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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



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FORM 10-K/A



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|x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------



For the fiscal year ended: December 31, 2003



OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934
|- | -------------------------------------------------------------------------------



For the transition period from  to
.



Commission File Number: 333-62698



GREENPOINT MORTGAGE SECURITIES INC.

(as Sponsor of the GreenPoint Home Equity Loan Trust, Series 2003-1, Class A Variable
Rate Asset-Backed Notes)



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GREENPOINT MORTGAGE SECURITIES INC.

(Exact Name of registrant as specified in its charter)



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|                                                                    |  |                                     
|------------------------------------------------------------------- |  | ------------------------------------
|Delaware                                                            |  | 68-0397342                          
|(State or other jurisdiction of incorporation or organization)      |  | (I.R.S. employer identification no.)
|                                                                    | 
|100 Wood Hollow Drive, Doorstop 32210 Novato, CA                    |  | 94945                               
|(Address of principal executive offices)                            |  | (Zip code)                          
|                                                                   
|(800) 462-2700 (Registrants telephone number, including area code)



|                                                            |  |                                                            
|----------------------------------------------------------- |  | -----------------------------------------------------------
|Securities registered pursuant to Section 12(b) of the Act: |  | Securities registered pursuant to Section 12(g) of the Act:
|                                                            | 
|None (Title of class)                                       |  | None (Title of class)                                      



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Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.    Yes  x     No ̈



Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation
S-K is not contained herein, and will not be contained, to the best of Registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form
10-K.    x



Indicate by
check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes ̈No  x



State the aggregate market value of the voting
stock held by non-affiliates of Registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of specified date within 60 days prior to the date
of filing:



Not Applicable



Documents incorporated by reference:



Not Applicable



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GREENPOINT MORTGAGE SECURITIES INC.

VARIABLE RATE ASSET-BACKED NOTES, SERIES 2003-1



INDEX



|                                                                                                                                                                                       |  |             |  |                                                                                       |  |     
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------- |  | ------------------------------------------------------------------------------------- |  | ----
|                                                                                                                                                                                       |  |             |  |                                                                                       |  | Page
|PART I                                                                                                                                                                                 |  |             |  |                                                                                       |  | 3   
|                                                                                                                                                                                       |  | ITEM 1    - |  | BUSINESS                                                                              |  | 3   
|                                                                                                                                                                                       |  | ITEM 2    - |  | PROPERTIES                                                                            |  | 3   
|                                                                                                                                                                                       |  | ITEM 3    - |  | LEGAL PROCEEDINGS                                                                     |  | 3   
|                                                                                                                                                                                       |  | ITEM 4    - |  | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                   |  | 3   
|                                                                                                                                                                                       |  |             | 
|PART II                                                                                                                                                                                |  |             |  |                                                                                       |  | 3   
|                                                                                                                                                                                       |  | ITEM 5    - |  | MARKET FOR REGISTRANTS COMMON STOCK AND RELATED STOCKHOLDER MATTERS                  |  | 3   
|                                                                                                                                                                                       |  | ITEM 6    - |  | SELECTED FINANCIAL DATA                                                               |  | 3   
|                                                                                                                                                                                       |  | ITEM 7    - |  | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |  | 3   
|                                                                                                                                                                                       |  | ITEM 8    - |  | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA                                           |  | 3   
|                                                                                                                                                                                       |  | ITEM 9    - |  | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE  |  | 4   
|                                                                                                                                                                                       |  | ITEM 9A -   |  | CONTROLS AND PROCEDURES                                                               |  | 4   
|                                                                                                                                                                                       |  |             | 
|PART III                                                                                                                                                                               |  |             |  |                                                                                       |  | 4   
|                                                                                                                                                                                       |  | ITEM 10  -  |  | DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT                                    |  | 4   
|                                                                                                                                                                                       |  | ITEM 11  -  |  | EXECUTIVE COMPENSATION                                                                |  | 4   
|                                                                                                                                                                                       |  | ITEM 12  -  |  | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT                        |  | 4   
|                                                                                                                                                                                       |  | ITEM 13  -  |  | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS                                        |  | 4   
|                                                                                                                                                                                       |  | ITEM 14  -  |  | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                                |  | 4   
|                                                                                                                                                                                       |  |             | 
|PART IV                                                                                                                                                                                |  |             |  |                                                                                       |  | 5   
|                                                                                                                                                                                       |  | ITEM 15  -  |  | EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K                       |  | 5   
|                                                                                                                                                                                       | 
|SIGNATURES                                                                                                                                                                             |  | 7          
|                                                                                                                                                                                       | 
|CERTIFICATION                                                                                                                                                                          |  | 8          
|                                                                                                                                                                                       | 
|SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT |  | 9          
|                                                                                                                                                                                       | 
|INDEX TO EXHIBITS                                                                                                                                                                      |  | 9          



2



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PART I



ITEM 1 - BUSINESS



Not Applicable.



ITEM 2 - PROPERTIES



GreenPoint
Mortgage Securities Inc. (the Sponsor) will furnish information regarding the Mortgaged Properties by reference to the Annual Compliance Certificates to be filed herein under Item 15.



ITEM 3 - LEGAL PROCEEDINGS



The
Sponsor is not aware of any material pending legal proceedings involving either the Variable Rate Asset-Backed Notes, Series 2003-1, the GreenPoint Home Equity Loan Trust 2003-1 (the Trust); the Sale and Servicing Agreement; the Indenture; the
Indenture Trustee; the Sponsor; or the Servicer which relates to the Trust.



ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS



No matter has been submitted to a vote of the holders of beneficial interests in the Trust through the solicitation of proxies or otherwise.



PART II



ITEM 5 - MARKET FOR REGISTRANTS COMMON STOCK AND RELATED STOCKHOLDER MATTERS



To the best knowledge of the Sponsor, there is no established public trading market for the Notes.



The Notes issued by the Trust are held by the Depository Trust Company
(DTC) which in turn maintains records of holders of beneficial interests in the Notes. Based on information obtained by the Trust from DTC, as of December 31, 2003, there were twenty-eight (28) holders of the Class A Notes.



ITEM 6 - SELECTED FINANCIAL DATA



Not
Applicable.



ITEM 7 - MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS



Not Applicable.



ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION



Not Applicable.



3



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ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE



There were no changes of accountants or disagreements on accounting or financial disclosures between the Sponsor and its accountants.



ITEM 9A - CONTROLS AND PROCEDURES



Not applicable.



PART III



ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT



Not Applicable.



ITEM 11 - EXECUTIVE COMPENSATION



Not
Applicable.



ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT



The Sponsor is a wholly-owned, limited purpose Delaware corporation and subsidiary of GreenPoint Mortgage Funding, Inc., a New York corporation. The Trust
is a Delaware statutory trust wholly-owned by the Sponsor.



ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS



None.



ITEM 14 - PRINCIPAL ACCOUNTANT FEES AND SERVICES



Not applicable.



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PART IV



ITEM 15 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K



| | (a) | The following documents are filed as part of this report:
| | --- | ---------------------------------------------------------



| | 1. | Financial Statements:
| | -- | ---------------------



Not applicable.



| | 2. | Financial Statement Schedules:
| | -- | ------------------------------



Not applicable.



| | 3. | Exhibits:
| | -- | ---------



|            |  |                                                                                                                                                         
|----------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description                                                                                                                                             
|99.1        |  | Statement of Compliance of the Master Servicer pursuant to Section 3.09 of the Sale and Servicing Agreement.                                            
|            | 
|99.2*       |  | Annual Servicing Report with respect to the Master Servicers overall servicing operations pursuant to Section 3.10 of the Sale and Servicing Agreement.
|            | 
|99.3        |  | Statement of Compliance of the Issuer pursuant to Section 3.9 of the Indenture.                                                                         



| | (b) | Reports on Form 8-K field during the last quarter of the period covered by this report.
| | --- | ---------------------------------------------------------------------------------------



DATE OF REPORTS ON FORM 8-K ITEMS REPORTED/FINANCIAL STATEMENTS FILED



|                   |  |                                                                             
|------------------ |  | ----------------------------------------------------------------------------
|May 9, 2003        |  | Computational Materials                                                     
|                   | 
|June 3, 2003       |  | Report filing the Indenture, Underwriting Agreement and other deal documents
|                   | 
|August 1, 2003     |  | Report filing new Articles and Bylaws for Sponsor                           
|                   | 
|August 27, 2003    |  | Trustees Monthly Report for the June Distribution to Noteholders           
|                   | 
|August 27, 2003    |  | Trustees Monthly Report for the July Distribution to Noteholders           
|                   | 
|September 16, 2003 |  | Trustees Monthly Report for the August Distribution to Noteholders         
|                   | 
|October 8, 2003    |  | Trustees Monthly Report for the September Distribution to Noteholders      
|                   | 
|November 7, 2003   |  | Trustees Monthly Report for the October Distribution to Noteholders        



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|                  |  |                                                                      
|----------------- |  | ---------------------------------------------------------------------
|December 10, 2003 |  | Trustees Monthly Report for the November Distribution to Noteholders
|                  | 
|January 9, 2004   |  | Trustees Monthly Report for the December Distribution to Noteholders

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|* | The document is not due to be delivered until January 31, 2004. Such document will be filed with the Securities and Exchange Commission by amendment upon receipt by the Registrant.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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SIGNATURES



Pursuant to the
requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Sponsor has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.



By:

GREENPOINT MORTGAGE SECURITIES INC., As SponsorBy:

/s/    S.A. IbrahimName:

S.A. IbrahimTitle:

President and Director




Date:    March 30, 2004.



Pursuant
to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Sponsor and in the capacities and on the dates indicated:



|                                     |  |                                                                                                              |  |               
|------------------------------------ |  | ------------------------------------------------------------------------------------------------------------ |  | --------------
|Signature                            |  | Position                                                                                                     |  | Date          
|/s/ S.A. IbrahimS.A. Ibrahim         |  | President and Director (Principal Executive
Officer)                                                         |  | March 30, 2004
|                                     |  |                                                                                                             
|/s/ Becky S. PoissonBecky S. Poisson |  | Vice President and Director                                                                                  |  | March 30, 2004
|                                     |  |                                                                                                             
|/s/ David PetriniDavid Petrini       |  | Executive Vice President, Treasurer and Secretary (Chief Financial Officer and Principal Accounting Officer) |  | March 30, 2004
|                                     |  |                                                                                                             
|/s/ Steven M. AbreuSteven M. Abreu   |  | Vice President and Director                                                                                  |  | March 30, 2004



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CERTIFICATION



I, David Petrini,
Executive Vice President, Treasurer and Secretary of GreenPoint Mortgage Securities Inc., a Delaware corporation, hereby certify that:



1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of the Notes
for periods included in the year covered by this annual report, of GreenPoint Mortgage Securities Inc.;



2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;



3. Based on my knowledge, the distribution or servicing information required
to be provided to the trustee by the servicer under the sale and servicing agreement, for inclusion in these reports is included in these reports;



4. Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with
the terms of the sale and servicing agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the servicing agreement; and



5. The reports disclose all significant deficiencies relating to the servicers compliance with the minimum servicing
standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Attestation Program for Mortgage Bankers or similar procedure, as set forth in the sale and servicing agreement,
that is included in these reports.



In giving the
certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: The Bank of New York, as Trustee.



Date: March 30, 2004



|                                                        
|--------------------------------------------------------
|/s/ David Petrini                                       
|Name: David Petrini                                     
|Title: Executive Vice President, Treasurer and Secretary





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SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.



No annual report, proxy statement, proxy materials or otherwise were sent to
Noteholders.



INDEX TO EXHIBITS

Item 15(C)



|            |  |                                                                                                                                                         
|----------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description                                                                                                                                             
|99.1        |  | Statement of Compliance of the Master Servicer pursuant to Section 3.09 of the Sale and Servicing Agreement.                                            
|            | 
|99.2*       |  | Annual Servicing Report with respect to the Master Servicers overall servicing operations pursuant to Section 3.10 of the Sale and Servicing Agreement.
|            | 
|99.3        |  | Statement of Compliance of the Issuer pursuant to Section 3.9 of the Indenture.                                                                         

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|* | The document is not due to be delivered until January 31, 2004. Such document will be filed with the Securities and Exchange Commission by amendment upon receipt by the Registrant.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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