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:  333-109614-04

                          NOMURA ASSET ACCEPTANCE CORP.
             (Exact name of registrant as specified in its charter)

         Delaware                                            13-3672336
(State or other jurisdiction of                           I.R.S. Employer
incorporation or organization)                            Identification No.)

2 World Financial Center
Building B, 21st Floor
New York, New York                                             10281
(Address of Principal Executive Offices)                      (Zip Code)

       Registrant's telephone number, including area code :(212)667-9300


                     ALTERNATIVE LOAN TRUST SERIES 2004-AR2
               MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-AR2
            (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.  There are less than 300  participants  in the DTC
System.  As of December 31, 2004 the total number of such DTC participants  with
respect to each class of certificates is 18.

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.

         Not Applicable.

                                      -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 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 Independent Accountants' Servicing Report
        with Management Assertion, filed as Exhibit 99.1 hereto.

        Servicer's Annual Statement as to Compliance,
        filed as Exhibit 99.2, hereto.

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

(c) Not Applicable.


                                      -3-


<PAGE>

ALTERNATIVE LOAN TRUST SERIES 2004-AR2
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-AR2
--------------------------------------------------------

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.


                                 NOMURA ASSET ACCEPTANCE CORP.

                                 By: /s/  N. Dante LaRocca
                                    -----------------------------
                               Name:  N. Dante LaRocca
                              Title:  Attorney-in-Fact and Agency
                               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 Independent Accountant's Servicing Report
        with Management Assertion

        GMAC Mortgage Corporation

99.2    Servicer's Annual Statement as to Compliance

        GMAC Mortgage Corporation





                                      -6-
<PAGE>
                                  EXHIBIT 33.1
                     Rule 13a-14(a)/15d-14(a) Certification


                                  CERTIFICATION
                     Alternative Loan Trust Series 2004-AR2
               Mortgage Pass-Through Certificates, Series 2004-AR2

                  I, N. Dante LaRocca, certify that:

     1. 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,  Alternative  Loan Trust
Series  2004-AR2  Mortgage  Pass-Through  Certificates,   Series  2004-AR2  (the
"Trust");

     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  information  required  to be
prepared  by the Trustee  based upon the  servicing  information  required to be
provided by each Servicer under the Pooling and Servicing  Agreement is included
in these reports;

     4. Based on my knowledge and upon the annual compliance statements included
in the report and required to be delivered to the Trustee in accordance with the
terms of the Pooling and Servicing  Agreement and based upon the review required
under the  Pooling  and  Servicing  Agreement,  and except as  disclosed  in the
report,  each  Servicer  has  fulfilled  its  obligations  under the Pooling and
Servicing Agreement; and

     5. The  reports  disclose  all  significant  deficiencies  relating to each
Servicer's  compliance with the minimum servicing standards based, in each case,
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 standard as set forth in the Pooling and Servicing 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:  Nomura Credit & Capital,
Inc., as seller, GMAC Mortgage  Corporation.,  as a servicer, and JPMorgan Chase
Bank, N.A., as trustee.

Dated:  March 30, 2005

By: /s/ N. Dante LaRocca
    -------------------------------------
    N. Dante LaRocca
    Attorney-in-Fact and Agency
    Nomura Asset Acceptance Corp.

                                 -7-

<page>



                                  EXHIBIT 99.1
                Annual Independent Accountant's Servicing Report
                            with Management Assertion
                                 ---------------


PricewaterhouseCoopers LLP
125 High Street
Boston, MA  02110-1707
Telephone (817) 530-5000
Facsimile (617) 530-5001
www.pwc.com



                       Report of Independent Auditors


To the Board of Directors and Shareholder
of GMAC Mortgage Corporation:


We have examined management's  assertion about GMAC Mortgage Corporation and its
subsidiaries'  (the "Company")  compliance with the minimum servicing  standards
("standards")  identified  in the  Mortgage  Bankers  Association  of  America's
Uniform Single  Attestation  Program for Mortgage Bankers ("USAP") as of and for
the year  ended  December  31,  2004  included  in the  accompanying  management
assertion  (see  Exhibit  1).   Management  is  responsible  for  the  Company's
compliance with those minimum  servicing  standards.  Our  responsibility  is to
express an opinion on management's assertion about the entity's compliance based
on our examination.

Our  examination  was  made in  accordance  with  standards  established  by the
American  Institute of Certified Public Accountants and,  accordingly,  included
examining,  on a test basis,  evidence about the Company's  compliance  with the
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 the standards.

Our examination  identified  certain instances of non compliance with USAP as it
relates to Section I - Custodial  Bank Accounts.  Specifically,  there were bank
accounts  over the course of several  months  where the  Company was not in full
compliance with USAP  requirements as it related to the preparation of custodial
bank reconciliations within 45 calendar days of cutoff as well as the resolution
of  reconciling  items within 90 calendar days of original  identification.  The
Company  remediated  the issues  related to the  preparation  of custodial  bank
accounts  reconciliations  within 45 calendar  days of December 31, 2004.  These
instances of non compliance as well as management's  remediation status are more
fully described in management's assertion, which is set forth in Exhibit I.

In our opinion,  management's  assertion that the Company complied with the
aforementioned standards except for the instances of non compliance related to
Section I - Custodial Bank Accounts, as of and for the year ended December
31, 2004 is fairly stated, in all material respects.


By:  /s/PricewaterhouseCoopers, LLC
------------------------------------
PricewaterhouseCooper, LLC
March 18, 2005

<page>

GMAC Mortgage

                                                                Exhibit I


                  Management's Assertion Concerning Compliance
                     with USAP Minimum Servicing Standards

March 18, 2005


As of and for the year ended December 31, 2004,  GMAC Mortgage  Corporation  and
its subsidiaries (the "Company") have complied in all material respects with the
minimum servicing  standards (the "Standards") set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
("USAP")  except as follows:  Section I - Custodial Bank Accounts  requires that
reconciliations  be prepared on a monthly basis for all custodial  bank accounts
and related bank  clearing  accounts.  These  reconciliations  shall be prepared
within forty-five (45) calendar days after the cutoff date and reconciling items
resolved within ninety (90) calendar days of their original identification.

Subsequent to the Company's  servicing  platform  conversion  that took place in
January of 2004,  and as a result of temporary  reporting  challenges  resulting
from this  conversation,  there  were bank  accounts  over the course of several
months where the Company was not in full compliance with USAP requirements as it
related to the  preparation of custodial bank  reconciliations  with 45 calendar
days of cutoff as well as the resolution of reconciling items within 90 calendar
days of original identification.

The Company  remediated the issues related to the  preparation of custodial bank
accounts  reconciliations  within 45 calendar days as of December 31, 2004.  The
Company has  subsequently,  in 2005,  remediated  the  resolution of reconciling
items within 90 calendar days of original identification.

As of and for the same period, the Company had in effect fidelty bond and errors
and  omissions  policies  in  the  amounts  of  $300,000,000  and  $100,000,000,
respectively.


/s/ David Applegate
-------------------
David Applegate
Chief Executive Officer
GMAC Residential Holding Corp

/s/ Ralph Hall
--------------
Ralph Hall
Chief Operating Officer
GMAC Residential Holding Corp

/s/ Tony Renzi
--------------
Tony Renzi
Executive Vice President,
National Servicing Administration
GMAC Residential Holding Corp

/s/ Jim Hillsman
----------------
Jim Hillsman
Chief Financial Officer
GMAC Residential Holding Corp


<page>




                                  EXHIBIT 99.2
                    Annual Servicer's Statement as to Compliance
                               -------------------


GMAC Mortgage


March 10, 2005



JPMorgan Chase Bank, NA
Attn: Andrew Cooper
Institutional Trust Services
4 New York Plaza, 6th Floor
New York, NY 10004



Re:     Annual Officers Statement of Compliance
        Year Ending 2004
        GMACM Investor Agreement #41145/Nomura NAAC 2004-AR2

------------------------------------------------------------------------------

We hereby certify to the best of our knowledge and belief, that for the calendar
year 2004:

1. A review of the activities of the Seller/Servicer and of performance
   according to the Seller/Servicer contract has been made under such Officer's
   supervision.
2. To the best of the undersigned Officer's knowledge, and based on such review,
   the Seller/Servicer has fulfilled all its obligations under this Agreement
   for such year.
3. If applicable, GMACM has filed the information returns with respect to the
   receipt of mortgage interest pursuant to Sections 6050H, 6050J, and 6050P of
   the Code, received in a trade or business, reports of foreclosures and
   abandonment's of any Mortgaged Property and the information returns relating
   to cancellation of indebtedness income with respect to any Mortgaged
   Property.
4. All hazard, flood, FHA mortgage insurance and primary mortgage insurance
   premiums, taxes, ground rents, assessments and other lienable items have
   been paid in connection with the mortgaged properties.
5. All property inspections have been completed as required.
6. Compliance relative to Adjustable Rate Mortgages has been met.
7. Fidelity Bond and Errors and Omissions Insurance coverage is current, in full
   force and effect.




Servicer:       GMAC Mortgage Corporation

By:             /s/ Frank G. Ruhl
                -----------------
Name:           Frank G. Ruhl

Title:          Vice President
                National Loan Administration Investor Reporting