Exhibit 99.1

MORGAN STANLEY DEAN WITTER
CREDIT CORPORATION

Michael J. Gillespie
Accounting Director

Officer’s Certificate

Pursuant to the Servicing Agreement between Morgan Stanley “Dean Witter Credit Corporation, formerly known as NOVUS Financial Corporation, as seller and servicer (referred to herein in such capacity as the “Servicer” , and Redwood Trust, Inc., as Owner, the undersigned, hereby states that:

     (1) A review of the activities of the Servicer and of its performance under the Servicing Agreement during the calendar year ended December 31, 2003 has been made under may supervision; and

     (2) To the best of may knowledge, based on such review, the Servicer has fulfilled all its obligations under the Agreement throughout such period.

MORGAN STANLEY DEAN WITTER CREDIT CORPORATION
By	-s- Douglas J. Bush
	Douglas J. Bush
Title	Director
Dated as of December 31, 2003
By	-s- David Bianucci
	David Bianucci
Title	Vice President
Dated as of December 31, 2003

2500 Lake Cook Road, J East, Riverwoods, Illinois 60015 Tel (224) 405-1903