UNITED STATES
                             SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, D.C. 20549



                                          FORM 10-K


  (Mark one)

  /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
      EXCHANGE ACT OF 1934


      Commission File Number:  333-102489-09


        Encore Credit Corporation
        Mortgage Pass-Through Certificates
        Series 2003-1

     (Exact name of registrant as specified in its charter)


   New York                                         54-2114680
                                                    54-2114681
  (State or other jurisdiction of                   (I.R.S. Employer
  incorporation or organization)                    Identification No.)

   c/o Wells Fargo Bank, N.A.
   9062 Old Annapolis Road
   Columbia, MD                                 21045
  (Address of principal executive offices)     (Zip Code)


  Registrant's telephone number, including area code: (410) 884-2000


  Securities registered pursuant to Section 12(b) of the Act:

       NONE.



  Securities registered pursuant to Section 12(g) of the Act:

       NONE.



  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 ( 229.405 of this chapter) 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.

         Not applicable.

  Indicate by check mark whether the registrant is an accelerated filer
  (as defined in Exchange Act Rule 12b-2).
    Yes___       No X






  State the aggregate market value of the voting and non-voting common
  equity held by non-affiliates computed by reference to the price at which
  the common equity was last sold, or the average bid and asked price of
  such common equity, as of the last business day of the registrant's most
  recently completed second fiscal quarter.

         Not applicable.








  Indicate the number of shares outstanding of each of the registrant's
  classes of common stock, as of the latest practicable date.

         Not applicable.



  List hereunder the following documents if incorporated by reference and
  the Part of the Form 10-K (e.g. Part I, Part II, etc.) into which the
  document is incorporated: (1)Any annual report to security holders; (2)
  Any proxy or information statement; and (3)Any prospectus filed pursuant
  to Rule 424(b) or (c) under the Securities Act of 1933. The listed
  documents should be clearly described for identification purposes (e.g.
  annual report to security holders for fiscal year ended December 24, 1980).

         Not applicable.










                                   PART I

  Item 1.  Business.

            Omitted.

  Item 2.  Properties.

            See Item 15(a), Exhibits 99.1, 99.2, and 99.3, for information
            provided in lieu of information required by Item 102 of
            Regulation S-K.



  Item 3.  Legal Proceedings.

            The registrant knows of no material pending legal proceedings
            involving the trust created under the Pooling and Servicing
            Agreement (the Trust), the Trustee, the Servicer or the
            registrant with respect to the Trust other than routine
            litigation incidental to the duties of the respective parties.





  Item 4.  Submission of Matters to a Vote of Security Holders.


            None.

                                PART II


  Item 5.  Market for Registrant's Common Equity and Related Stockholder
           Matters.


            No established public trading market for the Certificates exists.

            Records provided to the Trust by the DTC and the Trustee
            indicate that as of December 31, 2003, the number of holders of
            record for each class of Certificate were as follows:


             Class A1                             3
             Class A2                             3
             Class B1                             3
             Class B2                             9
             Class M1                             3
             Class M2                             5
             Class P                              1
             Class R1                             1
             Class R2                             1
             Class R3                             1
             Class RSKMGR                         1
             Class X                              1

             Total:                              32


  Item 6.  Selected Financial Data.

            Omitted.


  Item 7.  Management's Discussion and Analysis of Financial Condition and
           Results of Operation.

            Omitted.


  Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

            Not applicable.

  Item 8.  Financial Statements and Supplementary Data.

            See Item 15(a), Exhibits 99.1, 99.2, 99.3, for information
            provided in lieu of information required by Item 302 of
            Regulation S-K.




  Item 9.  Changes in and Disagreements with Accountants on Accounting and
           Financial Disclosure.

            None.

  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.

            Not applicable.


  Item 13. Certain Relationships and Related Transactions.

            Not applicable.

  Item 14. Principal Accounting Fees and Services.

            Not applicable.

                                PART IV


  Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

   (a) Exhibits

     (31.1) Rule 13a-14(a)/15d-14(a) Certification


     (99.1) Annual Independent Accountants' Servicing Reports concerning
            servicing activities for the year ended December 31, 2003.

       <TABLE>

       
         <c>
        a) Ocwen Federal Bank, as Servicer <F1>
       </TABLE>

     (99.2) Report of Management as to Compliance with Minimum Servicing
            Standards for the year ended December 31, 2003.

       <TABLE>

       
        <c>
        a) Ocwen Federal Bank, as Servicer <F1>
       </TABLE>

     (99.3) Annual Statements of Compliance under the Pooling and Servicing
            Agreements for the year ended December 31, 2003.

       <TABLE>

       
         <c>
       a) Aurora Loan Srvcs Inc, as Master Servicer <F1>
       </TABLE>


     (99.4) Aggregate Statement of Principal and Interest Distributions to
            Certificate Holders.


   (b)  On November 04, 2003, December 08, 2003, and January 08, 2004
        reports on Form 8-K were filed by the Company in order to provide
        the statements for the monthly distributions to holders of the
        Certificates. No other reports on Form 8-K have been filed during
        the last quarter of the period covered by this report.


   (c) Not applicable.


   (d) Omitted.

  <F1> Filed herewith.





                                SIGNATURES


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



     Encore Credit Corporation
     Mortgage Pass-Through Certificates
     Series 2003-1
     (Registrant)



  Signed: Aurora Loan Srvcs Inc as Master Servicer


  By:     E. Todd Whittemore, Executive Vice President

  By: /s/ E. Todd Whittemore, Executive Vice President

  Dated: March 30, 2004



  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.


  (a)(i) No annual report is provided to the Certificateholders other than
  with respect to aggregate principal and interest distributions.


  (a)(ii) No proxy statement, form of proxy or other proxy soliciting
  material has been sent to any Certificateholder with respect to any
  annual or other meeting of Certificateholders.

  Exhibit Index

  Exhibit No.

  Ex-31.1 Rule 13a-14(a)/15d-14(a) Certification

  I, E. Todd Whittemore, 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 periods included in the year covered by this annual report
     of Encore Credit Corporation Mortgage Pass-Through Certificates,
     Series 2003-1 Trust;

  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
     Pooling and Servicing or similar, agreement, for inclusion in these
     reports is included in these reports;

  4. I am responsible for reviewing the activities performed by the servicer
     under the pooling and servicing, or similar, agreement and based upon my
     knowledge and the annual compliance review required under that
     agreement, and except as disclosed in the reports, the servicer has
     fulfilled its obligations under that 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 Single Attestation
     Program for Mortgage Bankers or similar procedure, as set forth in
     the pooling and servicing, or similar, 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:
     Wells Fargo Bank, N.A., as Trustee, and Ocwen Federal Bank as Servicer.

     Date: March 30, 2004

     /s/ E. Todd Whittemore
     Signature

     Executive Vice President
     Title

  Ex-99.1(a)

PRICEWATERHOUSECOOPERS   (logo)


PricewaterhouseCoopers LLP 222
Lakeview Avenue
Suite 360
West Palm Beach, FL 33401

Telephone (561) 832-0038
Facsimile (561) 805-8181


INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT'S REPORT

To the Board of Directors of
Ocwen Federal Bank FSB


We have examined management's assertion, included in the accompanying Management
Assertion on Compliance with USAP, that, except for the noncompliance related to
reconciliations described in the third paragraph and the noncompliance related
to interest on escrows described in the fifth paragraph, Ocwen Federal Bank FSB
(the "Bank") complied with the minimum servicing standards identified in the
Mortgage Bankers Association of America's ("MBA's") Uniform Single Attestation
Program for Mortgage Bankers ("USAP") as of and for the year ended December 31,
2003. Management is responsible for the Bank's compliance with those minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion about the Bank's compliance based on our examination.

Our examination was made in accordance with standards established by the
American institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Bank's compliance with the
minimum servicing standards and performing such other procedures as we consider
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 Bank's compliance with the minimum servicing standards.

Our examination disclosed noncompliance with minimum servicing standards related
to account reconciliations and interest on escrows applicable to the Bank during
the year ended December 31, 2003. Such noncompliance is described in the
accompanying Management Assertion on Compliance with USAP.

In our opinion, management's assertion that the Bank complied with the
aforementioned minimum servicing standards, except for noncompliance as
described in the accompanying Management Assertion on Compliance with USAP, as
of and for the year ended December 31, 2003 is fairly stated, in all material
respects.


/s/ PriceWaterhouseCooper

March 12, 2004

Ex-99.2(a)

(logo)
OCWEN

MANAGEMENT ASSERTION ON COMPLIANCE WITH USAP

March 12, 2004


As of and for the year ended December 31,2003, except as specifically noted
below, Ocwen Federal Bank FSB (the "Bank") has complied in al1 material respects
with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's ("MBA's") Uniform Single Attestation Program for
Mortgage Bankers ("USAP").


        Standard: 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 of the cutoff date; be reviewed and
        approved by someone other than the person who prepared the
        recol1ciliation; and document explanations for reconciling items.
        These reconciling items shall be resolved within ninety (90) calendar
        days of their original identification.


        Certain reconciling items which arose during the year ended December 31,
        2003 were not specifically identified and/or were not cleared within 90
        days of their original identification. Management has developed and
        implemented an action plan and continues to resolve outstanding
        reconciling items. All significant reconciling items have been isolated
        and reviewed by the Company, and the Company believes these items will
        not have a material impact on the status of any custodial accounts.


        Standard: Interest on escrow accounts shall be paid, or credited, to
        mortgagors in accordance with the applicable state laws.


        Interest on escrow accounts in certain states was not paid, or credited,
        to mortgagors in accordance with the applicable state laws during the
        year ended December 31, 2003. The Bank has corrected the affected
        accounts by paying or crediting the appropriate interest on escrow.
        The Bank is currently implementing an enhancement to its REALServicingTM
        servicing system to ensure that, for loans collateralized by properties
        located in states that require the payment of interest on escrow
        accounts, the payment or crediting of such interest is in accordance
        with applicable state laws.




<PAGE>







As of and for this same period, the Bank had in effect a fidelity bond in the
amount of $15,000,000 and an enors and omissions policy in the amount of
$5,000,000.

/s/ Ronald M. Faris
Ronald M. Faris
President


/s/ Scott W. Anderson
Scott W. Ariaerson
Senior Vice President of Residential Assets


/s/ Brain J. LaForest
Brain J LaForest
Director of Investor Reporting




Ex-99.3(a)


AURORA LOAN SERVICES
A Lehman Brothers Company
Master Servicing / 3131 South Vaughn Way #500 / Aurora, CO 80014/
phone: 303-632-3000

Via UPS

February 26, 2004

Wells Fargo Bank: Minnesota, N.A.
Evelyn Velasco, Trust Administrator
Corporate Trust Services
9062 Old Anapolis Road
Columbia, MD 21045

RE: SASCO Series: 2002-HF2, 2002-BC1, 2002-26, 2003-6A, 2003-l5A, 2003-l7A,
    2003-22A, 2003-26A, 2003-34A, 2003-S2,
    ARC Series: 2002-BC8, 2002-BC9, 2002-BClO
    SAIL Series: 2003-BC1, 2003-BC2, 2003-BC3, 2003-BC4, 2003-BC5, 2003-BC6,
    2003-BC7, 2003-BC8, 2003-BC9, 2003-BC10, 2003-Bell, 2003-BC1,2003-BC13
    FFMLT: 2002-FF3, 2003-FFB, 2003-FF3
    Encore 2003-1
    Annual Officer's Certificate as to Compliance

Dear Ms Velasco:

The undersigned Officer certifies the following for the period ending on
December 31, 2003:

1. I have reviewed the activities and performance of the Master Servicer during
   the preceding calendar year under the terms of the Trust Agreements and to
   the best of this Officer's knowledge, the Master Servicer has fulfilled all
   of its duties, responsibilities or obligations under the Agreements;

2. Based on said review and to the best of this Officer's knowledge, the Master
   Servicer is not in default of its obligations under the terms of the Trust
   Agreements in any material respect, or, if there. is a default in the
   fulfillment of its obligations, a description of each default or failure and
   the nature and status thereof has been reported to this Officer;

3. To the best of this Officer's knowledge, nothing has arose to lead this
   Officer to believe that its Servicer has failed to perform any of its duties,
   responsibilities and obligations under its Servicing Agreement during the
   preceding calendar year;

4. To the best of this Officer's knowledge, the Servicer is not in default of
   its obligations under the terms of its Servicing Agreement in any material
   respect, or, if there is a default in the fulfillment of its obligations, a
   description of each default or failure and the nature and status thereof has
   been reported to this Officer;

5. The Master Servicer has received from its Servicer such Servicer's annual
   certificate of compliance and a copy of such Servicer's annual audit report,
   in each case to the extent required under the applicable Servicing Agreement,
   or, if any such certificate or report has not been received by the Master
   Servicer, the Master Servicer is using its best reasonable efforts to obtain
   such certificate or report.

Certified By:


/s/ E. Todd Whittemore
E. Todd Whittemore
Executive Vice President
Master Servicing Division






  Ex-99.4
   Schedule of Year-To-Date Principal and Interest Distributions to
   Certificateholders


   <TABLE>

   Class                              Interest             Principal               Losses             Ending Balance
   
                       <c>                    <c>                  <c>                 <c>
   A1                             1,812,580.54         33,834,756.51                 0.00             172,842,243.49
   A2                               253,733.15          4,595,605.58                 0.00              24,520,394.42
   B1                               265,565.09                  0.00                 0.00               8,500,000.00
   B2                                87,105.35                  0.00                 0.00               2,788,000.00
   M1                               213,112.91                  0.00                 0.00              16,027,000.00
   M2                               262,009.25                  0.00                 0.00              11,846,000.00
   P                                447,629.70                  0.00                 0.00                     100.00
   R1                                     0.00                  0.00                 0.00                       0.00
   R2                                     0.00                  0.00                 0.00                       0.00
   R3                                     0.00                  0.00                 0.00                       0.00
   RSKMGR                            26,532.20                  0.00                 0.00                       0.00
   X                              8,463,124.87                  0.00                 0.00               3,762,696.56
   </TABLE>