Exhibit 4.2
                                   -----------
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                         SUBSEQUENT TRANSFER INSTRUMENT

                  Pursuant to this Subsequent Transfer Instrument, dated April
19, 2002 (the "Instrument"), between Ameriquest Mortgage Securities Inc. as
seller (the "Depositor"), U.S. Bank National Association as trustee (the
"Trustee") and Deutsche Bank National Trust Company (formerly known as Bankers
Trust Company of California, N.A.) as trust administrator (the "Trust
Administrator") of the Ameriquest Mortgage Securities Inc., Asset-Backed
Pass-Through Certificates, Series 2002-1, and pursuant to the Pooling and
Servicing Agreement, dated as of March 1, 2002 (the "Pooling and Servicing
Agreement"), among the Depositor as depositor, Ameriquest Mortgage Company as
master servicer, the Trustee as trustee and the Trust Administrator as trust
administrator, the Depositor, the Trustee and the Trust Administrator agree to
the sale by the Depositor and the purchase by the Trustee on behalf of the Trust
Fund, of the Mortgage Loans listed on the attached Schedule of Mortgage Loans
(the "Subsequent Mortgage Loans").

                  Capitalized terms used but not otherwise defined herein shall
have the meanings set forth in the Pooling and Servicing Agreement.

                  Section 1.        CONVEYANCE OF SUBSEQUENT MORTGAGE LOANS.

                  (a) The Depositor does hereby sell, transfer, assign, set over
and convey to the Trustee on behalf of the Trust Fund, without recourse, all of
its right, title and interest in and to the Subsequent Mortgage Loans, and
including all amounts due on the Subsequent Mortgage Loans after the related
Subsequent Cut-off Date, and all items with respect to the Subsequent Mortgage
Loans to be delivered pursuant to Section 2.01 of the Pooling and Servicing
Agreement; provided, however that the Depositor reserves and retains all right,
title and interest in and to amounts due on the Subsequent Mortgage Loans on or
prior to the related Subsequent Cut-off Date. The Depositor, contemporaneously
with the delivery of this Agreement, has delivered or caused to be delivered to
the Trust Administrator each item set forth in Section 2.01 of the Pooling and
Servicing Agreement. The transfer to the Trustee by the Depositor of the
Subsequent Mortgage Loans identified on the Mortgage Loan Schedule shall be
absolute and is intended by the Depositor, the Master Servicer, the Trustee, the
Trust Administrator and the Certificateholders to constitute and to be treated
as a sale by the Depositor to the Trust Fund.

                  (b) The Depositor, concurrently with the execution and
delivery hereof, does hereby transfer, assign, set over and otherwise convey to
the Trustee without recourse for the benefit of the Certificateholders all the
right, title and interest of the Depositor, in, to and under the Subsequent
Mortgage Loan Purchase Agreement, dated the date hereof, between the Depositor
as purchaser and the Master Servicer as originator and as seller, to the extent
of the Subsequent Mortgage Loans.

                  (c) Additional terms of the sale are set forth on Attachment A
hereto.






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         Section 2.        REPRESENTATIONS AND WARRANTIES; CONDITIONS PRECEDENT.

                  (a) The Depositor hereby confirms that each of the conditions
precedent and the representations and warranties set forth in Section 2.10 of
the Pooling and Servicing Agreement are satisfied as of the date hereof.

                  (b) All terms and conditions of the Pooling and Servicing
Agreement are hereby ratified and confirmed; provided, however, that in the
event of any conflict, the provisions of this Instrument shall control over the
conflicting provisions of the Pooling and Servicing Agreement.

                  Section 3.        RECORDATION OF INSTRUMENT.

                  To the extent permitted by applicable law, this Instrument, or
a memorandum thereof if permitted under applicable law, is subject to
recordation in all appropriate public offices for real property records in all
of the counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the
Master Servicer at the Certificateholders' expense on direction of the related
Certificateholders, but only when accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders or is necessary for the administration or servicing of
the Mortgage Loans.

                  Section 4.        GOVERNING LAW.

                  This Instrument shall be construed in accordance with the laws
of the State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws, without giving
effect to principles of conflicts of law.

                  Section 5.        COUNTERPARTS.

                  This Instrument may be executed in one or more counterparts
and by the different parties hereto on separate counterparts, each of which,
when so executed, shall be deemed to be an original; such counterparts,
together, shall constitute one and the same instrument.





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                  Section 6.         SUCCESSORS AND ASSIGNS.

                  This Instrument shall inure to the benefit of and be binding
upon the Depositor, the Trustee and the Trust Administrator and their respective
successors and assigns.

                                        AMERIQUEST MORTGAGE SECURITIES INC.


                                        By:    /s/ John P. Grazer
                                           ----------------------------------
                                        Name:   John P. Grazer
                                        Title:  CFO

                                        U.S. BANK NATIONAL ASSOCIATION, as
                                        Trustee


                                        By: /s/ S. Christopherson
                                           ----------------------------------
                                        Name: S. Christopherson
                                        Title:   Vice President

                                        DEUTSCHE BANK NATIONAL TRUST
                                        COMPANY, as Trust Administrator


                                        By: /s/ Ronaldo Reyes
                                            ---------------------------------
                                        Name: Ronaldo Reyes
                                        Title:   Associate

ATTACHMENTS

A.                Additional terms of sale.
B.                Schedule of Subsequent Mortgage Loans.




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                                  ATTACHMENT A
                                  ------------

                            ADDITIONAL TERMS OF SALE

         A.       General

                  1.       Subsequent Cut-off Date: April 1, 2002
                  2.       Subsequent Transfer Date: April 19, 2002
                  3.       Aggregate Principal Balance of the Subsequent
                           Mortgage Loans as of the Subsequent Cut-off Date:
                           $223,644,669.16
                  4.       Purchase Price: 100.00%

         B. The following representations and warranties with respect to each
Subsequent Mortgage Loan determined as of the Subsequent Cut-off Date is true
and correct: (i) the Subsequent Mortgage Loan may not be 30 or more days
delinquent as of the related Subsequent Cut-off Date; (ii) the term to stated
maturity of the Subsequent Mortgage Loan will not be less than 175 months and
will not exceed 360 months from its first payment date; (iii) the Subsequent
Mortgage Loan may not provide for negative amortization; (iv) the Subsequent
Mortgage Loan will not have a Loan-to-Value Ratio greater than 95.00%; (v) the
Subsequent Mortgage Loans will have, as of the Subsequent Cut-off Date, a
weighted average term since origination not in excess of 3 months; (vi) no
Subsequent Mortgage Loan shall have a Mortgage Rate less than 6.00% or greater
than 14.99%; (vii) the Subsequent Mortgage Loan shall have been serviced by the
Master Servicer since origination or purchased by the Originator in accordance
with its underwriting guidelines; (viii) the Subsequent Mortgage Loan must have
a first payment date occurring on or before May 2002 and (ix) the Subsequent
Mortgage Loan shall have been be underwritten in accordance with the criteria
set forth under the section "The Mortgage Pool--Underwriting Standards;
Representations" in the Prospectus Supplement.

         C. Following the purchase of the Subsequent Mortgage Loans by the Trust
Fund for deposit in Loan Group I, the Group I Mortgage Loans (including the
related Subsequent Mortgage Loans) will, as of the related Subsequent Cut-off
Date: (i) have a weighted average original term to stated maturity of not more
than 360 months from the first payment date thereon; (ii) have a weighted
average Mortgage Rate of not less than 7.85% and not more than 8.00%, by
aggregate principal balance of the Mortgage Loans; (iii) have a weighted average
Loan-to-Value Ratio of not more than 77.64% and (iv) have no Mortgage Loan with
a principal balance in excess of $576,000, in each case, as applicable, by
aggregate principal balance of the Group I Mortgage Loans as of the related
Subsequent Cut-off Date.

                  Following the purchase of the Subsequent Mortgage Loans by the
Trust Fund for deposit in Loan Group II, the Group II Mortgage Loans (including
the related Subsequent Mortgage Loans) will, as of the related Subsequent
Cut-off Date: (i) have a weighted average original term to stated maturity of
not more than 360 months from the first payment date thereon; (ii) have a
weighted average Mortgage Rate of not less than 9.22% and not more than 9.40%,
by aggregate principal balance of the Mortgage Loans; (iii) have a weighted
average Loan-to-Value Ratio of not



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more than 78.48%; (iv) have no Mortgage Loan with a principal balance in excess
of $570,000 and (v) have a weighted average Gross Margin of not less than 6.35%,
in each case, as applicable, by aggregate principal balance of the Group II
Mortgage Loans as of the related Subsequent Cut-off Date.





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                                  ATTACHMENT B

                      SCHEDULE OF SUBSEQUENT MORTGAGE LOANS

                                [FILED BY PAPER]