Financial Asset Sec Corp Ast Back Certs Ser 2003-1 8-K Other Events

                           SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C.  20549


                                        FORM 8-K /A


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  May 25, 2004


                            Financial Asset Securities Corp.,
             (as depositor, The Provident Bank, as Servicer,
               and Deutsche Bank National Trust Company, as Trustee).

                FINANCIAL ASSET SEC CORPAST BACK CERTS SER 2003-1
            (Exact name of Registrant as specified in its Charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-108195-07                          06-1442101
          (Commission File Number)        (I.R.S. Employer Identification No.)


               600 Steamboat Road
               Greenwich, Connecticut                    06830
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (203) 625-2700


     Item 5.  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 7.  Financial Statement and Exhibits

     Exhibits:  (as noted in Item 5 above)

     Monthly Remittance Statement to the Certificateholders dated as of
     May 25, 2004.




                                     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 December 1,2003.


          Date:  Mar 08, 2005               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President

                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of May 25, 2004.






			

	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	May 25, 2004 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				21
			12.	Realized Loss Detail Report				24
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				25
			14.	Additional Certificate Report				26
				Total Number of Pages				26
			CONTACTS
				Administrator: Eiko Akiyama
				Direct Phone Number: (714)247-6328
				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:		Greenwich Capital Financial Products, In					Cut-Off Date: December 1, 2003
	Certificate Insurer(s):							Closing Date: December 30, 2003
								First Payment Date: January 26, 2004
	Servicer(s):		Provident Bank Master Servicer
								Distribution Date: May 25, 2004
	Underwriter(s):		Greenwich Capital Markets					Record Date: May 24, 2004
								April 30, 2004
						Page 1 of 26					© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Series 2003-1
	Certificate Payment Report for May 25, 2004 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-A1	FLT	204,813,000.00			196,247,378.20	232,389.60	5,465,125.25	5,697,514.85	-	-	190,782,252.95
II-A2	FLT	26,883,000.00			23,828,536.04	29,176.72	796,509.12	825,685.84	-	-	23,032,026.92
M-1	MEZ	20,115,000.00			20,115,000.00	29,166.75	-	29,166.75	-	-	20,115,000.00
M-2	MEZ	16,390,000.00			16,390,000.00	34,988.10	-	34,988.10	-	-	16,390,000.00
M-3	MEZ	5,215,000.00			5,215,000.00	12,182.82	-	12,182.82	-	-	5,215,000.00
M-4	MEZ	4,470,000.00			4,470,000.00	11,162.58	-	11,162.58	-	-	4,470,000.00
M-5	MEZ	4,470,000.00			4,470,000.00	12,963.00	-	12,963.00	-	-	4,470,000.00
M-6	MEZ	5,215,000.00			5,215,000.00	17,223.99	-	17,223.99	-	-	5,215,000.00
M-7	MEZ	2,980,000.00			2,980,000.00	9,842.28	-	9,842.28	-	-	2,980,000.00
C	SUB	7,455,641.21			7,450,168.54	1,423,397.34	-	1,423,397.34	-	-	7,450,168.54
P	EXE	100.00			100.00	174,017.22	-	174,017.22	-	-	100.00
R	R	-			-	-	-	-	-	-	-
Total		298,006,741.21			286,381,182.78	1,986,510.40	6,261,634.37	8,248,144.77	-	-	280,119,548.41
	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-A1	04/26/04	05/24/04		A-Act/360	59001FAA9	204,813,000.00	958.178330	1.134643	26.683488	27.818131	931.494841
II-A2	04/26/04	05/24/04		A-Act/360	59001FAB7	26,883,000.00	886.379349	1.085322	29.628729	30.714051	856.750620
M-1	04/26/04	05/24/04		A-Act/360	59001FAC5	20,115,000.00	1,000.000000	1.450000	-	1.450000	1,000.000000
M-2	04/26/04	05/24/04		A-Act/360	59001FAD3	16,390,000.00	1,000.000000	2.134722	-	2.134722	1,000.000000
M-3	04/26/04	05/24/04		A-Act/360	59001FAE1	5,215,000.00	1,000.000000	2.336111	-	2.336111	1,000.000000
M-4	04/26/04	05/24/04		A-Act/360	59001FAF8	4,470,000.00	1,000.000000	2.497221	-	2.497221	1,000.000000
M-5	04/26/04	05/24/04		A-Act/360	59001FAG6	4,470,000.00	1,000.000000	2.900000	-	2.900000	1,000.000000
M-6	04/26/04	05/24/04		A-Act/360	59001FAH4	5,215,000.00	1,000.000000	3.302779	-	3.302779	1,000.000000
M-7	04/26/04	05/24/04		A-Act/360	59001FAJ0	2,980,000.00	1,000.000000	3.302779	-	3.302779	1,000.000000
C				A-30/360		7,455,641.21	39,410.607759	190.915483	-	190.915483	999.265969
P				-		100.00	1,000.000000	1,740,172.200000	-	1,740,172.200000	1,000.000000
R				-		-	-	-	-	-	-
							Page 2 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Series 2003-1
	Certificate Payment Report for May 25, 2004 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-A1	204,813,000.00		1,210,797.25		13,143,789.14	886,957.91	14,030,747.05	15,241,544.30	-	-	190,782,252.95
II-A2	26,883,000.00		159,642.19		3,730,560.66	120,412.42	3,850,973.08	4,010,615.27	-	-	23,032,026.92
M-1	20,115,000.00		148,107.86		-	-	-	148,107.86	-	-	20,115,000.00
M-2	16,390,000.00		177,567.45		-	-	-	177,567.45	-	-	16,390,000.00
M-3	5,215,000.00		61,822.39		-	-	-	61,822.39	-	-	5,215,000.00
M-4	4,470,000.00		56,641.11		-	-	-	56,641.11	-	-	4,470,000.00
M-5	4,470,000.00		65,767.36		-	-	-	65,767.36	-	-	4,470,000.00
M-6	5,215,000.00		87,375.89		-	-	-	87,375.89	-	-	5,215,000.00
M-7	2,980,000.00		49,929.08		-	-	-	49,929.08	-	-	2,980,000.00
C	7,455,641.21		7,345,251.73		5,472.87	-	5,472.67	7,350,724.40	-	-	7,450,168.54
P	100.00		408,733.63		-	-	-	408,733.63	-	-	100.00
R	-		-		-	-	-	-	-	-	-
Total	298,006,741.21		9,771,635.94		16,879,822.67	1,007,370.33	17,887,192.80	27,658,828.74	-	-	280,119,548.41
	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-A1	1.47000%	196,247,378.20			232,389.60	-	-	-	232,389.60	232,389.60	-
II-A2	1.52000%	23,828,536.04			29,176.72	-	-	-	29,176.72	29,176.72	-
M-1	1.80000%	20,115,000.00			29,166.75	-	-	-	29,166.75	29,166.75	-
M-2	2.65000%	16,390,000.00			34,988.10	-	-	-	34,988.10	34,988.10	-
M-3	2.90000%	5,215,000.00			12,182.82	-	-	-	12,182.82	12,182.82	-
M-4	3.10000%	4,470,000.00			11,162.58	-	-	-	11,162.58	11,162.58	-
M-5	3.60000%	4,470,000.00			12,963.00	-	-	-	12,963.00	12,963.00	-
M-6	4.10000%	5,215,000.00			17,223.99	-	-	-	17,223.99	17,223.99	-
M-7	4.10000%	2,980,000.00			9,842.28	-	-	-	-	9,842.28	-
C	5.96435%	293,831,351.32			1,423,397.34	-	-	-	1,423,397.34	1,423,397.34	-
P		100.00			174,017.22	-	-	-	174,017.22	174,017.22	-
R		-			-	-	-	-	-	-	-
Total		572,762,365.56			1,986,510.40	-	-	-	1,976,668.12	1,986,510.40	-
							Page 3 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Collection Account Report for May 25, 2004 Distribution
	Collection Account Report
SUMMARY						NON CONFORM.	CONFORM.	TOTAL
	Principal Collections					793,701.85	5,445,863.59	6,239,565.44
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					793,701.85	5,445,863.59	6,239,565.44
	Interest Collections					204,752.56	1,909,784.88	2,114,537.44
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(12,322.03)	(93,636.07)	(105,958.10)
	TOTAL NET INTEREST					192,430.53	1,816,148.81	2,008,579.34
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					986,132.38	7,262,012.40	8,248,144.78
PRINCIPAL - COLLECTIONS						NON CONFORM.	CONFORM.	TOTAL
	Scheduled Principal					23,052.47	175,483.41	198,535.88
	Curtailments					2,100.76	9,879.52	11,980.28
	Prepayments in Full					768,548.62	5,023,816.91	5,792,365.53
	Repurchases/Substitutions Shortfalls					0.00	0.00	0.00
	Liquidations					0.00	258,752.69	258,752.69
	Insurance Principal					0.00	0.00	0.00
	Other Additional Principal					0.00	0.00	0.00
	Delinquent Principal					(1,469.53)	(20,645.76)	(22,115.29)
	Advanced Principal					1,469.53	20,645.76	22,115.29
	Realized Losses					0.00	(22,068.94)	(22,068.94)
	TOTAL PRINCIPAL COLLECTED					793,701.85	5,445,863.59	6,239,565.44
				Page 4 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Collection Account Report for May 25, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						NON CONFORM.	CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS						NON CONFORM.	CONFORM.	TOTAL
	TOTAL OTHER ACCOUNTS PRINCIPAL					0.00	0.00	0.00
INTEREST - COLLECTIONS						NON CONFORM.	CONFORM.	TOTAL
	Scheduled Interest					205,790.89	1,747,915.07	1,953,705.96
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					0.00	2,210.18	2,210.18
	Insurance Interest					0.00	0.00	0.00
	Other Additional Interest					0.00	0.00	0.00
	Month End Interest (PPIS)					(2,194.07)	(14,141.42)	(16,335.49)
	Delinquent Interest					(19,756.48)	(262,692.81)	(282,449.29)
	Realized Losses					0.00	0.00	0.00
	Compensating Month End Interest					2,194.07	14,141.42	16,335.49
	Other Interest Shortfall (Relief Act)					0.00	0.00	0.00
	Interest Advanced					18,718.15	248,335.22	267,053.37
	Prepayment Penalties					0.00	174,017.22	174,017.22
	TOTAL INTEREST COLLECTED					204,752.56	1,909,784.88	2,114,537.44
				Page 5 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Collection Account Report for May 25, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						NON CONFORM.	CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - OTHER ACCOUNTS						NON CONFORM.	CONFORM.	TOTAL
	TOTAL OTHER ACCOUNT INTEREST					0.00	0.00	0.00
INTEREST - FEES						NON CONFORM.	CONFORM.	TOTAL
	Current Servicing Fees					12,098.70	91,830.87	103,929.57
	Trustee Fee					223.33	1,805.20	2,028.53
	TOTAL INTEREST OTHER FEES					12,322.03	93,636.07	105,958.10
				Page 6 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Credit Enhancement Report for May 25, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS						NON CONFORM.	CONFORM.	TOTAL
	Net WAC Rate Carryover Reserve Fund Beginning Balance							0.00
	Net WAC Rate Carryover Amount							0.00
	Net WAC Rate Carryover Reserve Fund Ending Balance							0.00
	Int Earnings paid to Class C							0.00
INSURANCE						NON CONFORM.	CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						NON CONFORM.	CONFORM.	TOTAL
	Overcollateralization Target Amount							7,450,168.54
	Overcollateralized Amount							7,450,168.53
	Excess Overcollateralized Amount							0.00
	Overcollateralization Release Amount					0.00	0.00	0.00
	Overcollateralization Deficiency Amount							22,068.94
	Extra Principal Distribution Amt					2,807.27	19,261.66	22,068.94
				Page 7 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Collateral Report for May 25, 2004 Distribution
	Collateral Report
COLLATERAL						NON CONFORM.	CONFORM.	TOTAL
	Loan Count:
	Original					218	2356	2574
	Prior					199	2,290	2,489
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(7)	(40)	(47)
	Repurchases					-	-	-
	Liquidations					-	(1)	(1)
	Current					192	2,249	2,441
	Principal Balance:
	Original					34,576,111.36	263,430,630.05	298,006,741.41
	Prior					31,528,881.82	254,852,300.96	286,381,182.78
	Prefunding					-	-	-
	Scheduled Principal					(23,052.47)	(175,483.41)	(198,535.88)
	Partial and Full Voluntary Prepayments					(770,649.38)	(5,033,696.43)	(5,804,345.81)
	Repurchases					-	-	-
	Liquidations					-	(258,752.69)	(258,752.69)
	Current					30,735,179.97	249,384,368.43	280,119,548.40
PREFUNDING						NON CONFORM.	CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK
	Conform.
	Non Conform.
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Collateral Report for May 25, 2004 Distribution
	Collateral Report
CHARACTERISTICS						NON CONFORM.	CONFORM.	TOTAL
	Weighted Average Coupon Original					7.884162%	8.253864%	8.210969%
	Weighted Average Coupon Prior					7.863060%	8.245762%	8.202900%
	Weighted Average Coupon Current					7.832472%	8.240657%	8.195718%
	Weighted Average Months to Maturity Original					325	349	346
	Weighted Average Months to Maturity Prior					322	346	343
	Weighted Average Months to Maturity Current					322	345	342
	Weighted Avg Remaining Amortization Term Original					351	354	353
	Weighted Avg Remaining Amortization Term Prior					348	351	350
	Weighted Avg Remaining Amortization Term Current					347	350	349
	Weighted Average Seasoning Original					5.48	5.42	5.43
	Weighted Average Seasoning Prior					8.42	8.41	8.41
	Weighted Average Seasoning Current					9.45	9.39	9.40
Note: Original information refers to deal issue.
	Conform.
	Non Conform.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Collateral Report for May 25, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS						NON CONFORM.	CONFORM.	TOTAL
	Weighted Average Margin Original					3.179%	5.274%
	Weighted Average Margin Prior					3.062%	5.264%
	Weighted Average Margin Current					3.049%	5.254%
	Weighted Average Max Rate Original					8.408%	13.458%
	Weighted Average Max Rate Prior					8.202%	13.446%
	Weighted Average Max Rate Current					8.157%	13.433%
	Weighted Average Min Rate Original					4.265%	7.271%
	Weighted Average Min Rate Prior					4.150%	7.262%
	Weighted Average Min Rate Current					4.121%	7.252%
	Weighted Average Cap Up Original					0.888%	1.326%
	Weighted Average Cap Up Prior					0.868%	1.325%
	Weighted Average Cap Up Current					0.865%	1.324%
	Weighted Average Cap Down Original					0.888%	1.326%
	Weighted Average Cap Down Prior					0.868%	1.325%
	Weighted Average Cap Down Current					0.865%	1.324%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						NON CONFORM.	CONFORM.	TOTAL
	Current Servicing Fees					12,098.70	91,830.87	103,929.57
	Delinquent Servicing Fees					1,038.33	14,357.59	15,395.92
	TOTAL SERVICING FEES					13,137.03	106,188.46	119,325.49
	Total Servicing Fees					13,137.03	106,188.46	119,325.49
	Compensating Month End Interest					2,194.07	14,141.42	16,335.49
	Delinquent Servicing Fees					(1,038.33)	(14,357.59)	(15,395.92)
	COLLECTED SERVICING FEES					14,292.77	105,972.29	120,265.06
	Prepayment Interest Shortfall					2,194.07	14,141.42	16,335.49
	Total Advanced Interest					18,718.15	248,335.22	267,053.37
ADDITIONAL COLLATERAL INFORMATION						NON CONFORM.	CONFORM.	TOTAL
	Next One-Month LIBOR							1.100000%
	Current One-Month LIBOR							1.100000%
				Page 10 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Delinquency Report for May 25, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			5,497,967.49	1,122,181.97	-	6,620,149.46
		% Balance			1.96%	0.40%	0.00%	2.36%
		# Loans			50	9	-	59
		% # Loans			2.05%	0.37%	0.00%	2.42%
FORECLOSURE		Balance		94,566.72	-	-	3,942,514.86	4,037,081.58
		% Balance		0.03%	0.00%	0.00%	1.41%	1.44%
		# Loans		1	-	-	38	39
		% # Loans		0.04%	0.00%	0.00%	1.56%	1.60%
BANKRUPTCY		Balance		457,487.73	-	149,356.58	997,018.29	1,603,862.60
		% Balance		0.16%	0.00%	0.05%	0.36%	0.57%
		# Loans		7	-	1	6	14
		% # Loans		0.29%	0.00%	0.04%	0.25%	0.57%
REO		Balance		-	-	-	97,571.98	97,571.98
		% 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%
TOTAL		Balance		552,054.45	5,497,967.49	1,271,538.55	5,037,105.13	12,358,665.62
		% Balance		0.20%	1.96%	0.45%	1.80%	4.41%
		# Loans		8	50	10	45	113
		% # Loans		0.33%	2.05%	0.41%	1.84%	4.63%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Delinquency Report for May 25, 2004 Distribution
	Delinquency Report - Conform. Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			4,861,589.50	1,104,209.33	-	5,965,798.83
		% Balance			1.95%	0.44%	0.00%	2.39%
		# Loans			46	8	-	54
		% # Loans			2.05%	0.36%	0.00%	2.40%
FORECLOSURE		Balance		94,566.72	-	-	3,867,090.20	3,961,656.92
		% Balance		0.04%	0.00%	0.00%	1.55%	1.59%
		# Loans		1	-	-	36	37
		% # Loans		0.04%	0.00%	0.00%	1.60%	1.65%
BANKRUPTCY		Balance		398,401.64	-	149,356.58	997,018.29	1,544,776.51
		% Balance		0.16%	0.00%	0.06%	0.40%	0.62%
		# Loans		6	-	1	6	13
		% # Loans		0.27%	0.00%	0.04%	0.27%	0.58%
REO		Balance		-	-	-	97,571.98	97,571.98
		% Balance		0.00%	0.00%	0.00%	0.04%	0.04%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.04%	0.04%
TOTAL		Balance		492,968.36	4,861,589.50	1,253,565.91	4,961,680.47	11,569,804.24
		% Balance		0.20%	1.95%	0.50%	1.99%	4.64%
		# Loans		7	46	9	43	105
		% # Loans		0.31%	2.05%	0.40%	1.91%	4.67%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Delinquency Report for May 25, 2004 Distribution
	Delinquency Report - Non Conform. Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			636,377.99	17,972.64	-	654,350.63
		% Balance			2.07%	0.06%	0.00%	2.13%
		# Loans			4	1	-	5
		% # Loans			2.08%	0.52%	0.00%	2.60%
FORECLOSURE		Balance		-	-	-	75,424.66	75,424.66
		% Balance		0.00%	0.00%	0.00%	0.25%	0.25%
		# Loans		-	-	-	2	2
		% # Loans		0.00%	0.00%	0.00%	1.04%	1.04%
BANKRUPTCY		Balance		59,086.09	-	-	-	59,086.09
		% Balance		0.19%	0.00%	0.00%	0.00%	0.19%
		# Loans		1	-	-	-	1
		% # Loans		0.52%	0.00%	0.00%	0.00%	0.52%
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		59,086.09	636,377.99	17,972.64	75,424.66	788,861.38
		% Balance		0.19%	2.07%	0.06%	0.25%	2.57%
		# Loans		1	4	1	2	8
		% # Loans		0.52%	2.08%	0.52%	1.04%	4.17%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	REO Report for May 25, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 1				Loan Group 1 = Conform.; REO Book Value = Not Available
Total Original Principal Balance = 98,000.00				Loan Group 2 = Non Conform.; REO Book Value = Not Available
Total Current Balance = 97,571.98
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
1000126004 1		98,000.00	97,571.98	Oct-01-03	10.240%	TX - 100.00%	360
				Page 14 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Foreclosure Report for May 25, 2004 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 14				Loan Group 1 = Conform.
Total Original Principal Balance = 1,252,150.00				Loan Group 2 = Non Conform.
Total Current Balance = 1,247,066.59
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
1000116764 1		83,500.00	83,075.39	Jan-01-04	9.990%	MI - 100.00%	360
1000119072 1		88,500.00	88,116.63	Jan-01-04	10.750%	IA - 100.00%	360
1000121152 1		205,500.00	204,340.59	Jan-01-04	9.490%	TX - 100.00%	360
1000121916 1		134,850.00	134,181.79	Jan-01-04	10.500%	MO - 100.00%	360
1000122857 1		27,500.00	27,340.63	Jan-01-04	8.875%	PA - 100.00%	180
1000123756 1		44,900.00	44,627.10	Jan-01-04	9.000%	MO - 100.00%	360
1000125387 1		32,500.00	32,359.81	Dec-01-03	10.500%	OK - 100.00%	360
1000126189 1		60,000.00	59,662.73	Jan-01-04	8.500%	MO - 100.00%	360
1000128973 1		26,400.00	26,323.18	Jan-01-04	11.625%	IN - 80.00%	360
1000130935 1		46,900.00	46,769.12	Jan-01-04	11.250%	MO - 100.00%	360
1000134583 1		217,500.00	216,911.18	Jan-01-04	10.750%	CA - 100.00%	360
1500002193 1		88,500.00	88,176.80	Dec-01-03	9.990%	TX - 100.00%	360
1500003561 1		144,000.00	143,649.93	Jan-01-04	11.250%	PA - 100.00%	360
1000137393 2		51,600.00	51,531.71	Jan-01-04	13.990%	FL - 100.00%	180
				Page 15 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Prepayment Report for May 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						NON CONFORM.	CONFORM.	TOTAL
	Current
	Number of Paid in Full Loans					7	40	47
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					7	40	47
	Paid in Full Balance					768,548.62	5,023,816.91	5,792,365.53
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					2,100.76	9,879.52	11,980.28
	Total Prepayment Amount					770,649.38	5,033,696.43	5,804,345.81
	Cumulative
	Number of Paid in Full Loans					25	100	125
	Number of Repurchased Loans					1	5	6
	Total Number of Loans Prepaid in Full					26	105	131
	Paid in Full Balance					3,581,839.04	11,983,272.96	15,565,112.00
	Repurchased Loans Balance					129,730.40	648,188.65	777,919.05
	Curtailments Amount					8,949.53	60,243.55	69,193.08
	Total Prepayment Amount					3,720,518.97	12,691,705.16	16,412,224.13
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Prepayment Report for May 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						NON CONFORM.	CONFORM.	TOTAL
	SMM					2.45%	1.98%	2.03%
	3 Months Avg SMM					2.91%	1.32%	1.50%
	12 Months Avg SMM
	Avg SMM Since Cut-off					2.26%	0.99%	1.13%
	CPR					25.71%	21.30%	21.80%
	3 Months Avg CPR					29.82%	14.77%	16.61%
	12 Months Avg CPR
	Avg CPR Since Cut-off					23.96%	11.21%	12.75%
	PSA					1360.85%	1133.80%	1159.53%
	3 Months Avg PSA Approximation					1764.23%	878.77%	987.26%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1605.18%	756.18%	859.33%
	Conform.
	Non Conform.
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Prepayment Report for May 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
	Conform.
	Non 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 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Prepayment Detail Report for May 25, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 47						Loan Group 1 = Conform.
Total Original Principal Balance = 5,824,000.00						Loan Group 2 = Non Conform.
Total Prepayment Amount = 5,792,365.53
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
1000099578 1			85,000.00	84,421.45	Apr-17-04	10.490%	IL - 100.00%	Paid Off - 360
1000106730 1			33,500.00	33,217.08	Apr-20-04	8.750%	MO - 100.00%	Paid Off - 360
1000109039 1			104,000.00	102,770.66	Apr-30-04	9.990%	FL - 100.00%	Paid Off - 360
1000115538 1			250,000.00	248,910.46	Apr-28-04	10.250%	CA - 100.00%	Paid Off - 360
1000116559 1			143,500.00	142,699.40	Apr-02-04	9.125%	PA - 70.00%	Paid Off - 360
1000118376 1			125,000.00	124,044.70	Apr-19-04	7.500%	MO - 100.00%	Paid Off - 360
1000118417 1			217,000.00	216,054.22	Apr-08-04	10.250%	NV - 100.00%	Paid Off - 360
1000118601 1			195,000.00	193,857.76	Apr-02-04	9.375%	CA - 75.00%	Paid Off - 360
1000118912 1			129,900.00	128,955.01	Apr-27-04	8.240%	MD - 100.00%	Paid Off - 360
1000119975 1			98,700.00	97,927.82	Apr-28-04	7.375%	FL - 95.00%	Paid Off - 360
1000120168 1			144,000.00	143,121.77	Apr-22-04	8.625%	GA - 72.00%	Paid Off - 360
1000120466 1			64,000.00	63,534.98	Apr-08-04	7.750%	KS - 100.00%	Paid Off - 360
1000121581 1			212,000.00	211,937.82	Apr-26-04	6.999%	CA - 80.00%	Paid Off - 360
1000122146 1			260,000.00	258,289.84	Apr-20-04	8.250%	CA - 80.00%	Paid Off - 360
1000122154 1			65,000.00	64,783.07	Apr-20-04	11.500%	CA - 100.00%	Paid Off - 180
1000122491 1			120,000.00	118,978.23	Apr-06-04	6.375%	CT - 80.00%	Paid Off - 360
1000122854 1			47,250.00	47,116.22	Apr-26-04	11.750%	CA - 97.83%	Paid Off - 180
1000123081 1			56,000.00	55,566.73	Apr-27-04	6.875%	AZ - 100.00%	Paid Off - 360
1000123102 1			52,700.00	52,389.05	Apr-30-04	8.249%	UT - 79.97%	Paid Off - 360
1000123509 1			82,000.00	81,696.21	Apr-22-04	10.500%	MO - 100.00%	Paid Off - 360
1000124528 1			187,200.00	185,886.07	Apr-05-04	7.375%	CA - 80.00%	Paid Off - 360
1000124707 1			176,000.00	175,037.46	Apr-12-04	8.625%	CA - 74.89%	Paid Off - 360
1000125554 1			250,900.00	249,264.17	Apr-19-04	7.749%	UT - 79.99%	Paid Off - 360
1000125559 1			62,700.00	62,125.45	Apr-19-04	12.250%	UT - 99.99%	Paid Off - 240
1000125616 1			100,500.00	99,990.78	Apr-30-04	8.999%	KS - 69.99%	Paid Off - 360
1000126087 1			122,000.00	121,393.91	Apr-21-04	8.500%	MO - 100.00%	Paid Off - 360
1000126455 1			210,000.00	209,207.07	Apr-07-04	9.990%	CA - 100.00%	Paid Off - 360
1000126474 1			37,900.00	37,765.43	Apr-14-04	10.125%	KS - 84.98%	Paid Off - 360
1000127055 1			66,000.00	65,672.12	Apr-15-04	8.500%	CA - 80.00%	Paid Off - 360
1000127460 1		FCL	272,000.00	269,896.93	Apr-30-04	6.249%	CA - 80.00%	Paid Off - 360
1000127466 1			145,900.00	145,366.74	Apr-20-04	10.750%	VA - 100.00%	Paid Off - 360
1000128384 1			91,000.00	90,624.87	Apr-26-04	8.750%	NV - 100.00%	Paid Off - 360
1000128470 1			161,450.00	160,505.27	Apr-28-04	7.750%	AZ - 80.00%	Paid Off - 360
1000128890 1			153,000.00	152,138.02	Apr-30-04	7.875%	CO - 90.00%	Paid Off - 360
1000129940 1			18,950.00	18,901.29	Apr-02-04	10.990%	CA - 100.00%	Paid Off - 180
1000131991 1			61,000.00	60,748.88	Apr-28-04	8.750%	NE - 100.00%	Paid Off - 360
1000132047 1			181,000.00	179,719.38	Apr-08-04	5.999%	CA - 52.31%	Paid Off - 360
1000133716 1			107,500.00	106,954.10	Apr-13-04	10.250%	WY - 100.00%	Paid Off - 360
1500002008 1			115,150.00	114,451.16	Apr-22-04	7.500%	WA - 79.99%	Paid Off - 360
1500002454 1			48,000.00	47,895.33	Apr-26-04	11.750%	CA - 100.00%	Paid Off - 180
1000118500 2			144,000.00	143,470.22	Apr-13-04	10.625%	FL - 80.00%	Paid Off - 360
1000118923 2			53,000.00	51,743.65	Apr-29-04	10.625%	LA - 81.54%	Paid Off - 180
1000123106 2			13,200.00	13,101.05	Apr-30-04	13.750%	UT - 100.00%	Paid Off - 240
1000123174 2			30,000.00	29,025.61	Apr-07-04	8.750%	PA - 66.67%	Paid Off - 180
					Page 19 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Prepayment Detail Report for May 25, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
1000127467 2			68,000.00	67,764.66	Apr-28-04	10.990%	CA - 100.00%	Paid Off - 180
1000133444 2			390,000.00	390,636.58	Apr-21-04	7.750%	GA - 100.00%	Paid Off - 360
1500001407 2			73,100.00	72,806.85	Apr-09-04	10.125%	OH - 85.00%	Paid Off - 180
					Page 20 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Realized Loss Report for May 25, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						NON CONFORM.	CONFORM.	TOTAL
	Current
	Number of Loans Liquidated					-	1	1
	Collateral Realized Loss/(Gain) Amount					-	22,068.94	22,068.94
	Net Liquidation Proceeds					-	236,683.75	236,683.75
	Cumulative
	Number of Loans Liquidated					-	2	2
	Collateral Realized Loss/(Gain) Amount					-	43,226.58	43,226.58
	Net Liquidation Proceeds					-	424,371.97	424,371.97
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
SPACE INTENTIONALLY LEFT BLANK
	Conform.						3 Months Moving Average
	Non Conform.
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 21 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Realized Loss Report for May 25, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						NON CONFORM.	CONFORM.	TOTAL
	MDR					0.00%	0.10%	0.09%
	3 Months Avg MDR					0.00%	0.06%	0.05%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.04%	0.03%
	CDR					0.00%	1.21%	1.08%
	3 Months Avg CDR					0.00%	0.72%	0.64%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.44%	0.39%
	SDA					0.00%	6.45%	5.74%
	3 Months Avg SDA Approximation					0.00%	4.31%	3.83%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	2.94%	2.61%
	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
	Conform.
	Non Conform.
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 22 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Realized Loss Report for May 25, 2004 Distribution
	Realized Loss Report - Collateral
	Conform.
	Non 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 23 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Realized Loss Detail Report for May 25, 2004 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 1
Total Loan Count Revisions = 0						Loan Group 1 = Conform.
Total Prior Principal Balance = 258,752.69						Loan Group 2 = Non Conform.
Total Current Realized Loss Amount = 22,068.94
Total Revisions Amount = 0.00
Total Realized Loss Amount = 22,068.94
Total Net Liquidation Proceeds = 236,683.75
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
1000121209 1			10.250%	AZ - 100.00%	360	258,752.69		22,068.94	22,068.94
					Page 24 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for May 25, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						NON CONFORM.	CONFORM.	TOTAL
	Step Down Date?							No
	Trigger Event Occuring?							No
	Delinquency Percentage							1.853390%
	Beginning Credit Enhancement Percentage							23.152767%
	Ending Credit Enhancement Percentage							23.670311%
ADJUSTABLE RATE CERTIFICATE INFORMATION						NON CONFORM.	CONFORM.	TOTAL
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ADDITIONAL INFORMATION						NON CONFORM.	CONFORM.	TOTAL
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				Page 25 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Additional Certificate Report for May 25, 2004 Distribution
	Additional Certificate Report
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	CLASS
				Page 26 of 26				© COPYRIGHT 2004 Deutsche Bank