Deloitte and Touche, LLP
750 College Road East Third Floor
Princeton NJ 08540
Tel: 609 514 3600
www.deloitte.com


INDEPENDENT ACCOUNTANTS' REPORT

To Cendant Mortgage Corporation:

We have examined management's assertion about Cendant Mortgage Corporation
(the Company) has complied as of and for the year ended December 31, 2003,
with its minimum servicing standards described accompanying Mangement
Assertion Report.  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 and,
accordingly, included examining, on a test basis, evidence
about Cendant Mortgage Corporation's compliance with the 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 Cendant
Mortgage Corporation's compliance with the 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, 2003 is fairly stated, in all material respects,
based on the criteria set forth in Appendix I.


February 23, 2004

/s/ Deloitte and Touche LLP


Member or
Deloitte Touche Tohmatsu



Cendant Mortgage
3000 Leadenhall Rd.
Mt. Laurel, NJ 08054


As of and for the year ended December 31., 2003, Cendant Mortgage
Corporation (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.  As of and for
this same period, the Company had in effect
a fidelity bond and errors and omissions policy in the amount
of $140 million and $20 million, respectively.

Cendant Mortgage Corporation


/s/ Terence W. Edwards
Terence W. Edwards
President and Chief Executive Officer

/s/ Mark Danahy
Mark Danahy
Senior Vice President and Chief Financial Officer

/s/ Martin L. Foster
Martin L. Foster
Senior Vice President
Loan Servicing



Appendix I

Minimum Servicing Standards as set forth
in the Mortgage Bankers Association of
America Uniform Single Attestation Program
for Mortgage Banker

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:
a. be mathematically accurate;
b. be prepared within forty-five(45) calendar days
after cutoff date.
c. be reviewed and approved by someone other than the person
who prepared the reconciliation; and
d. 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 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. Disbusements made on behalf of a mortgagor
or investor shall be posted within two business
days to the mortgagor's or investors 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 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 noteand any ARM
rider.

3. Escrow accounts shall be analyzed, in accordance
With the mortgagor 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 (i.e., 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.