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                                                                   EXHIBIT 31(2)

I, Ricardo Melendez, Executive Vice President and Chief Financial Officer of
Doral Financial Corporation, certify that:

      1.    I have reviewed this Form 10-Q of Doral Financial Corporation;

      2.    Based on my knowledge, this report 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 with respect
            to the period covered by this report;

      3.    Based on my knowledge, the financial statements, and other financial
            information included in this quarterly report, fairly present in all
            material respects the financial condition, results of operations and
            cash flows of the registrant as of, and for, the periods presented
            in this report;

      4.    The registrant's other certifying officer and I are responsible for
            establishing and maintaining disclosure controls and procedures (as
            defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
            registrant and have:

            a.    designed such disclosure controls, or caused such disclosure
                  controls and procedures to be designed under our supervision,
                  to ensure that material information relating to the
                  registrant, including its consolidated subsidiaries, is made
                  known to us by others within those entities, particularly
                  during the period in which this report is being prepared;

            b.    evaluated the effectiveness of the registrant's disclosure
                  controls and procedures and presented in this report our
                  conclusion about the effectiveness of the disclosure controls
                  and procedures as of the end of the period covered by this
                  report based on such evaluation; and

            c.    disclosed in this report any change in the registrant's
                  internal control over financial reporting that occurred during
                  the registrant's first fiscal quarter that has materially
                  affected, or is reasonably likely to materially affect, the
                  registrant's internal control over financial reporting; and

      5.    The registrant's other certifying officer and I have disclosed,
            based on our most recent evaluation of internal control over
            financial reporting, to the registrant's auditors and the audit
            committee of the registrant's board of directors (or persons
            performing the equivalent functions):

            a.    all significant deficiencies and material weaknesses in the
                  design or operation of internal control over financial
                  reporting which are reasonably likely to adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial information; and

            b.    any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal control over financial reporting.

Date: May 7, 2004

                                                       /s/ Ricardo Melendez
                                                   -----------------------------
                                                          Ricardo Melendez
                                                     Executive Vice President
                                                    and Chief Financial Officer