Deloitte
Deloitte & Touche LLP
750 College Road East
Third Floor
Princeton, NJ 08540
USA
Tel: +1 609 514 3600
www.deloitte.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To Cendant Mortgage Corporation:

We have examined Cendant Mortgage Corporation's (the "Company") compliance
with its established minimum servicing standards described in the
accompanying Management's Assertion, dated February 28, 2005, as of and for
the year ended December 31, 2004. Management is responsible for compliance
with those minimum servicing standards. Our responsibility is to express an
opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants as
adopted by the Public Company Accounting Oversight Board and, accordingly,
included examining, on a test basis, evidence about the Company's compliance
with its minimum servicing standards 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 does not provide
a legal determination on the Company's compliance with its minimum servicing
standards.

Our examination disclosed the following instance of material noncompliance
with the reconciliation of custodial bank accounts applicable to the Company
during the year ended December 31, 2004. The Company did not comply with the
requirement to prepare custodial bank account reconciliations within 45
calendar days after the cutoff date and the requirement to resolve reconciling
items within 90 calendar days of their original identification as specified by
their minimum servicing standards.

In our opinion, except for the material noncompliance described in the
preceding paragraph, the Company complied, in all material respects, with the
aforementioned minimum servicing standards as of and for the year ended
December 31, 2004, as set forth in Appendix I.


/s/Deloitte & Touche LLP

February 28, 2005
A member firm of
Deloitte Touche Tohmatsu

APPENDIX I
MINIMUM SERVICING STANDARDS SET FORTH IN THE MORTGAGE
BANKERS ASSOCIATION OF AMERICA'S UNIFORM SINGLE ATTESTATION PROGRAM
FOR MORTGAGE BANKERS
I. CUSTODIAL BANK ACCOUNTS

1. Reconciliations shall be prepared on a monthly basis for all custodial
bank accounts and related bank clearing accounts. These reconciliations shall:
be mathematically accurate;
be prepared within forty-five (45) calendar days after the cutoff date;
be reviewed and approved by someone other than the person who prepared the
reconciliation; and
document explanations for reconciling items. These reconciling items shall be
resolved within ninety (90) calendar days of their original identification.

2. Funds of the servicing entity shall be advanced in cases where there is an
overdraft in an investor's or a mortgagor's account.

3. Each custodial account shall be maintained at a federally insured
depository institution in trust for the applicable investor.

4. Escrow funds held in trust for a mortgagor shall be returned to the
mortgagor within thirty (30) calendar days of payoff of the mortgage loan.

II. MORTGAGE PAYMENTS

1. Mortgage payments shall be deposited into the custodial bank accounts and
related bank clearing accounts within two business days of receipt

2. Mortgage payments made in accordance with the mortgagor's loan documents
shall be posted to the applicable mortgagor records within two business days
of receipt

3. Mortgage payments shall be aflocated to principal, interest, insurance,
taxes or other escrow items in accordance with the mortgagor's loan documents.

4. Mortgage payments identified as loan payoffs shall be allocated in
accordance with the mortgagor's loan documents.

III. DISBURSEMENTS

1. Disbursements made via wire transfer on behalf of a mortgagor or investor
shall be made only by authorized personnel.

2. Disbursements made on behalf of a mortgagor or investor shall be posted
within two business days to the mortgagor's or investor's records maintained
by the servicing entity.

3. Tax and insurance payments shall be made on or before the penalty or
insurance policy expiration dates, as indicated on tax bills and insurance
premium notices, respectively, provided that such support has been received by
the servicing entity at least thirty (30) calendar days prior to these dates.

4. Any late payment penalties paid in conjunction with the payment of any tax
bill or insurance premium notice shall be paid from the servicing entity's
funds and not charged to the mortgagor, unless the late payment was due to the
mortgagor's error or omission.

5. Amounts remitted to investors per the servicer's investor reports shall
agree with cancelled checks, or other form of payment, or custodial bank
statements.

6. Unused checks shall be safeguarded so as to prevent unauthorized access.

IV. INVESTOR ACCOUNTING AND REPORTING

1. The servicing entity's investor reports shall agree with, or reconcile to,
investors' records on a monthly basis as to the total unpaid principal balance
and number of loans serviced by the servicing entity.

V. MORTGAGOR LOAN ACCOUNTING

1. The servicing entity's mortgage loan records shall agree with, or reconcile
to, the records of mortgagors with respect to the unpaid principal balance on
a monthly basis.

2. Adjustments on ARM loans shall be computed based on the related mortgage
note and any ARM rider.

3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan
documents, on at least an annual basis.

4. Interest on escrow accounts shall be paid, or credited, to mortgagors in
accordance with the applicable state laws. (A compilation of state laws
relating to the payment of interest on escrow accounts may be obtained through
the MBA's FAX ON DEMAND service. For more infonnation, contact MBA.)

VI. DELINQUENCIES
1. Records documenting collection efforts shall be maintained during the period
a loan is in default and shall be updated at least monthly. Such records shall
describe the entity's activities in monitoring delinquent loans including, for
example, phone calls, letters and mortgage payment rescheduling plans in cases
where the delinquency is deemed temporary (e.g., illness or unemployment).

VII. INSURANCE POLICIES
1. A fidelity bond and errors and omissions policy shall be in effect on the
servicing entity throughout the reporting period in the amount of coverage
represented to investors in management's assertion.

Cendant Mortgage
3000 Leadenhall Road
Mt. Laurel, NJ  08054

Cendant Mortgage

February 28, 2005

As of and for the year ended December 31, 2004, Cendant Mortgage Corporation
(the "Company") has complied in all material respects with the minimum
servicing standards set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers, except for as
discussed below.

During the year ended December 31, 2004, the Company determined it was
materially non-compliant with the requirement to prepare custodial bank
account reconciliations within 45 calendar days after the cutoff date and the
requirement to identify and resolve reconciling items within 90 calendar days
as specified by the minimum servicing standards.

The Company has undertaken remediation activities to address this material
instance of noncompliance as of December 31, 2004.

As of and for this same period, the Company had in effect a fidelity bond and
errors and omissions policy in the amount of $160 million and $20 million,
respectively.

Cendant Mortgage Corporation


/s/Terence W. Edwards
Terence W. Edwards
President and Chief Executive Officer

/s/Mark Danahy
Mark Danahy
Senior Vice President and Chief Financial Officer

/s/Martin L. Foster
Martin L. Foster
Senior Vice President - Loan Servicing