PROSPECTUS SUPPLEMENT (to Prospectus Supplement dated April 24, 2003 to
Prospectus dated April 24, 2003)

                           $597,994,000 (APPROXIMATE)

                   FIRST FRANKLIN MORTGAGE LOAN TRUST 2003-FF1
                   ASSET-BACKED CERTIFICATES, SERIES 2003-FF1

                        FINANCIAL ASSET SECURITIES CORP.
                                    DEPOSITOR

                             FAIRBANKS CAPITAL CORP.
                                    SERVICER

         THE FIRST PARAGRAPH OF THE RISK FACTOR ENTITLED "RECENT DEVELOPMENTS
REGARDING THE SERVICER" IS REPLACED WITH THE FOLLOWING:

         On April 29, 2003, Fitch announced that it had placed the Servicer's
residential primary servicer ratings of "RPS1" for subprime, "RPS1-" for Alt-A
and home equity and "RSS1" for residential special servicing on "rating watch
negative" pending Fitch's determination of the impact of certain of the
Servicer's reporting and remittance practices. Fitch plans to conduct a targeted
on-site review of the Servicer's servicing facilities, which is scheduled to be
completed within 30 days.

         On April 30, 2003, S&P announced that it had lowered the Servicer's
"Strong" residential servicing rankings for non-prime and special servicing to
"Below Average" with a "Stable" outlook. As a result of the downgrade, the
Servicer's status as an S&P "Select Servicer" has been withdrawn by S&P. In its
report, S&P indicated that its action was based, in part, on increasing
regulatory scrutiny over the Servicer's servicing practices, an alleged pattern
of apparent Fair Debt Collection Practices Act violations, foreclosure cure
rates and loan workout cure rates being outside industry tolerance levels and a
lack of training and skills of the primary collections group. S&P, in announcing
the downgrade of the Servicer's ratings, stated that the Servicer has not
adequately managed the portfolio growth associated with various acquisitions
that have occurred during the past 36 months.

         On May 5, 2003, Moody's announced that it had downgraded the Servicer's
ratings as a primary servicer of residential subprime mortgage loans and as a
special servicer from "SQ1" ("Strong") to "SQ4" ("Below Average"). In its
report, Moody's indicated that the downgrades reflect Moody's concerns about the
on-going financial stability of the Servicer, its ability to successfully
address regulatory compliance issues without suffering erosion in loan
performance and management's ability to detect proactively and address
operational and regulatory problems.

         The Servicer is in regular contact with Fitch, S&P and Moody's and is
actively addressing their concerns. Nevertheless, the downgrade of the
Servicer's residential servicer rankings and ratings by S&P and Moody's,
respectively, a possible downgrade of the Servicer's servicer ratings by Fitch
or other events may lead to the Servicer's inability to access liquidity advance
facilities, a transfer of the Servicer's servicing responsibilities or increased
delinquencies on the Mortgage Loans and delays in distributions on the Offered
Certificates, or any combination of these events. See "The Pooling
Agreement--The Servicer."

         THE LAST PARAGRAPH UNDER THE HEADING "THE POOLING AGREEMENT--THE
SERVICER--RECENT DEVELOPMENTS AFFECTING FAIRBANKS" IS REPLACED WITH THE
FOLLOWING:

         See also "Risk Factors--Recent Developments Regarding the Servicer" in
this prospectus supplement.



                              RBS GREENWICH CAPITAL

                                   May 8, 2003