<PAGE>

                                                                    EXHIBIT 99.3

DELOITTE                                                  Deloitte & Touche LLP
                                                          180 N, Stetson Avenue
                                                          Chicago, IL 60601-6779
                                                          USA

                                                          Tel: + 1 312 946 3000
                                                          Fax: + 1 312 946 2600
                                                          www.deloitte.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Morgan Stanley Dean Witter Credit Corporation Riverwoods, Illinois
We have examined management's assertion that Morgan Stanley Dean Witter Credit
Corporation (the "Company") has complied as of and for the year ended December
31,2004, with its established minimum servicing standards described in the
accompanying Management's Assertion dated February 23, 2005 for the consumer
loans being serviced. Management is responsible for the Company's compliance
with those minimum servicing standards. Our responsibility is to express an
opinion on management's assertion about the Company's compliance based on our
examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants as adopted
by the Public Accounting Oversight Board (United States) and, accordingly,
included examining, on a test basis, evidence about the Company's compliance
with its minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with its minimum servicing
standards.

In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2004, is fairly stated, in all material respects, based an the criteria set
forth in Appendix A,

/s/Deloitte & Touche LLP

March 22, 2005

THIS REPORT MAY NOT BE INCLUDED, REFERENCED TO OR INCORPORATED BY REFERENCE IN
ANY PUBLIC FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION WITHOUT PRIOR
WRITTEN APPROVAL BY DELOITTE & TOUCHE LLP.

                                                        Member of
                                                        Deloitte Touche Tohmatsu

<PAGE>

                           MORGAN STANLEY DEAN WITTER
                               CREDIT CORPORATION

                              Michael J. Gillespie
                                Finance Director

                             MANAGEMENT'S ASSERTION

As of and for the year ended December 31, 2004, Morgan Stanley Dean Witter
Credit Corporation (the "Company") has complied, in all material respects, with
the Company's established minimum servicing standards for consumer loans being
serviced as set forth in Appendix A (the "Standards"). The Standards are based
on the Mortgage Bankers Association of America's Uniform Single Anestation
Program for Mortgage Bankers. As of and for this same period, Morgan Stanley had
in effect a fidelity bond in excess of $20 million and errors and omissions
policy in the amount of $5 million under which the Company was covered.

/s/Thomas F. White
-------------------------------------
Thomas F. White
President and Chief Executive Officer
& Director of Mortgage Lending

/s/Martin W. Slusarz
-------------------------------------
Martin W. Slusarz
Senior Vice President, Controller

February 23, 2005

   2500 Lake Cook Road, 1 East, Riverwoods, Illinois 60015 Tel (224) 405-J903

<PAGE>

APPENDIX A

MINIMUM SERVICING STANDARDS AS SET FORTH IN THE MORTGAGE BANKERS ASSOCIATION OF
AMERICA'S UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS

I. CUSTODIAL BANK ACCOUNTS

1.    Reconciliations shall be prepared on a monthly basis for all custodial
      bank accounts and related bank clearing accounts. These reconciliations
      shall:

      [ ]   be mathematically accurate;

      [ ]   be prepared within forty-five (45) calendar days after the cutoff
            date;

      [ ]   be reviewed and approved by someone other than the person who
            prepared the reconciliation; and

      [ ]   document explanations for reconciling items. These reconciling
            items shall be resolved within ninety (90) calendar days of their
            original identification.

2.    Funds of the servicing entity shall be advanced in cases where there is an
      overdraft in an investor's or a mortgagor's account.

3.    Each custodial account shall be maintained at a federally insured
      depository institution in trust for the applicable investor.

4.    Escrow funds held in trust for a mortgagor shall he returned to the
      mortgagor within thirty (30) calendar days of payoff of the mortgage loan.

II.   MORTGAGE PAYMENTS

1.    Mortgage payments shall be deposited into the custodial batik accounts and
      related bank clearing accounts within two business days of receipt.

2.    Mortgage payments made in accordance with the mortgagor's loan documents
      shall be posted to the applicable mortgagor records within two business
      days of receipt.

3.    Mortgage payments shall be allocated to principal, interest, insurance,
      taxes or other escrow items in accordance with the mortgagor's loan
      documents.

4.    Mortgage payments identified as loan payoffs shall be allocated in
      accordance with the mortgagor's loan documents.

<PAGE>

III.  DISBURSEMENTS

1.    Disbursements made via wire transfer on behalf of a mortgagor or investor
      shall be made only by authorized personnel.

2.    Disbursements made on behalf of a mortgagor or investor shall be posted
      within two business days to the mortgagor's or investor's records
      maintained by the servicing entity.

3.    Tax and insurance payments shall be made on or before the penalty or
      insurance policy expiration dates, as indicated on tax bills and insurance
      premium notices, respectively, provided that such support has been
      received by the servicing entity at least thirty (30) calendar days prior
      to these dates.

4.    Any late payment penalties paid in conjunction with the payment of any tax
      bill or insurance premium notice shall be paid from the servicing entity's
      funds and not charged to the mortgagor, unless the late payment was due to
      the mortgagor's error or omission.

5.    Amounts remitted to investors per the servicer's investor reports shall
      agree with cancelled checks, or other form of payment, or custodial bank
      statements.

6.    Unused checks shall be safeguarded so as to prevent unauthorized access.

IV.   INVESTOR ACCOUNTING AND REPORTING

1.    The servicing entity's investor reports shall agree with, or reconcile to,
      investors' records on a monthly basis as to the total unpaid principal
      balance and number of loans serviced by the servicing entity.

V.    MORTGAGOR LOAN ACCOUNTING

1.    The servicing entity's mortgage loan records shall agree with, or
      reconcile to, the records of mortgagors with respect to the unpaid
      principal balance on a monthly basis,

2.    Adjustments on ARM loans shall be computed based on the related mortgage
      note and any ARM rider.

3.    Escrow accounts shall be analyzed, in accordance with the mortgagor's loan
      documents, on at least an annual basis.

4.    Interest on escrow accounts shall be paid, or credited, to mortgagors in
      accordance with the applicable state laws.

      VI.   DELINQUENCIES

1.    Records documenting collection efforts shall be maintained during the
      period a

<PAGE>

      loan is in default and shall be updated at least monthly. Such records
      shall describe the entity's activities in monitoring delinquent loans
      including, for example, phone calls, letters and mortgage payment
      rescheduling plans in cases where the delinquency is deemed temporary
      (e.g., illness or unemployment).

VII.  INSURANCE POLICIES

1.    A fidelity bond and errors and omissions policy shall be in effect on the
      servicing entity throughout the reporting period in the amount of coverage
      represented to investors in management's assertion.