`Wachovia Asset Securitization, Inc
Asset-Backed Notes, Series 2003-HE1
2004 Annual Statement to Securityholders
Distribution Summary

                                             Original        Beginning                                                  Current                        Ending
                               Certificate  Certificate      Certificate                                                Realized     Total            Certificate
     Class             Cusip      Rate        Balance         Balance               Interest         Principal           Loss      Distribution        Balance
       A-1           92975QAA8 2.470630%    1,000,000,000.00 826,482,959.87         12,653,609.87    186,269,744.05           0.00 198,923,353.92     640,213,215.82
Factors per Thousand                                          826.48295987          12.65360987       186.26974405                  198.92335392       640.21321582

       A-2           92975QAB6 2.240000%      100,000,000.00  82,648,295.99          1,119,592.99     18,626,974.41           0.00  19,746,567.40      64,021,321.58
Factors per Thousand                                          826.48295990          11.19592990       186.26974410                  197.46567400       640.21321580

 Certificate            n/a    0.000000%                0.00  13,792,285.64         15,966,689.18                0.00         0.00  15,966,689.18      14,115,548.98




Totals                                      1,100,000,000.00 909,131,255.86        29,739,892.04     204,896,718.46           0.00 234,636,610.50     704,234,537.40




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                       Collection Activity


Interest
Interest Collected                            35,512,302.16
(Additional Balance Interest)                          0.00
(Relief Act Shortfalls)                                0.00
Total Interest Collected                      35,512,302.16

Principal
Principal Collected                          433,848,443.81
Net Liquidation Proceeds                               0.00
Substitute Adjustment Amount                           0.00
Other Principal Collected                              0.00
(Additional Balance Increase)                          0.00
(Draw Amounts)                               (229,376,626.13)
Total Principal Collected                    204,471,817.68

Additional Funds
Additional Funds from the Funding Account              0.00
Draws from the Policy                                  0.00
Yield Maintenance Payment                              0.00
Total Additional Funds Collected                       0.00

Fees
Enhancer Premium                               1,241,375.02
Servicing Fee                                  4,139,057.98
Trustee Fee                                            0.00
Total Fees Paid                                5,380,433.00

Total Available Collections                  234,603,686.84




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                      Collateral Information


                           Periodic Information
Beginning Collateral Balance                       922,923,541.50
Ending Collateral Balance                          718,350,086.38
Liquidation Loss Amounts                             1,038,015.55
Cumulative Liquidation Loss Amounts                  1,279,794.10
Gross WAC                                              4.782%
WAM                                                      198




                           Original Information
Collateral Balance                                 1,100,011,119.68
Number of Loans                                        22,971




Delinquent:
30-59 Days                                             1,195,965.34
60-89 Days                                               186,024.98
90-119 Days                                              563,686.28
120-149 Days                                              51,159.72
150-179 Days                                             190,037.30
180+ Days                                                365,548.98
Total                                                  2,552,422.60

Foreclosure:                                           1,225,708.40

REO:                                                           0.00




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            Additional Account Activity


                      Funding Account
Beginning Balance                          0.00
Interest Earnings                          0.00
Deposits                                   0.00
Withdrawal                                 0.00
Interest Earnings to Collection Account    0.00
Ending Balance                             0.00




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