

                           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):  October 27, 2003


                      AMERIQUEST MORTGAGE SECURITIES INC.
          (as depositor, Ameriquest Mortgage Company, Master Servicer,
             and Deutsche Bank National Trust Company, as Trustee).

          AMERIQUEST MORT SEC INC ASSET BACK PS THR CERT SER 2003-AR2
            (Exact name of Registrant as specified in its Charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-103335-05                          33-0885129
          (Commission File Number)        (I.R.S. Employer Identification No.)


          1100 TOWN & COUNTRY ROAD, SUITE 1100
          ORANGE, CALIFORNIA                              92868
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (714) 541-9960


     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
     October 27, 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 May 1,2003.


          Date:  Oct 29, 2003               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of October 27, 2003.


	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates


	October 27, 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				15
			8.	Foreclosure Report				16
			9.	Prepayment Report				17
			10.	Prepayment Detail Report				20
			11.	Realized Loss Report				22
			12.	Realized Loss Detail Report				25
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				26
			14.	Other Related Information				27



				Total Number of Pages				27



			CONTACTS

				Administrator: Valerie Delgado
				Direct Phone Number: (714)247-6273
				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:		Ameriquest Mtg Sec Inc					Cut-Off Date: May 1, 2003
	Certificate Insurer(s):							Closing Date: May 14, 2003
								First Payment Date: June 25, 2003
	Servicer(s):		Ameriquest Mortgage Corp Master Servicer


								Distribution Date: October 27, 2003
	Underwriter(s):		Bank of America NT&SA Lead Underwriter					Record Date: October 24, 2003
			Deutsche Bank Lead Underwriter					September 30, 2003
			Banc One Capital Markets Underwriter
			Merrill Lynch & Co. Underwriter




						Page 1 of 27					© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for October 27, 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)

A-1	FLT	348,141,000.00			331,962,289.42	427,862.51	5,671,118.53	6,098,981.04	-	-	326,291,170.89
A-2	FLT	100,317,000.00			96,033,846.80	123,776.96	2,195,059.35	2,318,836.31	-	-	93,838,787.45
A-3	FLT	8,709,000.00			8,337,158.92	12,005.51	190,563.63	202,569.14	-	-	8,146,595.29
A-4	FLT	387,833,000.00			373,263,125.41	487,730.48	9,258,024.34	9,745,754.82	-	-	364,005,101.07
M-1	MEZ, FLT	55,000,000.00			55,000,000.00	96,311.11	-	96,311.11	-	-	55,000,000.00
M-2	MEZ, FLT	47,500,000.00			47,500,000.00	133,000.00	-	133,000.00	-	-	47,500,000.00
M-3	MEZ, FLT	27,500,000.00			27,500,000.00	141,777.78	-	141,777.78	-	-	27,500,000.00
M-4	MEZ, FLT	12,500,000.00			12,500,000.00	54,111.11	-	54,111.11	-	-	12,500,000.00
CE	EXE	12,498,666.19			12,499,984.58	3,709,194.98	0.00	3,709,194.98	-	-	12,499,984.58
R	R	-			-	-	-	-	-	-	-
P	SUB	100.00			100.00	326,485.41	-	326,485.41	-	-	100.00


Total		999,998,766.19			964,596,505.13	5,512,255.85	17,314,765.85	22,827,021.70	-	-	947,281,739.28


	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)

A-1	09/25/03	10/26/03		A-Act/360	03072SHA6	348,141,000.00	953.528281	1.228992	16.289717	17.518709	937.238564
A-2	09/25/03	10/26/03		A-Act/360	03072SHB4	100,317,000.00	957.303815	1.233858	21.881230	23.115088	935.422585
A-3	09/25/03	10/26/03		A-Act/360	03072SGV1	8,709,000.00	957.303815	1.378518	21.881230	23.259748	935.422585
A-4	09/25/03	10/26/03		A-Act/360	03072SGW9	387,833,000.00	962.432607	1.257579	23.871162	25.128741	938.561445
M-1	09/25/03	10/26/03		A-Act/360	03072SGX7	55,000,000.00	1,000.000000	1.751111	-	1.751111	1,000.000000
M-2	09/25/03	10/26/03		A-Act/360	03072SGY5	47,500,000.00	1,000.000000	2.800000	-	2.800000	1,000.000000
M-3	09/25/03	10/26/03		A-Act/360	03072SGZ2	27,500,000.00	1,000.000000	5.155556	-	5.155556	1,000.000000
M-4	09/25/03	10/26/03		A-Act/360	03072SHC2	12,500,000.00	1,000.000000	4.328889	-	4.328889	1,000.000000
CE				-		12,498,666.19	1,000.105483	296.767265	0.000000	296.767265	1,000.105482
R				-		-	-	-	-	-	-
P				-		100.00	1,000.000000	3,264,854.100000	-	3,264,854.100000	1,000.000000


							Page 2 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for October 27, 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)

A-1	348,141,000.00		2,329,271.00		20,278,859.88	1,570,969.24	21,849,829.11	24,179,100.11	-	-	326,291,170.89
A-2	100,317,000.00		671,515.70		6,021,722.20	456,490.35	6,478,212.55	7,149,728.25	-	-	93,838,787.45
A-3	8,709,000.00		65,003.85		522,774.59	39,630.12	562,404.71	627,408.56	-	-	8,146,595.29
A-4	387,833,000.00		2,633,783.39		22,091,639.22	1,736,259.71	23,827,898.93	26,461,682.32	-	-	364,005,101.07
M-1	55,000,000.00		506,488.89		-	-	-	506,488.89	-	-	55,000,000.00
M-2	47,500,000.00		695,875.00		-	-	-	695,875.00	-	-	47,500,000.00
M-3	27,500,000.00		738,909.73		-	-	-	738,909.73	-	-	27,500,000.00
M-4	12,500,000.00		282,263.89		-	-	-	282,263.89	-	-	12,500,000.00
CE	12,498,666.19		18,558,759.62		0.01	0.00	0.01	18,558,759.63	0.00	1,318.40	12,499,984.58
R	-		-		-	-	-	-	-	-	-
P	100.00		865,102.99		-	-	-	865,102.99	-	-	100.00


Total	999,998,766.19		27,346,974.06		48,914,995.90	3,803,349.41	52,718,345.31	80,065,319.37	0.00	1,318.40	947,281,739.28


	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)

A-1	1.45000%	331,962,289.42			427,862.51	-	-	-	427,862.51	427,862.51	-
A-2	1.45000%	96,033,846.80			123,776.96	-	-	-	123,776.96	123,776.96	-
A-3	1.62000%	8,337,158.92			12,005.51	-	-	-	12,005.51	12,005.51	-
A-4	1.47000%	373,263,125.41			487,730.48	-	-	-	487,730.48	487,730.48	-
M-1	1.97000%	55,000,000.00			96,311.11	-	-	-	96,311.11	96,311.11	-
M-2	3.15000%	47,500,000.00			133,000.00	-	-	-	133,000.00	133,000.00	-
M-3	5.80000%	27,500,000.00			141,777.78	-	-	-	141,777.78	141,777.78	-
M-4	4.87000%	12,500,000.00			54,111.11	-	-	-	54,111.11	54,111.11	-
CE		12,499,984.58			3,709,194.98	-	-	-	3,709,194.98	3,709,194.98	-
R		-			-	-	-	-	-	-	-
P		100.00			326,485.41	-	-	-	326,485.41	326,485.41	-


Total		964,596,505.13			5,512,255.85	-	-	-	5,512,255.85	5,512,255.85	-


							Page 3 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Collection Account Report for October 27, 2003 Distribution


	Collection Account Report


SUMMARY					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Principal Collections				9,258,024.34	2,385,622.98	5,671,118.53	17,314,765.85
	Principal Other Accounts				0.00	0.00	0.00	0.00
	TOTAL NET PRINCIPAL				9,258,024.34	2,385,622.98	5,671,118.53	17,314,765.85

	Interest Collections				2,669,413.82	745,925.79	2,376,175.22	5,791,514.83
	Interest Withdrawals				0.00	0.00	0.00	0.00
	Interest Other Accounts				0.00	0.00	0.00	0.00
	Interest Fees				(278,051.86)	(77,149.13)	(249,832.47)	(605,033.46)
	TOTAL NET INTEREST				2,391,361.96	668,776.66	2,126,342.75	5,186,481.37

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE				11,649,386.30	3,054,399.64	7,797,461.28	22,501,247.22

	Prepayment Penalties Collected							326,485.41

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							22,827,732.63


PRINCIPAL - COLLECTIONS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received				346,502.77	99,376.19	306,328.44	752,207.40
	Prepayments In Full				8,886,427.27	2,281,334.50	5,347,042.41	16,514,804.18
	Curtailments				25,094.30	4,912.29	17,747.68	47,754.27
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Principal				0.00	0.00	0.00	0.00
	Repurchased Principal Amounts				0.00	0.00	0.00	0.00
	Other Principal				0.00	0.00	0.00	0.00
	Total Realized Loss Of Principal				0.00	0.00	0.00	0.00
	Delinquent Principal				(307,291.34)	(89,331.72)	(268,481.52)	(665,104.58)
	Advanced Principal				307,291.34	89,331.72	268,481.52	665,104.58

	TOTAL PRINCIPAL COLLECTED				9,258,024.34	2,385,622.98	5,671,118.53	17,314,765.85


				Page 4 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Collection Account Report for October 27, 2003 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Scheduled Interest				2,832,075.80	791,908.22	2,519,902.57	6,143,886.59
	Liquidation Interest				0.00	0.00	0.00	0.00
	Repurchased Interest				0.00	0.00	0.00	0.00
	Insurance Interest				0.00	0.00	0.00	0.00
	Other Interest				0.00	0.00	0.00	0.00
	Relief Act Interest Shortfalls				0.00	0.00	0.00	0.00
	Net Prepayment Interest Shortfalls				0.00	0.00	0.00	0.00
	Delinquent Interest				(2,498,129.05)	(705,130.64)	(2,202,514.35)	(5,405,774.04)
	Interest Advanced				2,335,467.07	659,148.21	2,058,787.00	5,053,402.28

	TOTAL INTEREST COLLECTED				2,669,413.82	745,925.79	2,376,175.22	5,791,514.83


				Page 5 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Collection Account Report for October 27, 2003 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00

	TOTAL INTEREST WITHDRAWALS							0.00


INTEREST - OTHER ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL


	TOTAL INTEREST OTHER ACCOUNTS				0.00	0.00	0.00	0.00


INTEREST - FEES					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees				22,506.41	5,838.57	21,198.46	49,543.44
	Trustee Fees				833.26	233.19	742.17	1,808.62
	PMI Insurance Fees				254,712.19	71,077.37	227,891.84	553,681.40

	TOTAL INTEREST OTHER FEES				278,051.86	77,149.13	249,832.47	605,033.46


				Page 6 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for October 27, 2003 Distribution


	Credit Enhancement Report


ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Net WAC Rate Carryover Reserve Balance (Ending)							1,000.00


INSURANCE					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES					GROUP 3	GROUP 2	GROUP 1	TOTAL


	Overcollateralized Amount							12,499,984.58
	Overcollateralization Target Amount							12,499,984.58
	Overcollateralization Increase Amount							0.00
	Overcollateralization Reduction Amount							0.00


				Page 7 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Collateral Report for October 27, 2003 Distribution


	Collateral Report


COLLATERAL					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*				2304	750	2282	5336
	Prior				2,247	728	2,205	5,180
	Prefunding				-	-	-	-
	Scheduled Paid Offs				-	-	-	-
	Full Voluntary Prepayments				(39)	(13)	(26)	(78)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				2,208	715	2,179	5,102

	*Principal Balance:*
	Original				458,973,149.17	129,025,271.41	412,000,345.61	999,998,766.19
	Prior				444,404,139.36	124,370,405.02	395,821,960.75	964,596,505.13
	Prefunding				-	-	-	-
	Scheduled Principal				(346,502.77)	(99,376.19)	(306,328.44)	(752,207.40)
	Partial and Full Voluntary Prepayments				(8,911,521.57)	(2,286,246.79)	(5,364,790.09)	(16,562,558.45)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				435,146,115.02	121,984,782.04	390,150,842.22	947,281,739.28

PREFUNDING					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


	Group 1		Group 3
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Collateral Report for October 27, 2003 Distribution


	Collateral Report


CHARACTERISTICS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original				7.649125%	7.649632%	7.648471%	7.648921%
	Weighted Average Coupon Prior				7.647467%	7.634509%	7.644719%	7.644667%
	Weighted Average Coupon Current				7.647298%	7.640804%	7.639503%	7.643262%
	Weighted Average Months to Maturity Original				356	354	356	356
	Weighted Average Months to Maturity Prior				352	351	353	352
	Weighted Average Months to Maturity Current				351	350	352	351
	Weighted Avg Remaining Amortization Term Original				355	354	356	355
	Weighted Avg Remaining Amortization Term Prior				352	350	353	352
	Weighted Avg Remaining Amortization Term Current				351	349	352	351
	Weighted Average Seasoning Original				2.17	2.22	2.39	2.27
	Weighted Average Seasoning Prior				5.17	5.22	5.38	5.26
	Weighted Average Seasoning Current				6.16	6.22	6.38	6.26

Note: Original information refers to deal issue.


	Group 1		Group 3
	Group 2
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Collateral Report for October 27, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original				4.387%	4.360%	5.479%
	Weighted Average Margin Prior				4.369%	4.359%	5.467%
	Weighted Average Margin Current				4.359%	4.334%	5.464%
	Weighted Average Max Rate Original				9.333%	9.257%	11.724%
	Weighted Average Max Rate Prior				9.296%	9.241%	11.694%
	Weighted Average Max Rate Current				9.278%	9.198%	11.684%
	Weighted Average Min Rate Original				5.253%	5.177%	6.624%
	Weighted Average Min Rate Prior				5.232%	5.163%	6.607%
	Weighted Average Min Rate Current				5.223%	5.141%	6.600%
	Weighted Average Cap Up Original				0.680%	0.680%	0.850%
	Weighted Average Cap Up Prior				0.677%	0.680%	0.848%
	Weighted Average Cap Up Current				0.676%	0.676%	0.847%
	Weighted Average Cap Down Original				0.680%	0.680%	0.850%
	Weighted Average Cap Down Prior				0.677%	0.680%	0.848%
	Weighted Average Cap Down Current				0.676%	0.676%	0.847%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees				22,506.41	5,838.57	21,198.46	49,543.44
	Delinquent Servicing Fees				162,661.98	45,982.43	143,727.36	352,371.77
	TOTAL SERVICING FEES				185,168.39	51,821.00	164,925.82	401,915.21

	Prepayment Interest Shortfall				6,539.24	1,826.02	3,824.15	12,189.41
	Compensating Interest				(6,539.24)	(1,826.02)	(3,824.15)	(12,189.41)
	Delinquent Servicing Fees				(162,661.98)	(45,982.43)	(143,727.36)	(352,371.77)

	COLLECTED SERVICING FEES				22,506.41	5,838.57	21,198.46	49,543.44


	Aggregate Advances with respect to this Distribution				2,642,758.41	748,479.93	2,327,268.52	5,718,506.86
	Current Nonrecoverable Advances				0.00	0.00	0.00	0.00
	Cumulative Nonrecoverable Advances				0.00	0.00	0.00	0.00


ADDITIONAL COLLATERAL INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Net Prepayment Interest Shortfall							0.00


				Page 10 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Delinquency Report for October 27, 2003 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			8,165,969.88	6,852,127.72	6,855,692.15	21,873,789.75
		% Balance			0.86%	0.72%	0.72%	2.31%
		# Loans			47	36	45	128
		% # Loans			0.92%	0.71%	0.88%	2.51%
FORECLOSURE		Balance		-	160,932.18	-	2,143,259.77	2,304,191.95
		% Balance		0.00%	0.02%	0.00%	0.23%	0.24%
		# Loans		-	1	-	14	15
		% # Loans		0.00%	0.02%	0.00%	0.27%	0.29%
BANKRUPTCY		Balance		2,402,411.75	88,865.89	478,306.99	107,638.57	3,077,223.20
		% Balance		0.25%	0.01%	0.05%	0.01%	0.32%
		# Loans		14	1	3	1	19
		% # Loans		0.27%	0.02%	0.06%	0.02%	0.37%
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		2,402,411.75	8,415,767.95	7,330,434.71	9,106,590.49	27,255,204.90
		% Balance		0.25%	0.89%	0.77%	0.96%	2.88%
		# Loans		14	49	39	60	162
		% # Loans		0.27%	0.96%	0.76%	1.18%	3.18%
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 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Delinquency Report for October 27, 2003 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			3,436,747.75	3,460,902.84	3,495,342.52	10,392,993.11
		% Balance			0.88%	0.89%	0.90%	2.66%
		# Loans			20	17	23	60
		% # Loans			0.92%	0.78%	1.06%	2.75%
FORECLOSURE		Balance		-	-	-	915,685.68	915,685.68
		% Balance		0.00%	0.00%	0.00%	0.23%	0.23%
		# Loans		-	-	-	6	6
		% # Loans		0.00%	0.00%	0.00%	0.28%	0.28%
BANKRUPTCY		Balance		770,525.10	-	172,260.27	107,638.57	1,050,423.94
		% Balance		0.20%	0.00%	0.04%	0.03%	0.27%
		# Loans		5	-	1	1	7
		% # Loans		0.23%	0.00%	0.05%	0.05%	0.32%
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		770,525.10	3,436,747.75	3,633,163.11	4,518,666.77	12,359,102.73
		% Balance		0.20%	0.88%	0.93%	1.16%	3.17%
		# Loans		5	20	18	30	73
		% # Loans		0.23%	0.92%	0.83%	1.38%	3.35%
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 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Delinquency Report for October 27, 2003 Distribution


	Delinquency Report - Group 2 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,145,778.26	383,581.21	1,075,731.79	2,605,091.26
		% Balance			0.94%	0.31%	0.88%	2.14%
		# Loans			6	3	8	17
		% # Loans			0.84%	0.42%	1.12%	2.38%
FORECLOSURE		Balance		-	-	-	61,541.61	61,541.61
		% Balance		0.00%	0.00%	0.00%	0.05%	0.05%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.14%	0.14%
BANKRUPTCY		Balance		564,723.32	-	238,262.35	-	802,985.67
		% Balance		0.46%	0.00%	0.20%	0.00%	0.66%
		# Loans		2	-	1	-	3
		% # Loans		0.28%	0.00%	0.14%	0.00%	0.42%
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		564,723.32	1,145,778.26	621,843.56	1,137,273.40	3,469,618.54
		% Balance		0.46%	0.94%	0.51%	0.93%	2.84%
		# Loans		2	6	4	9	21
		% # Loans		0.28%	0.84%	0.56%	1.26%	2.94%
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 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Delinquency Report for October 27, 2003 Distribution


	Delinquency Report - Group 3 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			3,583,443.87	3,007,643.67	2,284,617.84	8,875,705.38
		% Balance			0.82%	0.69%	0.53%	2.04%
		# Loans			21	16	14	51
		% # Loans			0.95%	0.72%	0.63%	2.31%
FORECLOSURE		Balance		-	160,932.18	-	1,166,032.48	1,326,964.66
		% Balance		0.00%	0.04%	0.00%	0.27%	0.30%
		# Loans		-	1	-	7	8
		% # Loans		0.00%	0.05%	0.00%	0.32%	0.36%
BANKRUPTCY		Balance		1,067,163.33	88,865.89	67,784.37	-	1,223,813.59
		% Balance		0.25%	0.02%	0.02%	0.00%	0.28%
		# Loans		7	1	1	-	9
		% # Loans		0.32%	0.05%	0.05%	0.00%	0.41%
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		1,067,163.33	3,833,241.94	3,075,428.04	3,450,650.32	11,426,483.63
		% Balance		0.25%	0.88%	0.71%	0.79%	2.63%
		# Loans		7	23	17	21	68
		% # Loans		0.32%	1.04%	0.77%	0.95%	3.08%
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 14 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	REO Report for October 27, 2003 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2 Group; REO Book Value = 000.00
Total Current Balance = 000.00				Loan Group 3 = Group 3 Group; REO Book Value = 000.00
REO Book Value = 000.00

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
SPACE INTENTIONALLY LEFT BLANK


				Page 15 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Foreclosure Report for October 27, 2003 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 6				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 992,250.00				Loan Group 2 = Group 2 Group
Total Current Balance = 987,354.03				Loan Group 3 = Group 3 Group


Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date

38447157 1		281,000.00	278,490.21	May-01-03	7.200%	MA - 63.86%	360	Oct-02-02
43203348 1		104,000.00	103,662.74	Apr-01-03	9.900%	MI - 80.00%	360	Feb-25-03
45126612 2		61,750.00	61,541.61	May-01-03	8.950%	MO - 95.00%	360	Mar-31-03
43912815 3		122,500.00	122,135.06	May-01-03	9.550%	MI - 70.00%	360	Mar-31-03
44277259 3		63,000.00	62,816.19	May-01-03	9.650%	MO - 90.00%	360	Mar-27-03
44690386 3		360,000.00	358,708.22	Apr-01-03	8.650%	MI - 90.00%	360	Mar-19-03


				Page 16 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Prepayment Report for October 27, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans				39	13	26	78
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				39	13	26	78

	Paid in Full Balance				8,886,427.27	2,281,334.50	5,347,042.41	16,514,804.18
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				25,094.30	4,912.29	17,747.68	47,754.27
	Total Prepayment Amount				8,911,521.57	2,286,246.79	5,364,790.09	16,562,558.45

	*Cumulative*
	Number of Paid in Full Loans				90	33	99	222
	Number of Repurchased Loans				6	2	4	12
	Total Number of Loans Prepaid in Full				96	35	103	234

	Paid in Full Balance				20,665,440.65	6,204,044.64	19,461,808.01	46,331,293.30
	Repurchased Loans Balance				1,260,085.65	301,432.03	497,880.83	2,059,398.51
	Curtailments Amount				149,334.06	32,111.36	341,540.27	522,985.69
	Total Prepayment Amount				22,074,860.36	6,537,588.03	20,301,229.11	48,913,677.50

SPACE INTENTIONALLY LEFT BLANK


Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)


				Page 17 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Prepayment Report for October 27, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES					GROUP 3	GROUP 2	GROUP 1	TOTAL

	SMM				2.01%	1.84%	1.36%	1.72%
	3 Months Avg SMM				1.19%	1.29%	1.30%	1.25%
	12 Months Avg SMM
	Avg SMM Since Cut-off				0.98%	1.04%	1.01%	1.00%

	CPR				21.59%	19.97%	15.12%	18.78%
	3 Months Avg CPR				13.38%	14.47%	14.58%	14.02%
	12 Months Avg CPR
	Avg CPR Since Cut-off				11.19%	11.76%	11.45%	11.37%

	PSA				1751.46%	1605.93%	1185.45%	1500.30%
	3 Months Avg PSA Approximation				1294.40%	1386.21%	1355.27%	1332.04%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				1341.96%	1393.72%	1306.35%	1333.53%



	Group 1		Group 3
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 18 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Prepayment Report for October 27, 2003 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1		Group 3
	Group 2

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 19 of 27				© COPYRIGHT 2003 Deutsche Bank


	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for October 27, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 78						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 16,583,961.00						Loan Group 2 = Group 2 Group
Total Prepayment Amount = 16,514,804.18						Loan Group 3 = Group 3 Group


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

38565776 1			225,250.00	223,564.77	Oct-02-03	8.100%	NY - 85.00%	Paid Off - 360	Oct-03-02
39279492 1			170,000.00	168,847.64	Oct-01-03	8.100%	FL - 85.00%	Paid Off - 360	Oct-18-02
42152975 1			176,000.00	175,332.09	Sep-22-03	7.450%	NH - 80.00%	Paid Off - 360	Mar-18-03
43129188 1			211,500.00	210,632.46	Sep-18-03	7.990%	NY - 90.00%	Paid Off - 360	Feb-20-03
43303643 1			152,000.00	150,755.48	Oct-08-03	8.900%	CA - 80.00%	Paid Off - 360	Feb-28-03
43305598 1			285,000.00	283,605.20	Oct-10-03	7.100%	CA - 73.08%	Paid Off - 360	Feb-27-03
43407089 1			255,000.00	253,664.01	Sep-15-03	6.750%	CA - 78.46%	Paid Off - 360	Feb-25-03
43623388 1			290,000.00	288,859.49	Sep-29-03	8.200%	CA - 87.88%	Paid Off - 360	Feb-27-03
43827112 1			147,000.00	146,366.29	Oct-01-03	7.750%	MN - 84.00%	Paid Off - 360	Feb-28-03
43844745 1			125,000.00	124,539.54	Oct-02-03	7.600%	ME - 83.33%	Paid Off - 360	Mar-27-03
43895275 1			155,250.00	154,777.84	Oct-02-03	8.550%	NJ - 90.00%	Paid Off - 360	Mar-10-03
43906262 1			173,000.00	172,289.64	Oct-06-03	7.050%	MN - 89.87%	Paid Off - 360	Mar-10-03
44091213 1			387,000.00	384,709.74	Oct-02-03	8.150%	HI - 90.00%	Paid Off - 360	Mar-07-03
44107571 1			98,000.00	97,605.09	Oct-02-03	8.650%	WI - 70.00%	Paid Off - 360	Mar-21-03
44188860 1			297,500.00	296,595.30	Sep-24-03	8.550%	NY - 85.00%	Paid Off - 360	Mar-07-03
44217404 1			128,100.00	127,706.43	Sep-16-03	8.500%	OR - 70.00%	Paid Off - 360	Mar-31-03
44249290 1			209,000.00	208,072.27	Sep-23-03	6.650%	MN - 95.00%	Paid Off - 360	Mar-07-03
44251239 1			180,200.00	179,542.81	Sep-25-03	7.650%	CA - 85.00%	Paid Off - 360	Mar-07-03
44323426 1			202,500.00	201,626.91	Sep-29-03	6.800%	NY - 90.00%	Paid Off - 360	Mar-05-03
44363638 1			288,000.00	287,002.12	Oct-01-03	7.990%	CA - 90.00%	Paid Off - 360	Mar-11-03
44377208 1			225,000.00	224,039.26	Sep-22-03	6.850%	CA - 72.58%	Paid Off - 360	Mar-12-03
44625598 1			204,000.00	203,256.02	Oct-01-03	7.650%	WA - 68.69%	Paid Off - 360	Mar-19-03
44717957 1			125,100.00	124,691.45	Sep-23-03	8.200%	FL - 90.00%	Paid Off - 360	Mar-14-03
44819993 1			391,000.00	389,456.37	Sep-22-03	7.250%	CA - 85.00%	Paid Off - 360	Mar-19-03
44933547 1			195,300.00	194,706.06	Oct-02-03	8.550%	MN - 90.00%	Paid Off - 360	Mar-25-03
45143799 1			75,000.00	74,798.13	Sep-22-03	8.050%	OH - 74.26%	Paid Off - 360	Apr-07-03
43376425 2			233,750.00	233,101.93	Sep-30-03	9.000%	MA - 85.00%	Paid Off - 360	Mar-19-03
43386176 2			147,250.00	146,478.48	Sep-18-03	6.750%	CA - 95.00%	Paid Off - 360	Feb-28-03
43576628 2			220,000.00	219,426.84	Sep-22-03	9.300%	MA - 80.00%	Paid Off - 360	Mar-17-03
43729383 2			108,000.00	107,691.45	Sep-26-03	9.750%	MN - 78.83%	Paid Off - 360	Feb-20-03
43769041 2			101,700.00	101,310.18	Sep-16-03	7.400%	OH - 90.00%	Paid Off - 360	Mar-03-03
43793975 2			169,550.00	169,044.82	Oct-06-03	8.650%	NV - 90.00%	Paid Off - 360	Mar-28-03
43949536 2			162,000.00	161,281.61	Oct-06-03	7.600%	CA - 90.00%	Paid Off - 360	Feb-26-03
44120855 2			296,100.00	294,747.01	Oct-10-03	6.500%	CA - 90.00%	Paid Off - 360	Mar-27-03
44229243 2			178,500.00	177,855.47	Oct-08-03	7.700%	MN - 85.00%	Paid Off - 360	Mar-21-03
44396208 2			247,500.00	246,541.98	Oct-06-03	7.350%	CA - 75.00%	Paid Off - 360	Mar-24-03
44769966 2			225,000.00	224,219.44	Sep-23-03	7.900%	CA - 90.00%	Paid Off - 360	Mar-25-03
45121522 2			120,800.00	119,980.80	Oct-09-03	9.900%	CA - 80.00%	Paid Off - 240	Mar-24-03
45193513 2			79,900.00	79,654.49	Sep-22-03	8.500%	TX - 85.00%	Paid Off - 360	Mar-28-03
41524224 3			332,000.00	330,042.81	Sep-30-03	7.650%	CA - 80.00%	Paid Off - 360	Dec-18-02
41734864 3			400,000.00	398,520.05	Sep-23-03	8.500%	UT - 88.89%	Paid Off - 360	Feb-26-03
42034645 3			460,700.00	458,553.49	Oct-02-03	7.350%	ID - 85.00%	Paid Off - 360	Feb-26-03
42841254 3			465,000.00	462,259.74	Sep-26-03	6.500%	CA - 90.29%	Paid Off - 360	Feb-13-03
42896977 3			446,250.00	444,681.13	Sep-29-03	8.750%	MA - 85.00%	Paid Off - 360	Feb-27-03

					Page 20 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for October 27, 2003 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

42979963 3			94,500.00	93,970.27	Oct-01-03	6.400%	OH - 90.00%	Paid Off - 360	Feb-20-03
43053230 3			95,400.00	95,050.61	Oct-09-03	8.550%	FL - 90.00%	Paid Off - 360	Feb-28-03
43185339 3			92,250.00	91,994.59	Sep-11-03	9.900%	FL - 75.00%	Paid Off - 360	Feb-19-03
43310945 3			386,750.00	384,816.13	Sep-16-03	6.990%	MN - 85.00%	Paid Off - 360	Feb-18-03
43456664 3			162,400.00	161,829.03	Oct-02-03	8.750%	CA - 80.00%	Paid Off - 360	Feb-27-03
43490911 3			81,000.00	80,651.35	Sep-22-03	7.750%	NH - 52.94%	Paid Off - 360	Feb-19-03
43585835 3			78,300.00	77,956.23	Sep-24-03	7.650%	WA - 87.29%	Paid Off - 360	Feb-24-03
43590975 3			85,000.00	84,681.80	Sep-24-03	7.550%	MI - 68.00%	Paid Off - 360	Mar-05-03
43775550 3			487,500.00	485,559.93	Oct-02-03	7.800%	CA - 65.00%	Paid Off - 360	Mar-18-03
43909175 3			213,000.00	212,277.38	Sep-30-03	8.950%	CO - 78.89%	Paid Off - 360	Feb-26-03
44012995 3			395,500.00	393,564.48	Oct-06-03	7.100%	CA - 70.00%	Paid Off - 360	Mar-19-03
44102192 3			371,000.00	369,384.81	Oct-07-03	6.750%	FL - 70.00%	Paid Off - 360	Mar-10-03
44115236 3			88,949.00	88,675.54	Oct-01-03	9.400%	IN - 90.00%	Paid Off - 360	Feb-28-03
44122448 3			246,500.00	245,742.66	Sep-22-03	8.500%	CA - 85.00%	Paid Off - 360	Mar-27-03
44201598 3			87,750.00	87,408.43	Sep-12-03	8.250%	FL - 75.00%	Paid Off - 360	Feb-28-03
44243145 3			164,900.00	164,274.20	Sep-16-03	7.450%	NJ - 78.52%	Paid Off - 360	Mar-21-03
44392595 3			110,500.00	110,041.79	Sep-16-03	7.000%	CA - 64.24%	Paid Off - 360	Mar-31-03
44482057 3			500,000.00	498,212.54	Oct-09-03	7.750%	MN - 71.43%	Paid Off - 360	Mar-26-03
44504678 3			415,000.00	413,092.94	Sep-24-03	6.500%	KS - 84.69%	Paid Off - 360	Mar-19-03
44631745 3			123,600.00	123,121.57	Sep-26-03	7.350%	CA - 89.94%	Paid Off - 360	Mar-14-03
44660967 3			159,250.00	159,009.42	Oct-07-03	11.850%	MN - 65.00%	Paid Off - 360	Mar-31-03
44679439 3			60,000.00	59,506.98	Oct-02-03	10.000%	OK - 54.55%	Paid Off - 360	Mar-31-03
44763357 3			133,000.00	132,630.47	Oct-06-03	8.990%	CA - 71.89%	Paid Off - 360	Mar-27-03
44843175 3			95,200.00	94,812.88	Oct-09-03	7.100%	CA - 80.00%	Paid Off - 360	Mar-26-03
44851152 3			144,000.00	143,647.61	Oct-01-03	9.600%	IL - 80.00%	Paid Off - 360	Mar-25-03
44909638 3			110,000.00	109,534.39	Sep-30-03	6.900%	MA - 55.28%	Paid Off - 360	Mar-28-03
45022605 3			346,500.00	344,991.43	Sep-17-03	6.750%	CA - 90.00%	Paid Off - 360	Mar-24-03
45103629 3			346,500.00	345,693.80	Oct-08-03	8.750%	MA - 90.00%	Paid Off - 360	Apr-11-03
45214194 3			180,500.00	179,973.11	Sep-15-03	8.750%	IL - 95.00%	Paid Off - 360	Mar-31-03
45335825 3			84,000.00	83,720.09	Sep-26-03	8.100%	CA - 84.85%	Paid Off - 360	Mar-31-03
45456506 3			131,512.00	131,190.17	Sep-16-03	9.600%	NY - 75.00%	Paid Off - 360	Mar-31-03
45489226 3			142,000.00	141,565.96	Sep-16-03	7.400%	FL - 67.62%	Paid Off - 360	Apr-09-03
45696069 3			127,000.00	125,487.35	Oct-01-03	7.300%	OH - 84.11%	Paid Off - 240	Apr-07-03
46199113 3			480,000.00	478,300.11	Sep-15-03	6.650%	NY - 84.96%	Paid Off - 360	Apr-17-03


					Page 21 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Realized Loss Report for October 27, 2003 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES					GROUP 3	GROUP 2	GROUP 1	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.


	Cumulative Loss Percentage							0.0000%


	Group 1		Group 3				3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 22 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Realized Loss Report for October 27, 2003 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	MDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg MDR				0.00%	0.00%	0.00%	0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off				0.00%	0.00%	0.00%	0.00%

	CDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg CDR				0.00%	0.00%	0.00%	0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off				0.00%	0.00%	0.00%	0.00%

	SDA				0.00%	0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation				0.00%	0.00%	0.00%	0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation				0.00%	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

	Group 1		Group 3
	Group 2
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 23 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Realized Loss Report for October 27, 2003 Distribution


	Realized Loss Report - Collateral

	Group 1		Group 3
	Group 2

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 24 of 27				© COPYRIGHT 2003 Deutsche Bank


	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for October 27, 2003 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 0						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00						Loan Group 2 = Group 2 Group
Total Prior Principal Balance = 0.00						Loan Group 3 = Group 3 Group
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 &
&		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 25 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for October 27, 2003 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Has a Stepdown Date occurred?							No

	Does Trigger Event exist?							No

	1. Does (A) exceed (B)?							No
	(A) Delinquency Percentage (quotient of (x) over (y))							2.02%
	(x) 60+ Day Delinq. Loans (incl. FCLs, REOs & BKs)							19,089,235.02
	(y) Stated Principal Balance of the Mortgage Loans							947,281,739.28
	(B) 51% of Credit Enhancement Percentage							8.3449%

	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.0000%
	(x) Aggregate Realized Losses to date							0.00
	(y) Cut-off Date Principal Bal. of the Mortgage Loans							999,998,766.19
	(B) Applicable Percentage							100.0000%


	Credit Enhancement Percentage							16.3626%



ADJUSTABLE RATE CERTIFICATE INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL


				Page 26 of 27				© COPYRIGHT 2003 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2003-AR2
	Mortgage Pass-Through Certificates

	Other Related Information for October 27, 2003 Distribution


	Other Related Information


ADDITIONAL INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL


	Net WAC Rate Carryover Amt: Class A-1							0.00
	Net WAC Rate Carryover Amt: Class A-2							0.00
	Net WAC Rate Carryover Amt: Class A-3							0.00
	Net WAC Rate Carryover Amt: Class A-4							0.00
	Net WAC Rate Carryover Amt: Class M-1							0.00
	Net WAC Rate Carryover Amt: Class M-2							0.00
	Net WAC Rate Carryover Amt: Class M-3							0.00
	Net WAC Rate Carryover Amt: Class M-4							0.00


	Net WAC Rate Carryover Amt: Class A-1 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class A-2 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class A-3 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class A-4 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-1 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-2 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-3 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-4 Unpaid							0.00


				Page 27 of 27				© COPYRIGHT 2003 Deutsche Bank

AMERIQUEST MORT SEC INC ASSET BACK PS THR CERTS SER 2003-AR2 8-K