

                           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


                            Financial Asset Securities Corp.,
             (as depositor, Ocwen Federal Bank FSB, as Servicer,
               and Deutsche Bank National Trust Company, as Trustee).

           FINANCIAL ASSET SECURITIES CORP ASSET BACK CERT SER 03-2
            (Exact name of Registrant as specified in its Charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-104153-12                          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
     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 September 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.


	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust


	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				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: 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

	Seller:		Financial Asset Securites Corp.					Cut-Off Date: September 15, 2003
	Certificate Insurer(s):							Closing Date: September 30, 2003
								First Payment Date: October 27, 2003
	Servicer(s):		Ocwen Federal Master Servicer


								Distribution Date: October 27, 2003
	Underwriter(s):		Greenwich Capital Markets, Inc.					Record Date: October 24, 2003
								September 30, 2003






						Page 1 of 26					© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust
	Series 2003-2
	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)

I-A1		233,748,000.00			233,748,000.00	481,131.30	1,989,433.59	2,470,564.89	-	-	231,758,566.41
II-A2		49,144,000.00			49,144,000.00	153,575.00	180,784.00	334,359.00	-	-	48,963,216.00
III-A3		81,945,000.00			81,945,000.00	168,670.13	565,969.17	734,639.30	-	-	81,379,030.83
M-1		30,442,000.00			30,442,000.00	41,553.33	-	41,553.33	-	-	30,442,000.00
M-2		25,562,000.00			25,562,000.00	54,063.63	-	54,063.63	-	-	25,562,000.00
M-3		6,971,000.00			6,971,000.00	17,096.38	-	17,096.38	-	-	6,971,000.00
M-4		6,971,000.00			6,971,000.00	23,370.28	-	23,370.28	-	-	6,971,000.00
M-5		6,971,000.00			6,971,000.00	28,075.70	-	28,075.70	-	-	6,971,000.00
M-6		6,971,000.00			6,971,000.00	28,075.70	-	28,075.70	-	-	6,971,000.00
B-1		3,486,000.00			3,486,000.00	17,430.00	-	17,430.00	-	-	3,486,000.00
C		12,548,635.21			12,548,635.21	1,667,875.45	122.36	1,667,997.81	-	-	12,548,512.85
P		100.00			100.00	22,522.63	-	22,522.63	-	-	100.00
R		-			-	-	-	-	-	-	-


Total		464,759,735.21			464,759,735.21	2,703,439.53	2,736,309.12	5,439,748.65	-	-	462,023,426.09


	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				A-30/360	29445FAF5	233,748,000.00	1,000.000000	2.058333	8.511019	10.569352	991.488981
II-A2				F-30/360	29445FAG3	49,144,000.00	1,000.000000	3.125000	3.678659	6.803659	996.321341
III-A3				A-30/360	29445FAH1	81,945,000.00	1,000.000000	2.058333	6.906696	8.965029	993.093304
M-1	09/30/03	10/26/03		A-Act/360	29445FAJ7	30,442,000.00	1,000.000000	1.365000	-	1.365000	1,000.000000
M-2	09/30/03	10/26/03		A-Act/360	29445FAK4	25,562,000.00	1,000.000000	2.115000	-	2.115000	1,000.000000
M-3	09/30/03	10/26/03		A-Act/360	29445FAL2	6,971,000.00	1,000.000000	2.452500	-	2.452500	1,000.000000
M-4	09/30/03	10/26/03		A-Act/360	29445FAM0	6,971,000.00	1,000.000000	3.352500	-	3.352500	1,000.000000
M-5	09/30/03	10/26/03		A-Act/360	29445FAN8	6,971,000.00	1,000.000000	4.027500	-	4.027500	1,000.000000
M-6	09/30/03	10/26/03		A-Act/360	29445FAP3	6,971,000.00	1,000.000000	4.027500	-	4.027500	1,000.000000
B-1				A-30/360	29445FAQ1	3,486,000.00	1,000.000000	5.000000	-	5.000000	1,000.000000
C				A-30/360		477,308,370.42	1,000.000000	3.494335	0.000256	3.494592	994.266953
P				-		100.00	1,000.000000	225,226.300000	-	225,226.300000	1,000.000000
R				-		-	-	-	-	-	-


							Page 2 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust
	Series 2003-2
	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)

I-A1	233,748,000.00		481,131.30		1,737,602.78	251,830.81	1,989,433.59	2,470,564.89	-	-	231,758,566.41
II-A2	49,144,000.00		153,575.00		118,222.83	62,561.17	180,784.00	334,359.00	-	-	48,963,216.00
III-A3	81,945,000.00		168,670.13		477,302.08	88,667.09	565,969.17	734,639.30	-	-	81,379,030.83
M-1	30,442,000.00		41,553.33		-	-	-	41,553.33	-	-	30,442,000.00
M-2	25,562,000.00		54,063.63		-	-	-	54,063.63	-	-	25,562,000.00
M-3	6,971,000.00		17,096.38		-	-	-	17,096.38	-	-	6,971,000.00
M-4	6,971,000.00		23,370.28		-	-	-	23,370.28	-	-	6,971,000.00
M-5	6,971,000.00		28,075.70		-	-	-	28,075.70	-	-	6,971,000.00
M-6	6,971,000.00		28,075.70		-	-	-	28,075.70	-	-	6,971,000.00
B-1	3,486,000.00		17,430.00		-	-	-	17,430.00	-	-	3,486,000.00
C	12,548,635.21		1,667,875.45		122.36	-	122.36	1,667,997.81	-	-	12,548,512.85
P	100.00		22,522.63		-	-	-	22,522.63	-	-	100.00
R	-		-		-	-	-	-	-	-	-


Total	464,759,735.21		2,703,439.53		2,333,250.05	403,059.07	2,736,309.12	5,439,748.65	-	-	462,023,426.09


	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	2.47000%	233,748,000.00			481,131.30	-	-	-	481,131.30	481,131.30	-
II-A2	3.75000%	49,144,000.00			153,575.00	-	-	-	153,575.00	153,575.00	-
III-A3	2.47000%	81,945,000.00			168,670.13	-	-	-	168,670.13	168,670.13	-
M-1	1.82000%	30,442,000.00			41,553.33	-	-	-	41,553.33	41,553.33	-
M-2	2.82000%	25,562,000.00			54,063.63	-	-	-	54,063.63	54,063.63	-
M-3	3.27000%	6,971,000.00			17,096.38	-	-	-	17,096.38	17,096.38	-
M-4	4.47000%	6,971,000.00			23,370.28	-	-	-	23,370.28	23,370.28	-
M-5	5.37000%	6,971,000.00			28,075.70	-	-	-	28,075.70	28,075.70	-
M-6	5.37000%	6,971,000.00			28,075.70	-	-	-	28,075.70	28,075.70	-
B-1	6.00000%	3,486,000.00			17,430.00	-	-	-	17,430.00	17,430.00	-
C	4.30642%	477,308,370.42			1,667,875.45	-	-	-	1,667,875.45	1,667,875.45	-
P		100.00			22,522.63	-	-	-	22,522.63	22,522.63	-
R		-			-	-	-	-	-	-	-


Total		929,519,470.42			2,703,439.53	-	-	-	2,703,439.53	2,703,439.53	-


							Page 3 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Collection Account Report for October 27, 2003 Distribution


	Collection Account Report


SUMMARY					GROUP III	GROUP II	GROUP I	TOTAL

	Principal Collections				565,994.48	180,792.08	1,989,522.56	2,736,309.12
	Principal Withdrawals				0.00	0.00	0.00	0.00
	Principal Other Accounts				0.00	0.00	0.00	0.00
	TOTAL NET PRINCIPAL				565,994.48	180,792.08	1,989,522.56	2,736,309.12

	Interest Collections				639,429.47	398,632.44	1,848,097.13	2,886,159.04
	Interest Withdrawals				0.00	0.00	0.00	0.00
	Interest Other Accounts				0.00	0.00	0.00	0.00
	Interest Fees				(40,811.51)	(25,242.36)	(116,665.64)	(182,719.51)
	TOTAL NET INTEREST				598,617.96	373,390.08	1,731,431.49	2,104,821.57

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS				1,164,612.44	554,182.16	3,720,954.05	5,439,748.65


PRINCIPAL - COLLECTIONS					GROUP III	GROUP II	GROUP I	TOTAL

	Scheduled Principal				88,667.09	62,561.17	251,830.81	403,059.07
	Curtailments				10,546.16	20,849.50	23,889.39	55,285.05
	Prepayments in Full				466,781.23	97,381.41	1,713,802.36	2,277,965.00
	Repurchases/Substitutions Shortfalls				0.00	0.00	0.00	0.00
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Principal				0.00	0.00	0.00	0.00
	Other Additional Principal				0.00	0.00	0.00	0.00
	Delinquent Principal				(5,812.59)	(2,793.56)	(16,661.17)	(25,267.32)
	Advanced Principal				5,812.59	2,793.56	16,661.17	25,267.32
	Realized Losses				0.00	0.00	0.00	0.00


	TOTAL PRINCIPAL COLLECTED				565,994.48	180,792.08	1,989,522.56	2,736,309.12


				Page 4 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Collection Account Report for October 27, 2003 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS					GROUP III	GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS					GROUP III	GROUP II	GROUP I	TOTAL



	TOTAL OTHER ACCOUNTS PRINCIPAL				0.00	0.00	0.00	0.00


INTEREST - COLLECTIONS					GROUP III	GROUP II	GROUP I	TOTAL

	Scheduled Interest				639,463.95	393,918.66	1,843,314.32	2,876,696.93
	Repurchases/Substitutions				0.00	0.00	0.00	0.00
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Interest				0.00	0.00	0.00	0.00
	Other Additional Interest				0.00	0.00	0.00	0.00
	Month End Interest (PPIS)				(863.40)	0.00	(962.42)	(1,825.82)
	Delinquent Interest				(50,066.48)	(18,694.76)	(136,800.86)	(205,562.10)
	Realized Losses				0.00	0.00	0.00	0.00
	Compensating Month End Interest				863.40	0.00	962.42	1,825.82
	Other Interest Shortfall (Relief Act)				0.00	0.00	0.00	0.00
	Interest Advanced				46,904.18	17,565.66	128,031.74	192,501.58
	Prepayment Penalties				3,127.82	5,842.88	13,551.93	22,522.63

	TOTAL INTEREST COLLECTED				639,429.47	398,632.44	1,848,097.13	2,886,159.04


				Page 5 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Collection Account Report for October 27, 2003 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS					GROUP III	GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - OTHER ACCOUNTS					GROUP III	GROUP II	GROUP I	TOTAL



	TOTAL OTHER ACCOUNT INTEREST				0.00	0.00	0.00	0.00


INTEREST - FEES					GROUP III	GROUP II	GROUP I	TOTAL

	Current Servicing Fees				40,333.06	24,955.43	115,300.87	180,589.36
	Trustee Fee				478.45	286.93	1,364.77	2,130.15
	PMI Insuranse Premium Fees				0.00	0.00	0.00	0.00

	TOTAL INTEREST OTHER FEES				40,811.51	25,242.36	116,665.64	182,719.51


				Page 6 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Credit Enhancement Report for October 27, 2003 Distribution


	Credit Enhancement Report


ACCOUNTS					GROUP III	GROUP II	GROUP I	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					GROUP III	GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES					GROUP III	GROUP II	GROUP I	TOTAL

	Overcollateralization Target Amount							12,548,512.85
	Overcollateralized Amount							12,548,512.85
	Excess Overcollateralized Amount							122.36
	Overcollateralization Release Amount				25.31	8.08	88.97	122.36
	Overcollateralization Deficiency Amount							0.00
	Extra Principal Distribution Amt				0.00	0.00	0.00	0.00


				Page 7 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Collateral Report for October 27, 2003 Distribution


	Collateral Report


COLLATERAL					GROUP III	GROUP II	GROUP I	TOTAL
	Loan Count:
	*Original*				735	540	2415	3690
	Prior				-	-	-	-
	Prefunding				-	-	-	-
	Scheduled Paid Offs				-	-	-	-
	Full Voluntary Prepayments				(2)	(1)	(11)	(14)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				733	539	2,404	3,676

	*Principal Balance:*
	Original				104,388,871.95	62,602,883.05	297,767,980.21	464,759,735.21
	Prior				-	-	-	-
	Prefunding				-	-	-	-
	Scheduled Principal				(88,667.09)	(62,561.17)	(251,830.81)	(403,059.07)
	Partial and Full Voluntary Prepayments				(477,327.39)	(118,230.91)	(1,737,691.75)	(2,333,250.05)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				103,822,877.47	62,422,090.97	295,778,457.65	462,023,426.09

PREFUNDING					GROUP III	GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


	Group I		Group III
	Group II
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Collateral Report for October 27, 2003 Distribution


	Collateral Report


CHARACTERISTICS					GROUP III	GROUP II	GROUP I	TOTAL

	Weighted Average Coupon Original				7.350944%	7.550809%	7.428526%	7.427572%
	Weighted Average Coupon Prior
	Weighted Average Coupon Current				7.350944%	7.550809%	7.428526%	7.427572%
	Weighted Average Months to Maturity Original				335	294	335	329
	Weighted Average Months to Maturity Prior				-	-	-	-
	Weighted Average Months to Maturity Current				335	294	335	329
	Weighted Avg Remaining Amortization Term Original				349	334	348	346
	Weighted Avg Remaining Amortization Term Prior				-	-	-	-
	Weighted Avg Remaining Amortization Term Current				349	334	348	346
	Weighted Average Seasoning Original				7.77	7.79	7.75	7.76
	Weighted Average Seasoning Prior				-	-	-	-
	Weighted Average Seasoning Current				7.77	7.79	7.75	7.76

Note: Original information refers to deal issue.


	Group I		Group III
	Group II
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Collateral Report for October 27, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS					GROUP III	GROUP II	GROUP I	TOTAL

	Weighted Average Margin Original				5.000%		4.776%
	Weighted Average Margin Prior
	Weighted Average Margin Current				5.000%		4.776%
	Weighted Average Max Rate Original				9.000%		9.316%
	Weighted Average Max Rate Prior
	Weighted Average Max Rate Current				9.000%		9.316%
	Weighted Average Min Rate Original				5.000%		5.138%
	Weighted Average Min Rate Prior
	Weighted Average Min Rate Current				5.000%		5.138%
	Weighted Average Cap Up Original				1.000%		0.696%
	Weighted Average Cap Up Prior
	Weighted Average Cap Up Current				1.000%		0.696%
	Weighted Average Cap Down Original				1.000%		0.696%
	Weighted Average Cap Down Prior
	Weighted Average Cap Down Current				1.000%		0.696%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES					GROUP III	GROUP II	GROUP I	TOTAL

	Current Servicing Fees				40,333.06	24,955.43	115,300.87	180,589.36
	Delinquent Servicing Fees				3,162.30	1,129.10	8,769.13	13,060.53
	TOTAL SERVICING FEES				43,495.36	26,084.53	124,070.00	193,649.89


	Total Servicing Fees				43,495.36	26,084.53	124,070.00	193,649.89
	Compensating Month End Interest				863.40	0.00	962.42	1,825.82
	Delinquent Servicing Fees				(3,162.30)	(1,129.10)	(8,769.13)	(13,060.53)

	COLLECTED SERVICING FEES				41,196.46	24,955.43	116,263.29	182,415.18

	Prepayment Interest Shortfall				863.40	0.00	962.42	1,825.82

	Total Advanced Interest				46,904.18	17,565.66	128,031.74	192,501.58


ADDITIONAL COLLATERAL INFORMATION					GROUP III	GROUP II	GROUP I	TOTAL

	Next One-Month LIBOR							1.120000%
	Current One-Month LIBOR							1.120000%


				Page 10 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Delinquency Report for October 27, 2003 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			5,849,428.29	2,816,349.39	-	8,665,777.68
		% Balance			1.27%	0.61%	0.00%	1.88%
		# Loans			46	22	-	68
		% # Loans			1.25%	0.60%	0.00%	1.85%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		2,803,635.12	-	144,553.22	-	2,948,188.34
		% Balance		0.61%	0.00%	0.03%	0.00%	0.64%
		# Loans		25	-	2	-	27
		% # Loans		0.68%	0.00%	0.05%	0.00%	0.73%
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		2,803,635.12	5,849,428.29	2,960,902.61	-	11,613,966.02
		% Balance		0.61%	1.27%	0.64%	0.00%	2.51%
		# Loans		25	46	24	-	95
		% # Loans		0.68%	1.25%	0.65%	0.00%	2.58%
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 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Delinquency Report for October 27, 2003 Distribution


	Delinquency Report - Group I Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			4,048,224.37	1,104,427.95	-	5,152,652.32
		% Balance			1.37%	0.37%	0.00%	1.74%
		# Loans			34	10	-	44
		% # Loans			1.41%	0.42%	0.00%	1.83%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		1,759,055.42	-	-	-	1,759,055.42
		% Balance		0.59%	0.00%	0.00%	0.00%	0.59%
		# Loans		15	-	-	-	15
		% # Loans		0.62%	0.00%	0.00%	0.00%	0.62%
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		1,759,055.42	4,048,224.37	1,104,427.95	-	6,911,707.74
		% Balance		0.59%	1.37%	0.37%	0.00%	2.34%
		# Loans		15	34	10	-	59
		% # Loans		0.62%	1.41%	0.42%	0.00%	2.45%
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 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Delinquency Report for October 27, 2003 Distribution


	Delinquency Report - Group II Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			-	281,142.02	-	281,142.02
		% Balance			0.00%	0.45%	0.00%	0.45%
		# Loans			-	3	-	3
		% # Loans			0.00%	0.56%	0.00%	0.56%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		184,123.44	-	62,121.67	-	246,245.11
		% Balance		0.29%	0.00%	0.10%	0.00%	0.39%
		# Loans		3	-	1	-	4
		% # Loans		0.56%	0.00%	0.19%	0.00%	0.74%
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		184,123.44	-	343,263.69	-	527,387.13
		% Balance		0.29%	0.00%	0.55%	0.00%	0.84%
		# Loans		3	-	4	-	7
		% # Loans		0.56%	0.00%	0.74%	0.00%	1.30%
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 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Delinquency Report for October 27, 2003 Distribution


	Delinquency Report - Group III Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,801,203.92	1,430,779.42	-	3,231,983.34
		% Balance			1.73%	1.38%	0.00%	3.11%
		# Loans			12	9	-	21
		% # Loans			1.64%	1.23%	0.00%	2.86%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		860,456.26	-	82,431.55	-	942,887.81
		% Balance		0.83%	0.00%	0.08%	0.00%	0.91%
		# Loans		7	-	1	-	8
		% # Loans		0.95%	0.00%	0.14%	0.00%	1.09%
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		860,456.26	1,801,203.92	1,513,210.97	-	4,174,871.15
		% Balance		0.83%	1.73%	1.46%	0.00%	4.02%
		# Loans		7	12	10	-	29
		% # Loans		0.95%	1.64%	1.36%	0.00%	3.96%
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 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	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 I Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Group II Group; REO Book Value = 000.00
Total Current Balance = 000.00				Loan Group 3 = Group III 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 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Foreclosure Report for October 27, 2003 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group I Group
Total Original Principal Balance = 000.00				Loan Group 2 = Group II Group
Total Current Balance = 000.00				Loan Group 3 = Group III 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
SPACE INTENTIONALLY LEFT BLANK


				Page 16 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Prepayment Report for October 27, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS					GROUP III	GROUP II	GROUP I	TOTAL

	*Current*
	Number of Paid in Full Loans				2	1	11	14
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				2	1	11	14

	Paid in Full Balance				466,781.23	97,381.41	1,713,802.36	2,277,965.00
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				10,546.16	20,849.50	23,889.39	55,285.05
	Total Prepayment Amount				477,327.39	118,230.91	1,737,691.75	2,333,250.05

	*Cumulative*
	Number of Paid in Full Loans				2	1	11	14
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				2	1	11	14

	Paid in Full Balance				466,781.23	97,381.41	1,713,802.36	2,277,965.00
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				10,546.16	20,849.50	23,889.39	55,285.05
	Total Prepayment Amount				477,327.39	118,230.91	1,737,691.75	2,333,250.05

SPACE INTENTIONALLY LEFT BLANK


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


				Page 17 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Prepayment Report for October 27, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES					GROUP III	GROUP II	GROUP I	TOTAL

	SMM				0.46%	0.19%	0.58%	0.50%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off				0.46%	0.19%	0.58%	0.50%

	CPR				5.36%	2.25%	6.79%	5.87%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off				5.36%	2.25%	6.79%	5.87%

	PSA				344.63%	144.10%	437.74%	377.84%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				344.63%	144.10%	437.74%	377.84%



	Group I		Group III
	Group II


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 18 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Prepayment Report for October 27, 2003 Distribution


	Prepayment Report - Voluntary Prepayments

	Group I		Group III
	Group II

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 26				© COPYRIGHT 2003 Deutsche Bank


	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Prepayment Detail Report for October 27, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 14						Loan Group 1 = Group I Group
Total Original Principal Balance = 2,292,180.00						Loan Group 2 = Group II Group
Total Prepayment Amount = 2,277,965.00						Loan Group 3 = Group III 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

32644239 1			176,250.00	175,696.41	Oct-08-03	7.750%	NY - 74.76%	Paid Off - 360	Apr-17-03
32657322 1			196,000.00	194,630.94	Oct-03-03	7.400%	MI - 99.30%	Paid Off - 360	Dec-03-02
32660649 1			104,400.00	103,673.65	Sep-30-03	6.800%	CO - 89.37%	Paid Off - 360	Dec-06-02
32661522 1			53,500.00	53,198.32	Oct-13-03	8.800%	OH - 99.44%	Paid Off - 360	Nov-27-02
32662793 1			206,280.00	204,977.89	Sep-16-03	7.300%	MA - 89.43%	Paid Off - 360	Dec-24-02
32670028 1			52,000.00	51,744.49	Oct-03-03	8.800%	WI - 99.51%	Paid Off - 360	Jan-03-03
32672271 1			147,000.00	146,190.56	Oct-03-03	7.300%	MN - 79.02%	Paid Off - 360	Jan-09-03
32672370 1			248,000.00	246,607.34	Sep-29-03	7.200%	OH - 79.55%	Paid Off - 360	Jan-08-03
32674467 1			166,000.00	164,105.76	Oct-15-03	6.850%	ME - 98.86%	Paid Off - 360	Jan-15-03
32674525 1			80,050.00	79,646.75	Sep-22-03	7.750%	WI - 82.97%	Paid Off - 360	Jan-13-03
32677270 1			294,500.00	293,330.25	Sep-30-03	8.150%	FL - 94.62%	Paid Off - 360	Feb-28-03
32663205 2			98,000.00	97,381.41	Oct-03-03	7.300%	TN - 99.37%	Paid Off - 360	Dec-06-02
32662256 3			155,200.00	154,239.75	Oct-14-03	8.200%	NC - 79.51%	Paid Off - 360	Dec-26-02
32670812 3			315,000.00	312,541.48	Sep-18-03	7.650%	NC - 89.30%	Paid Off - 360	Jan-09-03


					Page 20 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Realized Loss Report for October 27, 2003 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES					GROUP III	GROUP II	GROUP I	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.

SPACE INTENTIONALLY LEFT BLANK


	Group I		Group III				3 Months Moving Average
	Group II

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 21 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Realized Loss Report for October 27, 2003 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS					GROUP III	GROUP II	GROUP I	TOTAL

	MDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg MDR
	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
	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
	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 I		Group III
	Group II
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 22 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Realized Loss Report for October 27, 2003 Distribution


	Realized Loss Report - Collateral

	Group I		Group III
	Group II

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 2003 Deutsche Bank


	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	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 I Group
Total Original Principal Balance = 0.00						Loan Group 2 = Group II Group
Total Prior Principal Balance = 0.00						Loan Group 3 = Group III 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 24 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

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


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS					GROUP III	GROUP II	GROUP I	TOTAL

	Step Down Date?							No
	Trigger Event Occuring?							No
	Delinquency Percentage							1.240326%
	Beginning Credit Enhancement Percentage							21.499848%
	Ending Credit Enhancement Percentage							21.627179%


ADJUSTABLE RATE CERTIFICATE INFORMATION					GROUP III	GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION					GROUP III	GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 25 of 26				© COPYRIGHT 2003 Deutsche Bank
	Equifirst Mortgage Loan Trust 2003-2
	Mortgage Loan Trust

	Additional Certificate Report for October 27, 2003 Distribution


	Additional Certificate Report


	CLASS					Net WAC Rate Carryover Amt	Unpaid Realized Loss Amt	Interest Carry Forward Amt

	I-A1					0.00	0.00	0.00
	II-A2					0.00	0.00	0.00
	III-A3					0.00	0.00	0.00
	M-1					0.00	0.00	0.00
	M-2					0.00	0.00	0.00
	M-3					0.00	0.00	0.00
	M-4					0.00	0.00	0.00
	M-5					0.00	0.00	0.00
	M-6					0.00	0.00	0.00
	B-1					0.00	0.00	0.00
	C					0.00	0.00	0.00
	P					0.00	0.00	0.00


				Page 26 of 26				© COPYRIGHT 2003 Deutsche Bank

FINANCIAL ASSET SECURITIES CORP ASSET BACK CERTS SER 03-2 8-K