~~Initial~~SECURITIES ~~Certificate~~AND ~~Principal~~EXCHANGE ~~Class~~COMMISSION ~~Balance~~Washington, orD.C. ~~Notional~~20549 ~~Amount~~FORM ~~Pass~~8-~~Through~~K ~~Rate~~Current ~~-----~~Report ~~--------------------------~~Pursuant ~~-----------------~~To ~~I-A1~~Section ~~$204,813,000~~13 ~~Variable~~or ~~II-A2~~15(d) $of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 26,~~883~~ 2004 Financial Asset Securities Corp.,~~000~~ ~~Variable~~(as ~~M-1~~depositor, $The 20Provident Bank,~~115~~ as Servicer,~~000~~ ~~Variable~~and ~~M-2~~Deutsche $Bank 16National Trust Company,~~390,000~~ ~~Variable~~as MTrustee). FINANCIAL ASSET SEC CORPAST BACK CERTS SER 2003-31 $(Exact ~~5,215,000~~name ~~Variable~~of MRegistrant as specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-4108195-07 $06-1442101 4(Commission File Number) (I.R.S. Employer Identification No.) 600 Steamboat Road Greenwich,~~470~~ Connecticut 06830 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number,~~000~~ ~~Variable~~Including MArea Code: (203) 625-2700 Item 5. $Other ~~4,470,000~~Events ~~Variable~~Attached ~~M-6~~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 January 26,~~215~~ 2004. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934,~~000~~ ~~Variable~~the ~~M-7~~Registrant $has 2duly caused this report to be signed on its behalf by the undersigned,~~980~~ hereunto duly authorized. Deutsche Bank National Trust Company,~~000~~ ~~Variable~~not Cin $its 7individual capacity,~~455~~ but solely as a duly authorized agent of the Registrant pursuant to the Pooling and Servicing Agreement,~~641.21~~ ~~Variable~~dated Pas ~~$100~~of December 1,2003.00 NDate: Apr 15, 2004 By: /As/ RKatherine ~~100~~M.~~00%~~ ~~N/A~~Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of January 26, 2004.

Exhibit No. Description ----------- ----------- 4.1 Pooling and Servicing Agreement, dated as of December 1, 2003, by and among Financial Asset Securities Corp. as Depositor, The Provident Bank as Servicer and Deutsche Bank National Trust Company as Trustee, relating to the Series 2003-1 Certificates.


	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates


	January 26, 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				20
			12.	Realized Loss Detail Report				23
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				24
			14.	Additional Certificate Report				25



				Total Number of Pages				25



			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: January 26, 2004
	Underwriter(s):		Greenwich Capital Markets					Record Date: January 23, 2004
								December 31, 2003






						Page 1 of 25					© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Series 2003-1
	Certificate Payment Report for January 26, 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			204,813,000.00	231,950.72	1,284,846.42	1,516,797.14	-	-	203,528,153.58
II-A2	FLT	26,883,000.00			26,883,000.00	31,453.11	52,366.74	83,819.85	-	-	26,830,633.26
M-1	MEZ	20,115,000.00			20,115,000.00	27,758.70	-	27,758.70	-	-	20,115,000.00
M-2	MEZ	16,390,000.00			16,390,000.00	33,066.83	-	33,066.83	-	-	16,390,000.00
M-3	MEZ	5,215,000.00			5,215,000.00	11,499.08	-	11,499.08	-	-	5,215,000.00
M-4	MEZ	4,470,000.00			4,470,000.00	10,526.85	-	10,526.85	-	-	4,470,000.00
M-5	MEZ	4,470,000.00			4,470,000.00	12,203.10	-	12,203.10	-	-	4,470,000.00
M-6	MEZ	5,215,000.00			5,215,000.00	16,192.58	-	16,192.58	-	-	5,215,000.00
M-7	MEZ	2,980,000.00			2,980,000.00	9,252.90	-	9,252.90	-	-	2,980,000.00
C	SUB	7,455,641.21			7,455,641.21	1,528,919.26	5,472.67	1,534,391.93	-	-	7,450,168.54
P	EXE	100.00			100.00	23,330.86	-	23,330.86	-	-	100.00
R	R	-			-	-	-	-	-	-	-


Total		298,006,741.21			298,006,741.21	1,936,153.99	1,342,685.83	3,278,839.82	-	-	296,664,055.38


	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	12/30/03	01/25/04		A-Act/360	59001FAA9	204,813,000.00	1,000.000000	1.132500	6.273266	7.405766	993.726734
II-A2	12/30/03	01/25/04		A-Act/360	59001FAB7	26,883,000.00	1,000.000000	1.170000	1.947950	3.117950	998.052050
M-1	12/30/03	01/25/04		A-Act/360	59001FAC5	20,115,000.00	1,000.000000	1.380000	-	1.380000	1,000.000000
M-2	12/30/03	01/25/04		A-Act/360	59001FAD3	16,390,000.00	1,000.000000	2.017500	-	2.017500	1,000.000000
M-3	12/30/03	01/25/04		A-Act/360	59001FAE1	5,215,000.00	1,000.000000	2.205001	-	2.205001	1,000.000000
M-4	12/30/03	01/25/04		A-Act/360	59001FAF8	4,470,000.00	1,000.000000	2.355000	-	2.355000	1,000.000000
M-5	12/30/03	01/25/04		A-Act/360	59001FAG6	4,470,000.00	1,000.000000	2.730000	-	2.730000	1,000.000000
M-6	12/30/03	01/25/04		A-Act/360	59001FAH4	5,215,000.00	1,000.000000	3.105001	-	3.105001	1,000.000000
M-7	12/30/03	01/25/04		A-Act/360	59001FAJ0	2,980,000.00	1,000.000000	3.105000	-	3.105000	1,000.000000
C				A-30/360		7,455,641.21	40,970.638717	205.068782	0.734031	205.802812	999.265969
P				-		100.00	1,000.000000	233,308.600000	-	233,308.600000	1,000.000000
R				-		-	-	-	-	-	-


							Page 2 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates
	Series 2003-1
	Certificate Payment Report for January 26, 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		231,950.72		1,107,953.71	176,892.71	1,284,846.42	1,516,797.14	-	-	203,528,153.58
II-A2	26,883,000.00		31,453.11		27,154.78	25,211.96	52,366.74	83,819.85	-	-	26,830,633.26
M-1	20,115,000.00		27,758.70		-	-	-	27,758.70	-	-	20,115,000.00
M-2	16,390,000.00		33,066.83		-	-	-	33,066.83	-	-	16,390,000.00
M-3	5,215,000.00		11,499.08		-	-	-	11,499.08	-	-	5,215,000.00
M-4	4,470,000.00		10,526.85		-	-	-	10,526.85	-	-	4,470,000.00
M-5	4,470,000.00		12,203.10		-	-	-	12,203.10	-	-	4,470,000.00
M-6	5,215,000.00		16,192.58		-	-	-	16,192.58	-	-	5,215,000.00
M-7	2,980,000.00		9,252.90		-	-	-	9,252.90	-	-	2,980,000.00
C	7,455,641.21		1,528,919.26		5,472.87	-	5,472.67	1,534,391.93	-	-	7,450,168.54
P	100.00		23,330.86		-	-	-	23,330.86	-	-	100.00
R	-		-		-	-	-	-	-	-	-


Total	298,006,741.21		1,936,153.99		1,140,581.36	202,104.67	1,342,685.83	3,278,839.82	-	-	296,664,055.38


	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	1.51000%	204,813,000.00			231,950.72	-	-	-	231,950.72	231,950.72	-
II-A2	1.56000%	26,883,000.00			31,453.11	-	-	-	31,453.11	31,453.11	-
M-1	1.84000%	20,115,000.00			27,758.70	-	-	-	27,758.70	27,758.70	-
M-2	2.69000%	16,390,000.00			33,066.83	-	-	-	33,066.83	33,066.83	-
M-3	2.94000%	5,215,000.00			11,499.08	-	-	-	11,499.08	11,499.08	-
M-4	3.14000%	4,470,000.00			10,526.85	-	-	-	10,526.85	10,526.85	-
M-5	3.64000%	4,470,000.00			12,203.10	-	-	-	12,203.10	12,203.10	-
M-6	4.14000%	5,215,000.00			16,192.58	-	-	-	16,192.58	16,192.58	-
M-7	4.14000%	2,980,000.00			9,252.90	-	-	-	-	9,252.90	-
C	6.15658%	305,462,382.42			1,528,919.26	-	0.00	-	1,528,919.26	1,528,919.26	0.02
P		100.00			23,330.86	-	-	-	23,330.86	23,330.86	-
R		-			-	-	-	-	-	-	-


Total		596,013,482.42			1,936,153.99	-	0.00	-	1,926,901.09	1,936,153.99	0.02


							Page 3 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Collection Account Report for January 26, 2004 Distribution


	Collection Account Report


SUMMARY						NON CONFORM.	CONFORM.	TOTAL

	Principal Collections					52,581.06	1,290,104.97	1,342,686.03
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					52,581.06	1,290,104.97	1,342,686.03

	Interest Collections					225,633.68	1,823,120.54	2,048,754.22
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(13,115.59)	(99,484.64)	(112,600.23)
	TOTAL NET INTEREST					212,518.09	1,723,635.90	1,936,153.99

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					265,099.15	3,013,740.87	3,278,840.02


PRINCIPAL - COLLECTIONS						NON CONFORM.	CONFORM.	TOTAL

	Scheduled Principal					25,211.96	176,892.71	202,104.67
	Curtailments					0.00	0.05	0.05
	Prepayments in Full					27,369.10	1,113,212.21	1,140,581.31
	Repurchases/Substitutions Shortfalls					0.00	0.00	0.00
	Liquidations					0.00	0.00	0.00
	Insurance Principal					0.00	0.00	0.00
	Other Additional Principal					0.00	0.00	0.00
	Delinquent Principal					(2,104.71)	(16,842.05)	(18,946.76)
	Advanced Principal					2,104.71	16,842.05	18,946.76
	Realized Losses					0.00	0.00	0.00


	TOTAL PRINCIPAL COLLECTED					52,581.06	1,290,104.97	1,342,686.03


				Page 4 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Collection Account Report for January 26, 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					227,169.72	1,811,933.78	2,039,103.50
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Additional Interest					0.00	0.00	0.00
	Month End Interest (PPIS)					0.00	0.00	0.00
	Delinquent Interest					(26,761.98)	(223,440.47)	(250,202.45)
	Realized Losses					0.00	0.00	0.00
	Compensating Month End Interest					0.00	0.00	0.00
	Other Interest Shortfall (Relief Act)					0.00	0.00	0.00
	Interest Advanced					25,225.94	211,296.37	236,522.31
	Prepayment Penalties					0.00	23,330.86	23,330.86

	TOTAL INTEREST COLLECTED					225,633.68	1,823,120.54	2,048,754.22


				Page 5 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Collection Account Report for January 26, 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					12,870.68	97,618.67	110,489.35
	Trustee Fee					244.91	1,865.97	2,110.88


	TOTAL INTEREST OTHER FEES					13,115.59	99,484.64	112,600.23


				Page 6 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Credit Enhancement Report for January 26, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS						NON CONFORM.	CONFORM.	TOTAL

	Net WAC Rate Carryover Reserve Fund Beginning Balance							0.00
	Amount paid to maintain $1,000 balance							0.00
	Net WAC Rate Carryover Amount							0.00
	Net WAC Rate Carryover Reserve Fund Ending Balance							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							7,450,168.54
	Excess Overcollateralized Amount							5,472.67
	Overcollateralization Release Amount					214.32	5,258.35	5,472.67
	Overcollateralization Deficiency Amount							0.00
	Extra Principal Distribution Amt					0.00	0.00	0.00


				Page 7 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Collateral Report for January 26, 2004 Distribution


	Collateral Report


COLLATERAL						NON CONFORM.	CONFORM.	TOTAL
	Loan Count:
	*Original*					218	2356	2574
	Prior					-	-	-
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(1)	(10)	(11)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					217	2,346	2,563

	*Principal Balance:*
	Original					34,576,111.36	263,430,630.05	298,006,741.41
	Prior					-	-	-
	Prefunding					-	-	-
	Scheduled Principal					(25,211.96)	(176,892.71)	(202,104.67)
	Partial and Full Voluntary Prepayments					(27,369.10)	(1,113,212.26)	(1,140,581.36)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					34,523,530.30	262,140,525.08	296,664,055.38

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 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Collateral Report for January 26, 2004 Distribution


	Collateral Report


CHARACTERISTICS						NON CONFORM.	CONFORM.	TOTAL

	Weighted Average Coupon Original					7.884162%	8.253864%	8.210969%
	Weighted Average Coupon Prior
	Weighted Average Coupon Current					7.884162%	8.253864%	8.210969%
	Weighted Average Months to Maturity Original					325	349	346
	Weighted Average Months to Maturity Prior					-	-	-
	Weighted Average Months to Maturity Current					325	349	346
	Weighted Avg Remaining Amortization Term Original					351	354	353
	Weighted Avg Remaining Amortization Term Prior					-	-	-
	Weighted Avg Remaining Amortization Term Current					351	354	353
	Weighted Average Seasoning Original					5.48	5.42	5.43
	Weighted Average Seasoning Prior					-	-	-
	Weighted Average Seasoning Current					5.48	5.42	5.43

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 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Collateral Report for January 26, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS						NON CONFORM.	CONFORM.	TOTAL

	Weighted Average Margin Original					3.179%	5.274%
	Weighted Average Margin Prior
	Weighted Average Margin Current					3.179%	5.274%
	Weighted Average Max Rate Original					8.408%	13.458%
	Weighted Average Max Rate Prior
	Weighted Average Max Rate Current					8.408%	13.458%
	Weighted Average Min Rate Original					4.265%	7.271%
	Weighted Average Min Rate Prior
	Weighted Average Min Rate Current					4.265%	7.271%
	Weighted Average Cap Up Original					0.888%	1.326%
	Weighted Average Cap Up Prior
	Weighted Average Cap Up Current					0.888%	1.326%
	Weighted Average Cap Down Original					0.888%	1.326%
	Weighted Average Cap Down Prior
	Weighted Average Cap Down Current					0.888%	1.326%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						NON CONFORM.	CONFORM.	TOTAL

	Current Servicing Fees					12,870.68	97,618.67	110,489.35
	Delinquent Servicing Fees					1,536.04	12,144.09	13,680.13
	TOTAL SERVICING FEES					14,406.72	109,762.76	124,169.48


	Total Servicing Fees					14,406.72	109,762.76	124,169.48
	Compensating Month End Interest					0.00	0.00	0.00
	Delinquent Servicing Fees					(1,536.04)	(12,144.09)	(13,680.13)

	COLLECTED SERVICING FEES					12,870.68	97,618.67	110,489.35

	Prepayment Interest Shortfall					0.00	0.00	0.00

	Total Advanced Interest					25,225.94	211,296.37	236,522.31


ADDITIONAL COLLATERAL INFORMATION						NON CONFORM.	CONFORM.	TOTAL

	Next One-Month LIBOR							1.100000%
	Current One-Month LIBOR							1.140000%


				Page 10 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Delinquency Report for January 26, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			7,206,732.98	1,855,165.99	66,369.41	9,128,268.38
		% Balance			2.43%	0.63%	0.02%	3.08%
		# Loans			58	16	1	75
		% # Loans			2.26%	0.62%	0.04%	2.93%
FORECLOSURE		Balance		-	-	1,733,770.72	-	1,733,770.72
		% Balance		0.00%	0.00%	0.58%	0.00%	0.58%
		# Loans		-	-	9	-	9
		% # Loans		0.00%	0.00%	0.35%	0.00%	0.35%
BANKRUPTCY		Balance		547,519.89	-	-	-	547,519.89
		% Balance		0.18%	0.00%	0.00%	0.00%	0.18%
		# Loans		7	-	-	-	7
		% # Loans		0.27%	0.00%	0.00%	0.00%	0.27%
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		547,519.89	7,206,732.98	3,588,936.71	66,369.41	11,409,558.99
		% Balance		0.18%	2.43%	1.21%	0.02%	3.85%
		# Loans		7	58	25	1	91
		% # Loans		0.27%	2.26%	0.98%	0.04%	3.55%
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 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Delinquency Report for January 26, 2004 Distribution


	Delinquency Report - Conform. Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			7,100,582.88	1,855,165.99	66,369.41	9,022,118.28
		% Balance			2.71%	0.71%	0.03%	3.44%
		# Loans			55	16	1	72
		% # Loans			2.34%	0.68%	0.04%	3.07%
FORECLOSURE		Balance		-	-	1,155,948.77	-	1,155,948.77
		% Balance		0.00%	0.00%	0.44%	0.00%	0.44%
		# Loans		-	-	7	-	7
		% # Loans		0.00%	0.00%	0.30%	0.00%	0.30%
BANKRUPTCY		Balance		473,206.75	-	-	-	473,206.75
		% Balance		0.18%	0.00%	0.00%	0.00%	0.18%
		# Loans		5	-	-	-	5
		% # Loans		0.21%	0.00%	0.00%	0.00%	0.21%
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		473,206.75	7,100,582.88	3,011,114.76	66,369.41	10,651,273.80
		% Balance		0.18%	2.71%	1.15%	0.03%	4.06%
		# Loans		5	55	23	1	84
		% # Loans		0.21%	2.34%	0.98%	0.04%	3.58%
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 12 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Delinquency Report for January 26, 2004 Distribution


	Delinquency Report - Non Conform. Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			106,150.10	-	-	106,150.10
		% Balance			0.31%	0.00%	0.00%	0.31%
		# Loans			3	-	-	3
		% # Loans			1.38%	0.00%	0.00%	1.38%
FORECLOSURE		Balance		-	-	577,821.95	-	577,821.95
		% Balance		0.00%	0.00%	1.67%	0.00%	1.67%
		# Loans		-	-	2	-	2
		% # Loans		0.00%	0.00%	0.92%	0.00%	0.92%
BANKRUPTCY		Balance		74,313.14	-	-	-	74,313.14
		% Balance		0.22%	0.00%	0.00%	0.00%	0.22%
		# Loans		2	-	-	-	2
		% # Loans		0.92%	0.00%	0.00%	0.00%	0.92%
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		74,313.14	106,150.10	577,821.95	-	758,285.19
		% Balance		0.22%	0.31%	1.67%	0.00%	2.20%
		# Loans		2	3	2	-	7
		% # Loans		0.92%	1.38%	0.92%	0.00%	3.23%
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 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	REO Report for January 26, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Conform. Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Non Conform. Group; REO Book Value = 000.00
Total Current Balance = 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 14 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Foreclosure Report for January 26, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 9				Loan Group 1 = Conform. Group
Total Original Principal Balance = 1,738,650.00				Loan Group 2 = Non Conform. Group
Total Current Balance = 1,733,770.72


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

1000105693 1		92,650.00	92,099.08	Oct-01-03	8.750%	MI - 85.00%	360
1000120062 1		136,900.00	136,211.02	Oct-01-03	7.750%	AZ - 100.00%	360
1000120936 1		129,500.00	129,167.68	Oct-01-03	10.999%	AZ - 100.00%	360
1000121661 1		210,000.00	208,993.50	Oct-01-03	7.999%	AZ - 100.00%	360
1000127460 1		272,000.00	270,695.84	Oct-01-03	6.249%	CA - 80.00%	360
1000127968 1		150,000.00	149,758.41	Oct-01-03	10.500%	AZ - 100.00%	360
1000128181 1		169,600.00	169,023.24	Oct-01-03	7.999%	ID - 80.00%	360
1000118674 2		448,000.00	448,000.00	Oct-01-03	6.250%	CA - 80.00%	360
1000127975 2		130,000.00	129,821.95	Oct-01-03	11.250%	AZ - 100.00%	180


				Page 15 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Prepayment Report for January 26, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						NON CONFORM.	CONFORM.	TOTAL

	*Current*
	Number of Paid in Full Loans					1	10	11
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					1	10	11

	Paid in Full Balance					27,369.10	1,113,212.21	1,140,581.31
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					-	0.05	0.05
	Total Prepayment Amount					27,369.10	1,113,212.26	1,140,581.36

	*Cumulative*
	Number of Paid in Full Loans					1	10	11
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					1	10	11

	Paid in Full Balance					27,369.10	1,113,212.21	1,140,581.31
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					-	0.05	0.05
	Total Prepayment Amount					27,369.10	1,113,212.26	1,140,581.36

SPACE INTENTIONALLY LEFT BLANK


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


				Page 16 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Prepayment Report for January 26, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						NON CONFORM.	CONFORM.	TOTAL

	SMM					0.08%	0.42%	0.38%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off					0.08%	0.42%	0.38%

	CPR					0.95%	4.96%	4.50%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off					0.95%	4.96%	4.50%

	PSA					86.38%	457.31%	414.59%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					86.38%	457.31%	414.59%



	Conform.
	Non Conform.


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 17 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Prepayment Report for January 26, 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 25				© COPYRIGHT 2004 Deutsche Bank


	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Prepayment Detail Report for January 26, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 11						Loan Group 1 = Conform. Group
Total Original Principal Balance = 1,143,700.00						Loan Group 2 = Non Conform. Group
Total Prepayment Amount = 1,140,581.31


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

1000118112 1			131,000.00	130,406.33	Dec-31-03	7.490%	NJ - 100.00%	Paid Off - 360
1000120086 1			109,600.00	109,214.72	Dec-31-03	8.750%	MO - 80.00%	Paid Off - 360
1000120883 1			48,300.00	48,132.67	Dec-31-03	9.000%	FL - 70.00%	Paid Off - 360
1000120895 1			13,800.00	13,778.26	Dec-31-03	12.500%	FL - 90.00%	Paid Off - 180
1000123126 1			188,000.00	187,327.92	Dec-31-03	7.750%	MA - 80.00%	Paid Off - 360
1000123132 1			47,000.00	46,927.54	Dec-31-03	11.750%	MA - 100.00%	Paid Off - 180
1000124196 1			100,700.00	100,506.99	Dec-31-03	10.750%	AL - 89.99%	Paid Off - 360
1000128511 1			147,900.00	147,479.72	Dec-31-03	8.500%	OH - 79.99%	Paid Off - 360
1000130328 1			125,000.00	124,759.25	Dec-31-03	8.250%	MO - 100.00%	Paid Off - 360
1000134787 1			205,000.00	204,678.81	Dec-31-03	7.375%	MO - 85.42%	Paid Off - 360
1000120091 2			27,400.00	27,369.10	Dec-31-03	13.990%	MO - 100.00%	Paid Off - 180


					Page 19 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Realized Loss Report for January 26, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						NON CONFORM.	CONFORM.	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


	Conform.						3 Months Moving Average
	Non Conform.

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 20 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Realized Loss Report for January 26, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS						NON CONFORM.	CONFORM.	TOTAL

	MDR					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%

	CDR					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%

	SDA					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%

	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 21 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Realized Loss Report for January 26, 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 22 of 25				© COPYRIGHT 2004 Deutsche Bank


	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Realized Loss Detail Report for January 26, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 0						Loan Group 1 = Conform. Group
Total Original Principal Balance = 0.00						Loan Group 2 = Non Conform. Group
Total Prior Principal Balance = 0.00
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 23 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for January 26, 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							0.000000%
	Beginning Credit Enhancement Percentage							22.251390%
	Ending Credit Enhancement Percentage							22.352098%


ADJUSTABLE RATE CERTIFICATE INFORMATION						NON CONFORM.	CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION						NON CONFORM.	CONFORM.	TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 24 of 25				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2003-1
	Asset Backed Certificates

	Additional Certificate Report for January 26, 2004 Distribution


	Additional Certificate Report

SPACE INTENTIONALLY LEFT BLANK
	CLASS


				Page 25 of 25				© COPYRIGHT 2004 Deutsche Bank

Index to Exhibits Sequentially Exhibit No. Description Numbered Page ----------- ----------- ------------- 4.1 Pooling and Servicing Agreement, dated as of 7 December 1, 2003, by and among Financial Asset Securities Corp. as Depositor, The Provident Bank as Servicer and Deutsche Bank National Trust Company as Trustee, relating to the Series 2003-1 Certificates.

Filing Compare · FINANCIAL ASSET SEC CORP AST BACK CERTS SER 2003-1