EXHIBIT 99.1
PriceWaterhouseCoopers [LOGO]
- --------------------------------------------------------------------------------
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York NY 10036
Telephone (646) 471 4000
Facsimile (813) 286 6000
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and
Shareholder of Equity One, Inc.
We have examined management's assertion about Equity One, Inc. and its
subsidiaries' (the "Company") compliance with the minimum servicing standards
identified in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended
November 30, 2003 included in the accompanying management assertion (see Exhibit
I). Management is responsible for the Company's compliance with those minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion about the Company's compliance based on our examination.
Our examination was made in accordance with attestation standards established by
the American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Company's compliance
with the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the minimum servicing
standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended November
30, 2003 is fairly stated, in all material respects.
/s/ PricewaterhouseCoopers LLP
February 13, 2004
EXHIBIT I
[LOGO]
EQUITY ONE
a Popular, Inc. Company
================================================================================
301 Lippincott Drive Telephone (856) 396-3601
Marlton, NJ 08053 Fax (856) 396-2712
Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards
February 27, 2004
As of and for the year ended November 30, 2003, Equity One, Inc. and its
subsidiaries (the "Company"), a wholly-owned subsidiary of Popular North
America, Inc., have complied in all material respects with the minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers ("USAP").
As of and for this same period, the Company had in effect fidelity bond and
errors and omissions policies in the amounts of $25,000,000 and $35,000,000,
respectively.
/s/ James H. Jenkins
- -------------------------------------------------
James H. Jenkins
Executive Vice President, Chief Financial Officer
/s/ John N. Martella
- -------------------------------------------------
John N. Martella
Group Executive Vice President of Loan Servicing