

                           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):  June 25, 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
     June 25, 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:  Jul 02, 2003               By:  /s/ David Co
                                            David Co
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of June 25, 2003.


	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates


	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: June 25, 2003
	Underwriter(s):		Greenwich Capital Markets					Record Date: June 24, 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 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			74,097,920.19	216,736.42	389,418.06	606,154.48	-	-	73,708,502.13
II-A1	FLT	153,529,000.00			151,262,289.58	207,145.30	3,081,933.85	3,289,079.15	-	-	148,180,355.73
M-1	MEZ	20,555,000.00			20,555,000.00	36,759.19	-	36,759.19	-	-	20,555,000.00
M-2	MEZ	16,884,000.00			16,884,000.00	43,795.22	-	43,795.22	-	-	16,884,000.00
M-3	MEZ	13,948,000.00			13,948,000.00	56,965.96	-	56,965.96	-	-	13,948,000.00
C	SUB	13,212,775.16			13,213,929.38	1,242,595.92	-	1,242,595.92	-	-	13,213,929.38
P	EXE	100.00			100.00	144,299.68	-	144,299.68	-	-	100.00
R	R	-			-	-	-	-	-	-	-


Total		293,642,875.16			289,961,239.15	1,948,297.69	3,471,351.91	5,419,649.60	-	-	286,489,887.24


	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	05/27/03	06/24/03		F-30/360	29445FAA6	75,514,000.00	981.247453	2.870149	5.156899	8.027048	976.090554
II-A1	05/27/03	06/24/03		A-Act/360	29445FAB4	153,529,000.00	985.235946	1.349226	20.073952	21.423178	965.161994
M-1	05/27/03	06/24/03		A-Act/360	29445FAC2	20,555,000.00	1,000.000000	1.788333	-	1.788333	1,000.000000
M-2	05/27/03	06/24/03		A-Act/360	29445FAD0	16,884,000.00	1,000.000000	2.593889	-	2.593889	1,000.000000
M-3	05/27/03	06/24/03		A-Act/360	29445FAE8	13,948,000.00	1,000.000000	4.084167	-	4.084167	1,000.000000
C				A-30/360		306,855,650.32	988.005820	4.049448	-	4.049448	976.693166
P				-30/360		100.00	1,000.000000	1,442,996.800000	-	1,442,996.800000	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 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		657,337.43		1,553,230.20	252,267.67	1,805,497.87	2,462,835.30	-	-	73,708,502.13
II-A1	153,529,000.00		646,250.43		4,921,083.91	427,560.36	5,348,644.27	5,994,894.70	-	-	148,180,355.73
M-1	20,555,000.00		113,893.97		-	-	-	113,893.97	-	-	20,555,000.00
M-2	16,884,000.00		135,763.19		-	-	-	135,763.19	-	-	16,884,000.00
M-3	13,948,000.00		176,664.50		-	-	-	176,664.50	-	-	13,948,000.00
C	13,212,775.16		3,717,780.00		-	-	-	3,717,780.00	-	-	13,213,929.38
P	100.00		229,477.81		-	-	-	229,477.81	-	-	100.00
R	-		0.00		-	-	-	0.00	-	-	-


Total	293,642,875.16		5,677,167.33		6,474,314.11	679,828.03	7,154,142.14	12,831,309.47	-	-	286,489,887.24


	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%	74,097,920.19			216,736.42	-	-	-	216,736.42	216,736.42	-
II-A1	1.70000%	151,262,289.58			207,145.30	-	-	-	207,145.30	207,145.30	-
M-1	2.22000%	20,555,000.00			36,759.19	-	-	-	36,759.19	36,759.19	-
M-2	3.22000%	16,884,000.00			43,795.22	-	-	-	43,795.22	43,795.22	-
M-3	5.07000%	13,948,000.00			56,965.96	-	-	-	56,965.96	56,965.96	-
C	5.14246%	303,175,168.53			1,242,595.92	-	0.00	-	1,242,595.92	1,242,595.92	0.00
P		100.00			144,299.68	-	-	-	144,299.68	144,299.68	-
R		-			-	-	-	-	-	-	-


Total		579,922,478.30			1,948,297.69	-	0.00	-	1,948,297.69	1,948,297.69	0.00


							Page 3 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	Collection Account Report for June 25, 2003 Distribution


	Collection Account Report


SUMMARY						CONFORM.	NON CONFORM.	TOTAL

	Principal Collections					3,081,933.85	389,418.06	3,471,351.91
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					3,081,933.85	389,418.06	3,471,351.91

	Interest Collections					1,323,276.09	638,363.94	1,961,640.03
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(8,150.17)	(5,192.17)	(13,342.34)
	TOTAL NET INTEREST					1,315,125.92	633,171.77	1,948,297.69

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					4,397,059.77	1,022,589.83	5,419,649.60


PRINCIPAL - COLLECTIONS						CONFORM.	NON CONFORM.	TOTAL

	Scheduled Principal					141,878.67	84,456.88	226,335.55
	Curtailments					11,966.12	16,049.59	28,015.71
	Prepayments in Full					2,928,089.06	288,911.59	3,217,000.65
	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					(131,630.98)	(75,251.60)	(206,882.58)
	Advanced Principal					131,630.98	75,251.60	206,882.58
	Realized Losses					0.00	0.00	0.00


	TOTAL PRINCIPAL COLLECTED					3,081,933.85	389,418.06	3,471,351.91


				Page 4 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	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					1,270,603.78	656,265.29	1,926,869.07
	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)					(2,508.68)	0.00	(2,508.68)
	Delinquent Interest					(1,165,807.07)	(582,495.90)	(1,748,302.97)
	Realized Losses					0.00	0.00	0.00
	Compensating Month End Interest					2,508.68	0.00	2,508.68
	Other Interest Shortfall (Relief Act)					0.00	0.00	0.00
	Interest Advanced					1,091,510.32	547,263.93	1,638,774.25
	Prepayment Penalties					126,969.06	17,330.62	144,299.68

	TOTAL INTEREST COLLECTED					1,323,276.09	638,363.94	1,961,640.03


				Page 5 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	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					6,772.00	4,516.45	11,288.45
	Trustee Fee					1,378.17	675.72	2,053.89
	PMI Insuranse Premium Fees					0.00	0.00	0.00

	TOTAL INTEREST OTHER FEES					8,150.17	5,192.17	13,342.34


				Page 6 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	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 June 25, 2003 Distribution


	Collateral Report


COLLATERAL						CONFORM.	NON CONFORM.	TOTAL
	Loan Count:
	*Original*					1594	922	2516
	Prior					1,575	911	2,486
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(21)	(3)	(24)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,554	908	2,462

	*Principal Balance:*
	Original					196,830,870.91	96,812,004.25	293,642,875.16
	Prior					194,565,021.35	95,396,217.80	289,961,239.15
	Prefunding					-	-	-
	Scheduled Principal					(141,878.67)	(84,456.88)	(226,335.55)
	Partial and Full Voluntary Prepayments					(2,940,055.18)	(304,961.18)	(3,245,016.36)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					191,483,087.50	95,006,799.74	286,489,887.24

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 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					7.835825%	8.257801%	7.975117%
	Weighted Average Coupon Current					7.836581%	8.255237%	7.974317%
	Weighted Average Months to Maturity Original					354	281	330
	Weighted Average Months to Maturity Prior					353	280	329
	Weighted Average Months to Maturity Current					352	279	328
	Weighted Avg Remaining Amortization Term Original					353	289	332
	Weighted Avg Remaining Amortization Term Prior					352	288	331
	Weighted Avg Remaining Amortization Term Current					351	287	330
	Weighted Average Seasoning Original					6.62	6.46	6.57
	Weighted Average Seasoning Prior					7.61	7.46	7.56
	Weighted Average Seasoning Current					8.61	8.46	8.56

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 June 25, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS						CONFORM.	NON CONFORM.	TOTAL

	Weighted Average Margin Original					7.005%
	Weighted Average Margin Prior					7.004%
	Weighted Average Margin Current					7.005%
	Weighted Average Max Rate Original					13.838%	8.262%
	Weighted Average Max Rate Prior					13.837%	8.260%
	Weighted Average Max Rate Current					13.838%	8.257%
	Weighted Average Min Rate Original					7.838%	8.262%
	Weighted Average Min Rate Prior					7.837%	8.260%
	Weighted Average Min Rate Current					7.838%	8.257%
	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					6,772.00	4,516.45	11,288.45
	Delinquent Servicing Fees					74,296.76	35,231.97	109,528.73
	TOTAL SERVICING FEES					81,068.76	39,748.42	120,817.18


	Total Servicing Fees					81,068.76	39,748.42	120,817.18
	Compensating Month End Interest					2,508.68	0.00	2,508.68
	Delinquent Servicing Fees					(74,296.76)	(35,231.97)	(109,528.73)

	COLLECTED SERVICING FEES					9,280.68	4,516.45	13,797.13

	Prepayment Interest Shortfall					2,508.68	0.00	2,508.68

	Total Advanced Interest					1,091,510.32	547,263.93	1,638,774.25


ADDITIONAL COLLATERAL INFORMATION						CONFORM.	NON CONFORM.	TOTAL

	Next One-Month LIBOR							1.035000%
	Current One-Month LIBOR							1.320000%


				Page 10 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	Delinquency Report for June 25, 2003 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			54,897,026.56	4,733,905.67	2,255,949.29	61,886,881.52
		% Balance			19.16%	1.65%	0.79%	21.60%
		# Loans			470	49	24	543
		% # Loans			19.09%	1.99%	0.97%	22.06%
FORECLOSURE		Balance		-	-	-	74,535.29	74,535.29
		% Balance		0.00%	0.00%	0.00%	0.03%	0.03%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.04%	0.04%
BANKRUPTCY		Balance		681,788.11	370,017.44	99,355.26	438,519.76	1,589,680.57
		% Balance		0.24%	0.13%	0.03%	0.15%	0.55%
		# Loans		8	4	1	3	16
		% # Loans		0.32%	0.16%	0.04%	0.12%	0.65%
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		681,788.11	55,267,044.00	4,833,260.93	2,769,004.34	63,551,097.38
		% Balance		0.24%	19.29%	1.69%	0.97%	22.18%
		# Loans		8	474	50	28	560
		% # Loans		0.32%	19.25%	2.03%	1.14%	22.75%
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
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	Delinquency Report for June 25, 2003 Distribution


	Delinquency Report - Non Conform. Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			13,486,597.50	1,479,196.08	566,958.83	15,532,752.41
		% Balance			14.20%	1.56%	0.60%	16.35%
		# Loans			141	19	7	167
		% # Loans			15.53%	2.09%	0.77%	18.39%
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		74,753.41	142,973.48	99,355.26	125,402.23	442,484.38
		% Balance		0.08%	0.15%	0.10%	0.13%	0.47%
		# Loans		1	2	1	1	5
		% # Loans		0.11%	0.22%	0.11%	0.11%	0.55%
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		74,753.41	13,629,570.98	1,578,551.34	692,361.06	15,975,236.79
		% Balance		0.08%	14.35%	1.66%	0.73%	16.81%
		# Loans		1	143	20	8	172
		% # Loans		0.11%	15.75%	2.20%	0.88%	18.94%
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
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	Delinquency Report for June 25, 2003 Distribution


	Delinquency Report - Conform. Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			41,410,429.06	3,254,709.59	1,688,990.46	46,354,129.11
		% Balance			21.63%	1.70%	0.88%	24.21%
		# Loans			329	30	17	376
		% # Loans			21.17%	1.93%	1.09%	24.20%
FORECLOSURE		Balance		-	-	-	74,535.29	74,535.29
		% Balance		0.00%	0.00%	0.00%	0.04%	0.04%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.06%	0.06%
BANKRUPTCY		Balance		607,034.70	227,043.96	-	313,117.53	1,147,196.19
		% Balance		0.32%	0.12%	0.00%	0.16%	0.60%
		# Loans		7	2	-	2	11
		% # Loans		0.45%	0.13%	0.00%	0.13%	0.71%
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		607,034.70	41,637,473.02	3,254,709.59	2,076,643.28	47,575,860.59
		% Balance		0.32%	21.74%	1.70%	1.08%	24.85%
		# Loans		7	331	30	20	388
		% # Loans		0.45%	21.30%	1.93%	1.29%	24.97%
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
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	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
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	Foreclosure Report for June 25, 2003 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 1				Loan Group 1 = Non Conform. Group
Total Original Principal Balance = 74,900.00				Loan Group 2 = Conform. Group
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

227965 2		74,900.00	74,535.29	Feb-03-03	8.600%	AR - 100.00%	360	Aug-30-02


				Page 15 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	Prepayment Report for June 25, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						CONFORM.	NON CONFORM.	TOTAL

	*Current*
	Number of Paid in Full Loans					21	3	24
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					21	3	24

	Paid in Full Balance					2,928,089.06	288,911.59	3,217,000.65
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					11,966.12	16,049.59	28,015.71
	Total Prepayment Amount					2,940,055.18	304,961.18	3,245,016.36

	*Cumulative*
	Number of Paid in Full Loans					40	14	54
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					40	14	54

	Paid in Full Balance					4,876,709.35	1,505,759.38	6,382,468.73
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					43,513.70	47,177.46	90,691.16
	Total Prepayment Amount					4,920,223.05	1,552,936.84	6,473,159.89

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
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	Prepayment Report for June 25, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						CONFORM.	NON CONFORM.	TOTAL

	SMM					1.51%	0.32%	1.12%
	3 Months Avg SMM					0.84%	0.54%	0.74%
	12 Months Avg SMM
	Avg SMM Since Cut-off					0.84%	0.54%	0.74%

	CPR					16.71%	3.77%	12.64%
	3 Months Avg CPR					9.65%	6.27%	8.55%
	12 Months Avg CPR
	Avg CPR Since Cut-off					9.65%	6.27%	8.55%

	PSA					970.49%	222.94%	738.43%
	3 Months Avg PSA Approximation					633.56%	420.36%	564.90%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					633.56%	420.36%	564.90%



	Non Conform.
	Conform.


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 17 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	Prepayment Report for June 25, 2003 Distribution


	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
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for June 25, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 24						Loan Group 1 = Non Conform. Group
Total Original Principal Balance = 3,234,390.00						Loan Group 2 = Conform. Group
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

220263 1			101,600.00	101,074.30	Jun-11-03	8.300%	PA - 80.00%	Paid Off - 360	Aug-16-02
225397 1			115,600.00	115,118.90	Jun-13-03	8.700%	GA - 85.00%	Paid Off - 180	Sep-06-02
233627 1			73,100.00	72,718.39	Jun-11-03	7.950%	OH - 85.00%	Paid Off - 180	Sep-17-02
199440 2			63,750.00	63,347.16	Jun-09-03	8.450%	MO - 85.00%	Paid Off - 360	Jun-03-02
201464 2			153,450.00	152,274.25	Jun-05-03	7.250%	GA - 90.00%	Paid Off - 360	Aug-12-02
209621 2			119,700.00	119,040.89	Jun-02-03	7.300%	MO - 90.00%	Paid Off - 360	Sep-06-02
214551 2			102,500.00	101,925.31	Jun-04-03	7.900%	MI - 100.00%	Paid Off - 360	Aug-21-02
219244 2			186,750.00	185,876.94	May-30-03	8.800%	GA - 75.00%	Paid Off - 360	Aug-08-02
221888 2			125,550.00	124,873.76	Jun-06-03	8.100%	GA - 90.00%	Paid Off - 360	Aug-13-02
223701 2			250,000.00	247,625.90	May-21-03	9.000%	VA - 100.00%	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
225024 2			173,500.00	172,526.37	Jun-02-03	7.900%	NC - 100.00%	Paid Off - 360	Aug-19-02
228936 2			58,650.00	58,449.57	Jun-03-03	8.900%	SC - 85.00%	Paid Off - 360	Sep-24-02
229025 2			56,000.00	55,432.47	May-30-03	8.350%	MO - 84.85%	Paid Off - 360	Sep-20-02
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
	Mortgage Pass-Through Certificates

	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
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates

	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 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 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
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	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							2.984561%
	Beginning Credit Enhancement Percentage							22.279160%
	Ending Credit Enhancement Percentage							22.549113%


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 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

FINANCIAL ASSET SECURITIES CORP ASSET BACK CERT SER 2003-1 8-K