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):  December 26, 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
     December 26, 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:  Jan 02, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President

                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of December 26, 2003.






			

	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	December 26, 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
						&n bsp;
				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
& nbsp;
	Seller:		Financial Asset Securites Co rp.					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: December 26, 2003
	Underwriter(s):		Greenwich Capital Markets					Record Date: December 24, 2003
								November 28, 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 December 26, 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			68,576,703.66	200,586.86	1,166,323.59	1,366,910.45	-	-	67,410,380.07
II-A1	FLT	153,529,000.00			132,637,780.46	171,181.03	3,260,403.21	3,431,584.24	-	-	129,377,377.25
M-1	MEZ	20,555,000.00			20,555,000.00	35,732.16	-	35,732.16	-	-	20,555,000.00
M-2	MEZ	16,884,000.00			16,884,000.00	43,889.61	-	43,889.61	-	-	16,884,000.00
M-3	MEZ	13,948,000.00			13,948,000.00	58,477.47	-	58,477.47	-	-	13,948,000.00
C	SUB	13,212,775.16			13,213,929.38	1,137,991.16	-	1,137,991.16	-	-	13,213,929.38
P	EXE	100.00			100.00	115,902.94	-	115,902.94	-	-	100.00
R	R	-			-	0.00	-	0.00	-	-	-
Total		293,642,875.16			265,815,513.50	1,763,761.23	4,426,726.80	6,190,488.03	-	-	261,388,786.70
	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)
&nbs p;
I-F1	11/25/03	12/25/03		F-30/360	29445FAA6	75,514,000.00	908.132315	2.656287	15.445131	18.101418	892.687185
II-A1	11/25/03	12/25/03		A-Act/360	29445FAB4	153,529,000.00	863.926558	1.114975	21.236400	22.351375	842.690158
M-1	11/25/03	12/25/03		A-Act/360	29445FAC2	20,555,000.00	1,000.000000	1.738368	-	1.738368	1,000.000000
M-2	11/25/03	12/25/03		A-Act/360	29445FAD0	16,884,000.00	1,000.000000	2.599479	-	2.599479	1,000.000000
M-3	11/25/03	12/25/03		A-Act/360	29445FAE8	13,948,000.00	1,000.000000	4.192534	-	4.192534	1,000.000000
C				A-30/360		306,855,650.32	909.318250	3.708555	-	3.708555	894.892161
P				-30/360		100.00	1,000.000000	1,159,029.400000	-	1,159,029.400000	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 December 26, 2003 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	F ace 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		1,914,098.22		7,345,214.63	758,405.30	8,103,619.93	10,017,718.15	-	-	67,410,380.07
II-A1	153,529,000.00		1,715,147.72		22,893,181.58	1,258,441.17	24,151,622.75	25,866,770.4 7	-	-	129,377,377.25
M-1	20,555,000.00		324,103.82		-	-	-	324,103.82	-	-	20,555,000.00
M-2	16,884,000.00		394,726.82		-	-	-	394,726.82	-	-	16,884,000.00
M-3	13,948,000.00		522,482.39		-	-	-	522,482.39	-	-	13,948,000.00
C	13,212,775.16		10,922,151.72		-	-	-	10,922,151.72	-	-	13,213,929.38
P	100.00		1,050,966.47		-	-	-	1,050,966.47	-	-	100.00
R	-		0.01		-	-	-	0.01	-	-	-
Total	293,642,875.16		16,843,677.17		30,238,396.21	2,016,846.47	32,255,242.68	49,098,919.85	-	-	261,388,786.70
				&n bsp;
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Inter est	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%	68,576,703.66			200,586.86	-	-	-	200,586.86	200,586.86	-
II-A1	1.49875%	132,637,780.46			171,181.03	-	-	-	171,181.03	171,181.03	-
M-1	2.01875%	20,555,000.00			35,732.16	-	-	-	35,732.16	35,732.16	-
M-2	3.01875%	16,884,000.00	43,889.61	-	-	-	43,889.61	43,889.61	-
M-3	4.86875%	13,948,000.00			58,477.47	-	-	-	58,477.47	58,477.47	-
C	5.13736%	279,029,442.88			1,137,991.16	-	0.02	-	1,137,991.16	1,137,991.16	0.02
P		100.00			115,902.94	-	-	-	115,902.94	115,902.94	-
R		-			0.00	-	-	-	0.00	0.00	-
Total		531,631,027.00			1,763,761.23	-	0.02	-	1,763,761.23	1,763,761.23	0.02
							Page 3 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
SUMMARY						CONFORM.	NON CONFORM.	TOTAL
	Principal Collections					3,260,403.21	1,166,323.59	4,426,726.80
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts			&n bsp;		0.00	0.00	0.00
	TOTAL NET PRINCIPAL					3,260,403.21	1,166,323.59	4,426,726.80
	Interest Collections					1,118,290.16	722,759.52	1,841,049.68
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(48,421.37)	(28,867.08)	(77,288.45)
	TOTAL NET INTEREST					1,069,868.79	693,892.44	1,763,761.23
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					4,330,272.00	1,860,216.03	6,190,488.03
					&nb sp;
PRINCIPAL - COLLECTIONS						CONFORM.	NON CONFORM.	TOTAL
	Scheduled Principal					134,765.04	83,574.83	218,339.87
	Curtailments					5,826.79	46,655.66	52,482.45
	Prepayments in Full					3,119,811.38	1,036,093.10	4,155,904.48
	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					(47,922.56)	(18,857.98)	(66,780.54)
	Advanced Principal					47,922.56	18,857.98	66,780.54
	Realized Losses					0.00	0.00	0.00
	TOTAL PRINCIPAL COLLECTED					3,260,403.21	1,166,323.59	4,426,726.80
				Page 4 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loa n Trust 2003-1
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						CONFORM.	NON CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS						CONFORM.	NON CONFORM.	TOTAL
				&nb sp;
	TOTAL OTHER ACCOUNTS PRINCIPAL					0.00	0.00	0.00
INTEREST - COLLECTIONS						CONFORM.	NON CONFORM.	TOTAL
	Scheduled Interest					1,144,406.84	616,074.03	1,760,480.87
	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)					(2,505.87)	(843.33)	(3,349.20)
	Delinquent Interest					(412,217.47)	(158,382.04)	(570,599.51)
	Realized Losses					0.00	0.00	0.00
	Compensating Month End Interest					2,505.87	843.33	3,349.20
	Other Interest Shortfall (Relief Act)					0.00	0.00	0.00
	Interest Advanced					386,100.79	149,164.59	535,265.38
	Prepayment Penalties					0.00	115,902.94	115,902.94
	TOTAL INTEREST COLLECTED					1,118,290.16	722,759.52	1,841,049.68
				Page 5 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Thr ough Certificates
	Collection Account Report for December 26, 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					47,175.12	28,230.47	75,405.59
	Trustee Fee					1,246.25	636.61	1,882.86
	PMI Insuranse Premium Fees					0.00	0.00	0.00
	TOTAL INTEREST OTHER FEES					48,421.37	28,867.08	77,288.45
				Page 6 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for December 26, 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 Overcol lateralized 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 December 26, 2003 Distribution
	Collateral Report
COLLATERAL						CONFORM.	NON CONFORM.	TOTAL
	Loan Count:
	Original					1594	922	2516
	Prior					1,436	865	2,301
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(28)	(9)	(37)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,408	856	2,264
	Principal Balance:
	Original					196,830,870.91	96,812,004.25	293,642,875.16
	Prior					175,940,512.23	89,875,001.27	265,815,513.50
	Prefunding					-	-	-
	Scheduled Principal					(134,765.04)	(83,574.83)	(218,339.87)
	Partial and Full Voluntary Prepayments					(3,125,638.17)	(1,082,748.76)	(4,208,386.93)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					172,680,109.02	88,708,677.68	261,388,786.70
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				© CO PYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Collateral Report for December 26, 2003 Distribution
	Collateral Report									& nbsp;
CHARACTERISTICS						CONFORM.	NON CONFORM.	TOTAL
	Weighted Average Coupon Original					7.837029%	8.259767%	7.976403%
	Weighted Average Coupon Prior					7.815175%	8.232720%	7.955465%
	Weighted Average Coupon Current					7.805412%	8.225745%	7.947531%
	Weighted Average Months to Maturity Original					354	281	330
	Weighted Average Months to Maturity Prior					347	274	322
	Weighted Average Months to Maturity Current					346	274	322
	Weighted Avg Remaining Amortization Term Original					353	289	332
	Weighted Avg Remaining Amortization Term Prior					346	329	340
	Weighted Avg Remaining Amortization Term Current					345	328	339
	Weighted Average Seasoning Original					6.62	6.46	6.57
	Weighted Average Seasoning Prior					13.60	13.45	13.55
	Weighted Average Seasoning Current					14.60	14.45	14.55
Note: Original information refers to deal issue.
	Non Conform.
	Conform.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
&nbs p;
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 December 26, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS						CONFORM.	NON CONFORM.	TOTAL
	Weighted Average Margin Original					7.005%
	Weighted Average Margin Prior					6.982%
	Weighted Average Margin Current					6.973%
	Weighted Average Max Rate Original					13.838%	8.262%
	Weighted Average Max Rate Prior					13.816%
	Weighted Average Max Rate Current					13.808%
	Weighted Average Min Rate Original					7.838%	8.262%
	Weighted Average Min Rate Prior					7.816%
	Weighted Average Min Rate Current					7.808%
	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					47,175.12	28,230.47	75,405.59
	Delinquent Servicing Fees					26,116.68	9,217.45	35,334.13
	TOTAL SERVICING FEES					73,291.80	37,447.92	110,739.72
	Total Servicing Fees					73,291.80	37,447.92	110,739.72
	Compensating Month End Interest					2,505.87	843.33	3,349.20
	Delinquent Servicing Fees					(26,116.68)	(9,217.45)	(35,334.13)
	COLLECTED SERVICING FEES					49,680.99	29,073.80	78,754.79
	Prepayment Interest Shortfall					2,505.87	843.33	3,349.20
	Total Advanced Interest					386,100.79	149,164.59	535,265.38
ADDITIONAL COLLATERAL INFORMATION						CONFORM.	NON CONFORM.	TOTAL
	Next One-Month LIBOR							1.118750%
	Current One-Month LIBOR							1.118750%
				Page 10 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
&n bsp;
	Delinquency Report for December 26, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			8,673,553.56	2,423,462.65	1,943,788.89	13,040,805.10
		% Balance			3.32%	0.93%	0.74%	4.99%
		# Loans			75	27	19	121
		% # Loans			3.31%	1.19%	0.84%	5.34%
FORECLOSURE		Balance		-	85,469.28	179,540.83	3,961,689.17	4,226,699.28
		% Balance		0.00%	0.03%	0.07%	1.52%	1.62%
		# Loans		-	1	2	35	38
		% # Loans		0.00%	0.04%	0.09%	1.55%	1.68%
BANKRUPTCY		Balance		3,914,473.12	-	177,796.90	1,435,992.49	5,528,262.51
		% Balance		1.50%	0.00%	0.07%	0.55%	2.11%
	&n bsp;	# Loans		27	-	1	12	40
		% # Loans		1.19%	0.00%	0.04%	0.53%	1.77%
REO		Balance		-	-	-	489,410.35	489,410.35
		% Balance		0.00%	0.00%	0.00%	0.19%	0.19%
		# Loans		-	-	-	5	5
		% # Loans		0.00%	0.00%	0.00%	0.22%	0.22%
TOTAL		Balance		3,914,473.12	8,759,022.84	2,780,800.38	7,830,880.90	23,285,177.24
		% Balance		1.50%	3.35%	1.06%	3.00%	8.91%
		# Loans		27	76	30	71	204
		% # Loans		1.19%	3.36%	1.33%	3.14%	9.01%
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 December 26, 2003 Distribution
	Delinquency Report - Non Conform. Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,996,421.60	984,697.18	961,419.13	3,942,537.91
		% Balance			2.25%	1.11%	1.08%	4.44%
		# Loans			21	12	9	42
		% # Loans			2.45%	1.40%	1.05%	4.91%
FORECLOSURE		Balance		-	-	80,486.52	1,136,847.79	1,217,334.31
		% Balance		0.00%	0.00%	0.09%	1.28%	1.37%
		# Loans		-	-	1	12	13
		% # Loans		0.00%	0.00%	0.12%	1.40%	1.52%
BANKRUPTCY		Balance		836,449.89	-	-	235,839.90	1,072,289.79
		% Balance		0.94%	0.00%	0.00%	0.27%	1.21%
		# Loans		7	-	-	3	10
		% # Loans		0.82%	0.00%	0.00%	0.35%	1.17%
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		836,449.89	1,996,421.60	1,065,183.70	2,334,106.82	6,232,162.01
		% Balance		0.94%	2.25%	1.20%	2.63%	7.03%
		# Loans		7	21	13	24	65
		% # Loans		0.82%	2.45%	1.52%	2.80%	7.59%
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 Deutsch e Bank
	Equifirst Mortgage Loan Trust 2003-1
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	Delinquency Report for December 26, 2003 Distribution
	Delinquency Report - Conform. Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			6,677,131.96	1,438,765.47	982,369.76	9,098,267.19
		% Balance			3.87%	0.83%	0.57%	5.27%
		# Loans			54	15	10	79
		% # Loans			3.84%	1.07%	0.71%	5.61%
FORECLOSURE		Balance		-	85,469.28	99,054.31	2,824,841.38	3,009,364.97
		% Balance		0.00%	0.05%	0.06%	1.64%	1.74%
		# Loans		-	1	1	23	25
		% # Loans		0.00%	0.07%	0.07%	1.63%	1.78%
BANKRUPTCY		Balance		3,078,023.23	-	177,796.90	1,200,152.59	4,455,972.72
		% Balance		1.78%	0.00%	0.10%	0.70%	2.58%
		# Loans		20	-	1	9	30
		% # Loans		1.42%	0.00%	0.07%	0.64%	2.13%
REO		Balance		-	-	-	489,410.35	489,410.35
		% Balance		0.00%	0.00%	0.00%	0.28%	0.28%
		# Loans		-	-	-	5	5
		% # Loans		0.00%	0.00%	0.00%	0.36%	0.36%
TOTAL		Balance		3,078,023.23	6,762,601.24	1,715,616.68	5,496,774.08	17,053,015.23
		% Balance		1.78%	3.92%	0.99%	3.18%	9.88%
		# Loans		20	55	17	47	139
		% # Loans		1.42%	3.91%	1.21%	3.34%	9.87%
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
& nbsp;
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 December 26, 2003 Distribution
	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 = 101,000.00				Loan Group 2 = Conform. Group; REO Book Value = Not Available
Total Current Balance = 100,153.02
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
228007 2		101,000.00	100,153.02	Mar-15-03	8.400%	TN - 100.00%	360	Oct-05-02
				Page 14 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
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	Foreclosure Report for December 26, 2003 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 4				Loan Group 1 = Non Conform. Group
Total Original Principal Balance = 460,000.00				Loan Group 2 = Conform. Group
Total Current Balance = 455,998.11
		&nb sp;
Loan Number		Original	Stated		Cu rrent	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
222408 1		100,000.00	99,043.35	Mar-19-03	8.500%	FL - 100.00%	180	Aug-09-02
224118 1		230,000.00	228,037.22	Jul-04-03	8.70 0%	IL - 100.00%	180	Aug-26-02
242072 1		40,000.00	39,647.87	Jun-20-03	8.950%	PA - 72.73%	180	Oct-09-02
224108 2		90,000.00	89,269.67	Aug-16-03	8.950%	NC - 100.00%	360	Sep-11-02
											&nb sp;
				Page 15 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 200 3-1
	Mortgage Pass-Through Certificates
											&nb sp;
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						CONFORM.	NON CONFORM.	TOTAL
	Current
	Number of Paid in Full Loans					28	9	37
	Number of Repurchased Loans					-	-	-			&nb sp;
	Total Number of Loans Prepaid in Full					28	9	37
	Paid in Full Balance					3,119,811.38	1,036,093.10	4,155,904.48
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					5,826.79	46,655.66	52,482.45
	Total Prepayment Amount					3,125,638.17	1,082,748.76	4,208,386.93
	Cumulative
	Number of Paid in Full Loans					187	67	254
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					187	67	254
	Paid in Full Balance					22,860,891.82	7,208,879.79	30,069,771.61
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					31,428.90	136,041.48	167,470.38
	Total Prepayment Amount					22,892,320.72	7,344,921.27	30,237,241.99
SPACE INTENTIONALLY LEFT BLANK									& nbsp;
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
								&nbs p;
				Page 16 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES		;				CONFORM.	NON CONFORM.	TOTAL
	SMM					1.78%	1.21%	1.58%
	3 Months Avg SMM					2.07%	1.57%	1.90%
	12 Months Avg SMM
	Avg SMM Since Cut-off					1.37%	0.88%	1.21%
	CPR					19.37%	13.55%	17.44%
	3 Months Avg CPR	;				22.23%	17.28%	20.59%
	12 Months Avg CPR
	Avg CPR Since Cut-off					15.26%	10.04%	13.55%
							&nbs p;
	PSA					663.16%	468.70%	599.30%
	3 Months Avg PSA Approximation					817.37%	642.29%	759.95%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					719.54%	479.97%	641.80%
	Non Conform.
	Conform.							&nb sp;
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 December 26, 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
				&n bsp;
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))											&n bsp;
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
									&nbs p;
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for December 26, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 37						Loan Group 1 = Non Conform. Group
T otal Original Principal Balance = 4,203,605.00						Loan Group 2 = Conform. Group
Total Prepayment Amount = 4,155,904.48
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
224377 1			63,000.00	62,478.91	Nov-19-03	8.050%	OK - 90.00%	Paid Off - 360	Sep-27-02
224547 1			80,100.00	78,3 19.64	Nov-20-03	8.950%	NC - 90.00%	Paid Off - 240	Aug-19-02
229041 1			138,000.00	133,359.96	Dec-02-03	8.800%	MO - 100.00%	Paid Off - 180	Sep-24-02
232249 1			179,900.00	178,614.89	Dec-03-03	8.900%	NY - 77.66%	Paid Off - 180	Oct-11-02
233391 1			91,500.00	90,802.67	Dec-09-03	8.880%	TX - 100.00%	Paid Off - 360	Sep-17-02
234446 1			139,500.00	138,443.48	Dec-10-03	9.100%	AL - 90.00%	Paid Off - 180	Sep-23-02
240239 1			58,950.00	57,045.01	Dec-04-03	9.300%	OK - 90.00%	Paid Off - 180	Sep-30-02
241135 1			139,500.00	138,299.45	Nov-28-03	7.850%	MI - 100.00%	Paid Off - 360	Oct-04-02
245382 1			160,200.00	158,729.09	Nov-20-03	7.650%	MA - 90.00%	Paid Off - 360	Oct-31-02
214320 2			121,455.00	120,467.20	Dec-11-03	8.950%	VA - 90.00%	Paid Off - 360	Aug-09-02
215883 2			68,900.00	68,282.23	Dec-11-03	8.250%	OH - 100.00%	Paid Off - 360	Sep-13-02
217246 2			118,000.00	117,007.40	Nov-20-03	8.500%	IL - 10 0.00%	Paid Off - 360	Aug-30-02
220019 2			124,000.00	122,618.21	Nov-26-03	7.350%	GA - 72.94%	Paid Off - 360	Aug-13-02
220480 2			126,000.00	124,995.14	Dec-04-03	8.650%	FL - 100.00%	Paid Off - 360	Sep-06-02
225056 2			270,000.00	267,076.77	Dec-08-03	7.100%	CA - 100.00%	Paid Off - 360	Sep-17-02
225637 2			49,000.00	48,020.37	Nov-20-03	7.800%	NC - 50.00%	Paid Off - 360	Sep-20-02
225830 2			202,500.00	198,487.67	Dec-15-03	7.050%	IL - 75.00%	Paid Off - 360	Aug-26-02
225931 2			68,400.00	67,869.23	Nov-24-03	8.800%	NY - 90.00%	Paid Off - 360	Aug-23-02
228041 2			95,400.00	94,396.63	Dec-11-03	7.250%	NC - 90.00%	Paid Off - 360	Sep-16-02
228823 2			80,005.00	79,340.22	Nov-25-03	8.700%	OH - 100.00%	Paid Off - 360	Sep-23-02
229777 2			73,000.00	72,254.25	Dec-05-03	7.400%	OH - 100.00%	Paid Off - 360	Sep-19-02
230765 2			57,000.00	55,945.11	Dec-09-03	7.750%	PA - 100.00%	Paid Off - 360	Oct-02-02	& nbsp;
230943 2			177,500.00	175,847.91	Nov-25-03	7.880%	IN - 100.00%	Paid Off - 360	Sep-23-02
231110 2			118,000.00	117,240.92	Dec-10-03	8.850%	NC - 81.38%	Paid Off - 360	Oct-23-02
232855 2			61,200.00	60,707.01	Nov-18-03	8.800%	NC - 85.00%	Paid Off - 360	Sep-20-02
233353 2			78,000.00	74,833.08	Dec-15-03	7.900%	FL - 45.39%	Paid Off - 360	Sep-23-02
235940 2			189,550.00	188,012.98	Dec-04-03	8.150%	PA - 85.00%	Paid Off - 360	Sep-30-02
236720 2			98,000.00	97,087.72	Nov-24-03	7.450%	TN - 100.00%	Paid Off - 360	Oct-01-02
237146 2			100,000.00	99,286.48	Nov-19-03	9.100%	TX - 80.00%	Paid Off - 360	Oct-21-02
237371 2			131,000.00	129,970.03	Dec-01-03	7.850%	IL - 74.86%	Paid Off - 360	Oct-25-02
237472 2			54,400.00	54,017.57	Nov-19-03	8.900%	FL - 85.00%	Paid Off - 360	Oct-02-02
238614 2			196,845.00	195,199.28	Dec-11-03	8.000%	ME - 100.00%	Paid Off - 360	Sep-30-02
240275 2			106,000.00	105,003.49	Nov-28-03	7.400%	MI - 100.00%	Paid Off - 360	Sep-27-02
241201 2			70,900.00	70,336.46	Dec-10-03	8.250%	MO - 100.00%	Paid Off - 360	Oct-02-02
241570 2			108,000.00	107,166.99	Nov-24-03	8.400%	NC - 100.00%	Paid Off - 360	Oct-08-02
243553 2			134,900.00	133,838.40	Nov-20-03	8.300%	OH - 100.00%	Paid Off - 360	Oct-14-02
249937 2			75,000.00	74,502.63	Nov-24-03	8.700%	PA - 84.27%	Paid Off - 360	Oct-28-02
					Page 19 of 25				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						CONFORM.	NON CONFORM.	TOTAL
	Current
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-		&nbs p;
	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
		&nbs p;
	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
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	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Co llateral
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
							&nb sp;
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 December 26, 2003 Distribution
	Realized Loss Report - Collateral
	Non Conform.
	Conform.
&n bsp;
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)										& nbsp;
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 December 26, 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 &			&nb sp;
&		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
&nbs p;	Equifirst Mortgage Loan Trust 2003-1
	Mortgage Pass-Through Certificates
									& nbsp;
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 26, 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							5.496904%
	Beginning Credit Enhancement Percentage							24.302919%
	Ending Credit Enhancement Percentage							24.714499%
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 December 26, 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	0.02
	P						0.00	0.00
	M-1					0.00	0.00	0.00
				Page 25 of 25				© COPYRIGHT 2003 Deutsche Bank