through Certificates Record Date: 34/3129/2005 Distribution Date: 45/25/2005 ACE Securities Corporation ~~Mortgage~~Asset ~~Loan~~Backed Pass-Through Certificates Series ACE 2005-SN1 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 004421MQ3 SEN 4.25000% 9792,~~031~~299,~~000~~862.0054 ~~343~~326,~~651~~895.4635 4,~~731~~507,~~137~~028.4674 A-2 004421MV2 SEN 5.13000% 58,680,000.00 250,857.00 0.00 M-1 004421MR1 MEZ 5.52000% 4,543,000.00 20,897.80 0.00 M-2 004421MS9 MEZ 5.77000% 2,478,000.00 11,915.05 0.00 M-3 004421MT7 MEZ 6.00000% 1,239,000.00 6,195.00 0.00 M-4 004421MU4 MEZ 6.00000% 1,239,000.00 6,195.00 0.00 CE-1 A05SN1CE1 SEN 0.00000% 69311,990.1913 0.00 0.00 CE-2 A05SN1CE2 SEN 0.00000% 0.00 8,~~889~~620.3991 0.00 R ACE05SN1R SEN 0.00000% 0.00 0.00 0.00 Totals ~~165~~160,~~210~~790,~~069~~852.1967 ~~648~~631,~~600~~576.7011 4,~~731~~507,~~137~~028.4674

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 9287,~~299~~792,~~862~~833.5480 54,~~074~~833,~~788~~924.9209 0.00 A-2 0.00 58,680,000.00 250,857.00 0.00 M-1 0.00 4,543,000.00 20,897.80 0.00 M-2 0.00 2,478,000.00 11,915.05 0.00 M-3 0.00 1,239,000.00 6,195.00 0.00 M-4 0.00 1,239,000.00 6,195.00 0.00 CE-1 0.00 ~~311~~598,~~990~~054.1360 0.00 0.00 CE-2 0.00 0.00 8,~~889~~620.3991 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~160~~156,~~790~~569,~~852~~888.6740 5,~~379~~138,~~738~~604.1685 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 97,031,000.00 9792,~~031~~299,~~000~~862.0054 0.00 4,~~731~~507,~~137~~028.4674 0.00 0.00 A-2 58,680,000.00 58,680,000.00 0.00 0.00 0.00 0.00 M-1 4,543,000.00 4,543,000.00 0.00 0.00 0.00 0.00 M-2 2,478,000.00 2,478,000.00 0.00 0.00 0.00 0.00 M-3 1,239,000.00 1,239,000.00 0.00 0.00 0.00 0.00 M-4 1,239,000.00 1,239,000.00 0.00 0.00 0.00 0.00 CE-1 69.19 69311,990.1913 0.00 0.00 0.00 0.00 CE-2 0.00 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 165,210,069.19 ~~165~~160,~~210~~790,~~069~~852.1967 0.00 4,~~731~~507,~~137~~028.4674 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 4,~~731~~507,~~137~~028.4674 9287,~~299~~792,~~862~~833.5480 0.~~95124097~~90479160 4,~~731~~507,~~137~~028.4674 A-2 0.00 58,680,000.00 1.00000000 0.00 M-1 0.00 4,543,000.00 1.00000000 0.00 M-2 0.00 2,478,000.00 1.00000000 0.00 M-3 0.00 1,239,000.00 1.00000000 0.00 M-4 0.00 1,239,000.00 1.00000000 0.00 CE-1 0.00 ~~311~~598,~~990~~054.1360 48,~~509~~643.~~17950571~~65659777 0.00 CE-2 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 4,~~731~~507,~~137~~028.4674 ~~160~~156,~~790~~569,~~852~~888.6740 0.~~97325093~~94770185 4,~~731~~507,~~137~~028.4674

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 97,031,000.00 ~~1000~~951.~~00000000~~24096979 0.00000000 4846.~~75903021~~44936917 0.00000000 A-2 58,680,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 4,543,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 2,478,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 1,239,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 1,239,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE-1 69.19 ~~1000~~4509179.~~00000000~~50570892 0.00000000 0.00000000 0.00000000 CE-2 0.00 0.00000000 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 4846.~~75903021~~44936917 ~~951~~904.~~24096979~~79160062 0.~~95124097~~90479160 4846.~~75903021~~44936917 A-2 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 CE-1 0.00000000 0.00000000 48,~~509~~643,~~179~~656.~~50570892~~59777425 ~~4509~~8643.~~17950571~~65659777 0.00000000 CE-2 0.00000000 0.00000000 0.00000000 0.00000000 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 97,031,000.00 4.25000% 9792,~~031~~299,~~000~~862.0054 ~~343~~326,~~651~~895.4635 0.00 0.00 A-2 58,680,000.00 5.13000% 58,680,000.00 250,857.00 0.00 0.00 M-1 4,543,000.00 5.52000% 4,543,000.00 20,897.80 0.00 0.00 M-2 2,478,000.00 5.77000% 2,478,000.00 11,915.05 0.00 0.00 M-3 1,239,000.00 6.00000% 1,239,000.00 6,195.00 0.00 0.00 M-4 1,239,000.00 6.00000% 1,239,000.00 6,195.00 0.00 0.00 CE-1 69.19 0.00000% 69311,990.1913 0.00 0.00 0.00 CE-2 0.00 0.00000% 0.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 165,210,069.19 ~~639~~622,~~711~~955.3120 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 ~~343~~326,~~651~~895.4635 0.00 9287,~~299~~792,~~862~~833.5480 A-2 0.00 0.00 250,857.00 0.00 58,680,000.00 M-1 0.00 0.00 20,897.80 0.00 4,543,000.00 M-2 0.00 0.00 11,915.05 0.00 2,478,000.00 M-3 0.00 0.00 6,195.00 0.00 1,239,000.00 M-4 0.00 0.00 6,195.00 0.00 1,239,000.00 CE-1 0.00 0.00 0.00 0.00 ~~311~~598,~~990~~054.1360 CE-2 0.00 0.00 8,~~889~~620.3991 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~648~~631,~~600~~576.7011 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 97,031,000.00 4.25000% ~~1000~~951.~~00000000~~24096979 3.~~54166668~~36897847 0.00000000 0.00000000 A-2 58,680,000.00 5.13000% 1000.00000000 4.27500000 0.00000000 0.00000000 M-1 4,543,000.00 5.52000% 1000.00000000 4.60000000 0.00000000 0.00000000 M-2 2,478,000.00 5.77000% 1000.00000000 4.80833333 0.00000000 0.00000000 M-3 1,239,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 M-4 1,239,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 CE-1 69.19 0.00000% ~~1000~~4509179.~~00000000~~50570892 0.00000000 0.00000000 0.00000000 CE-2 0.00 0.00000% 0.00000000 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 3.~~54166668~~36897847 0.00000000 ~~951~~904.~~24096979~~79160062 A-2 0.00000000 0.00000000 4.27500000 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 4.60000000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 4.80833333 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 CE-1 0.00000000 0.00000000 0.00000000 0.00000000 ~~4509179~~8643656.~~50570892~~59777425 CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 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 5,~~411~~209,~~017~~358.9735 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 3848,~~936~~755.4161 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(2,151.0090) Prepayment Penalties 0.00 Total Deposits 5,~~449~~255,~~954~~962.3806 Withdrawals Reimbursement for Servicer Advances 038,936.0041 Payment of Service Fee 7078,~~216~~420.2280 Payment of Interest and Principal 5,~~379~~138,~~738~~604.1685 Total Withdrawals (Pool Distribution Amount) 5,~~449~~255,~~954~~962.3806 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 5554,~~760~~571.3460 Credit Risk Manager Fee- Risk Management Group, LLC 3,~~441~~349.8881 FGIC Insurance 9,780.00 Master Servicing Fee 1110,~~014~~719.0039 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 7078,~~216~~420.2280

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 7169 01 0 0 7170 3,~~482~~650,~~561~~037.5166 070,791.0027 0.00 0.00 3,~~482~~720,~~561~~828.5193 60 Days 1219 0 0 0 1219 ~~839~~887,~~250~~802.3470 0.00 0.00 0.00 ~~839~~887,~~250~~802.3470 90 Days 04 0 0 0 04 0399,993.0063 0.00 0.00 0.00 0399,993.0063 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 8392 01 0 0 8393 4,~~321~~937,~~811~~833.8599 070,791.0027 0.00 0.00 45,~~321~~008,~~811~~625.8526 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 3.~~997748~~983834% 0.~~000000~~057737% 0.000000% 0.000000% 34.~~997748~~041570% 2.~~163179~~328204% 0.~~000000~~045155% 0.000000% 0.000000% 2.~~163179~~373359% 60 Days 01.~~675676~~096998% 0.000000% 0.000000% 0.000000% 01.~~675676~~096998% 0.~~521297~~566292% 0.000000% 0.000000% 0.000000% 0.~~521297~~566292% 90 Days 0.~~000000~~230947% 0.000000% 0.000000% 0.000000% 0.~~000000~~230947% 0.~~000000~~255139% 0.000000% 0.000000% 0.000000% 0.~~000000~~255139% 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 45.~~673423~~311778% 0.~~000000~~057737% 0.000000% 0.000000% 45.~~673423~~369515% 23.~~684477~~149635% 0.~~000000~~045155% 0.000000% 0.000000% 23.~~684477~~194790%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 3848,~~936~~755.4161

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~486746~~413280% Weighted Average Net Coupon 7.~~081732~~006006% Weighted Average Pass-Through Rate 6.~~976731~~901006% Weighted Average Maturity(Stepdown Calculation ) ~~226~~225 Beginning Scheduled Collateral Loan Count 1,~~827~~776 Number Of Loans Paid In Full 5144 Ending Scheduled Collateral Loan Count 1,~~776~~732 Beginning Scheduled Collateral Balance ~~165~~160,~~210~~790,~~069~~852.2067 Ending Scheduled Collateral Balance ~~160~~156,~~790~~569,~~852~~888.6740 Ending Actual Collateral Balance at 3129-~~Mar~~Apr-2005 ~~160~~156,~~992~~774,~~722~~795.7927 Monthly P &I Constant 1,~~395~~353,~~017~~271.1824 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 02,151.0090 Cumulative Realized Loss 02,151.0090 Scheduled Principal ~~366~~354,~~689~~925.7243 Unscheduled Principal 43,~~052~~866,~~526~~038.6284 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount ~~307~~288,~~031~~216.1437 Overcollateralized reduction Amount 0.00 Specified O/C Amount 826,050.35 Overcollateralized Amount ~~311~~598,~~990~~054.1460 Overcollateralized Deficiency Amount ~~518~~227,~~950~~995.2074 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~307~~288,~~031~~216.1437 Excess Cash Amount 0.00

Filing Compare · ACE Securities Corp Home Equity Loan Trust, Series 2005-SN1