99.2

Deloitte
Deloitte & Touche LLP

750 College Road East
Third Floor
Princeton, NJ 08540
USA
Tel: +1 609-514-3600
www.deloitte.com


INDEPENDENT ACCOUNTANTS'' REPORT

To the Board of Directors
Saxon Mortgage Services, Inc
Forth Worth, Texas

We have examined Saxon Mortgage Servicer, Inc's (the "Company") compliance
with its established minimum servicing standards described in the
accompanying Management's Assertion dated March 19, 2004, as of and for
the year ended December 31, 2003.  Management is responsible for
compliance with those minimum servicing standards.  Our
responsibility is to express an opinion on 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 and,
accordingly, including 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.

Our examination disclosed the following material noncompliances involving
the resolution of reconciling items in the custodial bank accounts within
90 days and inconsistencies with the loan documents on calculating interest
rate changes for the year ending December 31,2003.  In one of the thirty
custodial bank account selected for testing for November 2003, Company
reconciliations included 44 items totaling approximately $60,090 that were
older than 90 days.  In 18 of the 239 adjustable rate mortgage loans
selected for testing in 2003, the Company's calculations of interest rate
changes were inconsistent with the applicable underlying loan document.

In our opinion, except for the material noncompliance described in the
preceding paragraph, the Company complied, in all material respects,
with the aforementioned minimum servicing standards as of and for the
year ended December 31, 2003, as set forth in Appendix I.


/s/: Deloitte & Touche LLP
Deloitte & Touche LLP
March 19, 2004




Saxon Mortgage Services, Inc logo here


March 19, 2004


As of and for the year ended December 31, 2003, Saxon Mortgage Services Inc.
(the "Company") has complied, in all material respects, , with the
minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage
Bankers except for Mortgage Bankers except as noted in the following
paragraphs.

In one of thirty custodial bank accounts selected for testing as of November
 2003, reconciling items totaling &60,690 were outstanding for more then 90
 days.  There were no exceptions noted in the reaming twenty-nine custodial
bank accounts selected for testing (Section I.1).

Two hundred thirty-nine adjustable rate mortgage ("ARM") loans were reviewed
in 2003.  Eighteen exceptions in the interest rate change were identified
and corrected (Section V.2)

As of and for the year ended December 31,2003, the Company had in effect a
fidelity bond and errors and omissions policy in the amount of $15 million
and $10 million, respectively.



/s/: Dennis G. Stowe
     Dennis G. Stowe
     President

/s/: David L. Dill
     David L. Dill
     Executive Vice President




Saxon Mortgage Services, Inc 4660 Cox Road Suite 300 Glen Allen, VA 23060
(804) 967-7400














APPENDIX I

MIMIMUM 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;
   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 be 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 bank 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.


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 canceled checks, or other form of payment, or custodial bank
   statements.

6. Unused checks shall be safeguard 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 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.