8-K 1 ac030112.htm 8K Accredited Mortgage Loan Trust 2003-1



                           SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C.  20549


                                        FORM 8-K


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  December 26, 2003


                             Accredited Home Capital,Inc.
          (as Seller, Accredited Home Lenders, Inc., as Sponser and
           Master Servicer, Accredited Mortgage Loan Trust 2003-1 as
           Issuer, Countrywide Home Loans Servicing LP as Backup Servicer,
             and Deutsche Bank National Trust Company, as Trustee).


            Accredited Mort Loan Trust Asset Back Notes Series 2003-1
            (Exact name of Registrant as specified in its Charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-100619-02                                  33-0426859
          (Commission File Number)        (I.R.S. Employer Identification No.)


          15030 Avenue of Science
          San Diego, Californis                         92128
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (858) 676-2100


     Item 5.  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 7.  Financial Statement and Exhibits

     Exhibits:  (as noted in Item 5 above)

     Monthly Remittance Statement to the Certificateholders dated as of
     December 26, 2003.




                                     SIGNATURE


               Pursuant to the requirements of the Securities Exchange Act of
          1934, the Registrant has duly caused this report to be signed on its
          behalf by the undersigned, hereunto duly authorized.


                                  Deutsche Bank National Trust Company,
                                  not in its individual capacity, but solely
                                  as a duly authorized agent of the Registrant
                                  pursuant to the Pooling and Servicing
                                  Agreement, dated as of May 1,2003.


          Date:  Jan 02, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of December 26, 2003.






			
                       
 Accredited Mortgage Loan Trust 2003-1
 Asset Backed Notes
  
  
 December 26, 2003 Distribution
  
  
 Contents
            
            
            
   TABLE OF CONTENTS        
            
        Page   
            
    1. Contents    1    
    2. Certificate Payment Report    2    
    3. Collection Account Report    4    
    4. Credit Enhancement Report    7    
    5. Collateral Report    8    
    6. Delinquency Report    11    
    7. REO Report    15    
    8. Prepayment Report    16    
    9. Prepayment Detail Report    19    
    10. Realized Loss Report    20    
    11. Realized Loss Detail Report    23    
    12. Triggers, Adj. Rate Cert. and Miscellaneous Report    24    
    13. Additional Certificate Report    25    
            
            
            
            
    Total Number of Pages    25    
            
            
            
   CONTACTS        
            
     Administrator: Eiko Akiyama        
     Direct Phone Number: (714)247-6328        
     Address: Deutsche Bank        
     1761 E. St. Andrew Place, Santa Ana, CA 92705       
            
     Web Site: https://www.corporatetrust.db.com/invr        
     Factor Information: (800) 735-7777        
     Main Phone Number: (714) 247-6000        
            
            
            
ISSUANCE INFORMATION           
            
 Seller: Accredited Home Capital Inc.     Cut-Off Date: May 1, 2003    
 Certificate Insurer(s):       Closing Date: May 30, 2003    
         First Payment Date: June 25, 2003    
 Servicer(s): Accredited Home Lenders Master Servicer        
   Countrywide Home Loans, Inc. Special Servicer        
            
         Distribution Date: December 26, 2003    
 Underwriter(s): Lehman Brothers      Record Date: December 24, 2003    
   CS First Boston      November 28, 2003    
            
            
            
            
            
            
      Page 1 of 25    © COPYRIGHT 2003 Deutsche Bank
 Accredited Mortgage Loan Trust 2003-1
 Asset Backed Notes
 Trust Fund Series 2003-1
 Certificate Payment Report for December 26, 2003 Distribution
            
            
 Distribution in Dollars - Current Period          
     Prior     Current
 ClassOriginalPrincipal  TotalRealizedDeferredPrincipal
ClassTypeFace ValueBalanceInterestPrincipalDistributionLossesInterestBalance
     (1)(2)(3)(4)=(2)+(3)(5)(6)(7)=(1)-(3)-(5)+(6)
            
A-1STEP,AFC 104,201,000.00 97,646,919.48 291,313.31 1,430,491.64 1,721,804.95 - - 96,216,427.84
A-2FLT,STEP 110,037,000.00 102,211,849.10 129,273.15 2,162,490.83 2,291,763.98 - - 100,049,358.27
A-3FLT,STEP 88,809,000.00 81,291,750.70 104,914.34 1,825,539.31 1,930,453.65 - - 79,466,211.38
CERT  - - - - - - - -
  
  
Total  303,047,000.00 281,150,519.28 525,500.80 5,418,521.79 5,944,022.59 - - 275,731,997.49
            
            
 Interest Accrual Detail   Current Period Factor Information per $1,000 of Original Face      
      Orig. PrincipalPrior   Current
 PeriodPeriod  (with Notional)Principal  TotalPrincipal
ClassStartingEndingMethodCusipBalanceBalanceInterestPrincipalDistributionBalance
      (1)(2)(3)(4)=(2)+(3)(5)
           
A-1   F-30/360 004375AK7 104,201,000.00 937.101558 2.795686 13.728195 16.523881 923.373363
A-211/25/0312/25/03 A-Act/360 004375AL5 110,037,000.00 928.886185 1.174815 19.652397 20.827213 909.233787
A-311/25/0312/25/03 A-Act/360 004375AM3 88,809,000.00 915.354871 1.181348 20.555792 21.737140 894.799079
CERT   F-30/360 - - - - - -
            
            
       Page 2 of 25   © COPYRIGHT 2003 Deutsche Bank
 Accredited Mortgage Loan Trust 2003-1
 Asset Backed Notes
 Trust Fund Series 2003-1
 Certificate Payment Report for December 26, 2003 Distribution
            
            
 Distribution in Dollars - to Date          
          Current
 Original Unscheduled Scheduled TotalTotalRealizedDeferredPrincipal
ClassFace ValueInterestPrincipalPrincipalPrincipalDistributionLossesInterestBalance
 (1)(2)(3)(4)(5)=(3)+(4)(6)=(2)+(5)(7)(8)(9)=(1)-(5)-(7)+(8)
         
A-1 104,201,000.00 2,124,387.33 7,253,442.32 731,129.84 7,984,572.16 10,108,959.49 - - 96,216,427.84
A-2 110,037,000.00 916,275.04 9,383,981.28 603,660.45 9,987,641.73 10,903,916.77 - - 100,049,358.27
A-3 88,809,000.00 752,258.19 8,859,153.35 483,635.27 9,342,788.62 10,095,046.81 - - 79,466,211.38
CERT - - - - - - - - -
 
 
Total 303,047,000.00 3,792,920.56 25,496,576.95 1,818,425.56 27,315,002.51 31,107,923.07 - - 275,731,997.49
            
            
 Interest Detail          
 Pass-Prior Principal Non-PriorUnscheduled Paid orCurrent
 Through(with Notional)AccruedSupportedUnpaidInterestOptimalDeferredUnpaid
ClassRateBalanceInterestInterest SFInterestAdjustmentsInterestInterestInterest
   (1)(2)(3)(4)(5)=(1)-(2)+(3)+(4)(6)(7)=(5)-(6)
          
A-13.58000% 97,646,919.48 291,313.31 - - - 291,313.31 291,313.31 -
A-21.46875% 102,211,849.10 129,273.15 - - - 129,273.15 129,273.15 -
A-31.49875% 81,291,750.70 104,914.34 - - - 104,914.34 104,914.34 -
CERT  - - - - - - - -
  
  
Total  281,150,519.28 525,500.80 - - - 525,500.80 525,500.80 -
            
            
       Page 3 of 25   © COPYRIGHT 2003 Deutsche Bank
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Collection Account Report for December 26, 2003 Distribution   
            
            
 Collection Account Report   
            
            
SUMMARY    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Principal Collections   1,419,279.62 1,641,379.11 1,332,162.24 4,392,820.97    
 Principal Withdrawals   0.00 0.00 0.00 0.00    
 Principal Other Accounts   0.00 0.00 0.00 0.00    
 TOTAL PRINCIPAL   1,419,279.62 1,641,379.11 1,332,162.24 4,392,820.97    
            
 Interest Collections   531,703.13 676,680.66 615,791.63 1,824,175.42    
 Interest Withdrawals   (20,529.10)(26,295.79)(25,996.62)(72,821.50)   
 Interest Other Accounts   0.00 0.00 0.00 0.00    
 TOTAL INTEREST   511,174.03 650,384.87 589,795.01 1,751,353.92    
            
 TOTAL AVAILABLE FUNDS TO BONDHOLDERS   1,930,453.65 2,291,763.98 1,921,957.25 6,144,174.89    
            
 Interest Payable to Bondholders   511,174.03 650,384.87 589,795.01 1,751,353.92    
            
 Principal Payment Amount Payable to Bondholders   1,419,279.62 1,641,379.11 1,332,162.24 4,392,820.97    
            
            
PRINCIPAL - COLLECTIONS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Scheduled Principal   67,738.14 85,488.91 103,269.53 256,496.58    
 Curtailments   1,118.95 12,664.70 11,596.91 25,380.56    
 Prepayments in Full   1,221,809.90 1,543,225.50 1,217,295.80 3,982,331.20    
 Repurchases/Substitutions   0.00 0.00 0.00 0.00    
 Liquidations   154,998.36 0.00 0.00 154,998.36    
 Insurance Principal   0.00 0.00 0.00 0.00    
 Other Additional Principal   0.00 0.00 0.00 0.00    
 Delinquent Principal   (58,525.33)(72,914.51)(86,161.40)(217,601.24)   
 Realized Losses   (26,385.73)0.00 0.00 (26,385.73)   
 Principal Recovered   0.00 0.00 0.00 0.00    
 Substitution Shortfall Principal   0.00 0.00 0.00 0.00    
 Proceeds due to calling the Notes   0.00 0.00 0.00 0.00    
 Proceeds due to the termination of the trust   0.00 0.00 0.00 0.00    
 Principal Advanced   58,525.33 72,914.51 86,161.40 217,601.24    
            
 TOTAL PRINCIPAL   1,419,279.62 1,641,379.11 1,332,162.24 4,392,820.97    
            
            
    Page 4 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Collection Account Report for December 26, 2003 Distribution   
     
     
 Collection Account Report   
            
            
PRINCIPAL - WITHDRAWALS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
PRINCIPAL - OTHER ACCOUNTS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Pre-funding Release Amount   0.00 0.00 0.00 0.00    
 Insured Principal Payment   0.00 0.00 0.00 0.00    
            
 TOTAL PRINCIPAL OTHER ACCOUNTS   0.00 0.00 0.00 0.00    
            
            
INTEREST - COLLECTIONS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Scheduled Interest   508,416.28 637,596.98 611,105.37 1,757,118.63    
 Repurchases/Substitutions   0.00 0.00 0.00 0.00    
 Liquidations   840.74 0.00 0.00 840.74    
 Insurance Interest   0.00 0.00 0.00 0.00    
 Other Additional Interest   0.00 0.00 0.00 0.00    
 Prepayment Interest Shortfalls   (729.01)(366.29)(2,438.39)(3,533.69)   
 Delinquent Interest   (436,988.56)(538,387.83)(501,849.25)(1,477,225.64)   
 Realized Losses   0.00 0.00 0.00 0.00    
 Compensating Interest   729.01 366.29 2,438.39 3,533.69    
 Civil Relief Act Shortfalls   0.00 0.00 0.00 0.00    
 Substitution Shortfall Interest   0.00 0.00 0.00 0.00    
 Prepayment Premiums   52,259.76 76,046.40 38,659.10 166,965.26    
 Loan Adjustments   0.00 0.00 0.00 0.00    
 Interest Advanced   407,174.91 501,425.11 467,876.41 1,376,476.43    
            
 TOTAL INTEREST   531,703.13 676,680.66 615,791.63 1,824,175.42    
            
            
    Page 5 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Collection Account Report for December 26, 2003 Distribution   
     
     
 Collection Account Report   
            
            
INTEREST - WITHDRAWALS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
INTEREST - OTHER ACCOUNTS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Capitalized Interest   0.00 0.00 0.00 0.00    
 Insured Interest Payment   0.00 0.00 0.00 0.00    
            
 TOTAL INTEREST OTHER ACCOUNT   0.00 0.00 0.00 0.00    
            
            
INTEREST - FEES    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Current Servicing Fees   5,067.51 6,855.85 7,432.20 19,355.56    
 Indenture Trustee Fees   558.10 701.10 662.48 1,921.68    
 Indenture Trustee Indemnification Amounts Due   0.00 0.00 0.00 0.00    
 Insurance Premiums   14,903.49 18,738.84 17,901.94 51,544.26    
 Amounts due and owing to the Owner Trustee   0.00 0.00 0.00 0.00    
 Amounts due to the Master Servicer   0.00 0.00 0.00 0.00    
            
 TOTAL INTEREST FEES   20,529.10 26,295.79 25,996.62 72,821.50    
            
            
    Page 6 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Credit Enhancement Report for December 26, 2003 Distribution   
     
     
 Credit Enhancement Report   
            
            
ACCOUNTS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Beginning Reserve Account Balance   0.00 0.00 0.00 0.00    
 PLUS: Deposits to the Reserve Account   0.00 0.00 200,152.31 200,152.31    
 LESS: Withdrawls to pay the Reimbursement Amount   0.00 0.00 0.00 0.00    
 LESS: Withdrawls to pay Class Shortfalls   0.00 0.00 0.00 0.00    
 LESS: Withdrawls to pay Net WAC Carryover   0.00 0.00 0.00 0.00    
 LESS: Reserve Account Release Amount   0.00 0.00 0.00 0.00    
 Ending Reserve Account Balance   0.00 0.00 200,152.31 200,152.31    
            
            
INSURANCE    GROUP 3 GROUP 2 GROUP 1 TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
STRUCTURAL FEATURES    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Specified Over-collateralization Amount   2,841,893.48 3,521,198.82 1,823,534.67 8,186,626.98    
            
 Over-collateralization Amount   2,802,902.53 3,473,821.21 1,823,534.67 8,100,258.41    
            
 Over-collateralization Increase Amount   406,259.69 521,111.72 98,329.40 1,025,700.82    
            
            
    Page 7 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Collateral Report for December 26, 2003 Distribution   
     
     
 Collateral Report   
            
            
COLLATERAL    GROUP 3 GROUP 2 GROUP 1 TOTAL   
 Loan Count:          
 Original   4857048262015   
 Prior   455 677 797 1,929    
 Prefunding   - - - -    
 Scheduled Paid Offs   - - - -    
 Full Voluntary Prepayments   (7) (9) (9) (25)   
 Repurchases   - - - -    
 Liquidations   (1) - - (1)   
 Current   447 668 788 1,903    
            
 Principal Balance:          
 Original   88,809,171.36 110,037,463.19 104,201,981.24 303,048,615.79    
 Prior   83,714,779.26 105,164,558.59 99,372,124.75 288,251,462.60    
 Prefunding   - - - -    
 Scheduled Principal   (67,738.14) (85,488.91) (103,269.53) (256,496.58)   
 Partial and Full Voluntary Prepayments   (1,222,928.85) (1,555,890.20) (1,228,892.71) (4,007,711.76)   
 Repurchases   - - - -    
 Liquidations   (154,998.36) - - (154,998.36)   
 Current   82,269,113.91 103,523,179.48 98,039,962.51 283,832,255.90    
            
PREFUNDING    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Pre-Funding Amount Beginning Balance   0.00 0.00 0.00 0.00    
 Pre-Funding Loans Purchased   0.00 0.00 0.00 0.00    
 Pre-Funding Release Amounts   0.00 0.00 0.00 0.00    
 Pre-Funding Amount Ending Balance   0.00 0.00 0.00 0.00    
            
 Capitalized Interest Account Beginning Balance      0.00    
 Interest Earnings      0.00    
 Amounts withdrawn to support certificates      0.00    
 Amounts Released to Sponsor      0.00    
 Capitalized Interest Account Ending Balance      0.00    
            
            
  Group 1 Group 3        
  Group 2          
Current Prin Balance by Groups (in millions of dollars)Total Current Principal Balance (in millions of dollars)   
            
            
    Page 8 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Collateral Report for December 26, 2003 Distribution   
     
     
 Collateral Report   
            
            
CHARACTERISTICS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
            
 Weighted Average Coupon Original   7.306199%7.296333%7.383938%7.329347%   
 Weighted Average Coupon Prior   7.296354%7.277667%7.382121%7.319259%   
 Weighted Average Coupon Current   7.299887%7.275420%7.379599%7.318441%   
 Weighted Average Months to Maturity Original   358 358 311 342    
 Weighted Average Months to Maturity Prior   353 353 305 336    
 Weighted Average Months to Maturity Current   352 352 305 336    
 Weighted Avg Remaining Amortization Term Original   358 358 339 351    
 Weighted Avg Remaining Amortization Term Prior   353 353 333 346    
 Weighted Avg Remaining Amortization Term Current   352 352 332 345    
 Weighted Average Seasoning Original   2.21 2.23 2.32 2.25    
 Weighted Average Seasoning Prior   7.21 7.19 7.30 7.24    
 Weighted Average Seasoning Current   8.22 8.19 8.30 8.24    
            
Note: Original information refers to deal issue.           
            
            
  Group 1 Group 3        
  Group 2          
WAC by GroupsTotal WAC   
            
            
WARAT by GroupsTotal WARAT   
            
            
Note: Dates correspond to distribution dates.           
    Page 9 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Collateral Report for December 26, 2003 Distribution   
     
     
 Collateral Report   
            
            
ARM CHARACTERISTICS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
            
 Weighted Average Margin Original   5.989%5.985%     
 Weighted Average Margin Prior   5.980%5.967%     
 Weighted Average Margin Current   5.983%5.965%     
 Weighted Average Max Rate Original   14.306%14.296%     
 Weighted Average Max Rate Prior   14.296%14.278%     
 Weighted Average Max Rate Current   14.299%14.275%     
 Weighted Average Min Rate Original   7.306%7.296%     
 Weighted Average Min Rate Prior   7.296%7.278%     
 Weighted Average Min Rate Current   7.300%7.275%     
 Weighted Average Cap Up Original   1.500%1.500%     
 Weighted Average Cap Up Prior   1.500%1.500%     
 Weighted Average Cap Up Current   1.500%1.500%     
 Weighted Average Cap Down Original   1.500%1.500%     
 Weighted Average Cap Down Prior   1.500%1.500%     
 Weighted Average Cap Down Current   1.500%1.500%     
            
Note: Original information refers to deal issue.           
            
SERVICING FEES / ADVANCES    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Current Servicing Fees   5,067.51 6,855.85 7,432.20 19,355.56    
 Delinquent Servicing Fees   29,813.65 36,962.72 33,972.85 100,749.22    
 TOTAL SERVICING FEES   34,881.16 43,818.57 41,405.05 120,104.78    
            
 Total Servicing Fees   34,881.16 43,818.57 41,405.05 120,104.78    
 Compensating Interest   (729.01)(366.29)(2,438.39)(3,533.69)   
 Delinquent Servicing Fees   (29,813.65)(36,962.72)(33,972.85)(100,749.22)   
 COLLECTED SERVICING FEES   4,338.50 6,489.56 4,993.81 15,821.87    
            
 Current PPIS   (729.01)(366.29)(2,438.39)(3,533.69)   
 Compensating Interesst   729.01 366.29 2,438.39 3,533.69    
 CURRENT NET PPIS   0.00 0.00 0.00 0.00    
            
 Total Advanced Principal For Current Payment Date   58,525.33 72,914.51 86,161.40 217,601.24    
 Total Advanced Interest For Current Payment Date   407,174.91 501,425.11 467,876.41 1,376,476.43    
 TOTAL ADVANCES FOR CURRENT PERIOD   465,700.24 574,339.62 554,037.81 1,594,077.67    
            
            
ADDITIONAL COLLATERAL INFORMATION    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Current Month's LIBOR      1.118750%   
            
            
    Page 10 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Delinquency Report for December 26, 2003 Distribution   
     
     
 Delinquency Report - Total   
            
            
     <1 PAYMENT 1 PAYMENT 2 PAYMENTS 3+ PAYMENTS TOTAL   
DELINQUENT  Balance   950,296.41 157,484.79 - 1,107,781.20    
   % Balance   0.33%0.06%0.00%0.39%   
   # Loans   6 2 - 8    
   % # Loans   0.32%0.11%0.00%0.42%   
FORECLOSURE  Balance   - - 1,039,300.97 721,336.25 1,760,637.22    
   % Balance  0.00%0.00%0.37%0.25%0.62%   
   # Loans   - - 8 3 11    
   % # Loans  0.00%0.00%0.42%0.16%0.58%   
BANKRUPTCY  Balance   169,541.62 347,356.33 - - 516,897.95    
   % Balance  0.06%0.12%0.00%0.00%0.18%   
   # Loans   1 1 - - 2    
   % # Loans  0.05%0.05%0.00%0.00%0.11%   
REO  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
            
TOTAL  Balance   169,541.62 1,297,652.74 1,196,785.76 721,336.25 3,385,316.37    
   % Balance  0.06%0.46%0.42%0.25%1.19%   
   # Loans   1 7 10 3 21    
   % # Loans  0.05%0.37%0.53%0.16%1.10%   
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+           
        6 Months Moving Average    
1 or 2 Payments Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal Bankruptcy and REO   
            
            
Note: Dates correspond to distribution dates.           
    Page 11 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Delinquency Report for December 26, 2003 Distribution   
     
     
 Delinquency Report - Group 1 Group   
            
            
     <1 PAYMENT 1 PAYMENT 2 PAYMENTS 3+ PAYMENTS TOTAL   
DELINQUENT  Balance   202,148.55 - - 202,148.55    
   % Balance   0.21%0.00%0.00%0.21%   
   # Loans   1 - - 1    
   % # Loans   0.13%0.00%0.00%0.13%   
FORECLOSURE  Balance   - - 236,912.67 - 236,912.67    
   % Balance  0.00%0.00%0.24%0.00%0.24%   
   # Loans   - - 3 - 3    
   % # Loans  0.00%0.00%0.38%0.00%0.38%   
BANKRUPTCY  Balance   169,541.62 347,356.33 - - 516,897.95    
   % Balance  0.17%0.35%0.00%0.00%0.53%   
   # Loans   1 1 - - 2    
   % # Loans  0.13%0.13%0.00%0.00%0.25%   
REO  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
            
TOTAL  Balance   169,541.62 549,504.88 236,912.67 - 955,959.17    
   % Balance  0.17%0.56%0.24%0.00%0.98%   
   # Loans   1 2 3 - 6    
   % # Loans  0.13%0.25%0.38%0.00%0.76%   
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+           
        6 Months Moving Average    
1 or 2 Payments Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal Bankruptcy and REO   
            
            
Note: Dates correspond to distribution dates.           
    Page 12 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Delinquency Report for December 26, 2003 Distribution   
     
     
 Delinquency Report - Group 2 Group   
            
            
     <1 PAYMENT 1 PAYMENT 2 PAYMENTS 3+ PAYMENTS TOTAL   
DELINQUENT  Balance   377,370.33 70,024.62 - 447,394.95    
   % Balance   0.36%0.07%0.00%0.43%   
   # Loans   3 1 - 4    
   % # Loans   0.45%0.15%0.00%0.60%   
FORECLOSURE  Balance   - - 217,669.09 399,137.96 616,807.05    
   % Balance  0.00%0.00%0.21%0.39%0.60%   
   # Loans   - - 2 2 4    
   % # Loans  0.00%0.00%0.30%0.30%0.60%   
BANKRUPTCY  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
REO  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
            
TOTAL  Balance   - 377,370.33 287,693.71 399,137.96 1,064,202.00    
   % Balance  0.00%0.36%0.28%0.39%1.03%   
   # Loans   - 3 3 2 8    
   % # Loans  0.00%0.45%0.45%0.30%1.20%   
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+           
        6 Months Moving Average    
1 or 2 Payments Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal Bankruptcy and REO   
            
            
Note: Dates correspond to distribution dates.           
    Page 13 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Delinquency Report for December 26, 2003 Distribution   
     
     
 Delinquency Report - Group 3 Group   
            
            
     <1 PAYMENT 1 PAYMENT 2 PAYMENTS 3+ PAYMENTS TOTAL   
DELINQUENT  Balance   370,777.53 87,460.17 - 458,237.70    
   % Balance   0.45%0.11%0.00%0.56%   
   # Loans   2 1 - 3    
   % # Loans   0.45%0.22%0.00%0.67%   
FORECLOSURE  Balance   - - 584,719.21 322,198.29 906,917.50    
   % Balance  0.00%0.00%0.71%0.39%1.10%   
   # Loans   - - 3 1 4    
   % # Loans  0.00%0.00%0.67%0.22%0.89%   
BANKRUPTCY  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
REO  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
            
TOTAL  Balance   - 370,777.53 672,179.38 322,198.29 1,365,155.20    
   % Balance  0.00%0.45%0.82%0.39%1.66%   
   # Loans   - 2 4 1 7    
   % # Loans  0.00%0.45%0.89%0.22%1.57%   
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+   
        6 Months Moving Average    
1 or 2 Payments Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal Bankruptcy and REO   
            
            
Note: Dates correspond to distribution dates.           
    Page 14 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 REO Report for December 26, 2003 Distribution   
     
     
 REO Report - Mortgage Loans that Become REO During Current Distribution   
            
            
SUMMARY    LOAN GROUP       
            
Total Loan Count = 0 Loan Group 1 = Group 1 Group; REO Book Value = 000.00   
Total Original Principal Balance = 000.00 Loan Group 2 = Group 2 Group; REO Book Value = 000.00       
Total Current Balance = 000.00 Loan Group 3 = Group 3 Group; REO Book Value = 000.00       
REO Book Value = 000.00        
            
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.   
            
Loan Number Original Stated   Current State &      
& Principal Principal Paid to Note LTV at Original Origination    
Loan Group Balance BalanceDateRateOriginationTermDate   
SPACE INTENTIONALLY LEFT BLANK   
          
            
    Page 15 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Prepayment Report for December 26, 2003 Distribution   
     
     
 Prepayment Report - Voluntary Prepayments   
            
            
VOLUNTARY PREPAYMENTS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
            
 Current          
 Number of Paid in Full Loans   7 9 9 25    
 Number of Repurchased Loans   - - - -    
 Total Number of Loans Prepaid in Full   7 9 9 25    
            
 Paid in Full Balance   1,221,809.90 1,543,225.50 1,217,295.80 3,982,331.20    
 Repurchased Loans Balance   - - - -    
 Curtailments Amount   1,118.95 12,664.70 11,596.91 25,380.56    
 Total Prepayment Amount   1,222,928.85 1,555,890.20 1,228,892.71 4,007,711.76    
            
 Cumulative          
 Number of Paid in Full Loans   37 36 38 111    
 Number of Repurchased Loans   - - - -    
 Total Number of Loans Prepaid in Full   37 36 38 111    
            
 Paid in Full Balance   5,878,709.09 5,871,700.87 5,335,702.39 17,086,112.35    
 Repurchased Loans Balance   - - - -    
 Curtailments Amount   22,714.72 38,922.39 95,186.50 156,823.61    
 Total Prepayment Amount   5,901,423.81 5,910,623.26 5,430,888.89 17,242,935.96    
            
SPACE INTENTIONALLY LEFT BLANK   
            
            
Total Prepayments by Groups (in thousands of dollars)Total Prepayments (in thousands of dollars)   
            
            
    Page 16 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Prepayment Report for December 26, 2003 Distribution   
     
     
 Prepayment Report - Voluntary Prepayments   
            
            
VOLUNTARY PREPAYMENT RATES    GROUP 3 GROUP 2 GROUP 1 TOTAL   
            
 SMM   1.46%1.48%1.24%1.39%   
 3 Months Avg SMM   1.48%0.90%1.24%1.19%   
 12 Months Avg SMM          
 Avg SMM Since Cut-off   0.98%0.79%0.77%0.84%   
            
 CPR   16.20%16.39%13.88%15.48%   
 3 Months Avg CPR   16.37%10.29%13.90%13.35%   
 12 Months Avg CPR          
 Avg CPR Since Cut-off   11.16%9.06%8.81%9.59%   
            
 PSA   985.90%1000.59%836.43%939.74%   
 3 Months Avg PSA Approximation   1134.55%715.79%951.67%922.21%   
 12 Months Avg PSA Approximation          
 Avg PSA Since Cut-off Approximation   1071.35%871.90%830.09%915.65%   
            
            
            
  Group 1 Group 3        
  Group 2          
            
            
CPR by GroupsTotal CPR   
            
            
PSA by GroupsTotal PSA   
            
            
    Page 17 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Prepayment Report for December 26, 2003 Distribution   
     
     
 Prepayment Report - Voluntary Prepayments   
            
  Group 1 Group 3        
  Group 2          
    
CPR Avg since Cut-Off by Groups Total CPR Avg since Cut-Off    
            
            
PSA Avg since Cut-Off by Groups Total PSA Avg since Cut-Off    
            
            
PREPAYMENT CALCULATION METHODOLOGY   
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)   
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)   
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))   
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) *.......*(1-SMMm)]^(1/months in period n,m)   
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)   
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))   
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)   
Weighted Average Seasoning (WAS)   
    
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.   
Dates correspond to distribution dates.   
            
    Page 18 of 25   © COPYRIGHT 2003 Deutsche Bank   
            
            
 Accredited Mortgage Loan Trust 2003-1  
 Asset Backed Notes  
 Series 2003-1  
 Prepayment Detail Report for December 26, 2003 Distribution  
    
    
 Prepayment Detail Report - Loans Prepaid in Full During Current Distribution  
            
            
SUMMARY     LOAN GROUP     
            
Total Loan Count = 25     Loan Group 1 = Group 1 Group  
Total Original Principal Balance = 4,007,050.00 Loan Group 2 = Group 2 Group  
Total Prepayment Amount = 3,982,331.20 Loan Group 3 = Group 3 Group  
            
            
Loan Number  Original    Current State & Type Prepayment    
&Loan Principal Prepayment Prepayment Note LTV at & Origination   
Loan GroupStatus Balance AmountDateRateOriginationOriginal TermDate  
   
301145949 1  233,700.00 232,536.75 Nov-18-038.500%NJ - 89.88% Paid Off - 180 Feb-03-03  
301220372 1  148,000.00 146,907.02 Nov-26-036.490%MD - 78.72% Paid Off - 180 Mar-05-03  
301220551 1  324,000.00 322,081.66 Nov-19-037.625%CA - 80.00% Paid Off - 360 Feb-10-03  
301220610 1  119,000.00 118,183.95 Nov-17-036.875%CA - 50.21% Paid Off - 360 Feb-24-03  
302036119 1  54,600.00 54,194.29 Dec-03-036.750%CA - 64.62% Paid Off - 360 Feb-21-03  
302131983 1  69,600.00 67,951.40 Dec-15-037.990%FL - 80.00% Paid Off - 180 Feb-24-03  
302205354 1  38,500.00 37,750.41 Nov-24-038.990%MS - 60.16% Paid Off - 180 Mar-13-03  
303030495 1  107,500.00 106,213.35 Nov-28-036.800%AZ - 84.65% Paid Off - 240 Apr-18-03  
304041332 1  132,000.00 131,476.96 Nov-20-038.250%PA - 80.00% Paid Off - 360 Apr-24-03  
212061161 2  80,000.00 79,502.77 Nov-18-037.990%MA - 60.15% Paid Off - 360 Jan-14-03  
301219390 2  112,500.00 111,850.19 Nov-28-037.750%NJ - 72.58% Paid Off - 360 Feb-05-03  
301283030 2  256,000.00 254,283.23 Dec-04-036.990%CA - 80.00% Paid Off - 360 Feb-20-03  
301293720 2  263,000.00 261,969.34 Dec-09-038.990%CA - 67.44% Paid Off - 360 Mar-17-03  
301315377 2  111,600.00 110,853.05 Nov-28-037.000%AZ - 80.00% Paid Off - 360 Feb-14-03  
303125728 2  90,000.00 89,567.80 Dec-15-037.990%CT - 63.83% Paid Off - 360 Mar-20-03  
303254063 2  275,400.00 273,905.77 Dec-10-037.375%CA - 90.00% Paid Off - 360 Apr-03-03  
303276154 2  83,200.00 82,832.87 Dec-08-037.625%NJ - 65.00% Paid Off - 360 Apr-14-03  
304029975 2  280,000.00 278,460.48 Dec-15-036.500%CA - 80.00% Paid Off - 360 Apr-14-03  
301072636 3  136,000.00 134,948.61 Nov-25-036.250%FL - 80.00% Paid Off - 360 Feb-05-03  
301072860 3  175,500.00 174,459.61 Dec-12-037.875%AZ - 90.00% Paid Off - 360 Mar-05-03  
301094429 3  63,000.00 62,501.02 Nov-20-036.625%NJ - 19.38% Paid Off - 360 Mar-31-03  
301304396 3  144,200.00 143,634.91 Nov-28-038.990%CT - 66.15% Paid Off - 360 Mar-24-03  
302109862 3BK 330,000.00 328,209.51 Dec-02-037.375%CA - 69.47% Paid Off - 360 Mar-20-03  
303126537 3  203,500.00 202,688.17 Nov-24-038.990%CA - 83.06% Paid Off - 360 Mar-31-03  
304071891 3  176,250.00 175,368.09 Dec-02-036.990%MA - 75.00% Paid Off - 360 Apr-29-03  
          
            
     Page 19 of 25   © COPYRIGHT 2003 Deutsche Bank  
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Realized Loss Report for December 26, 2003 Distribution   
     
     
 Realized Loss Report - Collateral   
            
            
COLLATERAL REALIZED LOSSES    GROUP 3 GROUP 2 GROUP 1 TOTAL   
            
 Current          
 Number of Loans Liquidated   1 - - 1    
 Collateral Realized Loss/(Gain) Amount   - - - -    
 Net Liquidation Proceeds   154,998.36 - - 154,998.36    
            
 Cumulative          
 Number of Loans Liquidated   1 - - 1    
 Collateral Realized Loss/(Gain) Amount   - - - -    
 Net Liquidation Proceeds   154,998.36 - - 154,998.36    
            
 Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.          
            
SPACE INTENTIONALLY LEFT BLANK   
            
            
  Group 1 Group 3    3 Months Moving Average     
  Group 2          
            
Collateral Loss Severity Approximation by GroupsCollateral Loss Severity Approximation   
            
            
    Page 20 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Realized Loss Report for December 26, 2003 Distribution   
     
     
 Realized Loss Report - Collateral   
            
            
DEFAULT SPEEDS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
            
 MDR   0.19%0.00%0.00%0.05%   
 3 Months Avg MDR   0.06%0.00%0.00%0.02%   
 12 Months Avg MDR          
 Avg MDR Since Cut-off   0.03%0.00%0.00%0.01%   
            
 CDR   2.20%0.00%0.00%0.64%   
 3 Months Avg CDR   0.74%0.00%0.00%0.21%   
 12 Months Avg CDR          
 Avg CDR Since Cut-off   0.32%0.00%0.00%0.09%   
            
 SDA   13.38%0.00%0.00%3.91%   
 3 Months Avg SDA Approximation   5.12%0.00%0.00%1.49%   
 12 Months Avg SDA Approximation          
 Avg SDA Since Cut-off Approximation   3.04%0.00%0.00%0.88%   
            
 Loss Severity Approximation for Current Period   
 3 Months Avg Loss Severity Approximation   
 12 Months Avg Loss Severity Approximation   
 Avg Loss Severity Approximation Since Cut-off   
            
  Group 1 Group 3        
  Group 2          
CDR by GroupsTotal CDR   
            
            
SDA by GroupsTotal SDA   
            
            
    Page 21 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Realized Loss Report for December 26, 2003 Distribution   
     
     
 Realized Loss Report - Collateral   
            
  Group 1 Group 3        
  Group 2          
            
CDR Avg since Cut-Off by GroupsTotal CDR Avg since Cut-Off   
            
            
SDA Avg since Cut-Off by Groups Total SDA Avg since Cut-Off    
            
            
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY   
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)   
Conditional Default Rate (CDR): 1-((1-MDR)^12)   
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))   
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)]^(1/months in period n,m)   
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)   
Average SDA Approximation over period between the nth month and mth month:   
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))   
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)   
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)   
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)   
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.   
Dates correspond to distribution dates.   
            
    Page 22 of 25   © COPYRIGHT 2003 Deutsche Bank   
            
            
 Accredited Mortgage Loan Trust 2003-1  
 Asset Backed Notes  
 Series 2003-1  
 Realized Loss Detail Report for December 26, 2003 Distribution  
    
    
 Realized Loss Detail Report - Loans Liquidated During Current Distribution  
            
            
SUMMARY     LOAN GROUP     
            
Total Loan Count = 1     Loan Group 1 = Group 1 Group  
Total Original Principal Balance = 156,000.00 Loan Group 2 = Group 2 Group  
Total Prior Principal Balance = 154,998.36 Loan Group 3 = Group 3 Group  
Total Realized Loss Amount = 0.00    
Total Net Liquidation Proceeds = 154,998.36       
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.           
            
Loan Number  Original Prior   Current State &     
&Loan Principal Principal Realized Note LTV at Original Origination   
Loan GroupStatus Balance BalanceLoss/(Gain)RateOriginationTermDate  
   
303062947 3REO 156,000.00 154,998.36 26,385.73 6.509%MO - 80.00% 360 Mar-21-03  
         
            
     Page 23 of 25   © COPYRIGHT 2003 Deutsche Bank  
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Triggers, Adj. Rate Cert. and Miscellaneous Report for December 26, 2003 Distribution   
     
     
 Triggers, Adj. Rate Cert. and Miscellaneous Report   
            
            
TRIGGER EVENTS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Has the Step Down Requirement been satisfied      No   
            
 Has the Step Up Test Event occured?      No   
            
 Has the Clean Up Call Date been reached?   NoNoNoNo   
            
            
ADJUSTABLE RATE CERTIFICATE INFORMATION    GROUP 3 GROUP 2 GROUP 1 TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
ADDITIONAL INFORMATION    GROUP 3 GROUP 2 GROUP 1 TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
    Page 24 of 25   © COPYRIGHT 2003 Deutsche Bank   
 Accredited Mortgage Loan Trust 2003-1   
 Asset Backed Notes   
 Series 2003-1   
 Additional Certificate Report for December 26, 2003 Distribution   
     
     
 Additional Certificate Report   
            
SPACE INTENTIONALLY LEFT BLANK   
 CLASS     
            
            
    Page 25 of 25   © COPYRIGHT 2003 Deutsche Bank