UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
         Exchange  Act of  1934   for  the  fiscal year ended December 31, 2004

[  ]     Transition report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 for the transition period from   to


                                        Commission File Number 333-111379-17

                        FINANCIAL ASSET SECURITIES CORP.

            (AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
             DATED AS OF JULY 1, 2004, PROVIDING FOR THE ISSUANCE OF
                             CHEC LOAN TRUST 2004-1
                    ASSET-BACKED CERTIFICATES, SERIES 2004-1)
             (Exact name of registrant as specified in its charter)

         Delaware                                              06-1442101
(State or other jurisdiction of                           I.R.S. Employer
incorporation or organization)                            Identification No.)

         600 Steamboat Road,
     Greenwich, Connecticut                                      06830
(Address of Principal Executive Offices)                      (Zip Code)

       Registrant's telephone number, including area code :(203) 625-2700


                             CHEC LOAN TRUST 2004-1
                    ASSET-BACKED CERTIFICATES, SERIES 2004-1
            (Title of each class of securities covered by this Form)

Securities registered pursuant to Section 12(b) of the Act:  None
Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes  No [X]


Documents incorporated by reference:  None



<PAGE>
PART I

Item 1.  Business.

         Not Applicable.

Item 2.  Properties.

         Not Applicable.

Item 3.  Legal Proceedings.

     The Registrant is not aware of any material legal  proceeding  with respect
to, the Company,  the Servicer,  or the Trustee, in each case if applicable,  as
related to the Trust.

Item 4.  Submission of Matters to a Vote of Security Holders.

     No matter was  submitted  to a vote or  consent  of Holders of the  Offered
Certificates during the fiscal year covered by this report.


PART II

Item 5. Market for Registrant's Common Equity,  Related Stockholder Matters
        and Issuer Purchases of Equity Securities.

     The Trust does not issue stock. There is currently no established secondary
market for the  Certificates.  As of December 31, 2004, the number of holders of
each Class of Offered Certificates was 30.


Item 6.  Selected Financial Data.

         Not Applicable.

Item 7.  Management's Discussion and Analysis of Financial condition and
         Results of Operation.

         Not Applicable.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

         Not Applicable.

Item 8.  Financial Statements and Supplementary Data.

         Not Applicable.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure.

     There was no change of accountants or disagreement  with accountants on any
matter of accounting principles or practices or financial disclosure.

Item 9A. Controls and Procedures.

         Not Applicable.

Item 9B. Other Information.

         None.

                                      -2-

<PAGE>

PART III

Item 10. Directors and Executive Officers of the Registrant.

         Not Applicable.

Item 11. Executive Compensation.

         Not Applicable.

Item 12. Security Ownership of Certain Beneficial Owners and Management.

         Not Applicable.

Item 13. Certain Relationships and Related Transactions.

         No reportable transactions have occurred.

Item 14. Principal Accounting Fees and Services.

         Not Applicable.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a) The following documents are filed as part of this report:

    (1) Financial Statements:

         Not Applicable.

    (2)  Financial Statement Schedules:

         Not Applicable.

    (3)  Exhibits:

    Rule 13a-14(a)/15d-14(a) Certification, filed as 33.1 hereto.

    Annual Summary Statement filed as Exhibit 99.1 hereto.

    Annual Independent Accountants' Servicing Report
    with Management Assertion, filed as Exhibit 99.2 hereto.

    Annual Servicer's Statement as to Compliance, filed as Exhibit 99.3, hereto.

(b) Exhibits to this report are listed in Item (15)(a)(3)above.

(c) Not Applicable.


                                      -3-
<PAGE>

CHEC LOAN TRUST 2004-1
ASSET-BACKED CERTIFICATES, SERIES 2004-1
--------------------------------------------------------

SIGNATURE

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.


                              FINANCIAL ASSET SECURITIES CORP.

                          By: /s/  Robert McGinnis
                             -----------------------------
                        Name: Robert McGinnis
                       Title: President
                        Date: March 30, 2005




                                      -4-
<PAGE>



SUPPLEMENTAL  INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.

                                      -5-
<PAGE>


                                 EXHIBIT INDEX

Exhibit  Description

 33.1    Rule 13a-14(a)/15d-14(a) Certification

 99.1    Annual Summary Statement

 99.2    Annual Independent Accountant's Servicing Report
         with Management Assertion

                 Centex Home Equity Company, LLC, as Servicer

 99.3    Annual Servicer's Statement of Compliance

                 Centex Home Equity Company, LLC, as Servicer


                                      -6-

<page>


                                  EXHIBIT 31.1
                 Annual Rule 13a-14(a)/15d-14(a) Certification


                  I, Robert McGinnis, certify that:

     l. I have reviewed this annual report on Form 10-K, and all reports on Form
8-K containing  distribution  and servicing  reports filed in respect of periods
included in the year covered by this annual  report,  of CHEC Loan Trust 2004-1,
Asset-Backed Certificates, Series 2004-1;

     2. Based on my knowledge,  the  information  in these  reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

     3.  Based  on my  knowledge,  the  distribution  or  servicing  information
required to be provided  to the  trustee by the  servicer  under the pooling and
servicing, or similar,  agreement, for inclusion in these reports is included in
these reports;

     4. Based on my knowledge and upon the annual compliance  statement included
in the report and required to be delivered to the trustee in accordance with the
terms of the  pooling  and  servicing,  or  similar,  agreement,  and  except as
disclosed in the reports,  the servicer has fulfilled its obligations  under the
servicing agreement; and

     5. The  reports  disclose  all  significant  deficiencies  relating  to the
servicer's compliance with the minimum servicing standards based upon the report
provided by an  independent  public  accountant,  after  conducting  a review in
compliance with the Uniform Single  Attestation  Program for Mortgage Bankers or
similar  procedure,  as set forth in the  pooling  and  servicing,  or  similar,
agreement, that is included in these reports.

     In giving the certifications above, I have reasonably relied on information
provided  to me by  the  following  unaffiliated  parties:  Centex  Home  Equity
Company, LLC and JPMorgan Chase Bank, N.A.

        FINANCIAL ASSET SECURITIES CORP.

        /s/ Robert McGinnis
        -----------------------
Name:   Robert McGinnis
Title:  President

Date:   March 30, 2005


                                      -7-

                                  EXHIBIT 99.1
                            Annual Summary Statement
                                ----------------

<table>

       <c>       <c>

---------------------------------------------------------------------------------------------------------------------------------
CUSIP         ORIGINAL                  PAID               PAID              TOTAL PAID      ENDING PRIN     CERT POOL FACTOR
             PRINCIPAL                PRINCIPAL           INTEREST                           BALANCE       (12/31/04 Per 1000)
---------------------------------------------------------------------------------------------------------------------------------
162765AA9     80,000,000.00        42,632,666.89          940,039.00       43,572,705.89         37,367,333.11       467.09166388
162765AB7    140,000,000.00                 0.00        2,166,898.60        2,166,898.60        140,000,000.00     1,000.00000000
162765AC5     32,157,000.00                 0.00          541,133.08          541,133.08         32,157,000.00     1,000.00000000
162765AN1      3,094,000.00                 0.00          114,718.85          114,718.85          3,094,000.00     1,000.00000000
162765AP6      3,094,000.00                 0.00          114,718.85          114,718.85          3,094,000.00     1,000.00000000
162765AD3      9,746,000.00                 0.00          170,582.74          170,582.74          9,746,000.00     1,000.00000000
162765AE1      8,818,000.00                 0.00          157,316.19          157,316.19          8,818,000.00     1,000.00000000
162765AF8      5,569,000.00                 0.00          101,232.43          101,232.43          5,569,000.00     1,000.00000000
162765AG6      4,796,000.00                 0.00          100,130.16          100,130.16          4,796,000.00     1,000.00000000
162765AH4      4,486,000.00                 0.00           96,686.08           96,686.08          4,486,000.00     1,000.00000000
162765AJ0      4,486,000.00                 0.00          102,742.16          102,742.16          4,486,000.00     1,000.00000000
162765AK7      3,713,000.00                 0.00           96,316.51           96,316.51          3,713,000.00     1,000.00000000
162765AL5      3,249,000.00                 0.00           87,569.79           87,569.79          3,249,000.00     1,000.00000000
162765AM3      3,094,000.00                 0.00          114,718.85          114,718.85          3,094,000.00     1,000.00000000
N/C101711      3,093,958.10                 0.00        8,483,431.23        8,483,431.23          3,093,958.10     1,000.00000000
N/C101712            100.00                 0.00          504,366.76          504,366.76                100.00     1,000.00000000
N/C101713              0.00                 0.00                0.00                0.00                  0.00     1,000.00000000
N/C101714              0.00                 0.00                0.00                0.00                  0.00     1,000.00000000
---------------------------------------------------------------------------------------------------------------------------------
</table>



                                      -8-

<page>

                                  EXHIBIT 99.2
                Annual Independent Accountant's Servicing Report
                            with Management Assertion
                                ----------------


Ernst & Young LLP
Dallas, Texas


                 Report on Management's Assertion on Compliance
               With Minimum Servicing Standards Set Forth in the
            Uniform Single Attestation Program for Mortgage Bankers

                       Report of Independent Accountants

The Members of Centex Home Equity Company, LLC
and Subsidiaries and CTX Mortgage Funding, LLC

We have examined  management's  assertion,  included in the accompanying  report
titled  Report  of  Management,   that  Centex  Home  Equity  Company,  LLC  and
Subsidiaries  and  CTX  Mortgage  Funding,  LLC  (collectively,  the  Companies)
complied with the minimum servicing  standands set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
(USAP)  during the nine month period ended  December  31,  2004.  Management  is
responsible  for  the  Companies'   compliance  with  those  requirements.   Our
responsibility  is to express an opinion on  management's  assertions  about the
Companies' compliance based on our examination.

Our examination was made in accordance with attestation standards established by
the American Institute of Certified Pubic Accountants and, accordingly, included
examining,  on a test basis, evidence about the Companies' compliance with those
requirements and performing such other procedures as we considered  necessary in
the circumstances.  We believe that our examination  provides a reasonable basis
for our opinion.  Our  examination on the Companies'  compliance  with specified
requirements.

In our opinion,  management's  assertion  that the  Companies  complied with the
aforementioned requirements during the nine month period ended December 31, 2004
is fairly stated, in all material respects.


Ernst & Young LLP

March 16, 2005



<page>

                                  EXHIBIT 99.2
     Report of Management as to Compliance with Minimum Servicing Standards
                                  -----------

Centex Home Equity Corporation


           Management's Assertion on Compliance With Minimum Servicing
        Standards Set Forth in the Uniform Single Attestation Program for
                                Mortgage Bankers

                              Report of Management


We, as members of management of Centex Home Equity Company, LLC and Subsidiaries
and CTX Mortgage  Funding,  LLC (the  Companies),  are responsible for complying
with the  minimum  servicing  standards  as set  forth in the  Mortgage  Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
(USAP).  We are also  responsible for  establishing  and  maintaining  effective
internal  control over  compliance  with these  standards.  We have performed an
evaluation of the Companies'  compliance with the minimum servicing standards as
set forth in the USAP as of December 31, 2004 and for the nine-month period then
ended.  Based on this  evaluation,  we assert that during the nine-month  period
ended December 31, 2004, the Companies complied, in all material respects,  with
the minimum servicing standards set forth in the USAP.

As of and for this same period,  the  Companies had in effect a fidelity bond in
the amount of $25 million and  $6 million, respectively.

/s/  Jay Bray
------------------------
Jay Bray
Executive Vice President - Chief Financial Officer

/s/ Jerry Berrens
------------------------
Jerry Berrens
Vice President - Controller

March 16, 2005


<page>


                                      -9-

                                  EXHIBIT 99.3
                        Annual Statement as to Compliance
                                ----------------

                        ANNUAL STATEMENT AS TO COMPLIANCE

                             CHEC Loan Trust 2004-1
                    Asset-Backed Certificates Series 2004-1

I, Greg Oniu, hereby certify that I am a duly appointed Senior Vice President of
Centex  Home  Equity  Company,  LLC (the  "Servicer"),  and  further  certify as
follows:

     1. This  certification  is being made  pursuant to the terms of the Pooling
and Servicing  Agreement,  dated as of July 1, 2004,  (the  "Agreement"),  among
Financial Asset Securities Corp., as depositor, Centex Home Equity Company, LLC,
as Servicer and JP Morgan Chase Bank, as Trustee.

     2. I have reviewed the activities of the Servicer during the preceding year
and  the  Servicer's  performance  under  the  Agreement  and to the  best of my
knowledge,  based  on  such  review,  the  Servicer  has  fulfilled  all  of its
obligations under the Agreement throughout the year.

     Capitalized  terms not otherwise defined herein have the meanings set forth
in the Agreement.

Dated:  March 15, 2005


IN WITNESS WHEREOF, the undersigned has executed this Certificate as of March
15, 2005.

                                        By:  /s/ Greg Oniu
                                             ---------------
                                      Name:  Greg Oniu
                                     Title:  Senior Vice President

     I, Anne  Sutherland,  a (an)  Assistant  Secretary of the Servicer,  hereby
certify  that Greg Oniu is a duly  elected,  qualified,  and acting  Senior Vice
President  of the  Servicer and that the  signature  appearing  above is his/her
genuine signature.

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
March 15, 2005.

                                By:  /s/ Anne Sutherland
                                             ---------------
                               Title:  Assistant Secretary
                               Name:   Senior Vice President




                                      -10-