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 Cendant Mortgage Corporation:

We have examined management's assertion that Cendant Mortgage
Corporation (the Company) has complied as of and for the year ended
December 31, 2003, with its established minimum servicing standards
described in the accompanying Management 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
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.

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.


/s/ Deloitte & Touche LLP



February 23, 2004



APPENDIX I

MINIMUM 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:

o    be mathematically accurate;
o    be prepared within forty-five (45) calendar days after the
     cutoff date;
o    be reviewed and approved by someone other than the person
     who prepared the reconciliation; and
o    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 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'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.





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



As of and for the year ended December 3 1., 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