8-K 1 d149829.txt AMERIQUEST MORTGAGE SECURITIES INC ================================================================================ 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 14, 2003 AMERIQUEST MORTGAGE SECURITIES INC. (as depositor under the Pooling and Servicing Agreement, dated as of May 1, 2003, providing for the issuance of Asset-Backed Pass-Through Certificates, Series 2003-AR2) AMERIQUEST MORTGAGE SECURITIES INC. ----------------------------------- (Exact name of registrant as specified in its charter) -------------------------------------------------------------------------------- Delaware 333-103335 33-0885129 -------- ---------- ---------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification Number) 1100 Town & Country Road, Suite 1100 Orange, California 92868 ------------------ ----- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (714) 564-0660 -------------- ================================================================================ -2- Item 2. Acquisition or Disposition of Assets ------------------------------------ Description of the Certificates and the Mortgage Pool On May 14, 2003, a series of certificates, entitled Ameriquest Mortgage Securities Inc. Asset-Backed Pass-Through Certificates, Series 2003-AR2 (the "Certificates"), were issued pursuant to a pooling and servicing agreement, dated as of May 1, 2003 (the "Agreement"), attached hereto as Exhibit 4.1, among Ameriquest Mortgage Securities Inc. as depositor (the "Depositor"), Ameriquest Mortgage Company ("Ameriquest") as master servicer (the "Master Servicer") and Deutsche Bank National Trust Company as trustee (the "Trustee"). The Certificates consist of thirteen classes of certificates (collectively, the "Certificates"), designated as the "Class A-1 Certificates", "Class A-2 Certificates", "Class A-3 Certificates", "Class A-4 Certificates", "Class M- 1 Certificates", "Class M-2 Certificates", "Class M-3 Certificates", "Class M-4 Certificates", "Class CE Certificates", "Class P Certificates" and "Class R Certificates". The Certificates evidence in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund"), consisting of a pool of mortgage loans (the "Mortgage Pool'") of conventional, one- to four- family, fixed rate, first lien mortgage loans having original terms to maturity up to 30 years (the "Mortgage Loans"). The Mortgage Pool consist of Mortgage Loans having an aggregate principal balance of $999,998,766.19 as of May 1, 2003 (the "Cut-off Date"). The Mortgage Loans were purchased pursuant to (i) the Mortgage Loan Purchase Agreement, dated May 12, 2003, between Ameriquest and the Depositor (the "Mortgage Loan Purchase Agreement"). The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates and Class M-4 Certificates were sold by the Depositor to Banc of America Securities LLC (the "Representative"), pursuant to an Underwriting Agreement, dated May 12, 2003 (the "Underwriting Agreement") among the Depositor, Ameriquest and the Representative. The Certificates have the following initial Certificate Balances and Pass-Through Rates:

~~SECURITIES~~INITIAL ~~AND~~INITIAL ~~EXCHANGE~~CERTIFICATE ~~COMMISSION~~PASS- ~~Washington,~~CERTIFICATE ~~D.C. 20549 FORM 8~~PASS-K ~~Current~~PRINCIPAL ~~Report~~THROUGH ~~Pursuant~~PRINCIPAL ToTHROUGH ~~Section~~CLASS ~~13 or 15~~BALANCE(d1) ofRATE ~~the~~CLASS ~~Securities Exchange Act of 1934 Date of Report~~ BALANCE(~~Date of earliest event reported~~1): ~~July~~RATE ~~25,~~----- ~~2003~~---------- ~~AMERIQUEST~~---- ~~MORTGAGE~~----- ~~SECURITIES~~---------- ~~INC~~---- A-1............... ~~(as depositor~~$348, ~~Ameriquest Mortgage Company~~141,000 ~~Master Servicer, and Deutsche Bank National Trust Company, as Trustee). AMERIQUEST MORT SEC INC ASSET BACK PS THR CERT SER 2003-AR2~~ Variable(~~Exact name of Registrant as specified in its Charter~~2) ~~DELAWARE (State or Other Jurisdiction of Incorporation) 333~~M-~~103335-05~~1.............. ~~33-0885129~~$55,000,000 Variable(~~Commission File Number~~2) (IA-2.R.S. ~~Employer Identification No~~.)........... ~~1100 TOWN & COUNTRY ROAD~~$100, ~~SUITE 1100 ORANGE~~317,000 ~~CALIFORNIA 92868~~ Variable(~~Address of principal executive offices~~2) ~~(Zip~~M-2.............. ~~Code) Registrant's Telephone Number~~$47,500,000 ~~Including Area Code:~~ Variable(~~714~~2) ~~541~~A-~~9960 Item 5~~3. Other Events Attached hereto is a copy of the Monthly Remittance Statements to the Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust to the Trustee. ~~Item 7~~............. ~~Financial~~$ ~~Statement~~8,709,000 ~~and Exhibits Exhibits:~~ Variable(~~as noted in Item 5 above~~2) ~~Monthly Remittance Statement to the Certificateholders dated as of July 25, 2003~~M-3.............. ~~SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934~~$27, ~~the Registrant has duly caused this report to be signed on its behalf by the undersigned~~500,000 ~~hereunto~~Variable(2) ~~duly authorized~~A-4............... ~~Deutsche Bank National Trust Company~~$387, ~~not in its individual capacity~~833,000 ~~but~~Variable(2) ~~solely as a duly authorized agent of the Registrant pursuant to the Pooling and Servicing Agreement, dated as of May 1,2003. Date: Aug 01, 2003 By: /s/ Katherine~~ M-4. ~~Wannenmacher Katherine M~~............. ~~Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of July 25~~$12,500,000 ~~2003.~~Variable(2)

______________________ (1) Approximate. (2) The pass-through rate on each class of offered certificates is generally based on one-month LIBOR plus an applicable margin and is subject to increase and a rate cap, as described in the Prospectus Supplement. -3- The Certificates, other than the Class CE Certificates, the Class P Certificates and the Class R Certificates, and the Mortgage Loans are more particularly described in the Prospectus Supplement, dated May 12, 2003 (the "Prospectus Supplement"), and the Prospectus, dated May 7, 2003, as previously filed with the Securities and Exchange Commission pursuant to Rule 424(b). The Class CE Certificates, the Class P Certificates and the Class R Certificates have not been and will not be publicly offered by the Depositor. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Prospectus Supplement. -4- Item 7 Financial Statements and Exhibits --------------------------------- (a) Not applicable (b) Not applicable (c) Exhibits

	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	July 25, 2003 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				15
			8.	Foreclosure Report				16
			9.	Prepayment Report				17
			10.	Prepayment Detail Report				20
			11.	Realized Loss Report				21
			12.	Realized Loss Detail Report				24
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				25
			14.	Other Related Information				26
				Total Number of Pages				26
			CONTACTS
				Administrator: Valerie Delgado
				Direct Phone Number: (714)247-6273
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		Ameriquest Mtg Sec Inc					Cut-Off Date: May 1, 2003
	Certificate Insurer(s):							Closing Date: May 14, 2003
								First Payment Date: June 25, 2003
	Servicer(s):		Ameriquest Mortgage Corp Master Servicer
								Distribution Date: July 25, 2003
	Underwriter(s):		Banc of America Securities LLC Lead Underwriter					Record Date: July 24, 2003
			Deutsche Bank Lead Underwriter					June 30, 2003
			Banc One Capital Markets Underwriter
			Merrill Lynch & Co. Underwriter
						Page 1 of 26					© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for July 25, 2003 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A-1	FLT	348,141,000.00			346,836,253.81	394,526.24	3,932,726.28	4,327,252.52	-	-	342,903,527.53
A-2	FLT	100,317,000.00			99,845,646.49	113,574.42	1,253,498.69	1,367,073.11	-	-	98,592,147.81
A-3	FLT	8,709,000.00			8,668,079.54	11,087.92	108,822.23	119,910.15	-	-	8,559,257.31
A-4	FLT	387,833,000.00			384,368,931.11	443,625.81	3,400,940.34	3,844,566.15	-	-	380,967,990.77
M-1	MEZ, FLT	55,000,000.00			55,000,000.00	86,395.83	-	86,395.83	-	-	55,000,000.00
M-2	MEZ, FLT	47,500,000.00			47,500,000.00	121,322.92	-	121,322.92	-	-	47,500,000.00
M-3	MEZ, FLT	27,500,000.00			27,500,000.00	130,968.75	-	130,968.75	-	-	27,500,000.00
M-4	MEZ, FLT	12,500,000.00			12,500,000.00	49,843.75	-	49,843.75	-	-	12,500,000.00
CE	EXE	12,498,666.19			12,499,984.58	4,000,561.74	0.00	4,000,561.74	0.00	-	12,499,984.57
R	R	-			-	-	-	-	-	-	-
P	SUB	100.00			100.00	110,513.98	-	110,513.98	-	-	100.00
Total		999,998,766.19			994,718,995.53	5,462,421.36	8,695,987.54	14,158,408.90	0.00	-	986,023,007.99
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A-1	06/25/03	07/24/03		A-Act/360	03072SHA6	348,141,000.00	996.252248	1.133237	11.296361	12.429598	984.955887
A-2	06/25/03	07/24/03		A-Act/360	03072SHB4	100,317,000.00	995.301360	1.132155	12.495377	13.627532	982.805983
A-3	06/25/03	07/24/03		A-Act/360	03072SGV1	8,709,000.00	995.301360	1.273157	12.495377	13.768533	982.805983
A-4	06/25/03	07/24/03		A-Act/360	03072SGW9	387,833,000.00	991.068143	1.143858	8.769084	9.912942	982.299059
M-1	06/25/03	07/24/03		A-Act/360	03072SGX7	55,000,000.00	1,000.000000	1.570833	-	1.570833	1,000.000000
M-2	06/25/03	07/24/03		A-Act/360	03072SGY5	47,500,000.00	1,000.000000	2.554167	-	2.554167	1,000.000000
M-3	06/25/03	07/24/03		A-Act/360	03072SGZ2	27,500,000.00	1,000.000000	4.762500	-	4.762500	1,000.000000
M-4	06/25/03	07/24/03		A-Act/360	03072SHC2	12,500,000.00	1,000.000000	3.987500	-	3.987500	1,000.000000
CE				-		12,498,666.19	1,000.105482	320.079093	0.000000	320.079093	1,000.105482
R				-		-	-	-	-	-	-
P				-		100.00	1,000.000000	1,105,139.800000	-	1,105,139.800000	1,000.000000
							Page 2 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for July 25, 2003 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A-1	348,141,000.00		1,060,636.02		4,703,121.77	534,350.70	5,237,472.47	6,298,108.49	-	-	342,903,527.53
A-2	100,317,000.00		305,514.28		1,546,503.81	178,348.38	1,724,852.19	2,030,366.47	-	-	98,592,147.81
A-3	8,709,000.00		29,478.43		134,259.41	15,483.28	149,742.69	179,221.12	-	-	8,559,257.31
A-4	387,833,000.00		1,194,729.05		6,064,791.70	800,217.53	6,865,009.23	8,059,738.28	-	-	380,967,990.77
M-1	55,000,000.00		224,995.83		-	-	-	224,995.83	-	-	55,000,000.00
M-2	47,500,000.00		306,414.59		-	-	-	306,414.59	-	-	47,500,000.00
M-3	27,500,000.00		323,147.92		-	-	-	323,147.92	-	-	27,500,000.00
M-4	12,500,000.00		123,635.42		-	-	-	123,635.42	-	-	12,500,000.00
CE	12,498,666.19		7,165,626.12		0.00	0.00	0.00	7,165,626.12	0.00	1,318.39	12,499,984.57
R	-		-		-	-	-	-	-	-	-
P	100.00		149,611.23		-	-	-	149,611.23	-	-	100.00
Total	999,998,766.19		10,883,788.89		12,448,676.70	1,528,399.89	13,977,076.59	24,860,865.48	0.00	1,318.39	986,023,007.99
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A-1	1.36500%	346,836,253.81			394,526.24	-	-	-	394,526.24	394,526.24	-
A-2	1.36500%	99,845,646.49			113,574.42	-	-	-	113,574.42	113,574.42	-
A-3	1.53500%	8,668,079.54			11,087.92	-	-	-	11,087.92	11,087.92	-
A-4	1.38500%	384,368,931.11			443,625.81	-	-	-	443,625.81	443,625.81	-
M-1	1.88500%	55,000,000.00			86,395.83	-	-	-	86,395.83	86,395.83	-
M-2	3.06500%	47,500,000.00			121,322.92	-	-	-	121,322.92	121,322.92	-
M-3	5.71500%	27,500,000.00			130,968.75	-	-	-	130,968.75	130,968.75	-
M-4	4.78500%	12,500,000.00			49,843.75	-	-	-	49,843.75	49,843.75	-
CE		12,499,984.58			4,000,561.74	-	-	-	4,000,561.74	4,000,561.74	-
R		-			-	-	-	-	-	-	-
P		100.00			110,513.98	-	-	-	110,513.98	110,513.98	-
Total		994,718,995.53			5,462,421.36	-	-	-	5,462,421.36	5,462,421.36	-
							Page 3 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Collection Account Report for July 25, 2003 Distribution
	Collection Account Report
SUMMARY					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Principal Collections				3,400,940.34	1,362,320.92	3,932,726.28	8,695,987.54
	Principal Other Accounts				0.00	0.00	0.00	0.00
	TOTAL NET PRINCIPAL				3,400,940.34	1,362,320.92	3,932,726.28	8,695,987.54
	Interest Collections				2,740,139.14	774,291.14	2,477,101.53	5,991,531.81
	Interest Withdrawals				0.00	0.00	0.00	0.00
	Interest Other Accounts				0.00	0.00	0.00	0.00
	Interest Fees				(290,643.90)	(82,157.65)	(266,822.88)	(639,624.43)
	TOTAL NET INTEREST				2,449,495.24	692,133.49	2,210,278.65	5,351,907.38
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE				5,850,435.58	2,054,454.41	6,143,004.93	14,047,894.92
	Prepayment Penalties Collected							110,513.98
	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							14,158,408.90
PRINCIPAL - COLLECTIONS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Scheduled Principal Received				351,259.82	100,958.74	311,693.75	763,912.31
	Prepayments In Full				2,649,731.00	951,913.63	2,864,459.92	6,466,104.55
	Curtailments				40,993.39	8,016.52	258,691.78	307,701.69
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Principal				0.00	0.00	0.00	0.00
	Repurchased Principal Amounts				358,956.13	301,432.03	497,880.83	1,158,268.99
	Other Principal				0.00	0.00	0.00	0.00
	Total Realized Loss Of Principal				0.00	0.00	0.00	0.00
	Delinquent Principal				(299,485.92)	(84,444.39)	(254,343.39)	(638,273.70)
	Advanced Principal				299,485.92	84,444.39	254,343.39	638,273.70
	TOTAL PRINCIPAL COLLECTED				3,400,940.34	1,362,320.92	3,932,726.28	8,695,987.54
				Page 4 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Collection Account Report for July 25, 2003 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Scheduled Interest				2,899,954.96	817,109.55	2,613,599.62	6,330,664.13
	Liquidation Interest				0.00	0.00	0.00	0.00
	Repurchased Interest				2,518.86	1,898.05	3,537.92	7,954.83
	Insurance Interest				0.00	0.00	0.00	0.00
	Other Interest				0.00	0.00	0.00	0.00
	Relief Act Interest Shortfalls				0.00	0.00	0.00	0.00
	Net Prepayment Interest Shortfalls				0.00	0.00	0.00	0.00
	Delinquent Interest				(2,489,065.29)	(686,951.39)	(2,149,946.01)	(5,325,962.69)
	Interest Advanced				2,326,730.61	642,234.93	2,009,910.00	4,978,875.54
	TOTAL INTEREST COLLECTED				2,740,139.14	774,291.14	2,477,101.53	5,991,531.81
				Page 5 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Collection Account Report for July 25, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00
	TOTAL INTEREST WITHDRAWALS							0.00
INTEREST - OTHER ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	TOTAL INTEREST OTHER ACCOUNTS				0.00	0.00	0.00	0.00
INTEREST - FEES					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees				27,461.13	8,830.68	31,087.29	67,379.10
	Trustee Fees				854.08	240.96	770.05	1,865.09
	PMI Insurance Fees				262,328.69	73,086.01	234,965.54	570,380.24
	TOTAL INTEREST OTHER FEES				290,643.90	82,157.65	266,822.88	639,624.43
				Page 6 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for July 25, 2003 Distribution
	Credit Enhancement Report
ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Net WAC Rate Carryover Reserve Balance (Ending)							1,000.00
INSURANCE					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Overcollateralized Amount							12,499,984.58
	Overcollateralization Target Amount							12,499,984.58
	Overcollateralization Increase Amount							0.00
	Overcollateralization Reduction Amount							0.00
				Page 7 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Collateral Report for July 25, 2003 Distribution
	Collateral Report
COLLATERAL					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original				2304	750	2282	5336
	Prior				2,293	748	2,277	5,318
	Prefunding				-	-	-	-
	Scheduled Paid Offs				-	-	-	-
	Full Voluntary Prepayments				(8)	(5)	(13)	(26)
	Repurchases				(4)	(2)	(4)	(10)
	Liquidations				-	-	-	-
	Current				2,281	741	2,260	5,282
	Principal Balance:
	Original				458,973,149.17	129,025,271.41	412,000,345.61	999,998,766.19
	Prior				455,509,945.06	128,513,125.33	410,695,925.14	994,718,995.53
	Prefunding				-	-	-	-
	Scheduled Principal				(351,259.82)	(100,958.74)	(311,693.75)	(763,912.31)
	Partial and Full Voluntary Prepayments				(2,690,724.39)	(959,930.15)	(3,123,151.70)	(6,773,806.24)
	Repurchases				(358,956.13)	(301,432.03)	(497,880.83)	(1,158,268.99)
	Liquidations				-	-	-	-
	Current				452,109,004.72	127,150,804.41	406,763,198.86	986,023,007.99
PREFUNDING					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
	Group 1		Group 3
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Collateral Report for July 25, 2003 Distribution
	Collateral Report
CHARACTERISTICS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Weighted Average Coupon Original				7.649125%	7.649632%	7.648471%	7.648921%
	Weighted Average Coupon Prior				7.649125%	7.649632%	7.648471%	7.648921%
	Weighted Average Coupon Current				7.646306%	7.647539%	7.646935%	7.646725%
	Weighted Average Months to Maturity Original				356	354	356	356
	Weighted Average Months to Maturity Prior				356	354	356	356
	Weighted Average Months to Maturity Current				354	353	355	354
	Weighted Avg Remaining Amortization Term Original				355	354	356	355
	Weighted Avg Remaining Amortization Term Prior				355	354	356	355
	Weighted Avg Remaining Amortization Term Current				354	353	355	354
	Weighted Average Seasoning Original				2.17	2.22	2.39	2.27
	Weighted Average Seasoning Prior				2.17	2.22	2.39	2.27
	Weighted Average Seasoning Current				3.17	3.22	3.38	3.26
Note: Original information refers to deal issue.
	Group 1		Group 3
	Group 2
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Collateral Report for July 25, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original				4.387%	4.360%	5.479%
	Weighted Average Margin Prior				4.387%	4.360%	5.479%
	Weighted Average Margin Current				4.387%	4.354%	5.477%
	Weighted Average Max Rate Original				9.333%	9.257%	11.724%
	Weighted Average Max Rate Prior				9.333%	9.257%	11.724%
	Weighted Average Max Rate Current				9.330%	9.242%	11.718%
	Weighted Average Min Rate Original				5.253%	5.177%	6.624%
	Weighted Average Min Rate Prior				5.253%	5.177%	6.624%
	Weighted Average Min Rate Current				5.251%	5.167%	6.620%
	Weighted Average Cap Up Original				0.680%	0.680%	0.850%
	Weighted Average Cap Up Prior				0.680%	0.680%	0.850%
	Weighted Average Cap Up Current				0.680%	0.679%	0.850%
	Weighted Average Cap Down Original				0.680%	0.680%	0.850%
	Weighted Average Cap Down Prior				0.680%	0.680%	0.850%
	Weighted Average Cap Down Current				0.680%	0.679%	0.850%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees				27,461.13	8,830.68	31,087.29	67,379.10
	Delinquent Servicing Fees				162,334.68	44,716.46	140,036.02	347,087.16
	TOTAL SERVICING FEES				189,795.81	53,547.14	171,123.31	414,466.26
	Prepayment Interest Shortfall				1,379.69	1,540.99	4,242.86	7,163.54
	Compensating Interest				(1,379.69)	(1,540.99)	(4,242.86)	(7,163.54)
	Delinquent Servicing Fees				(162,334.68)	(44,716.46)	(140,036.02)	(347,087.16)
	COLLECTED SERVICING FEES				27,461.13	8,830.68	31,087.29	67,379.10
	Aggregate Advances with respect to this Distribution				2,626,216.53	726,679.32	2,264,253.39	5,617,149.24
	Current Nonrecoverable Advances				0.00	0.00	0.00	0.00
	Cumulative Nonrecoverable Advances				0.00	0.00	0.00	0.00
ADDITIONAL COLLATERAL INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Net Prepayment Interest Shortfall							0.00
				Page 10 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Delinquency Report for July 25, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			3,192,421.39	-	-	3,192,421.39
		% Balance			0.32%	0.00%	0.00%	0.32%
		# Loans			22	-	-	22
		% # Loans			0.42%	0.00%	0.00%	0.42%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		557,644.30	-	-	-	557,644.30
		% Balance		0.06%	0.00%	0.00%	0.00%	0.06%
		# Loans		2	-	-	-	2
		% # Loans		0.04%	0.00%	0.00%	0.00%	0.04%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		557,644.30	3,192,421.39	-	-	3,750,065.69
		% Balance		0.06%	0.32%	0.00%	0.00%	0.38%
		# Loans		2	22	-	-	24
		% # Loans		0.04%	0.42%	0.00%	0.00%	0.45%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Delinquency Report for July 25, 2003 Distribution
	Delinquency Report - Group 1 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,846,798.07	-	-	1,846,798.07
		% Balance			0.45%	0.00%	0.00%	0.45%
		# Loans			13	-	-	13
		% # Loans			0.58%	0.00%	0.00%	0.58%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		-	1,846,798.07	-	-	1,846,798.07
		% Balance		0.00%	0.45%	0.00%	0.00%	0.45%
		# Loans		-	13	-	-	13
		% # Loans		0.00%	0.58%	0.00%	0.00%	0.58%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Delinquency Report for July 25, 2003 Distribution
	Delinquency Report - Group 2 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			-	-	-	-
		% Balance			0.00%	0.00%	0.00%	0.00%
		# Loans			-	-	-	-
		% # Loans			0.00%	0.00%	0.00%	0.00%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		557,644.30	-	-	-	557,644.30
		% Balance		0.44%	0.00%	0.00%	0.00%	0.44%
		# Loans		2	-	-	-	2
		% # Loans		0.27%	0.00%	0.00%	0.00%	0.27%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		557,644.30	-	-	-	557,644.30
		% Balance		0.44%	0.00%	0.00%	0.00%	0.44%
		# Loans		2	-	-	-	2
		% # Loans		0.27%	0.00%	0.00%	0.00%	0.27%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Delinquency Report for July 25, 2003 Distribution
	Delinquency Report - Group 3 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,345,623.32	-	-	1,345,623.32
		% Balance			0.30%	0.00%	0.00%	0.30%
		# Loans			9	-	-	9
		% # Loans			0.39%	0.00%	0.00%	0.39%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		-	1,345,623.32	-	-	1,345,623.32
		% Balance		0.00%	0.30%	0.00%	0.00%	0.30%
		# Loans		-	9	-	-	9
		% # Loans		0.00%	0.39%	0.00%	0.00%	0.39%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 14 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	REO Report for July 25, 2003 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2 Group; REO Book Value = 000.00
Total Current Balance = 000.00				Loan Group 3 = Group 3 Group; REO Book Value = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
				Page 15 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Foreclosure Report for July 25, 2003 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2 Group
Total Current Balance = 000.00				Loan Group 3 = Group 3 Group
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
				Page 16 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Prepayment Report for July 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Current
	Number of Paid in Full Loans				8	5	13	26
	Number of Repurchased Loans				4	2	4	10
	Total Number of Loans Prepaid in Full				12	7	17	36
	Paid in Full Balance				2,649,731.00	951,913.63	2,864,459.92	6,466,104.55
	Repurchased Loans Balance				358,956.13	301,432.03	497,880.83	1,158,268.99
	Curtailments Amount				40,993.39	8,016.52	258,691.78	307,701.69
	Total Prepayment Amount				3,049,680.52	1,261,362.18	3,621,032.53	7,932,075.23
	Cumulative
	Number of Paid in Full Loans				17	7	18	42
	Number of Repurchased Loans				6	2	4	12
	Total Number of Loans Prepaid in Full				23	9	22	54
	Paid in Full Balance				4,818,419.31	1,352,768.29	3,814,623.96	9,985,811.56
	Repurchased Loans Balance				1,260,085.65	301,432.03	497,880.83	2,059,398.51
	Curtailments Amount				83,076.45	18,160.03	300,911.76	402,148.24
	Total Prepayment Amount				6,161,581.41	1,672,360.35	4,613,416.55	12,447,358.31
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 17 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Prepayment Report for July 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES					GROUP 3	GROUP 2	GROUP 1	TOTAL
	SMM				0.67%	0.98%	0.88%	0.80%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off				0.67%	0.65%	0.56%	0.63%
	CPR				7.75%	11.17%	10.09%	9.17%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off				7.80%	7.54%	6.54%	7.25%
	PSA				1222.94%	1734.13%	1490.39%	1404.00%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				1460.53%	1385.61%	1132.33%	1310.05%
	Group 1		Group 3
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 18 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Prepayment Report for July 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
	Group 1		Group 3
	Group 2
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
				Page 19 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for July 25, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 36						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 7,644,580.00						Loan Group 2 = Group 2 Group
Total Prepayment Amount = 7,624,373.54						Loan Group 3 = Group 3 Group
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
39679527 1			233,750.00	232,807.22	Jun-25-03	8.850%	NY - 85.00%	Paid Off - 360	Oct-25-02
40131765 1			124,500.00	124,053.22	Jun-27-03	8.650%	NM - 75.00%	Paid Off - 360	Nov-07-02
41990409 1			300,000.00	298,773.35	Jul-10-03	5.900%	CO - 92.31%	Paid Off - 360	Jan-21-03
42581652 1			204,000.00	203,490.42	Jul-08-03	6.950%	MA - 73.12%	Paid Off - 360	Feb-10-03
43195304 1			310,250.00	309,764.47	Jun-23-03	7.250%	CA - 85.00%	Paid Off - 360	Mar-19-03
43480250 1			152,000.00	151,776.28	Jun-16-03	9.550%	FL - 84.92%	Paid Off - 360	Feb-25-03
43599836 1			78,300.00	78,142.92	Jun-26-03	8.050%	SC - 90.00%	Paid Off - 360	Feb-24-03
43791870 1			188,000.00	187,574.57	Jun-17-03	7.450%	CA - 80.00%	Paid Off - 360	Feb-28-03
43818335 1			199,750.00	199,537.70	Jun-26-03	9.150%	NY - 78.33%	Paid Off - 360	Mar-10-03
44220390 1			308,800.00	308,349.32	Jul-02-03	7.600%	MO - 80.00%	Paid Off - 360	Mar-31-03
44303295 1			255,000.00	254,705.51	Jun-23-03	8.750%	CA - 75.00%	Paid Off - 360	Mar-18-03
44350965 1			111,500.00	111,301.07	Jun-26-03	7.750%	ME - 94.97%	Paid Off - 360	Mar-03-03
45312881 1			405,000.00	404,183.87	Jun-16-03	5.950%	HI - 90.00%	Paid Off - 360	Mar-31-03
41599358 2			63,750.00	63,565.82	Jul-02-03	8.800%	OH - 85.00%	Paid Off - 360	Jan-03-03
44615524 2			305,280.00	304,901.12	Jun-20-03	8.400%	NY - 90.00%	Paid Off - 360	Mar-28-03
44792232 2			267,500.00	267,132.46	Jun-28-03	7.900%	CA - 84.92%	Paid Off - 360	Mar-25-03
44918910 2			91,800.00	91,684.89	Jun-27-03	8.350%	NY - 85.00%	Paid Off - 360	Mar-27-03
45557360 2			225,000.00	224,629.34	Jun-23-03	6.990%	CA - 90.00%	Paid Off - 360	Mar-31-03
41976895 3			418,000.00	417,006.04	Jul-02-03	7.200%	CA - 89.89%	Paid Off - 360	Feb-28-03
43102052 3			487,000.00	485,672.04	Jul-03-03	6.500%	IL - 86.20%	Paid Off - 360	Feb-20-03
44212033 3			97,850.00	97,649.45	Jul-02-03	8.200%	MN - 95.00%	Paid Off - 360	Feb-26-03
44318921 3			360,000.00	359,431.02	Jun-16-03	7.200%	NY - 86.75%	Paid Off - 360	Mar-19-03
44455129 3			340,000.00	339,401.30	Jul-08-03	6.650%	CA - 80.00%	Paid Off - 360	Mar-11-03
44930980 3			78,300.00	78,182.24	Jun-27-03	7.450%	IL - 90.00%	Paid Off - 360	Mar-27-03
45059383 3			495,000.00	494,136.84	Jul-07-03	6.700%	NY - 90.00%	Paid Off - 360	Mar-28-03
45090578 3			378,900.00	378,252.07	Jul-03-03	6.800%	CA - 90.00%	Paid Off - 360	Mar-25-03
41860123 1			74,400.00	73,605.19	Jun-27-03	7.500%	FL - 80.00%	Repur/Subs - 360	Mar-13-03
42903278 1			276,250.00	273,637.01	Jun-27-03	7.990%	CA - 83.71%	Repur/Subs - 360	Feb-12-03
43959519 1			75,050.00	74,312.75	Jun-27-03	7.750%	FL - 95.00%	Repur/Subs - 360	Feb-28-03
44398956 1			76,500.00	76,325.88	Jun-27-03	12.200%	FL - 60.00%	Repur/Subs - 360	Mar-28-03
44094100 2			213,750.00	213,257.73	Jun-27-03	7.600%	TX - 77.45%	Repur/Subs - 360	Mar-28-03
44134385 2			88,350.00	88,174.30	Jun-27-03	7.450%	OH - 95.00%	Repur/Subs - 360	Mar-19-03
42621177 3			60,000.00	59,379.94	Jun-27-03	10.150%	NM - 44.44%	Repur/Subs - 360	Feb-24-03
43717347 3			72,250.00	71,886.24	Jun-27-03	7.500%	PA - 85.00%	Repur/Subs - 360	Mar-26-03
44126704 3			136,800.00	136,466.70	Jun-27-03	8.100%	UT - 90.00%	Repur/Subs - 360	Mar-07-03
44452183 3			92,000.00	91,223.25	Jun-27-03	8.500%	OR - 80.00%	Repur/Subs - 360	Mar-21-03
					Page 20 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Realized Loss Report for July 25, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Current
	Number of Loans Liquidated				-	-	-	-
	Collateral Realized Loss/(Gain) Amount				-	-	-	-
	Net Liquidation Proceeds				-	-	-	-
	Cumulative
	Number of Loans Liquidated				-	-	-	-
	Collateral Realized Loss/(Gain) Amount				-	-	-	-
	Net Liquidation Proceeds				-	-	-	-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Cumulative Loss Percentage							0.0000%
	Group 1		Group 3				3 Months Moving Average
	Group 2
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 21 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Realized Loss Report for July 25, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	MDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg MDR
	12 Months Avg MDR
	Avg MDR Since Cut-off				0.00%	0.00%	0.00%	0.00%
	CDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg CDR
	12 Months Avg CDR
	Avg CDR Since Cut-off				0.00%	0.00%	0.00%	0.00%
	SDA				0.00%	0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation				0.00%	0.00%	0.00%	0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
	Group 1		Group 3
	Group 2
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 22 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Realized Loss Report for July 25, 2003 Distribution
	Realized Loss Report - Collateral
	Group 1		Group 3
	Group 2
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.
				Page 23 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for July 25, 2003 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 0						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00						Loan Group 2 = Group 2 Group
Total Prior Principal Balance = 0.00						Loan Group 3 = Group 3 Group
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Original	Prior		Current	State &
&		Loan	Principal	Principal	Realized	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
					Page 24 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for July 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Has a Stepdown Date occurred?							No
	Does Trigger Event exist?							No
	1. Does (A) exceed (B)?							No
	(A) Delinquency Percentage (quotient of (x) over (y))							0.06%
	(x) 60+ Day Delinq. Loans (incl. FCLs, REOs & BKs)							557,644.30
	(y) Stated Principal Balance of the Mortgage Loans							986,023,007.99
	(B) 51% of Credit Enhancement Percentage							8.0171%
	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.0000%
	(x) Aggregate Realized Losses to date							0.00
	(y) Cut-off Date Principal Bal. of the Mortgage Loans							999,998,766.19
	(B) Applicable Percentage							100.0000%
	Credit Enhancement Percentage							15.7197%
ADJUSTABLE RATE CERTIFICATE INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL
				Page 25 of 26				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	Other Related Information for July 25, 2003 Distribution
	Other Related Information
ADDITIONAL INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Net WAC Rate Carryover Amt: Class A-1							0.00
	Net WAC Rate Carryover Amt: Class A-2							0.00
	Net WAC Rate Carryover Amt: Class A-3							0.00
	Net WAC Rate Carryover Amt: Class A-4							0.00
	Net WAC Rate Carryover Amt: Class M-1							0.00
	Net WAC Rate Carryover Amt: Class M-2							0.00
	Net WAC Rate Carryover Amt: Class M-3							0.00
	Net WAC Rate Carryover Amt: Class M-4							0.00
	Net WAC Rate Carryover Amt: Class A-1 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class A-2 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class A-3 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class A-4 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-1 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-2 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-3 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-4 Unpaid							0.00
				Page 26 of 26				© COPYRIGHT 2003 Deutsche Bank

SIGNATURES 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 thereunto duly authorized. Dated: May 14, 2003 AMERIQUEST MORTGAGE SECURITIES INC. By: /s/ John P. Grazer ------------------ Name: John P. Grazer Title: CFO

Exhibit 4.1

Filing Compare · AMERIQUEST MORT SEC INC ASSET BACK PS THR CERTS SER 2003-AR2