99.2

Deloitte
Deloitte & Touche LLP

Suite 1200
695 Town Center Drive
Costa Mesa, CA 92626-7188
USA
Tel: +1 714-436-7100
Fax: +1 714-436-7200
www.deloitte.com


INDEPENDENT ACCOUNTANTS' REPORT

Board of Directors
Accredited Home Lenders, Inc.

We have examined management's assertion that Accredited
Home Lenders, Inc. (the "Company") has complied as of and
for the year of December 31, 2003 with its established minimum
servicing standards described in the accompanying Management's
Assertion dated March 15, 2004 related to residential mortgage
loans originated or acquired subsequent to November 1, 2000.
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 made 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 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 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 ending December 31, 2003 is fairly stated, in all
material respects, based on the criteria set forth in Appendix I


/s/: Deloitte & Touche LLP
Deloitte & Touche LLP
March 15, 2004









Accredited company logo here


March 15, 2004

Management's Assertion

As of and for the year ended December 31, 2003, Accredited Home Lender, Inc.
(the "Company") has complied, in all material respects, with the
Company's established minimum servicing standards for residential mortgage
loans originated or acquired subsequent to November 1, 2000 as set forth in
Appendix I (the "Standards").  The Standards are based on the Mortgage
Banker's Association of America's Uniform Single Attestation Program for
Mortgage Bankers.  As of and for this same period, Accredited Home Lenders,
Inc. had in effect a fidelity bond in the amount of $5 million and an
errors and omissions policy in the amount of $3 million.




/s/: James A Konrath
     James A Konrath
     Chief Executive Officer

/s/: Jeff Crawford
     Jeff Crawford
     Director of Operations

/s/: John Buchanan
     John Buchanan
     Chief Financial Officer


/s/: Pamela Duffey
     Pamela Duffey
     Controller


National Headquarters
15090 Avenue of Science, Suite 200
San Diego, CA 92128
T 800.690.6000 F 858.676.2170
www.accredited.com



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 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 review and approved by some one 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 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.

V. 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).

VI. 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.