Financial Asset Securities Corp Asset Back Cert Ser 2003-1 8-K Other events

                           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):  September 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
     September 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:  Oct 01, 2003               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President

                                   EXHIBIT INDEX

          DOCUMENT

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






			

	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	September 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
						& nbsp;
				Total Number of Pages				25
								;
			CONTACTS
				Administrator: Alan Sueda
				Direct Phone Number: (714)247-6315
				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 C orp.					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: September 25, 2003	&nbs p;
	Underwriter(s):		Greenwich Capital Markets					Record Date: September 24, 2003
								August 29, 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 September 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			72,419,114.17	211,825.91	444,075.96	655,901.87	-	-	71,975,038.21
II-A1	FLT	153,529,000.00			143,236,427.07	183,780.29	2,237,231.14	2,421,011.43	-	-	140,999,195.93
M-1	MEZ	20,555,000.00			20,555,000.00	35,577.28	-	35,577.28	-	-	20,555,000.00
M-2	MEZ	16,884,000.00			16,884,000.00	43,762.39	-	43,762.39	-	-	16,884,000.00
M-3	MEZ	13,948,000.00			13,948,000.00	58,372.38	-	58,372.38	-	-	13,948,000.00
C	SUB	13,212,775.16			13,213,929.38	1,209,277.72	-	1,209,277.72	-	-	13,213,929.38
P	EXE	100.00			100.00	90,891.15	-	90,891.15	-	-	100.00
R	R	-			-	-	-	-	-	-	-
Total		293,642,875.16			280,256,570.62	1,833,487.12	2,681,307.10	4,514,794.22	-	-	277,575,263.52
	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	08/25/03	09/24/03		F-30/360	29445FAA6	75,514,000.00	959.015734	2.805121	5.880710	8.685831	953.135024
II-A1	08/25/03	09/24/03		A-Act/360	29445FAB4	153,529,000.00	932.960073	1.197040	14.572043	15.769082	918.388030
M-1	08/25/03	09/24/03		A-Act/360	29445FAC2	20,555,000.00	1,000.000000	1.730833	-	1.730833	1,000.000000
M-2	08/25/03	09/24/03		A-Act/360	29445FAD0	16,884,000.00	1,000.000000	2.591944	-	2.591944	1,000.000000
M-3	08/25/03	09/24/03		A-Act/360	29445FAE8	13 ,948,000.00	1,000.000000	4.185000	-	4.185000	1,000.000000
C				A-30/360		306,855,650.32	956.379652	3.940868	-	3.940868	947.641644
P				-30/360		100.00	1,000.000000	908,911.500000	-	908,911.500000	1,000.000000
R				-		-	-	-	-	-	-
							Page 2 of 25				© COPYRIGHT 2003 Deutsche Bank
& nbsp;	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Series 2003-1
	Certificate Payment Report for September 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		1,298,982.91		3,032,579.57	506,382.22	3,538,961.79	4,837,944.70	-	-	71,975,038.21
II-A1	153,529,000.00		1,190,880.16		11,680,338.84	849,465.23	12,529,804.07	13,720,684.23	-	-	140,999,195.93
M-1	20,555,000.00		218,016.47		-	-	-	218,016.4 7	-	-	20,555,000.00
M-2	16,884,000.00		264,438.03		-	-	-	264,438.03	-	-	16,884,000.00
M-3	13,948,000.00		348,906.80		-	-	-	348,906.80	-	-	13,948,000.00
C	13,212,775.16		7,416,905.98		-	-	-	7,416,905.98	-	-	13,213,929.38
P	100.00		543,855.51		-	-	-	543,855.51	-	-	100.00
R	-		0.00		-	-	-	0.00	-	-	-
Total	293,642,875.16		11,281,985.86		14,712,918.41	1,355,847.45	16,068,765.86	27,350,751.72	-	-	277,575,263.52
	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%	72,419,114.17			211,825.91	-	-	-	211,825.91	211,825.91	-
II-A1	1.49000%	143,236,427.07			183,780.29	-	-	-	183,780.29	183,780.29	-
M-1	2.01000%	20,555,000.00			35,577.28	-	-	-	35,577.28	35,577.28	-
M-2	3.01000%	16,884,000.00			43,762.39	-	-	-	43,762.39	43,762.39	-
M-3	4.86000%	13,948,000.00			58,372.38	-	-	-	58,372.38	58,372.38	-
C	5.17787%	293,470,500.00			1,209,277.72	-	0.02	-	1,209,277.72	1,209,277.72	0.02
P		100.00			90,891.15	-	-	-	90,891.15	90,891.15	-
R		-			-	-	-	-	-	-	-
Total		560,513,141.24			1,833,487.12	-	0.02	-	1,833,487.12	1,833,487.12	0.02
							Page 3 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Collection Account Report for September 25, 2003 Distribution
	Collection Account Report
SUMMARY						CONFORM.	NON CONFORM.	TOTAL
	Principal Collections					2,237,231.14	444,075.96	2,681,307.10
	Principal Withdrawals	;				0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					2,237,231.14	444,075.96	2,681,307.10
	Interest Collections					1,195,813.76	727,045.24	1,922 ,859.00
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(57,576.83)	(31,795.05)	(89,371.88)
	TOTAL NET INTEREST					1,138,236.93	695,250.19	1,833,487.12
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					3,375,468.07	1,139,326.15	4,514,794.22
PRINCIPAL - COLLECTIONS						CONFORM.	NON CONFORM.	TOTAL
	Scheduled Principal					139,959.11	85,028.95	224,988.06
	Curtailments					12,726.65	12,812.43	25,539.08
	Prepayments in Full					2,084,545.38	346,234.58	2,430,779.96
	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					(38,020.79)	(16,061.23)	(54,082.02)
	Advanced Principal		&nbs p;			38,020.79	16,061.23	54,082.02
	Realized Losses					0.00	0.00	0.00
								& nbsp;
	TOTAL PRINCIPAL COLLECTED					2,237,231.14	444,075.96	2,681,307.10
				Page 4 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Collection Account Report for September 25, 2003 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						CONFOR M.	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					1,217,282.89	644,071.79	1,861,354.68
	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)					(1,701.24)	(107.74)	(1,808.98)
	Delinquent Interest					(341,569.41)	(136,817.42)	(478,386.83)
	Realized Losses					0.00	0.00	0.00
	Compensating Month End Interest					1,701.24	107.74	1,808.98
	Other Interest Shortfall (Relief Act)					0.00	0.00	0.00
	Interest Advanced					320,100.28	128,899.72	449,000.00
	Prepayment Penalties					0.00	90,891.15	90,891.15
	TOTAL INTEREST COLLECTED					1,195,813.76	727,045.24	1,922,859.00
				Page 5 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Collection Account Report for September 25, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						CONFORM.	NON CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK
									& nbsp;
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					56,255.51	31,131.22	87,386.73
	Trustee Fee					1,321.32	663.83	1,985.15
	PMI Insuranse Premium Fees					0.00	0.00	0.00
	TOTAL INTEREST OTHER FEES					57,576.83	31,795.05	89,371.88
				Page 6 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
									&nbs p;
	Credit Enhancement Report for September 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	&nbs p;
											&nb sp;
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	&nb sp;
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Collateral Report for September 25, 2003 Distribution
	Collateral Report
COLLATERAL						CONFORM.	NON CONFORM.	TOTAL
	Loan Count:
	Original					1594	922	2516
	Prior					1,519	897	2,416
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(17)	(4)	(2 1)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,502	893	2,395
	Principal Balance:
	Original					196,830,870.91	96,812,004.25	293,642,875.16
	Prior					186,539,158.84	93,717,411.78	280,256,570.62
	Prefunding					-	-	-
	Scheduled Principal					(139,959.11)	(85,028.95)	(224,988.06)
	Partial and Full Voluntary Prepayments					(2,097,272.03)	(359,047.01)	(2,456,319.04)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					184,301,927.70	93,273 ,335.82	277,575,263.52
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 September 25, 2003 Distribution
	Collateral Report
CHARACTERISTICS						CONFORM.	NON CONFORM.	TOTAL
	Weighted Average Coupon Original					7.837029%	8.259767%	7.976403%
	Weighted Average Coupon Prior					7.831008%	8.252183%	7.971266%
	Weighted Average Coupon Current					7.830739%	8.246986%	7.969931%
	Weighted Average Months to Maturity Original					354	281	330
	Weighted Average Months to Maturity Prior					350	278	326
	Weighted Average Months to Maturity Current					349	277	325
	Weighted Avg Remaining Amortization Term Original					353	289	332
	Weighted Avg Remaining Amortization Term Prior					349	332	344
	Weighted Avg Remaining Amortization Term Current					348	331	343
	Weighted Average Seasoning Original					6.62	6.46	6.57
	Weighted Average Seasoning Prior					10.60	10.46	10.56
	Weighted Average Seasoning Current					11.60	11.46	11.56
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 September 25, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS						CONFORM.	NON CONFORM.	TOTAL
	Weighted Average Margin Original					7.005%
	Weighted Average Margin Prior					6.998%
	Weighted Average Margin Current					6.998%
	Weighted Average Max Rate Original					13.838%	8.262%
	Weighted Average Max Rate Prior					13.832%
	Weighted Average Max Rate Current					13.831%
	Weighted Average Min Rate Original					7.838%	8.262%	& nbsp;
	Weighted Average Min Rate Prior					7.832%
	Weighted Average Min Rate Current					7.831%
	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					56,255.51	31,131.22	87,386.73
	Delinquent Servicing Fees					21,469.14	7,917.70	29,386.84
	TOTAL SERVICING FEES					77,724.65	39,048.92	116,773.57
	Total Servicing Fees					77,724.65	39,048.92	116,773.57
	Compensating Month End Interest					1,701.24	107.74	1,808.98
	Delinquent Servicing Fees					(21,469.14)	(7,917.70)	(29,386.84)
	COLLECTED SERVICING FEES					57,956.75	31,238.96	89,195.71
	Prepayment Interest Shortfall					1,701.24	107.74	1,808.98
	Total Advanced Interest					320,100.28	128,899.72	449,000.00
ADDITIONAL COLLATERAL INFORMATION						CONFO RM.	NON CONFORM.	TOTAL
	Next One-Month LIBOR							1.110000%
	Current One-Month LIBOR							1.110000%
				Page 10 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Delinquency Report for September 25, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			6,719,452.65	1,836,611.68	757,212.82	9,313,277.15
		% Balance			2.42%	0.66%	0.27%	3.36%
		# Loans			60	18	8	86
		% # Loans			2.51%	0.75%	0.33%	3.59%
FORECLOSURE		Balance		-	-	185,867.89	2,655,2 62.41	2,841,130.30
		% Balance		0.00%	0.00%	0.07%	0.96%	1.02%
		# Loans		-	-	3	25	28
		% # Loans		0.00%	0.00%	0.13%	1.04%	1.17%
BANKRUPTCY		Balance		2,785,867.62	471,166.43	213,188.83	547,253.44	4,017,476.32
		% Balance		1.00%	0.17%	0.08%	0.20%	1.45%
		# Loans		21	4	1	6	32
		% # Loans		0.88%	0.17%	0.04%	0.25%	1.34%
REO		Balance		-	-	-	453,082.42	453,082.42
		% Balance		0.00%	0.00%	0.00%	0.16%	0.16%
		# Loans		-	-	-	4	4
		% # Loans		0.00%	0.00%	0.00%	0.17%	0.17%
						&n bsp;
TOTAL		Balance		2,785,867.62	7,190,619.08	2,235,668.40	4,412,811.09	16,624,966.19
		% Balance		1.00%	2.59%	0.81%	1.59%	5.99%
		# Loans		21	64	22	43	150
		% # Loans		0.88%	2.67%	0.92%	1.80%	6.26%
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 September 25, 2003 Distribution
	Delinquency Report - Non Conform. Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,427,516.84	555,185.35	230,467.15	2,213,169.34
		% Balance			1.53%	0.60%	0.25%	2.37%
		# Loans			16	7	3	26
		% # Loans			1.79%	0. 78%	0.34%	2.91%
FORECLOSURE		Balance		-	-	55,270.38	866,767.84	922,038.22
		% Balance		0.00%	0.00%	0.06%	0.93%	0.99%
		# Loans		-	-	1	9	10
		% # Loans		0.00%	0.00%	0.11%	1.01%	1.12%		& nbsp;
BANKRUPTCY		Balance		422,660.15	290,536.27	-	320,660.23	1,033,856.65
		% Balance		0.45%	0.31%	0.00%	0.34%	1.11%
		# Loans		5	2	-	4	11
		% # Loans		0.56%	0.22%	0.00%	0.45%	1.23%
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		422,660.15	1,718,053.11	610,455.73	1,417,895.22	4,169,064.21
		% Balance		0.45%	1.84%	0.65%	1.52%	4.47%
		# Loans		5	18	8	16	47
		% # Loans		0.56%	2.02%	0.90%	1.79%	5.26%
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									& nbsp;
	Delinquency Report for September 25, 2003 Distribution
	Delinquency Report - Conform. Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			5,291,935.81	1,281,426.33	526,745.67	7,100,107.81
		% Balance			2.87%	0.70%	0.29%	3.85%
		# Loans			44	11	5	60
		% # Loans			2.93%	0.73%	0.33%	3.99%
FORECLOSURE		Balance		-	-	130,597.51	1,788,494.57	1,919,092.08
		% Balance		0.00%	0.00%	0.07%	0.97%	1.04%
		# Loans		-	-	2	16	18
		% # Loans		0.00%	0.00%	0.13%	1.07%	1.20%
BANKRUPTCY		Balance		2,363,207.47	180,630.16	213,188.83	226,593.21	2,983,619.67
		% Balance		1.28%	0.10%	0.12%	0.12%	1.62%
		# Loans		16	2	1	2	21			& nbsp;
		% # Loans		1.07%	0.13%	0.07%	0.13%	1.40%
REO		Balance		-	-	-	453,082.42	453,082.42
		% Balance		0.00%	0.00%	0.00%	0.25%	0.25%
		# Loans		-	-	-	4	4
		% # Loans		0.00%	0.00%	0.00%	0.27%	0.27%
TOTAL		Balance		2,363,207.47	5,472,565.97	1,625,212.67	2,994,915.87	12,455,901.98
		% Balance		1.28%	2.97%	0.88%	1.63%	6.76%
		# Loans		16	46	14	27	103
		% # Loans		1.07%	3.06%	0.93%	1.80%	6.86%
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
		& nbsp;
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								&nbs p;
	Mortgage Pass-Through Certificates
	REO Report for September 25, 2003 Distribution
									&nb sp;
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 1				Loan Group 1 = Non Conform. Group; REO Book Value = Not Available
Total Original Principal Balance = 136,000.00				Loan Group 2 = Conform. Group; REO Book Value = Not Available
Total Current Balance = 135,226.30
REO Book Value = Not Available
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
222421 2		136,000.00	135,226.30	Mar-04-03	9.450%	NC - 100.00%	360	Aug-30-02
				Page 14 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Foreclosure Report for Se ptember 25, 2003 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 7				Loan Group 1 = Non Conform. Group
Total Original Principal Balance = 563,900.00				Loan Group 2 = Conform. Group
Total Current B alance = 560,471.24
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
214174 1		131,400.00	130,426.47	May-05-03	8.600%	PA - 90.00%	180	Jul-26-02
223504 1		81,000.00	80,601.71	May-23-03	10.150%	OK - 90.00%	360	Sep-13-02
226206 1		55,600.00	55,270.38	Jun-04-03	9.250%	OH - 84.24%	180	Aug-29-02
226732 1		85,500.00	84,926.66	Mar-24-03	8.650%	MI - 95.00%	180	Sep-19-02
227965 2		74,900.00	74,393.06	May-03-03	8.600%	AR - 100.00%	360	Aug-30-02
237255 2		31,500.00	31,345.92	Jun-12-03	9.700%	OH - 70.00%	360	Oct-07-02
239459 2		104,000.00	103,507.04	May-14-03	9.850%	NJ - 80.00%	360	Oct-08-02
				Page 15 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Prepayment Report for September 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						CONFORM.	NON CONFORM.	TOTAL
	Current
	Number of Paid in Full Loans					17	4	21
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					17	4	21
	Paid in Full Balance					2,084,545.38	346,234.58	2,430,779.96
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					12,726.65	12,812.43	25,539.08
	Total Prepayment Amount					2,097,272.03	359,047.01	2,456,319.04
	Cumulative
	Number of Paid in Full Loans					92	30	122
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					92	30	122
	Paid in Ful l Balance					11,602,882.34	2,963,193.12	14,566,075.46
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					76,595.64	69,093.09	145,688.73
	Total Prepayment Amount					11,679,477.98	3,032,286.21	14,711,764.19
SPACE INTENTIONALLY LEFT BLANK
			&nb sp;
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 September 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						CONFORM.	NON CONFORM.	TOTAL
	SMM					1.13%	0.38%	0.88%
	3 Months Avg SMM					1.19%	0.52%	0.97%
	12 Months Avg SMM
	Avg SMM Since Cut-off					1.02%	0.53%	0.86%
	CPR					12.70%	4.51%	10.03%
	3 Months Avg CPR					13.41%	6.09%	11.03%
	12 Months Avg CPR
	Avg CPR Since Cut-off					11.55%	6.18%	9.80%
	PSA					547.11%	196.60%	434.12%
	3 Months Avg PSA Approximation					632.16%	291.38%	522.57%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					633.84%	345.09%	540.71%
	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 September 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)
Averag e 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)										&n bsp;
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 Mor tgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 25, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 21						Loan Group 1 = Non Conform. Group
Total Original Principal Balance = 2,450,925.00						Loan Group 2 = Conform. Group
Total Prepayment Amount = 2,430,779.96
Loan Number			Original			Current	State &	Type Prepayme nt
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
219157 1			72,250.00	69,886.81	Aug-25-03	9.250%	NC - 85.00%	Paid Off - 180	Sep-03-02
225860 1			185,400.00	184,348.40	Sep-12-03	8.450%	CT - 90.00%	Paid Off - 360	Oct-09-02
229339 1			45,000.00	44,747.68	Sep-09-03	9.100%	PA - 56.96%	Paid Off - 180	Sep-04-02
247360 1			47,500.00	47,251.69	Sep-15-03	8.250%	FL - 95.00%	Paid Off - 360	Oct-30-02
211750 2			50,000.00	49,743.62	Aug-19-03	9.950%	SC - 27.78%	Paid Off - 360	Aug-14-02
212633 2			160,000.00	158,666.77	Aug-28-03	9.900%	IL - 100.00%	Paid Off - 360	Jul-25-02
217485 2			73,800.00	73,132.09	Aug-27-03	8.800%	IN - 90.00%	Paid Off - 360	Aug-21-02
221642 2			42,500.00	42,177.95	Aug-19-03	7.800%	IL - 85.00%	Paid Off - 360	Aug-30-02
224486 2			180,000.00	178,972.33	Aug-27-03	8.950%	MI - 100.00%	Paid Off - 360	Sep-09-02
224766 2			140,250.00	139,327.39	Aug-28-03	8.250%	PA - 85.00%	Paid Off - 360	Aug-29-02
225087 2			264,000.00	261,443.08	Sep-05-03	7.525%	CT - 80.00%	Paid Off - 360	Sep-16-02
226124 2			180,000.00	178,386.34	Sep-05-03	7.900%	SC - 80.00%	Paid Off - 360	Aug-21-02
226541 2			101,500.00	100,889.01	Sep-02-03	8.150%	SC - 100.00%	Paid Off - 360	Sep-27-02
226587 2			86,325.00	85,716.04	Sep-02-03	7.900%	SC - 100.00%	Paid Off - 360	Sep-06-02
230977 2			160,000.00	158,743.22	Aug-28-03	8.700%	VA - 100.00%	Paid Off - 360	Sep-16-02
232623 2			123,750.00	121,967.22	Aug-28-03	7.275%	MN - 75.00%	Paid Off - 360	Oct-15-02
235235 2			127,900.00	127,224.90	Aug-18-03	8.800%	ME - 100.00%	Paid Off - 360	Sep-30-02
236710 2			85,000.00	84,532.42	Aug-18-03	8.850%	GA - 85.00%	Paid Off - 360	Sep-30-02
236771 2			84,900.00	84,200.72	Aug-28-03	6.550%	MO - 100.00%	Paid Off - 360	Oct-01-02
239152 2			162,000.00	160,940.16	Sep-10-03	7.750%	NC - 100.00%	Paid Off - 360	Oct-07-02
241857 2			78,850.00	78,482.12	Aug-29-03	9.400%	FL - 95.00%	Paid Off - 360	Oct-15-02
					Page 19 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 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
							&nb sp;
	Non Conform.						3 Months Moving Average
	Conform.
&nb sp;
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 September 25, 2003 Distribution
											&nbs p;
	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 September 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 As sumption: 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 September 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 adjust ments to loans liquidated in prior periods.
Loan Number			Original	Prior		Current	State &
&		Loan	Principal	Principal	Realized	Note	LTV at	Original	Origination
Loan Group		Status	B alance	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 Miscellaneo us Report for September 25, 2003 Distribution
											&n bsp;
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						CONFORM.	NON CONFORM.	TOTAL
	Step Down Date?							No
	Trigger Event Occuring?							No
	Delinquency Percentage							3.534445%
	Beginning Credit Enhancement Percentage							23.050639%
	Ending Credit Enhancement Percentage							23.273302%
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 September 25, 2003 Distrib ution
	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	0.02
	P						0.00	0.00
	M-1					0.00	0.00	0.00
				Page 25 of 25				© COPYRIGHT 2003 Deutsche Bank