Option One Mortgage Accep Corp Ast Back Certs Ser 2003-3 – ‘10-K’ for 3/29/04

On:  Monday, 3/29/04, at 1:51pm ET   ·   For:  3/29/04   ·   Accession #:  1056404-4-939   ·   File #:  333-101483-02

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         10±    40K 

Document Table of Contents

           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:  333-101483-02                              

Option One Mortgage Loan Trust                                  
Asset-Backed Certificates                                       
Series 2003-3 Trust                                             

(Exact name of registrant as specified in its charter)                

Delaware                                          33-0727357                

(State or other jurisdiction of                   (I.R.S. Employer          
incorporation or organization)                    Identification No.)       

Option One Mortgage Acceptance Corporation                                
3 Ada                                                                     
Irvine, CA                                     92618                      
(Address of principal executive offices)     (Zip Code)                     

Registrant's telephone number, including area code: (949) 790-3600          

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 A-1                            3                
Class A-2                           11                
Class A-3                            3                
Class A-4                            4                
Class C                              1                
Class M-1                            9                
Class M-1A                           3                
Class M-2                           10                
Class M-3                            5                
Class M-4                            5                
Class M-5                            4                
Class M-6                            8                
Class P                              1                
Class R-1                            1                
Class R                              1                
Class R-X                            1                
Class R-4                            1                
Class R-5                            1                

Total:                              72                

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.

                                                                       [Download Table]
                               

                               
a) Option One, as Servicer <F1>
                                                                         
(99.2) Report of Management as to Compliance with Minimum Servicing   
Standards for the year ended December 31, 2003.         

                                                                       [Download Table]
                               

                               
a) Option One, as Servicer <F1>
                                                                         
(99.3) Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 2003.        

                                                                       [Download Table]
                               

                               
a) Option One, as Servicer <F1>
                                                                         
(99.4) Aggregate Statement of Principal and Interest Distributions to 
Certificate Holders.                                    

(b)  On November 04, 2003, December 09, 2003, and January 12, 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:         

Option One Mortgage Loan Trust                                        
Asset-Backed Certificates                                             
Series 2003-3 Trust                                                   
(Registrant)                                                          

Signed: Option One Mortgage Acceptance Corporation as Depositor             

By:     William L. O`Neill, Senior Vice President                           

By: /s/ William L. O`Neill, Senior Vice President                           

Dated: March 29, 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                                                                   

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

I, William L. O'Neill, certifiy that:                                       

1. I have reviewed this annual report on Form 10-K, and all reports on      
Form 8-K containing distribution and servicing reports filed in       
respect of periods included in the year covered by this annual report,
  of Option One Mortgage Acceptance Corporation, Asset Backed Certificates
Series 2003-3;                                                        

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. Based on my knowledge and upon the annual compliance statement           
included in the report and required to be delivered to the trustee in 
accordance with the terms of the pooling and servicing, or similar,   
agreement, and except as disclosed in the reports, the servicer       
has fulfilled its obligations under the servicing 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 Wells Fargo Bank, N.A.                  

Date: March 15, 2004                                                  

/s/ William L. O`Neill                                                
Signature                                                             

Senior Vice President                                                 
Title                                                                 

Ex-99.1 (a)                                                                 

(logo)                                                                          
KPMG                                                                            

KPMG LLP                                                                        
Suite 2000                                                                      
355 South Grand Avenue                                                          
Los Angeles. CA 90071-1568                                                      

Independent Accountants' Report                                                 

The Board of Directors and Stockholder                                          
Option One Mortgage Corporation:                                                

We have examined management's assertion that Option One Mortgage Corporation    
complied 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 the year ended December 31, 2003. Management is responsible for   
Option One Mortgage Corporation'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 Option One     
Mortgage Corporation's compliance with the minimum servicing standards specified
above 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 Option   
One Mortgage Corporation's compliance with the minimum servicing standards.     

In our opinion, management's assertion that Option One Mortgage Corporation     
complied with the aforementioned minimum servicing standards during the year    
ended December 31, 2003 is fairly stated, in all material respects.             

/s/                                                                             
KPMG LLP                                                                        

February 27,2004                                                                

KPMG LLP, a U.S. limited liability partnership, is the U.S.                     
member firm of KPMG International, a Swiss cooperative.                         

Ex-99.2 (a)                                                                 

OPTION                                                                          
ONE   (logo)                                                                    

Management Assertion                                                            

As of and for the year ended December 31, 2003, Option One Mortgage Corporation 
complied in all material respects with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's Uniform Single Attestion       
Program for Mortgage Bankers. As of and for this same period Option One         
Mortgage Corporation had in effect a fidelity bond and errors and omissions     
policy in the amounts of $15,000,000 and $15,000,000, respectively.             

/s/ Robert E. Dubrish                                                           
Robert E. Dubrish, Chief Executive Officer                                      

/s/ William L. O'Neill                                                          
William L. O'Neill, Chief Financial Officer                                     

/s/ Sheridan Brooks                                                             
Sheridan Brooks, Controller                                                     

/s/ John A. Vella                                                               
John A. Vella, Chief Servicing Officer                                          

CORPORATE OFFICER * 3 ADA * IRVINE * CALIFORNIA 92818-2304                      

Ex-99.3                                                                     

OPTION ONE                                                      H&R Block (logo)
MORTGAGE        (logo)                                                          

an H&R Block company    (logo)                                                  

February 25, 2004                                                               

Radian Insurance Inc.                                                           
1601 Market Street                                                              
Philadelphia, P A 19103                                                         
Attention: Controller Option One Mortgage Securities Corp. NIM Trust 2003-3     

Financial Security Assurance Inc.                                               
350 Park Avenue                                                                 
New York, New York 10022                                                        
Attention: Managing Director, Transaction Oversight OOMC NIM Trust 2003-3       

Wells Fargo Bank Minnesota, National Association                                
9062 Old Annapolis Road MAC-N2702-011                                           
Columbia, MD 21045-1951                                                         
Attention: Client Manager Option One 2003-3                                     

Standard & Poor's Rating Services                                               
55 Water Street                                                                 
New York, NY 10041                                                              

Fitch, Inc.                                                                     
One State Street                                                                
Plaza New York, NY 10004                                                        

Moody's Investors Service, Inc.                                                 
99 Church Street                                                                
New York, NY 10007                                                              
Attention: MBS Monitoring/Option One Mortgage Loan Trust 2003-3                 

Pursuant to Section 3.20 of the Pooling and Servicing Agreement, dated and      
effective as of April 1, 2003, (the "Agreement") among OPTION ONE MORTGAGE      
ACCEPTANCE CORPORATION, as Depositor, OPTION ONE MORTGAGE CORPORATION, as       
Master Servicer, and WELLS FARGO BANK, N.A. formerly known as WELLS FARGO BANK  
MINNESOTA, NATIONAL ASSOCIATION, as Trustee, I certify that:                    

1. A review of the activities of the Master Servicer, during the calendar year  
   ended December 31,2003, and of performance under the aforementioned agreement
has been made under my supervision                                        

2. To the best of my knowledge, based on such review, the Master Servicer has   
fulfilled all of its obligations under the Agreement during the calendar  
 year ended December 31, 2003, subject to any matters noted in the servicing
report provided under Section 3.21 of the Agreement.                      

/s/ William L. O'Neill                                                          
William L. O'Neill                                                              
Senior Vice President\Chief Financial Officer                                   
Option One Mortgage Corporation                                                 

I, Sherry Morgan, an Assistant Secretary of Option One Mortgage Corporation,    
hereby certify that William L. O'Neill is a duly elected, qualified, and acting 
Senior Vice President of Option One Mortgage Corporation and that the signature 
appearing above is his genuine signature.                                       

IN WITNESS WHEREOF, the undersigned has executed this certificate as of 3/22/04.

By: /s/ Sherry Morgan                                                           
Name: Sherry Morgan                                                             
Title: Assistant Secretary                                                      

www.optiononeonline.com                                                         

6501 Irvine Center Drive * Irvine * California * 92618 * 800.326.1500 *         
Fax 949.784.6032                                                                

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

                                                                   [Download Table]
                                                           

Class       Interest      Principal  Losses  Ending Balance
                                                           
A-1     6,792,578.48  75,367,787.26    0.00  624,632,212.74
A-2     3,280,798.77  40,464,082.73    0.00  296,235,917.27
A-3       429,292.44   9,770,507.66    0.00   41,529,492.35
A-4       337,826.04           0.00    0.00   30,000,000.00
C      41,405,220.22           0.00    0.00   15,600,000.00
M-1       606,409.55           0.00    0.00   48,490,000.00
M-1A      419,004.82           0.00    0.00   27,560,000.00
M-2       669,592.22           0.00    0.00   35,100,000.00
M-3       283,963.78           0.00    0.00   13,000,000.00
M-4       422,392.23           0.00    0.00   16,250,000.00
M-5       396,359.61           0.00    0.00   13,000,000.00
M-6       418,838.79           0.00    0.00   13,000,000.00
P       2,534,564.89           0.00    0.00          100.00
R-1             0.00           0.00    0.00            0.00
R               0.00           0.00    0.00            0.00
RX              0.00           0.00    0.00            0.00
R-4             0.00           0.00    0.00            0.00
R-5             0.00           0.00    0.00            0.00
                                                                             

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
Filed on / For Period End:		3/29/04
		3/15/04
		2/25/04
		1/12/04		8-K
		12/31/03
		12/9/03
		11/4/03
		4/1/03
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