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~~June 2725, 2003 Financial Asset Securities Corp., (as depositor, Fairbanks Capital Corp, as Servicer, and Deutsche Bank National Trust Company, as Trustee). FINANCIAL ASSET SECURITIES CORP ASSET BACK CERT SER 2003-1 (Exact name of Registrant as specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-99463-06 06-1442101 (Commission File Number) (I.R.S. Employer 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 Item 5. 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 and Exhibits Exhibits: (as noted in Item 5 above) Monthly Remittance Statement to the Certificateholders dated as of ~~May~~June 2725, 2003. SIGNATURE 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. Deutsche Bank National Trust Company, not in its individual capacity, but solely as a duly authorized agent of the Registrant pursuant to the Pooling and Servicing Agreement, dated as of March 1,2003. Date: ~~Jun~~Jul 02, 2003 By: /s/ David Co David Co Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of ~~May~~June 2725, 2003.

	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	May 27, 2003 Distribution
	June 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				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				20
			12.	Realized Loss Detail Report				23
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				24
			14.	Additional Certificate Report				25
				Total Number of Pages				25
			CONTACTS
				Administrator: Barbara Rowe
				Direct Phone Number: (714)247-6284
				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:		Financial Asset Securites Corp.					Cut-Off Date: March 1, 2003
	Certificate Insurer(s):							Closing Date: March 27, 2003
								First Payment Date: April 25, 2003
	Servicer(s):		Fairbanks Capital Corp. Master Servicer
								Distribution Date: May 27, 2003
								Distribution Date: June 25, 2003
	Underwriter(s):		Greenwich Capital Markets					Record Date: ~~May~~June 2324, 2003
								April 30, 2003
								May 30, 2003
						Page 1 of 25					© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Series 2003-1
	Certificate Payment Report for May 27, 2003 Distribution
	Certificate Payment Report for June 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)
I-F1	FLT	75,514,000.00			7574,~~118~~097,~~823~~920.8719	~~219~~216,~~722~~736.5642	1389,~~020,903~~418.6806	1606,~~240,626~~154.2448	-	-	7473,~~097~~708,~~920~~502.1913
II-A1	FLT	153,529,000.00			~~152~~151,~~369~~262,~~373~~289.6258	~~230~~207,~~247~~145.0530	13,~~107~~081,~~084~~933.0485	13,~~337~~289,~~331~~079.0915	-	-	~~151~~148,~~262~~180,~~289~~355.5873
M-1	MEZ	20,555,000.00			20,555,000.00	4036,~~561~~759.8719	-	4036,~~561~~759.8719	-	-	20,555,000.00
M-2	MEZ	16,884,000.00			16,884,000.00	4843,~~325~~795.7622	-	4843,~~325~~795.7622	-	-	16,884,000.00
M-3	MEZ	13,948,000.00			13,948,000.00	6256,~~858~~965.9996	-	6256,~~858~~965.9996	-	-	13,948,000.00
C	SUB	13,212,775.16			13,213,929.38	1,~~215~~242,~~715~~595.8192	-	1,~~215~~242,~~715~~595.8192	-	-	13,213,929.38
P	EXE	100.00			100.00	50144,~~914~~299.7468	-	50144,~~914~~299.7468	-	-	100.00
R	R	-			-	~~0.00~~-	-	~~0.00~~-	-	-	-
Total		293,642,875.16			~~292~~289,~~089~~961,~~226~~239.8715	1,~~868~~948,~~346~~297.7869	23,~~127~~471,~~987~~351.7291	35,~~996~~419,~~334~~649.5060	-	-	~~289~~286,~~961~~489,~~239~~887.1524
	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)
I-F1	0405/2527/03	0506/2624/03		F-30/360	29445FAA6	75,514,000.00	~~994~~981.~~766849~~247453	2.~~909693~~870149	135.~~519396~~156899	168.~~429089~~027048	~~981~~976.~~247453~~090554
II-A1	0405/2527/03	0506/2624/03		A-Act/360	29445FAB4	153,529,000.00	~~992~~985.~~446858~~235946	1.~~499697~~349226	720.~~210912~~073952	821.~~710609~~423178	~~985~~965.~~235946~~161994
M-1	0405/2527/03	0506/2624/03		A-Act/360	29445FAC2	20,555,000.00	1,000.000000	1.~~973333~~788333	-	1.~~973333~~788333	1,000.000000
M-2	0405/2527/03	0506/2624/03		A-Act/360	29445FAD0	16,884,000.00	1,000.000000	2.~~862222~~593889	-	2.~~862222~~593889	1,000.000000
M-3	0405/2527/03	0506/2624/03		A-Act/360	29445FAE8	13,948,000.00	1,000.000000	4.~~506667~~084167	-	4.~~506667~~084167	1,000.000000
C				A-30/360		306,855,650.32	~~994~~988.~~940637~~005820	34.~~961849~~049448	-	34.~~961849~~049448	~~988~~976.~~005820~~693166
P				-30/360		100.00	1,000.000000	~~509~~1,~~147~~442,996.~~400000~~800000	-	~~509~~1,~~147~~442,996.~~400000~~800000	1,000.000000
R				-		-	-	-	-	-	-
							Page 2 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Series 2003-1
	Certificate Payment Report for May 27, 2003 Distribution
	Certificate Payment Report for June 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)
I-F1	75,514,000.00		~~440~~657,~~601~~337.0143		1,~~248~~553,~~269~~230.0220	~~167~~252,~~810~~267.7967	1,~~416~~805,~~079~~497.8187	12,~~856~~462,~~680~~835.8230	-	-	7473,~~097~~708,~~920~~502.1913
II-A1	153,529,000.00		~~439~~646,~~105~~250.1343		14,~~981~~921,~~028~~083.7391	~~285~~427,~~681~~560.6936	25,~~266~~348,~~710~~644.4227	25,~~705~~994,~~815~~894.5570	-	-	~~151~~148,~~262~~180,~~289~~355.5873
M-1	20,555,000.00		77113,~~134~~893.7897		-	-	-	77113,~~134~~893.7897	-	-	20,555,000.00
M-2	16,884,000.00		91135,~~967~~763.9719		-	-	-	91135,~~967~~763.9719	-	-	16,884,000.00
M-3	13,948,000.00		~~119~~176,~~698~~664.5450		-	-	-	~~119~~176,~~698~~664.5450	-	-	13,948,000.00
C	13,212,775.16		23,~~475~~717,~~184~~780.0800		-	-	-	23,~~475~~717,~~184~~780.0800	-	-	13,213,929.38
P	100.00		85229,~~178~~477.1381		-	-	-	85229,~~178~~477.1381	-	-	100.00
R	-		0.00		-	-	-	0.00	-	-	-
Total	293,642,875.16		35,~~728~~677,~~869~~167.6433		36,~~229~~474,~~297~~314.7511	~~453~~679,~~492~~828.4803	37,~~682~~154,~~790~~142.2314	712,~~411~~831,~~659~~309.8747	-	-	~~289~~286,~~961~~489,~~239~~887.1524
	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)
I-F1	3.51000%	7574,~~118~~097,~~823~~920.8719			~~219~~216,~~722~~736.5642	-	-	-	~~219~~216,~~722~~736.5642	~~219~~216,~~722~~736.5642	-
II-A1	1.70000%	~~152~~151,~~369~~262,~~373~~289.6258			~~230~~207,~~247~~145.0530	-	-	-	~~230~~207,~~247~~145.0530	~~230~~207,~~247~~145.0530	-
M-1	2.22000%	20,555,000.00			4036,~~561~~759.8719	-	-	-	4036,~~561~~759.8719	4036,~~561~~759.8719	-
M-2	3.22000%	16,884,000.00			4843,~~325~~795.7622	-	-	-	4843,~~325~~795.7622	4843,~~325~~795.7622	-
M-3	5.07000%	13,948,000.00			6256,~~858~~965.9996	-	-	-	6256,~~858~~965.9996	6256,~~858~~965.9996	-
C	45.~~99457~~14246%	~~305,~~303,~~156~~175,168.2553			1,~~215~~242,~~715~~595.8192	-	-0.00	-	1,~~215~~242,~~715~~595.8192	1,~~215~~242,~~715~~595.8192	-0.00
P		100.00			50144,~~914~~299.7468	-	-	-	50144,~~914~~299.7468	50144,~~914~~299.7468	-
R		-			~~0.00~~-	-	-	-	~~0.00~~-	~~0.00~~-	-
Total		~~584~~579,~~178~~922,~~453~~478.7430			1,~~868~~948,~~346~~297.7869	-	-0.00	-	1,~~868~~948,~~346~~297.7869	1,~~868~~948,~~346~~297.7869	-0.00
							Page 3 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Collection Account Report for May 27, 2003 Distribution
	Collection Account Report for June 25, 2003 Distribution
	Collection Account Report
SUMMARY						CONFORM.	NON CONFORM.	TOTAL
	Principal Collections					13,~~107~~081,~~084~~933.0485	1389,~~020,903~~418.6806	23,~~127~~471,~~987~~351.7291
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					13,~~107~~081,~~084~~933.0485	1389,~~020,903~~418.6806	23,~~127~~471,~~987~~351.7291
	Interest Collections					1,~~254~~323,~~739~~276.8909	~~668~~638,~~769~~363.7694	1,~~923~~961,~~509~~640.6503
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(348,~~102~~150.7217)	(215,~~060~~192.1417)	(5513,~~162~~342.8734)
	TOTAL NET INTEREST					1,~~220~~315,~~637~~125.1792	~~647~~633,~~709~~171.6277	1,~~868~~948,~~346~~297.7869
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					24,~~327~~397,~~721~~059.2177	1,~~668~~022,~~613~~589.3083	35,~~996~~419,~~334~~649.5060
PRINCIPAL - COLLECTIONS						CONFORM.	NON CONFORM.	TOTAL
	Scheduled Principal					~~143~~141,~~010~~878.7367	8384,~~916~~456.9088	226,~~927~~335.6355
	Curtailments					1211,~~055~~966.2812	1216,~~550~~049.2859	2428,~~605~~015.5671
	Prepayments in Full					~~952~~2,~~018~~928,089.0306	~~924~~288,~~436~~911.5059	13,~~876~~217,~~454~~000.5365
	Repurchases/Substitutions Shortfalls					0.00	0.00	0.00
	Liquidations					0.00	0.00	0.00
	Insurance Principal					0.00	0.00	0.00
	Other Additional Principal					0.00	0.00	0.00
	Delinquent Principal					(85131,~~623~~630.2798)	(3975,~~386~~251.8360)	(~~125~~206,~~010~~882.1058)
	Advanced Principal					85131,~~623~~630.2798	3975,~~386~~251.8360	~~125~~206,~~010~~882.1058
	Realized Losses					0.00	0.00	0.00
	TOTAL PRINCIPAL COLLECTED					13,~~107~~081,~~084~~933.0485	1389,~~020,903~~418.6806	23,~~127~~471,~~987~~351.7291
				Page 4 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Collection Account Report for May 27, 2003 Distribution
	Collection Account Report for June 25, 2003 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						CONFORM.	NON CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS						CONFORM.	NON CONFORM.	TOTAL
	TOTAL OTHER ACCOUNTS PRINCIPAL					0.00	0.00	0.00
INTEREST - COLLECTIONS						CONFORM.	NON CONFORM.	TOTAL
	Scheduled Interest					1,~~277~~270,~~710~~603.3378	~~663~~656,~~494~~265.5329	1,~~941~~926,~~204~~869.8607
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Additional Interest					0.00	0.00	0.00
	Month End Interest (PPIS)					(~~545~~2,508.7668)	~~(1,643~~0.~~86)~~00	(2,~~189~~508.6268)
	Delinquent Interest					(~~767~~1,~~644~~165,807.3407)	(~~334~~582,~~323~~495.3990)	(1,~~101~~748,~~967~~302.7397)
	Realized Losses					0.00	0.00	0.00
	Compensating Month End Interest					~~545~~2,508.7668	~~1,643~~0.8600	2,~~189~~508.6268
	Other Interest Shortfall (Relief Act)					0.00	0.00	0.00
	Interest Advanced					~~718~~1,~~831~~091,510.0032	~~314~~547,~~526~~263.7893	1,~~033~~638,~~357~~774.7825
	Prepayment Penalties					25126,~~842~~969.9006	2517,~~071~~330.8462	50144,~~914~~299.7468
	TOTAL INTEREST COLLECTED					1,~~254~~323,~~739~~276.8909	~~668~~638,~~769~~363.7694	1,~~923~~961,~~509~~640.6503
				Page 5 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Collection Account Report for May 27, 2003 Distribution
	Collection Account Report for June 25, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						CONFORM.	NON CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - OTHER ACCOUNTS						CONFORM.	NON CONFORM.	TOTAL
	TOTAL OTHER ACCOUNT INTEREST					0.00	0.00	0.00
INTEREST - FEES						CONFORM.	NON CONFORM.	TOTAL
	Current Servicing Fees					326,~~716~~772.7100	204,~~377~~516.1945	5311,~~093~~288.9045
	Trustee Fee					1,~~386~~378.0117	~~682~~675.9572	2,~~068~~053.9789
	PMI Insuranse Premium Fees					0.00	0.00	0.00
	TOTAL INTEREST OTHER FEES					348,~~102~~150.7217	215,~~060~~192.1417	5513,~~162~~342.8734
				Page 6 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for May 27, 2003 Distribution
	Credit Enhancement Report for June 25, 2003 Distribution
	Credit Enhancement Report
ACCOUNTS						CONFORM.	NON CONFORM.	TOTAL
	Net WAC Rate Carryover Reserve Fund Beginning Balance							1,000.00
	Amount paid to maintain $1,000 balance							0.00
	Net WAC Rate Carryover Amount							0.00
	Net WAC Rate Carryover Reserve Fund Ending Balance							1,000.00
	Int Earnings paid to Class C							0.00
INSURANCE						CONFORM.	NON CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						CONFORM.	NON CONFORM.	TOTAL
	Overcollateralization Target Amount							13,213,929.38
	Overcollateralized Amount							13,213,929.38
	Excess Overcollateralized Amount							0.00
	Overcollateralization Release Amount					0.00	0.00	0.00
	Overcollateralization Deficiency Amount							0.00
	Extra Principal Distribution Amt					0.00	0.00	0.00
				Page 7 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Collateral Report for May 27, 2003 Distribution
	Collateral Report for June 25, 2003 Distribution
	Collateral Report
COLLATERAL						CONFORM.	NON CONFORM.	TOTAL
	Loan Count:
	Original					1594	922	2516
	Prior					1,~~583~~575	~~918~~911	2,~~501~~486
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(821)	(73)	(1524)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,~~575~~554	~~911~~908	2,~~486~~462
	Principal Balance:
	Original					196,830,870.91	96,812,004.25	293,642,875.16
	Prior					~~195~~194,~~672~~565,~~105~~021.3935	9695,~~417~~396,~~121~~217.4880	~~292~~289,~~089~~961,~~226~~239.8715
	Prefunding					-	-	-
	Scheduled Principal					(~~143~~141,~~010~~878.7367)	(8384,~~916~~456.9088)	(226,~~927~~335.6355)
	Partial and Full Voluntary Prepayments					(~~964~~2,~~073~~940,055.3118)	(~~936~~304,~~986~~961.7818)	(13,~~901~~245,~~060~~016.0936)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					~~194~~191,~~565~~483,~~021~~087.3550	95,~~396~~006,~~217~~799.8074	~~289~~286,~~961~~489,~~239~~887.1524
PREFUNDING						CONFORM.	NON CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK
	Non Conform.
	Conform.
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Collateral Report for May 27, 2003 Distribution
	Collateral Report for June 25, 2003 Distribution
	Collateral Report
CHARACTERISTICS						CONFORM.	NON CONFORM.	TOTAL
	Weighted Average Coupon Original					7.837029%	8.259767%	7.976403%
	Weighted Average Coupon Prior					7.~~837029~~835825%	8.~~259767~~257801%	7.~~976403~~975117%
	Weighted Average Coupon Current					7.~~835825~~836581%	8.~~257801~~255237%	7.~~975117~~974317%
	Weighted Average Months to Maturity Original					354	281	330
	Weighted Average Months to Maturity Prior					~~354~~353	~~281~~280	~~330~~329
	Weighted Average Months to Maturity Current					~~353~~352	~~280~~279	~~329~~328
	Weighted Avg Remaining Amortization Term Original					353	289	332
	Weighted Avg Remaining Amortization Term Prior					~~353~~352	~~289~~288	~~332~~331
	Weighted Avg Remaining Amortization Term Current					~~352~~351	~~288~~287	~~331~~330
	Weighted Average Seasoning Original					6.62	6.46	6.57
	Weighted Average Seasoning Prior					67.6261	67.46	67.5756
	Weighted Average Seasoning Current					78.61	78.46	78.56
Note: Original information refers to deal issue.
	Non Conform.
	Conform.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Collateral Report for May 27, 2003 Distribution
	Collateral Report for June 25, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS						CONFORM.	NON CONFORM.	TOTAL
	Weighted Average Margin Original					7.005%
	Weighted Average Margin Prior					7.~~005~~004%
	Weighted Average Margin Current					7.~~004~~005%
	Weighted Average Max Rate Original					13.838%	8.262%
	Weighted Average Max Rate Prior					13.~~838~~837%	8.~~262~~260%
	Weighted Average Max Rate Current					13.~~837~~838%	8.~~260~~257%
	Weighted Average Min Rate Original					7.838%	8.262%
	Weighted Average Min Rate Prior					7.~~838~~837%	8.~~262~~260%
	Weighted Average Min Rate Current					7.~~837~~838%	8.~~260~~257%
	Weighted Average Cap Up Original					1.000%
	Weighted Average Cap Up Prior					1.000%
	Weighted Average Cap Up Current					1.000%
	Weighted Average Cap Down Original					1.000%
	Weighted Average Cap Down Prior					1.000%
	Weighted Average Cap Down Current					1.000%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						CONFORM.	NON CONFORM.	TOTAL
	Current Servicing Fees					326,~~716~~772.7100	204,~~377~~516.1945	5311,~~093~~288.9045
	Delinquent Servicing Fees					4874,~~813~~296.3476	1935,~~796~~231.6197	68109,~~609~~528.9573
	TOTAL SERVICING FEES					81,~~530~~068.0576	4039,~~173~~748.8042	~~121~~120,~~703~~817.8518
	Total Servicing Fees					81,~~530~~068.0576	4039,~~173~~748.8042	~~121~~120,~~703~~817.8518
	Compensating Month End Interest					~~545~~2,508.7668	~~1,643~~0.8600	2,~~189~~508.6268
	Delinquent Servicing Fees					(4874,~~813~~296.3476)	(1935,~~796~~231.6197)	(68109,~~609~~528.9573)
	COLLECTED SERVICING FEES					339,~~262~~280.4768	224,~~021~~516.0545	5513,~~283~~797.5213
	Prepayment Interest Shortfall					~~545~~2,508.7668	~~1,643~~0.8600	2,~~189~~508.6268
	Total Advanced Interest					~~718~~1,~~831~~091,510.0032	~~314~~547,~~526~~263.7893	1,~~033~~638,~~357~~774.7825
ADDITIONAL COLLATERAL INFORMATION						CONFORM.	NON CONFORM.	TOTAL
	Next One-Month LIBOR							1.~~320000~~035000%
	Current One-Month LIBOR							1.320000%
				Page 10 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
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	Delinquency Report for May 27, 2003 Distribution
	Delinquency Report for June 25, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1454,~~603~~897,~~606~~026.5856	24,~~161~~733,~~383~~905.4867	~~701~~2,~~468~~255,949.5229	1761,~~466~~886,~~458~~881.5852
		% Balance			519.0416%	01.7565%	0.2479%	621.0260%
		# Loans			~~136~~470	2249	724	~~165~~543
		% # Loans			519.4709%	01.8899%	0.2897%	622.6406%
FORECLOSURE		Balance		-	-	-	~~966~~74,~~984~~535.1129	~~966~~74,~~984~~535.1129
		% Balance		0.00%	0.00%	0.00%	0.3303%	0.3303%
		# Loans		-	-	-	91	91
		% # Loans		0.00%	0.00%	0.00%	0.3604%	0.3604%
BANKRUPTCY		Balance		~~659~~681,~~639~~788.6111	~~233~~370,~~663~~017.6744	7499,~~582~~355.0326	~~259~~438,~~507~~519.8476	1,~~227~~589,~~393~~680.1557
		% Balance		0.2324%	0.0813%	0.03%	0.0915%	0.4255%
		# Loans		8	24	1	23	1316
		% # Loans		0.32%	0.0816%	0.04%	0.0812%	0.5265%
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		~~659~~681,~~639~~788.6111	1455,~~837~~267,~~270~~044.2500	24,~~235~~833,~~965~~260.5193	12,~~927~~769,~~960~~004.4734	1963,~~660~~551,~~835~~097.8438
		% Balance		0.2324%	519.1229%	01.7769%	0.6697%	622.7818%
		# Loans		8	~~138~~474	2350	1828	~~187~~560
		% # Loans		0.32%	519.5525%	02.9303%	01.7214%	722.5275%
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 25				© COPYRIGHT 2003 Deutsche Bank
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	Delinquency Report for May 27, 2003 Distribution
	Delinquency Report for June 25, 2003 Distribution
	Delinquency Report - Non Conform. Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			413,~~150~~486,~~736~~597.2350	~~468~~1,~~360~~479,196.4608	~~295~~566,~~837~~958.3683	415,~~914~~532,~~934~~752.0541
		% Balance			414.3520%	01.4956%	0.3160%	516.1535%
		# Loans			49141	619	37	58167
		% # Loans			515.3853%	02.6609%	0.3377%	618.3739%
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		74,~~796~~753.7341	99142,~~411~~973.6448	-99,355.26	45125,~~646~~402.0023	~~219~~442,~~854~~484.3738
		% Balance		0.08%	0.1015%	0.0010%	0.0513%	0.2347%
		# Loans		1	12	-1	1	35
		% # Loans		0.11%	0.1122%	0.0011%	0.11%	0.3355%
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		74,~~796~~753.7341	413,~~250~~629,~~147~~570.8798	~~468~~1,~~360~~578,551.4634	~~341~~692,~~483~~361.3606	515,~~134~~975,~~788~~236.4279
		% Balance		0.08%	414.4635%	01.4966%	0.3673%	516.3881%
		# Loans		1	50143	620	48	61172
		% # Loans		0.11%	515.4975%	02.6620%	0.4488%	618.7094%
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 25				© COPYRIGHT 2003 Deutsche Bank
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	Delinquency Report for May 27, 2003 Distribution
	Delinquency Report for June 25, 2003 Distribution
	Delinquency Report - Conform. Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1041,~~452~~410,~~870~~429.3506	13,~~693~~254,~~023~~709.0259	~~405~~1,~~631~~688,990.1646	1246,~~551~~354,~~524~~129.5311
		% Balance			521.3763%	01.8770%	0.2188%	624.4521%
		# Loans			87329	1630	417	~~107~~376
		% # Loans			521.5217%	1.0293%	01.2509%	624.7920%
FORECLOSURE		Balance		-	-	-	~~966~~74,~~984~~535.1129	~~966~~74,~~984~~535.1129
		% Balance		0.00%	0.00%	0.00%	0.5004%	0.5004%
		# Loans		-	-	-	91	91
		% # Loans		0.00%	0.00%	0.00%	0.5706%	0.5706%
BANKRUPTCY		Balance		~~584~~607,~~842~~034.8870	~~134~~227,~~252~~043.0396	~~74,582.03~~-	~~213~~313,~~861~~117.8453	1,~~007~~147,~~538~~196.7819
		% Balance		0.3032%	0.0712%	0.0400%	0.1116%	0.5260%
		# Loans		7	12	1-	12	1011
		% # Loans		0.4445%	0.0613%	0.0600%	0.0613%	0.6371%
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		~~584~~607,~~842~~034.8870	1041,~~587~~637,~~122~~473.3802	13,~~767~~254,~~605~~709.0559	12,~~586~~076,~~477~~643.1128	1447,~~526~~575,~~047~~860.4259
		% Balance		0.3032%	521.4474%	01.9170%	01.8208%	724.4785%
		# Loans		7	88331	1730	1420	~~126~~388
		% # Loans		0.4445%	521.5930%	1.0893%	01.8929%	824.0097%
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 25				© COPYRIGHT 2003 Deutsche Bank
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	REO Report for May 27, 2003 Distribution
	REO Report for June 25, 2003 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Non Conform. Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Conform. Group; REO Book Value = 000.00
Total Current Balance = 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 14 of 25				© COPYRIGHT 2003 Deutsche Bank
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	Foreclosure Report for May 27, 2003 Distribution
	Foreclosure Report for June 25, 2003 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 9				Loan Group 1 = Non Conform. Group
Total Loan Count = 1				Loan Group 1 = Non Conform. Group
Total Original Principal Balance = 971,000.00				Loan Group 2 = Conform. Group
Total Original Principal Balance = 74,900.00				Loan Group 2 = Conform. Group
Total Current Balance = 966,984.11
Total Current Balance = 74,535.29
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
216257 2		108,000.00	107,531.97	Dec-18-02	9.700%	TX - 80.00%	360	Aug-13-02
227965 2		74,900.00	74,535.29	Feb-03-03	8.600%	AR - 100.00%	360	Aug-30-02
222421 2		136,000.00	135,515.41	Dec-04-02	9.450%	NC - 100.00%	360	Aug-30-02
226779 2		128,500.00	127,904.18	Dec-05-02	8.200%	MD - 100.00%	360	Aug-30-02
228007 2		101,000.00	100,618.61	Dec-15-02	8.400%	TN - 100.00%	360	Oct-05-02
233660 2		46,750.00	46,544.00	Jan-01-03	8.600%	MS - 85.00%	360	Sep-20-02
235409 2		128,250.00	127,652.45	Dec-05-02	7.350%	OK - 95.00%	360	Sep-25-02
236720 2		98,000.00	97,552.33	Dec-21-02	7.450%	TN - 100.00%	360	Oct-01-02
241413 2		114,000.00	113,586.70	Dec-12-02	8.600%	FL - 100.00%	360	Oct-01-02
243993 2		110,500.00	110,078.46	Dec-23-02	8.350%	TN - 85.00%	360	Oct-18-02
				Page 15 of 25				© COPYRIGHT 2003 Deutsche Bank
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	Prepayment Report for May 27, 2003 Distribution
	Prepayment Report for June 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						CONFORM.	NON CONFORM.	TOTAL
	Current
	Number of Paid in Full Loans					821	73	1524
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					821	73	1524
	Paid in Full Balance					~~952~~2,~~018~~928,089.0306	~~924~~288,~~436~~911.5059	13,~~876~~217,~~454~~000.5365
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					1211,~~055~~966.2812	1216,~~550~~049.2859	2428,~~605~~015.5671
	Total Prepayment Amount					~~964~~2,~~073~~940,055.3118	~~936~~304,~~986~~961.7818	13,~~901~~245,~~060~~016.0936
	Cumulative
	Number of Paid in Full Loans					1940	1114	3054
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					1940	1114	3054
	Paid in Full Balance					14,~~948~~876,~~620~~709.2935	1,~~216~~505,~~847~~759.7938	36,~~165~~382,468.0873
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					3143,~~547~~513.5870	3147,~~127~~177.8746	6290,~~675~~691.4516
	Total Prepayment Amount					14,~~980~~920,~~167~~223.8705	1,~~247~~552,~~975~~936.6684	36,~~228~~473,~~143~~159.5389
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 25				© COPYRIGHT 2003 Deutsche Bank
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	Prepayment Report for June 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						CONFORM.	NON CONFORM.	TOTAL
	SMM					01.4951%	0.9732%	01.6512%
	3 Months Avg SMM					0.84%	0.54%	0.74%
	12 Months Avg SMM
	Avg SMM Since Cut-off					0.5084%	0.6554%	0.5574%
	CPR					516.7671%	113.0777%	712.5464%
	3 Months Avg CPR					9.65%	6.27%	8.55%
	12 Months Avg CPR
	Avg CPR Since Cut-off					59.8965%	76.5027%	68.4355%
	PSA					~~378~~970.1949%	~~741~~222.3994%	~~498~~738.5343%
	3 Months Avg PSA Approximation					633.56%	420.36%	564.90%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					~~414~~633.1256%	~~538~~420.5336%	~~454~~564.7290%
	Non Conform.
	Conform.
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 25				© COPYRIGHT 2003 Deutsche Bank
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	Prepayment Report - Voluntary Prepayments
	Non Conform.
	Conform.
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 18 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
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	Prepayment Detail Report for May 27, 2003 Distribution
	Prepayment Detail Report for June 25, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 15						Loan Group 1 = Non Conform. Group
Total Loan Count = 24						Loan Group 1 = Non Conform. Group
Total Original Principal Balance = 1,884,755.00						Loan Group 2 = Conform. Group
Total Original Principal Balance = 3,234,390.00						Loan Group 2 = Conform. Group
Total Prepayment Amount = 1,876,454.53
Total Prepayment Amount = 3,217,000.65
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
210380 1			175,410.00	174,778.44	Apr-22-03	9.400%	IL - 90.00%	Paid Off - 360	Aug-09-02
220263 1			101,600.00	101,074.30	Jun-11-03	8.300%	PA - 80.00%	Paid Off - 360	Aug-16-02
211188 1			30,000.00	29,926.04	May-01-03	10.450%	MI - 50.00%	Paid Off - 180	Sep-11-02
225397 1			115,600.00	115,118.90	Jun-13-03	8.700%	GA - 85.00%	Paid Off - 180	Sep-06-02
228831 1			91,000.00	90,076.06	May-02-03	8.800%	GA - 77.12%	Paid Off - 360	Aug-26-02
233627 1			73,100.00	72,718.39	Jun-11-03	7.950%	OH - 85.00%	Paid Off - 180	Sep-17-02
235095 1			225,000.00	224,185.01	May-08-03	7.700%	MN - 100.00%	Paid Off - 360	Sep-25-02
199440 2			63,750.00	63,347.16	Jun-09-03	8.450%	MO - 85.00%	Paid Off - 360	Jun-03-02
235407 1			36,750.00	36,680.56	Apr-30-03	9.750%	NC - 75.00%	Paid Off - 180	Oct-30-02
201464 2			153,450.00	152,274.25	Jun-05-03	7.250%	GA - 90.00%	Paid Off - 360	Aug-12-02
238991 1			251,875.00	250,880.57	Apr-17-03	7.250%	VA - 100.00%	Paid Off - 180	Sep-30-02
209621 2			119,700.00	119,040.89	Jun-02-03	7.300%	MO - 90.00%	Paid Off - 360	Sep-06-02
244059 1			118,150.00	117,909.82	Apr-16-03	10.500%	IL - 85.00%	Paid Off - 360	Oct-11-02
214551 2			102,500.00	101,925.31	Jun-04-03	7.900%	MI - 100.00%	Paid Off - 360	Aug-21-02
215812 2			64,000.00	63,769.53	Apr-29-03	9.400%	SC - 67.37%	Paid Off - 360	Aug-05-02
219244 2			186,750.00	185,876.94	May-30-03	8.800%	GA - 75.00%	Paid Off - 360	Aug-08-02
221916 2			60,000.00	59,632.22	Apr-18-03	6.750%	MI - 75.00%	Paid Off - 360	Aug-14-02
221888 2			125,550.00	124,873.76	Jun-06-03	8.100%	GA - 90.00%	Paid Off - 360	Aug-13-02
222955 2			138,400.00	137,767.77	May-07-03	7.450%	MI - 80.00%	Paid Off - 360	Aug-27-02
223701 2			250,000.00	247,625.90	May-21-03	9.000%	VA - 100.00%	Paid Off - 360	Aug-15-02
223932 2			131,400.00	130,836.52	May-08-03	8.550%	NC - 90.00%	Paid Off - 360	Aug-15-02
224738 2			94,340.00	93,767.58	Jun-09-03	7.500%	PA - 100.00%	Paid Off - 360	Aug-23-02
228821 2			198,750.00	197,934.72	Apr-23-03	7.990%	IL - 84.94%	Paid Off - 360	Aug-26-02
225024 2			173,500.00	172,526.37	Jun-02-03	7.900%	NC - 100.00%	Paid Off - 360	Aug-19-02
229305 2			84,920.00	84,254.32	May-06-03	8.350%	MI - 100.00%	Paid Off - 360	Sep-10-02
228936 2			58,650.00	58,449.57	Jun-03-03	8.900%	SC - 85.00%	Paid Off - 360	Sep-24-02
231904 2			87,200.00	86,720.53	Apr-30-03	6.500%	PA - 80.00%	Paid Off - 360	Sep-03-02
229025 2			56,000.00	55,432.47	May-30-03	8.350%	MO - 84.85%	Paid Off - 360	Sep-20-02
241051 2			191,900.00	191,102.42	May-01-03	6.990%	CT - 94.07%	Paid Off - 360	Oct-11-02
229361 2			130,000.00	129,414.15	Jun-05-03	7.550%	MI - 100.00%	Paid Off - 360	Sep-30-02
231471 2			159,900.00	159,255.04	May-07-03	8.850%	NJ - 100.00%	Paid Off - 360	Aug-30-02
232024 2			135,000.00	134,358.49	Jun-12-03	7.250%	PA - 90.00%	Paid Off - 360	Sep-25-02
234840 2			234,900.00	233,725.32	May-28-03	7.000%	MO - 90.00%	Paid Off - 360	Sep-24-02
235813 2			187,000.00	186,381.92	May-27-03	9.050%	IL - 86.98%	Paid Off - 360	Sep-25-02
237106 2			62,050.00	61,812.78	May-28-03	8.350%	OH - 85.00%	Paid Off - 360	Oct-18-02
238130 2			145,800.00	145,241.40	Jun-03-03	8.550%	NH - 90.00%	Paid Off - 360	Oct-07-02
238681 2			128,750.00	128,248.82	May-22-03	8.250%	MI - 100.00%	Paid Off - 360	Oct-23-02
239718 2			255,000.00	253,611.42	Jun-03-03	6.550%	NJ - 100.00%	Paid Off - 360	Oct-09-02
240250 2			121,500.00	120,899.52	May-20-03	7.050%	WV - 73.64%	Paid Off - 360	Oct-03-02
					Page 19 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
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	Realized Loss Report for May 27, 2003 Distribution
	Realized Loss Report for June 25, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						CONFORM.	NON CONFORM.	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.
SPACE INTENTIONALLY LEFT BLANK
	Non Conform.						3 Months Moving Average
	Conform.
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 20 of 25				© COPYRIGHT 2003 Deutsche Bank
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	Realized Loss Report for June 25, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						CONFORM.	NON CONFORM.	TOTAL
	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR					0.00%	0.00%	0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%
	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR					0.00%	0.00%	0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.00%	0.00%
	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation					0.00%	0.00%	0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					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
	Non Conform.
	Conform.
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 21 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for May 27, 2003 Distribution
	Realized Loss Report for June 25, 2003 Distribution
	Realized Loss Report - Collateral
	Non Conform.
	Conform.
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 22 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for May 27, 2003 Distribution
	Realized Loss Detail Report for June 25, 2003 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 0						Loan Group 1 = Non Conform. Group
Total Original Principal Balance = 0.00						Loan Group 2 = Conform. Group
Total Prior Principal Balance = 0.00
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 23 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for May 27, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for June 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						CONFORM.	NON CONFORM.	TOTAL
	Step Down Date?							No
	Trigger Event Occuring?							No
	Delinquency Percentage							12.~~731399~~984561%
	Beginning Credit Enhancement Percentage							22.~~116848~~279160%
	Ending Credit Enhancement Percentage							22.~~279160~~549113%
ADJUSTABLE RATE CERTIFICATE INFORMATION						CONFORM.	NON CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION						CONFORM.	NON CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 24 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Additional Certificate Report for May 27, 2003 Distribution
	Additional Certificate Report for June 25, 2003 Distribution
	Additional Certificate Report
	CLASS					Net WAC Rate Carryover Amt	Unpaid Realized Loss Amt	Interest Carry Forward Amt
	I-F1					0.00	0.00	0.00
	II-A1					0.00	0.00	0.00
	M-2					0.00	0.00	0.00
	M-3					0.00	0.00	0.00
	C						0.00	0.00
	P						0.00	0.00
	M-1					0.00	0.00	0.00
				Page 25 of 25				© COPYRIGHT 2003 Deutsche Bank

Filing Compare · FINANCIAL ASSET SECURITIES CORP ASSET BACK CERT SER 2003-1