8-K 1 ecc03001.txt DECEMBER 8K UNITED STATES 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): December 26, 2003 ENCORE CREDIT CORPORATION Mortgage Pass-Through Certificates, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-102489-09 54-2114680 Pooling and Servicing Agreement) (Commission 54-2114681 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410)884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On December 26, 2003 a distribution was made to holders of ENCORE CREDIT CORPORATION, Mortgage Pass-Through Certificates, Series 2003-1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-1 Trust, relating to the December 26, 2003 distribution. 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. ENCORE CREDIT CORPORATION Mortgage Pass-Through Certificates, Series 2003-1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 1/8/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-1 Trust, relating to the December 26, 2003 distribution. EX-99.1

ENCORE CREDIT CORPORATION Mortgage Pass-Through Certificates Record Date: 911/30/03 Distribution Date: 1012/2726/03 ECC Series: 2003-1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A1 29256AAA5 SEN 1.~~52000~~51875% ~~190~~176,~~939~~025,~~941~~447.1684 ~~257~~230,~~981~~208.0828 63,~~186~~183,~~516~~204.6435 A2 29256AAB3 SEN 1.~~53000~~52875% 2524,~~373~~547,~~294~~260.7521 3432,~~507~~314.6859 2426,~~133~~865.1779 M1 29256AAC1 SUB 2.~~17000~~16875% 16,027,000.00 3029,~~914~~930.3098 0.00 M2 29256AAD9 SUB 3.~~62000~~61875% 11,846,000.00 3836,~~117~~913.8086 0.00 B1 29256AAE7 SUB 5.~~12000~~11875% 8,500,000.00 3837,~~684~~466.4441 0.00 B2 29256AAF4 SUB 5.~~12000~~11875% 2,788,000.00 12,~~688~~288.5098 0.00 X EEC03001X SUB 0.00000% 3,762,696.56 ~~972~~920,~~301~~739.5299 0.00 P EEC03001P SUB 0.00000% 100.00 6042,~~808~~619.4582 0.00 R3 EEC0301R3 SUB 0.00000% 0.00 0.00 0.00 Totals ~~259~~243,~~237~~496,~~032~~504.4761 1,~~446~~342,~~003~~482.7791 63,210,~~649~~070.8114

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 ~~184~~172,~~753~~842,~~424~~243.5249 63,~~444~~413,~~497~~412.7263 0.00 A2 0.00 2524,~~349~~520,~~161~~394.5842 5859,~~640~~180.8538 0.00 M1 0.00 16,027,000.00 3029,~~914~~930.3098 0.00 M2 0.00 11,846,000.00 3836,~~117~~913.8086 0.00 B1 0.00 8,500,000.00 3837,~~684~~466.4441 0.00 B2 0.00 2,788,000.00 12,~~688~~288.5098 0.00 X 0.00 3,762,696.56 ~~972~~920,~~301~~739.5299 0.00 P 0.00 100.00 6042,~~808~~619.4582 0.00 R3 0.00 0.00 0.00 0.00 Totals 0.00 ~~253~~240,~~026~~286,~~382~~434.6647 74,~~656~~552,~~653~~553.5805 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A1 206,677,000.00 ~~190~~176,~~939~~025,~~941~~447.1684 0.00 63,~~186~~183,~~516~~204.6435 0.00 0.00 A2 29,116,000.00 2524,~~373~~547,~~294~~260.7521 0.00 2426,~~133~~865.1779 0.00 0.00 M1 16,027,000.00 16,027,000.00 0.00 0.00 0.00 0.00 M2 11,846,000.00 11,846,000.00 0.00 0.00 0.00 0.00 B1 8,500,000.00 8,500,000.00 0.00 0.00 0.00 0.00 B2 2,788,000.00 2,788,000.00 0.00 0.00 0.00 0.00 X 3,764,263.58 3,762,696.56 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Totals 278,718,363.58 ~~259~~243,~~237~~496,~~032~~504.4761 0.00 63,210,~~649~~070.8114 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A1 63,~~186~~183,~~516~~204.6435 ~~184~~172,~~753~~842,~~424~~243.5249 0.~~89392349~~83629162 63,~~186~~183,~~516~~204.6435 A2 2426,~~133~~865.1779 2524,~~349~~520,~~161~~394.5842 0.~~87062651~~84216219 2426,~~133~~865.1779 M1 0.00 16,027,000.00 1.00000000 0.00 M2 0.00 11,846,000.00 1.00000000 0.00 B1 0.00 8,500,000.00 1.00000000 0.00 B2 0.00 2,788,000.00 1.00000000 0.00 X 0.00 3,762,696.56 0.99958371 0.00 P 0.00 100.00 1.00000000 0.00 R3 0.00 0.00 0.00000000 0.00 R3 0.00 0.00 0.00000000 0.00 Totals 63,210,~~649~~070.8114 ~~253~~240,~~026~~286,~~382~~434.6647 0.~~90782100~~86211196 63,210,~~649~~070.8114

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 206,677,000.00 ~~923~~851.~~85674826~~69345326 0.00000000 2915.~~93326127~~40183160 0.00000000 A2 29,116,000.00 ~~871~~843.~~45537677~~08490898 0.00000000 0.~~82886282~~92271569 0.00000000 M1 16,027,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 11,846,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B1 8,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B2 2,788,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 3,764,263.58 999.58371140 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1,000 denominations

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1 0.00000000 2915.~~93326127~~40183160 ~~893~~836.~~92348699~~29162166 0.~~89392349~~83629162 2915.~~93326127~~40183160 A2 0.00000000 0.~~82886282~~92271569 ~~870~~842.~~62651394~~16219330 0.~~87062651~~84216219 0.~~82886282~~92271569 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 999.58371140 0.99958371 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A1 206,677,000.00 1.~~52000~~51875% ~~190~~176,~~939~~025,~~941~~447.1684 ~~257~~230,~~981~~208.0828 0.00 0.00 A2 29,116,000.00 1.~~53000~~52875% 2524,~~373~~547,~~294~~260.7521 3432,~~507~~314.6859 0.00 0.00 M1 16,027,000.00 2.~~17000~~16875% 16,027,000.00 3029,~~914~~930.3098 0.00 0.00 M2 11,846,000.00 3.~~62000~~61875% 11,846,000.00 3836,~~117~~913.8086 0.00 0.00 B1 8,500,000.00 5.~~12000~~11875% 8,500,000.00 3837,~~684~~466.4441 0.00 0.00 B2 2,788,000.00 5.~~12000~~11875% 2,788,000.00 12,~~688~~288.5098 0.00 0.00 X 3,764,263.58 0.00000% 3,762,696.56 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R3 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 278,718,363.58 ~~412~~379,~~893~~123.8010 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A1 0.00 0.00 ~~257~~230,~~981~~208.0828 0.00 ~~184~~172,~~753~~842,~~424~~243.5249 A2 0.00 0.00 3432,~~507~~314.6859 0.00 2524,~~349~~520,~~161~~394.5842 M1 0.00 0.00 3029,~~914~~930.3098 0.00 16,027,000.00 M2 0.00 0.00 3836,~~117~~913.8086 0.00 11,846,000.00 B1 0.00 0.00 3837,~~684~~466.4441 0.00 8,500,000.00 B2 0.00 0.00 12,~~688~~288.5098 0.00 2,788,000.00 X 0.00 0.00 ~~972~~920,~~301~~739.5299 0.00 3,762,696.56 P 0.00 0.00 6042,~~808~~619.4582 0.00 100.00 R3 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1,~~446~~342,~~003~~482.7791 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A1 206,677,000.00 1.~~52000~~51875% ~~923~~851.~~85674826~~69345326 1.~~24823314~~11385534 0.00000000 0.00000000 A2 29,116,000.00 1.~~53000~~52875% ~~871~~843.~~45537677~~08490898 1.~~18517928~~10985678 0.00000000 0.00000000 M1 16,027,000.00 2.~~17000~~16875% 1000.00000000 1.~~92888875~~86753479 0.00000000 0.00000000 M2 11,846,000.00 3.~~62000~~61875% 1000.00000000 3.~~21777815~~11614553 0.00000000 0.00000000 B1 8,500,000.00 5.~~12000~~11875% 1000.00000000 4.~~55111059~~40781294 0.00000000 0.00000000 B2 2,788,000.00 5.~~12000~~11875% 1000.00000000 4.~~55111191~~40781205 0.00000000 0.00000000 X 3,764,263.58 0.00000% 999.58371140 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1,000 denominations

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A1 0.00000000 0.00000000 1.~~24823314~~11385534 0.00000000 ~~893~~836.~~92348699~~29162166 A2 0.00000000 0.00000000 1.~~18517928~~10985678 0.00000000 ~~870~~842.~~62651394~~16219330 M1 0.00000000 0.00000000 1.~~92888875~~86753479 0.00000000 1000.00000000 M2 0.00000000 0.00000000 3.~~21777815~~11614553 0.00000000 1000.00000000 B1 0.00000000 0.00000000 4.~~55111059~~40781294 0.00000000 1000.00000000 B2 0.00000000 0.00000000 4.~~55111191~~40781205 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~258~~244.~~29793779~~60029709 0.00000000 999.58371140 P 0.00000000 0.00000000 ~~608084~~426198.~~50000000~~20000000 0.00000000 1000.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 74,~~916~~795,~~548~~412.1450 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 74,~~916~~795,~~548~~412.1450 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~259~~242,~~894~~859.5645 Payment of Interest and Principal 74,~~656~~552,~~653~~553.5805 Total Withdrawals (Pool Distribution Amount) 74,~~916~~795,~~548~~412.1450 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~108~~101,~~015~~456.4385 Additional Service Fee ~~137~~128,~~887~~212.6430 Credit Risk Manager Fee 3,~~240~~043.4671 Servicing Fee 8,~~590~~117.7244 Wells Fargo Bank Minnesota, NA 2,~~160~~029.3115 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~259~~242,~~894~~859.5645

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 15 0 0 15 ~~167~~603,~~419~~555.2526 0.00 0.00 ~~167~~603,~~419~~555.2526 30 Days 3233 0 0 0 3233 46,~~804~~396,~~360~~491.8864 0.00 0.00 0.00 46,~~804~~396,~~360~~491.8864 60 Days 410 0 90 0 1310 ~~412~~1,~~379~~897,847.6429 0.00 ~~1,544,221~~0.5700 0.00 1,~~956~~897,~~601~~847.2129 90 Days 02 0 910 0 912 0438,942.0024 0.00 1,~~474~~357,~~919~~218.0143 0.00 1,~~474~~796,~~919~~160.0167 120 Days 02 01 48 0 411 0355,436.0061 0283,993.0083 ~~563~~1,~~965~~438,064.5431 0.00 ~~563~~2,~~965~~077,494.5475 150 Days 0 0 2 0 2 0.00 0.00 ~~511~~302,~~750~~492.8774 0.00 ~~511~~302,~~750~~492.8774 180+ Days 01 0 3 0 34 074,100.00 0.00 ~~517~~524,~~606~~468.8478 0.00 ~~517~~598,~~606~~568.8478 Totals 3648 16 2723 0 6477 59,~~216~~162,~~740~~817.5278 ~~167~~887,~~419~~549.2509 43,~~612~~622,~~463~~244.8326 0.00 913,~~996~~672,~~623~~611.6013 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~068353~~357654% 0.000000% 0.000000% 0.~~068353~~357654% 0.~~066109~~250943% 0.000000% 0.000000% 0.~~066109~~250943% 30 Days 2.~~187286~~360515% 0.000000% 0.000000% 0.000000% 2.~~187286~~360515% 12.~~897107~~659494% 0.000000% 0.000000% 0.000000% 12.~~897107~~659494% 60 Days 0.~~273411~~715308% 0.000000% 0.~~615174~~000000% 0.000000% 0.~~888585~~715308% 0.~~162837~~789075% 0.000000% 0.~~609770~~000000% 0.000000% 0.~~772607~~789075% 90 Days 0.~~000000~~143062% 0.000000% 0.~~615174~~715308% 0.000000% 0.~~615174~~858369% 0.~~000000~~182501% 0.000000% 0.~~582404~~564296% 0.000000% 0.~~582404~~746797% 120 Days 0.~~000000~~143062% 0.~~000000~~071531% 0.~~273411~~572246% 0.000000% 0.~~273411~~786838% 0.~~000000~~147781% 0.~~000000~~118077% 0.~~222694~~597910% 0.000000% 0.~~222694~~863768% 150 Days 0.000000% 0.000000% 0.~~136705~~143062% 0.000000% 0.~~136705~~143062% 0.000000% 0.000000% 0.~~202076~~125769% 0.000000% 0.~~202076~~125769% 180+ Days 0.~~000000~~071531% 0.000000% 0.~~205058~~214592% 0.000000% 0.~~205058~~286123% 0.~~000000~~030809% 0.000000% 0.~~204388~~218060% 0.000000% 0.~~204388~~248869% Totals 23.~~460697~~433476% 0.~~068353~~429185% 1.~~845523~~645207% 0.000000% 45.~~374573~~507868% 23.~~059944~~809661% 0.~~066109~~369020% 1.~~821332~~506035% 0.000000% 35.~~947385~~684715%

Delinquency Status By Groups

DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 15 0 0 15 ~~167~~603,~~419~~555.2526 0.00 0.00 ~~167~~603,~~419~~555.2526 30 Days 3133 0 0 0 3133 46,~~440~~396,~~896~~491.4064 0.00 0.00 0.00 46,~~440~~396,~~896~~491.4064 60 Days 49 0 90 0 139 ~~412~~1,~~379~~419,151.6416 0.00 ~~1,544,221~~0.5700 0.00 1,~~956~~419,~~601~~151.2116 90 Days 01 0 9 0 910 0112,583.0069 0.00 1993,~~474,919~~753.0195 0.00 1,~~474~~106,~~919~~337.0164 120 Days 02 01 48 0 411 0355,436.0061 0283,993.0083 ~~563~~1,~~965~~438,064.5431 0.00 ~~563~~2,~~965~~077,494.5475 150 Days 0 0 12 0 12 0.00 0.00 ~~184~~302,~~425~~492.2474 0.00 ~~184~~302,~~425~~492.2474 180 Days 01 0 3 0 34 074,100.00 0.00 ~~517~~524,~~606~~468.8478 0.00 ~~517~~598,~~606~~568.8478 Totals 3546 16 2622 0 6274 48,~~853~~357,~~276~~763.0410 ~~167~~887,~~419~~549.2509 43,~~285~~258,~~138~~779.2078 0.00 912,~~305~~504,~~833~~091.4997 0-29 Days 0.~~072411~~379363% 0.000000% 0.000000% 0.~~072411~~379363% 0.~~075221~~286500% 0.000000% 0.000000% 0.~~075221~~286500% 30 Days 2.~~244750~~503794% 0.000000% 0.000000% 0.000000% 2.~~244750~~503794% 13.~~995279~~036334% 0.000000% 0.000000% 0.000000% 13.~~995279~~036334% 60 Days 0.~~289645~~682853% 0.000000% 0.~~651702~~000000% 0.000000% 0.~~941347~~682853% 0.~~185281~~673653% 0.000000% 0.~~693813~~000000% 0.000000% 0.~~879094~~673653% 90 Days 0.~~000000~~075873% 0.000000% 0.~~651702~~682853% 0.000000% 0.~~651702~~758725% 0.~~000000~~053442% 0.000000% 0.~~662676~~471722% 0.000000% 0.~~662676~~525165% 120 Days 0.~~000000~~151745% 0.~~000000~~075873% 0.~~289645~~606980% 0.000000% 0.~~289645~~834598% 0.~~000000~~168721% 0.~~000000~~134808% 0.~~253388~~682631% 0.000000% 0.~~253388~~986161% 150 Days 0.000000% 0.000000% 0.~~072411~~151745% 0.000000% 0.~~072411~~151745% 0.000000% 0.000000% 0.~~082862~~143589% 0.000000% 0.~~082862~~143589% 180 Days 0.~~000000~~075873% 0.000000% 0.~~217234~~227618% 0.000000% 0.~~217234~~303490% 0.~~000000~~035174% 0.000000% 0.~~232559~~248959% 0.000000% 0.~~232559~~284133% Totals 23.~~534395~~490137% 0.~~072411~~455235% 1.~~882694~~669196% 0.000000% 45.~~489500~~614568% 23.~~180559~~967325% 0.~~075221~~421308% 1.~~925297~~546902% 0.000000% 45.~~181077~~935535% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 10 0 0 0 10 ~~363,464~~0.4800 0.00 0.00 0.00 ~~363,464~~0.4800 60 Days 01 0 0 0 01 0478,696.0013 0.00 0.00 0.00 0478,696.0013 90 Days 01 0 01 0 02 0326,358.0055 0.00 0363,464.0048 0.00 0689,823.0003 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 10 0 10 0.00 0.00 ~~327,325~~0.6300 0.00 ~~327,325~~0.6300 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 12 0 1 0 23 ~~363~~805,~~464~~054.4868 0.00 ~~327~~363,~~325~~464.6348 0.00 ~~690~~1,~~790~~168,519.1116 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~219512~~000000% 0.000000% 0.000000% 0.000000% 10.~~219512~~000000% 10.~~184829~~000000% 0.000000% 0.000000% 0.000000% 10.~~184829~~000000% 60 Days 01.~~000000~~250000% 0.000000% 0.000000% 0.000000% 01.~~000000~~250000% 01.~~000000~~603652% 0.000000% 0.000000% 0.000000% 01.~~000000~~603652% 90 Days 01.~~000000~~250000% 0.000000% 01.~~000000~~250000% 0.000000% 02.~~000000~~500000% 01.~~000000~~093315% 0.000000% 01.~~000000~~217621% 0.000000% 02.~~000000~~310936% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 10.~~219512~~000000% 0.000000% 10.~~219512~~000000% 0.000000% 0.000000% 10.~~067023~~000000% 0.000000% 10.~~067023~~000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 12.~~219512~~500000% 0.000000% 1.~~219512~~250000% 0.000000% 23.~~439024~~750000% 12.~~184829~~696967% 0.000000% 1.~~067023~~217621% 0.000000% 23.~~251853~~914589%

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 7.~~615072~~602852% Weighted Average Net Coupon 7.~~115071~~102852% Weighted Average Pass-Through Rate 6.~~427028~~420991% Weighted Average Maturity(Stepdown Calculation ) ~~351~~349 Beginning Scheduled Collateral Loan Count 1,~~496~~416 Number Of Loans Paid In Full 3318 Ending Scheduled Collateral Loan Count 1,~~463~~398 Beginning Scheduled Collateral Balance ~~259~~243,~~236~~496,~~932~~404.4761 Ending Scheduled Collateral Balance ~~253~~240,~~026~~286,~~282~~334.6647 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 ~~253~~240,~~246~~515,~~751~~323.3419 Monthly P &I Constant 1,~~860~~749,~~171~~167.6806 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~253~~240,~~026~~286,~~282~~334.6647 Scheduled Principal ~~215~~206,~~081~~444.8452 Unscheduled Principal 53,~~995~~003,~~567~~625.9762

Miscellaneous Reporting Target Overcollateralization 3,762,696.56 Overcollateralization Amount 3,762,696.56 Overcollateralization Deficit Amount 0.00 Overcollateralization Reduction Amount 0.00 Overcollateralization Release Amount 0.00 Excess Cash ~~972~~920,~~301~~739.5299 Stepdown Event NO Trigger Event NO Cap Agreement Payment 0.00 Maximum Rate Group 1 14.~~8454360528~~859812707% MAximum Rate Group 2 14.~~3420331849~~3430766718%

Group Level Collateral Statement Group 1 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed & Mixed ARM Weighted Average Coupon Rate 7.~~677627~~671043 7.~~148940~~114733 7.~~615072~~602852 Weighted Average Net Rate 7.~~177627~~171043 6.~~648939~~614733 7.~~115071~~102852 Weighted Average Maturity ~~603~~602 ~~703~~701 ~~351~~349 Beginning Loan Count 1,~~414~~336 8280 1,~~496~~416 Loans Paid In Full 3318 0 3318 Ending Loan Count 1,~~381~~318 8280 1,~~463~~398 Beginning Scheduled Balance ~~228~~213,~~563~~649,~~564~~071.9967 3029,~~673~~847,~~367~~332.4894 ~~259~~243,~~236~~496,~~932~~404.4761 Ending scheduled Balance ~~222~~210,~~377~~465,~~048~~867.3532 3029,~~649~~820,~~234~~467.3115 ~~253~~240,~~026~~286,~~282~~334.6647 Record Date 0911/30/2003 0911/30/2003 0911/30/2003 Principal And Interest Constant 1,~~650~~545,~~769~~749.7485 ~~209~~203,~~401~~417.9421 1,~~860~~749,~~171~~167.6806 Scheduled Principal ~~188~~179,~~414~~990.9549 26,~~666~~454.8903 ~~215~~206,~~081~~444.8452 Unscheduled Principal 53,~~998~~003,~~101~~213.6986 ~~(2,533~~411.~~72)~~76 53,~~995~~003,~~567~~625.9762 Scheduled Interest 1,~~462~~365,~~354~~759.7936 ~~182~~176,~~735~~963.0518 1,~~645~~542,~~089~~722.8454 Servicing Fees 9589,~~234~~020.8446 12,~~780~~436.5939 ~~108~~101,~~015~~456.4385 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 1,~~904~~780.6942 ~~255~~248.6273 2,~~160~~029.3115 FRY Amount 7,~~448~~009.3929 1,~~142~~108.3315 8,~~590~~117.7244 Special Hazard Fee 0.00 0.00 0.00 Other Fee ~~127~~118,~~818~~160.8327 10,~~068~~052.8103 ~~137~~128,~~887~~212.6430 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 1,~~229~~149,~~948~~788.0492 ~~158~~153,~~487~~117.7088 1,~~388~~302,~~435~~906.7480 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.000000 0.000000 0.000000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~457449~~458005 6.~~200339~~156043 6.~~427028~~420991

Filing Compare · ENCORE CREDIT CORP MORTGAGE PASS THROUGH CERTS SER 2003-1