~~ENCORE~~SECURITIES ~~CREDIT~~AND ~~CORPORATION~~EXCHANGE Mortgage Pass-Through Certificates Record Date: 4/30/03 Distribution Date: 5/27/03 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 1.71750% 206,677,000.00 59,161.29 1,654,821.41 A2 29256AAB3 SEN 1.72750% 29,116,000.00 8,382.98 32,613.26 M1 29256AAC1 SUB 2.36750% 16,027,000.00 6,323.99 0.00 M2 29256AAD9 SUB 3.81750% 11,846,000.00 7,537.02 0.00 B1 29256AAE7 SUB 5.31750% 8,500,000.00 7,533.13 0.00 B2 29256AAF4 SUB 5.31750% 2,788,000.00 2,470.86 0.00 X ENCORE031 SUB 0.00000% 3,764,263.58 1,404,330.19 0.00 P ENCORE031 SUB 0.00000% 100.00 17,118.98 0.00 R3 ENCORE031 SUB 0.00000% 0.00 0.00 0.00 Totals 278,718,363.58 1,512,858.44 1,687,434.67COMMISSION

~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 205~~Washington,~~022,178.59~~ ~~1,713,982~~D.~~70 0~~C.00 A2 0.00 29,083,386.74 40,996.24 0.00 M1 0.00 16,027,000.00 6,323.99 0.00 M2 0.00 11,846,000.00 7,537.02 0.00 B1 0.00 8,500,000.00 7,533.13 0.00 B2 0.00 2,788,000.00 2,470.86 0.00 X 0.00 3,762,696.56 1,404,330.19 0.00 P 0.00 100.00 17,118.98 0.00 R3 0.00 0.00 0.00 0.00 Totals 0.00 277,029,361.89 3,200,293.11 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. 20549

~~Principal~~FORM Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A1 206,677,000.00 206,677,000.00 0.00 1,654,821.41 0.00 0.00 A2 29,116,000.00 29,116,000.00 0.00 32,613.26 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 3,764,263.58 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 278,718,363.58 278,718,363.58 0.00 1,687,434.67 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.-K

~~Principal~~CURRENT Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A1 1,654,821.41 205,022,178.59 0.99199320 1,654,821.41 A2 32,613.26 29,083,386.74 0.99887989 32,613.26 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 1,687,434.67 277,029,361.89 0.99394011 1,687,434.67REPORT

~~Principal~~PURSUANT ~~Distribution~~TO ~~Factors~~SECTION ~~Statement~~13 ~~Original~~OR ~~Beginning Scheduled Unscheduled Face Certificate Principal Principal Class~~ 15(2d) ~~Amount~~OF Balance Distribution Distribution Accretion A1 206,677,000.00 1000.00000000 0.00000000 8.00680003 0.00000000 A2 29,116,000.00 1000.00000000 0.00000000 1.12011471 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 1000.00000000 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 DenominationTHE

~~Principal~~SECURITIES ~~Distribution~~AND ~~Factors~~EXCHANGE ~~Statement~~ACT ~~(continued)~~OF Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1 0.00000000 8.00680003 991.99319997 0.99199320 8.00680003 A2 0.00000000 1.12011471 998.87988529 0.99887989 1.12011471 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, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.1934

~~Interest~~Date ~~Distribution~~of ~~Statement~~Report ~~Beginning~~(Date ~~Payment~~ of ~~Original~~earliest ~~Current~~event Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A1 206,677,000.00 1.71750% 206,677,000.00 59,161.29 0.00 0.00 A2 29,116,000.00 1.72750% 29,116,000.00 8,382.98 0.00 0.00 M1 16,027,000.00 2.36750% 16,027,000.00 6,323.99 0.00 0.00 M2 11,846,000.00 3.81750% 11,846,000.00 7,537.02 0.00 0.00 B1 8,500,000.00 5.31750% 8,500,000.00 7,533.13 0.00 0.00 B2 2,788,000.00 5.31750% 2,788,000.00 2,470.87 0.00 0.00 X 3,764,263.58 0.00000% 3,764,263.58 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 91,409.28 0.00 0.00reported)

~~Interest~~June 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 59,161.29 0.00 205,022,178.59 A2 0.00 0.00 8,382.98 0.00 29,083,386.74 M1 0.00 0.00 6,323.99 0.00 16,027,000.00 M2 0.00 0.00 7,537.02 0.00 11,~~846,000.00~~ B1 0.00 0.00 7,533.13 0.00 8,500,000.00 B2 0.00 0.00 2,470.86 0.00 2,788,000.00 X 0.00 0.00 1,404,330.19 0.00 3,762,696.56 P 0.00 0.00 17,118.98 0.00 100.00 R3 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1,512,858.44 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.2003

~~Interest~~STRUCTURED ~~Distribution~~ASSET ~~Factors~~SECURITIES ~~Statement~~CORPORATION ~~Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class~~ (5)as ~~Amount~~Depositor ~~Rate~~under ~~Balance~~the ~~Interest~~Trust ~~Shortfall Shortfall A1 206~~Agreement,~~677,000.00~~ ~~1.71750%~~dated ~~1000.00000000~~as ~~0.28624999~~of ~~0.00000000~~May ~~0.00000000 A2 29,116,000.00~~ 1~~.72750% 1000.00000000 0.28791661 0.00000000 0.00000000 M1 16~~,~~027,000.00~~ ~~2.36750% 1000.00000000 0.39458352 0.00000000 0.00000000 M2 11~~2003,~~846,000.00~~ ~~3.81750%~~providing ~~1000.00000000~~for ~~0.63625021~~the ~~0.00000000~~issuance ~~0.00000000~~of B1Encore ~~8,500,000.00~~Credit ~~5.31750%~~Corporation ~~1000.00000000~~Mortgage ~~0.88625059~~Pass-Through ~~0.00000000 0.00000000 B2 2~~Certificates,~~788,000.00~~ ~~5.31750%~~Series 1000.00000000 0.88625179 0.00000000 0.00000000 X 3,764,263.58 0.00000% 1000.00000000 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 $2003-1~~,000 denomination.~~)

~~Interest~~ Structured ~~Distribution~~Asset ~~Factors~~Securities 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 0.28624999 0.00000000 991.99319997 A2 0.00000000 0.00000000 0.28791661 0.00000000 998.87988529 M1 0.00000000 0.00000000 0.39458352 0.00000000 1000.00000000 M2 0.00000000 0.00000000 0.63625021 0.00000000 1000.00000000 B1 0.00000000 0.00000000 0.88625059 0.00000000 1000.00000000 B2 0.00000000 0.00000000 0.88624821 0.00000000 1000.00000000 X 0.00000000 0.00000000 373.06903732 0.00000000 999.58371140 P 0.00000000 0.00000000 171189.80000000 0.00000000 1000.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.Corporation

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 3,482,051.57 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (~~Servicer~~Exact ~~Advances)~~Name ~~0.00 Realized Losses 0.00 Prepayment Penalties 0.00 Total Deposits 3,482,051.57 Withdrawals Reimbursement for Servicer Advances 0.00 Payment~~ of ~~Service~~Registrant ~~Fee~~as ~~281,758.46~~Specified ~~Payment~~in ofits ~~Interest and Principal 3,200,293.11 Total Withdrawals (Pool Distribution Amount~~Charter) ~~3,482,051.57 Ending Balance 0.00~~

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

Delaware

333-102489

74-2440850

(State or Other Jurisdiction

Of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

SERVICING FEES Gross Servicing Fee 116,132.61 Additional Servicing Fee 150,751.84 Credit Risk Manager Fee 3,483.98 Servicing Fee 9,066.71 Wells Fargo Bank Minnesota, NA 2,323.32 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 281,758.46

745 Seventh Avenue, 7th Floor

New York, New York

10019

(Address of Principal Executive Offices)

(Zip Code)

~~OTHER~~Registrant’s ~~ACCOUNTS~~telephone ~~Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1~~number,~~000.00~~ ~~0.00~~including ~~0.00~~area ~~1,000.00~~code: (212) ~~Financial Guaranty 0.00 0.00 0.00 0.00~~526-7000

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 8 0 0 0 8 1,177,733.75 0.00 0.00 0.00 1,177,733.75 60 Days 2 0 0 0 2 482,948.64 0.00 0.00 0.00 482,948.64 90 Days 2 0 0 0 2 388,670.97 0.00 0.00 0.00 388,670.97 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 12 0 0 0 12 2,049,353.36 0.00 0.00 0.00 2,049,353.36 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.504732% 0.000000% 0.000000% 0.000000% 0.504732% 0.425032% 0.000000% 0.000000% 0.000000% 0.425032% 60 Days 0.126183% 0.000000% 0.000000% 0.000000% 0.126183% 0.174291% 0.000000% 0.000000% 0.000000% 0.174291% 90 Days 0.126183% 0.000000% 0.000000% 0.000000% 0.126183% 0.140267% 0.000000% 0.000000% 0.000000% 0.140267% 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% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.757098% 0.000000% 0.000000% 0.000000% 0.757098% 0.739591% 0.000000% 0.000000% 0.000000% 0.739591%None

~~Delinquency~~(Former ~~Status~~Name Byor ~~Groups~~Former 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 2 0 0 0 2 422Address,~~413.02~~ ~~0.00~~if ~~0.00~~Changed ~~0.00~~Since ~~422,413.02~~Last 60 Days 1 0 0 0 1 109,875.56 0.00 0.00 0.00 109,875.56 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 3 0 0 0 3 532,288.58 0.00 0.00 0.00 532,288.58 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.340136% 0.000000% 0.000000% 0.000000% 0.340136% 0.453385% 0.000000% 0.000000% 0.000000% 0.453385% 60 Days 0.170068% 0.000000% 0.000000% 0.000000% 0.170068% 0.117932% 0.000000% 0.000000% 0.000000% 0.117932% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.510204% 0.000000% 0.000000% 0.000000% 0.510204% 0.571316% 0.000000% 0.000000% 0.000000% 0.571316% 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 6 0 0 0 6 755,320.73 0.00 0.00 0.00 755,320.73 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 2 0 0 0 2 388,670.97 0.00 0.00 0.00 388,670.97 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 8 0 0 0 8 1,143,991.70 0.00 0.00 0.00 1,143,991.70 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.662252% 0.000000% 0.000000% 0.000000% 0.662252% 0.505115% 0.000000% 0.000000% 0.000000% 0.505115% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.220751% 0.000000% 0.000000% 0.000000% 0.220751% 0.259921% 0.000000% 0.000000% 0.000000% 0.259921% 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% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.883002% 0.000000% 0.000000% 0.000000% 0.883002% 0.765036% 0.000000% 0.000000% 0.000000% 0.765036% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 3 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 4 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 1 0 0 0 1 373,073.08 0.00 0.00 0.00 373,073.08 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1 0 0 0 1 373,073.08 0.00 0.00 0.00 373,073.08 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 1.818182% 0.000000% 0.000000% 0.000000% 1.818182% 1.797647% 0.000000% 0.000000% 0.000000% 1.797647% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.818182% 0.000000% 0.000000% 0.000000% 1.818182% 1.797647% 0.000000% 0.000000% 0.000000% 1.797647%Report)

~~OTHER~~Item ~~INFORMATION Current Period Class A Insufficient Funds 0~~5.00 Other ~~Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00~~Events

~~COLLATERAL~~The ~~STATEMENT~~Registrant ~~Collateral~~registered ~~Description~~issuances ~~Fixed~~of &Encore ~~Mixed~~Credit ~~ARM~~Corporation ~~Weighted~~Mortgage ~~Average~~Pass-Through ~~Gross~~Certificates ~~Coupon~~Series ~~7.646131%~~2003-1 ~~Weighted~~on ~~Average~~a ~~Net~~delayed ~~Coupon~~or ~~7.146131%~~continuous ~~Weighted~~basis ~~Average~~pursuant ~~Pass~~to Rule 415 under the Securities Act of 1933, as amended (the “Act”), by a Registration Statement on Form S-~~Through~~3 ~~Rate~~(Registration 6File No.~~448044%~~ ~~Weighted~~333-102489) ~~Average Maturity~~(~~Stepdown~~the ~~Calculation~~“Registration Statement”). Pursuant ~~356~~to ~~Beginning~~the ~~Scheduled~~Registration ~~Collateral~~Statement, ~~Loan~~the ~~Count~~Registrant 1issued $274,~~595~~954,000 ~~Number~~aggregate Ofprincipal ~~Loans~~amount ~~Paid~~of InClass ~~Full~~A1, 10Class ~~Ending~~A2, ~~Scheduled~~Class ~~Collateral~~M1, ~~Loan~~Class ~~Count~~M2, 1Class B1,~~585~~ ~~Beginning~~and ~~Scheduled~~Class ~~Collateral~~B2 ~~Balance~~Certificates ~~278~~of its Encore Credit Corporation Mortgage Pass-Through Certificates,~~718~~ Series 2003-1 on May 21,~~363~~ 2003.58 This ~~Ending~~Current ~~Scheduled~~Report ~~Collateral~~on ~~Balance~~Form ~~277~~8-K is being filed to satisfy an undertaking,~~029,261.89~~ ~~Ending~~contained ~~Actual~~in ~~Collateral~~the ~~Balance~~definitive atProspectus ~~30-Apr-2003~~dated ~~277~~March 20,~~092~~ 2003,~~893.92~~ ~~Monthly~~as Psupplemented &Iby ~~Constant~~the 1Prospectus Supplement dated May 20,~~997~~ 2003 (the “Prospectus Supplement”),~~616.36~~ ~~Special~~to ~~Servicing~~file ~~Fee~~a ~~0.00~~copy ~~Prepayment~~of ~~Penalties~~the ~~0.00~~Trust ~~Realized~~Agreement ~~Loss~~(as ~~Amount~~defined ~~0.00~~below) ~~Cumulative~~and ~~Realized~~other ~~Loss~~operative ~~0.00~~agreements ~~Ending~~executed ~~Scheduled~~in ~~Balance~~connection ~~for~~with ~~Premium~~the ~~Loans~~issuance ~~277~~of the Certificates,~~029,261.89~~ ~~Scheduled~~a ~~Principal~~form ~~221,686.12~~of ~~Unscheduled~~which ~~Principal~~was ~~1,467,315~~filed as an exhibit to the Registration Statement.57

~~Targeted~~The ~~Overcollateralization~~Certificates ~~Amount~~were 3issued pursuant to a Trust Agreement (the “Trust Agreement”),~~762~~ attached hereto as Exhibit 4.1,~~696~~ dated as of May 1, 2003, among Structured Asset Securities Corporation, as depositor, Aurora Loan Services Inc.56, ~~Ending~~as ~~Overcollateralization~~Master ~~Amount~~Servicer, 3The Murrayhill Company,~~762~~ as Credit Risk Manager,~~696~~ and Wells Fargo Bank Minnesota, National Association, as Trustee.56 The ~~Overcollateralization~~“Certificates” ~~Deficiency~~consist 0of the following classes: Class A1, Class A2, Class M1, Class M2, Class B1, Class B2, Class P, Class X and Class R.00 The Certificates evidence all of the beneficial ownership interest in a trust fund (the “Trust Fund”) that consists primarily of a pool of certain conventional, first lien, fixed and adjustable rate, fully amortizing and balloon, residential mortgage loans (the “Mortgage Loans”) with an aggregate outstanding principal balance of $278,718,263 as of May 1, 2003, together with certain other assets. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Trust Agreement.

~~Group~~Item ~~Level Collateral Statement Group 1 2 3 Collateral Description Mixed Fixed Mixed Fixed Mixed ARM Weighted Average Coupon Rate~~ 7.~~420023~~ Financial ~~7.880300~~Statements; ~~6.951411~~Pro ~~Weighted~~Forma ~~Average~~Financial ~~Net~~Information ~~Rate~~and 6.920024 7.380300 6.451410 Weighted Average Maturity 537 719 539 Beginning Loan Count 594 910 36 Loans Paid In Full 6 4 0 Ending Loan Count 588 906 36 Beginning Scheduled Balance 93,995,767.27 150,306,393.29 13,648,341.66 Ending scheduled Balance 93,141,011.26 149,504,791.16 13,633,602.04 Record Date 04/30/2003 04/30/2003 04/30/2003 Principal And Interest Constant 668,419.45 1,093,232.31 91,469.63 Scheduled Principal 87,210.45 106,182.77 12,406.94 Unscheduled Principal 767,545.56 695,419.36 2,332.68 Scheduled Interest 581,209.00 987,049.54 79,062.69 Servicing Fees 39,164.89 62,627.67 5,686.82 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 783.28 1,252.55 113.74 FRY Amount 2,762.42 5,025.88 487.80 Special Hazard Fee 0.00 0.00 0.00 Other Fee 57,019.93 81,814.55 2,595.95 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 481,478.48 836,328.89 70,178.38 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.146810 6.676993 6.170279Exhibits

Group Level Collateral Statement Group 4 Total Collateral Description Mixed ARM Fixed & Mixed ARM Weighted Average Coupon Rate 7.431269 7.646131 Weighted Average Net Rate 6.931269 7.146131 Weighted Average Maturity 719 356 Beginning Loan Count 55 1,595 Loans Paid In Full 0 10 Ending Loan Count 55 1,585 Beginning Scheduled Balance 20,767,761.36 278,718,263.58 Ending scheduled Balance 20,749,857.43 277,029,261.89 Record Date 04/30/2003 04/30/2003 Principal And Interest Constant 144,494.97 1,997,616.36 Scheduled Principal 15,885.96 221,686.12 Unscheduled Principal 2,017.97 1,467,315.57 Scheduled Interest 128,609.01 1,775,930.24 Servicing Fees 8,653.23 116,132.61 Master Servicing Fees 0.00 0.00 Trustee Fee 173.06 2,322.63 FRY Amount 790.61 9,066.71 Special Hazard Fee 0.00 0.00 Other Fee 9,321.41 150,751.84 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 109,670.70 1,497,656.45 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.336977 6.448044(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

1.1

Terms Agreement, dated May 20, 2003, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Inc., as Underwriter.

4.1

Trust Agreement, dated as of May 1, 2003, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer, The Murrayhill Company, as Credit Risk Manager and Wells Fargo Bank Minnesota, National Association, as Trustee.

99.1

Mortgage Loan Sale and Assignment Agreement, dated as of May 1, 2003, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Assignment and Assumption Agreement, dated as of May 1, 2003, between Lehman Brothers Bank, FSB, as assignor and Lehman Brothers Holdings Inc., as assignee.

99.3

Securitization Subservicing Agreement, dated as of May 1, 2003, by and between Lehman Brothers Holdings Inc., as Seller, Aurora Loan Services Inc, as Master Servicer, and Option One Mortgage Corporation, as Servicer.

99.4

Securitization Servicing Agreement, dated as of May 1, 2003, by and between Lehman Brothers Holdings Inc., as Seller, Aurora Loan Services Inc., as Master Servicer, and Ocwen Federal Bank FSB, as Servicer.

99.5

Mortgage Guaranty Insurance Corporation (“MGIC”) Master Policy (No. 22-400-4 2491), including (i) the Master Policy Declaration Page (form #71-70035) and (ii) Terms and Conditions (form#71-7135) and (iii) Endorsements #71-7139 (8/94); #71-70178 (1/03); #71-70165 (2/01) and (iv) the MGIC Commitment Certificate (form #71-70239 2/03) covering certain first lien Mortgage Loans originated on or before December 1, 2002 with original loan-to-value ratios in excess of 60% and mortgage loans originated after December 1, 2002 with original loan-to-value ratios in excess of 80%.

SIGNATURES

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.

STRUCTURED ASSET SECURITIES

CORPORATION

By:

/s/ Matthew Lewis

Name: Matthew Lewis

Title: Senior Vice President

Dated: June 11, 2003

EXHIBIT INDEX

Exhibit No.

Description

Page No.

1.1

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