UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G


                   Under the Securities Exchange Act of 1934
                         END OF YEAR FILING REQUIREMENT





                            ITLA CAPITAL CORPORATION
            ------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
            ------------------------------------------------------
                         (Title of Class of Securities)

                                    450565106
            ------------------------------------------------------
                                 (CUSIP Number)


                                December 31, 2003
             ------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

     | x |      Rule 13d-1(b)

     |   |      Rule 13d-1(c)

     |   |      Rule 13d-1(d)

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).


                        (Continued on following page(s))




CUSIP NO. 450565106            13G


1    NAME OF REPORTING PERSON
     S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Friedman, Billings, Ramsey Group, Inc.
     54-1873198


2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                         (a) [      ]
                                                         (b) [  X   ]


3    SEC USE ONLY




4    CITIZENSHIP OR PLACE OF ORGANIZATION
     Virginia


                    5    SOLE VOTING POWER
                         0



   NUMBER OF        6    SHARED VOTING POWER
    SHARES               446,800
 BENEFICIALLY
   OWNED BY
     EACH
   REPORTING        7    SOLE DISPOSITIVE POWER
    PERSON               0
     WITH


                    8    SHARED DISPOSITIVE POWER
                         446,800



9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     446,800



10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *



11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     7.4%


12   TYPE OF REPORTING PERSON*

     HC


                      *SEE INSTRUCTION BEFORE FILLING OUT!









CUSIP NO. 450565106             13G


1    NAME OF REPORTING PERSON
     S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Eric F. Billings


2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                         (a) [      ]
                                                         (b) [  X   ]


3    SEC USE ONLY




4    CITIZENSHIP OR PLACE OF ORGANIZATION

     United States

                    5    SOLE VOTING POWER
                         0


   NUMBER OF        6    SHARED VOTING POWER
    SHARES               446,800
 BENEFICIALLY
   OWNED BY
     EACH
   REPORTING        7    SOLE DISPOSITIVE POWER
    PERSON               0
     WITH


                    8    SHARED DISPOSITIVE POWER
                         446,800



9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     446,800



10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *



11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     7.4%


12   TYPE OF REPORTING PERSON*

     IN


                      *SEE INSTRUCTION BEFORE FILLING OUT!





CUSIP NO. 450565106               13G


1    NAME OF REPORTING PERSON
     S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

     Emanuel J. Friedman


2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                         (a) [      ]
                                                         (b) [  X   ]


3    SEC USE ONLY




4    CITIZENSHIP OR PLACE OF ORGANIZATION

     United States

                    5    SOLE VOTING POWER
                         0



   NUMBER OF        6    SHARED VOTING POWER
    SHARES               446,800
 BENEFICIALLY
   OWNED BY
     EACH
   REPORTING        7    SOLE DISPOSITIVE POWER
    PERSON               0
     WITH


                    8    SHARED DISPOSITIVE POWER
                         446,800


9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     446,800



10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *



11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     7.4%


12   TYPE OF REPORTING PERSON*

     IN


                      *SEE INSTRUCTION BEFORE FILLING OUT!





Item 1.    (a).    Name of Issuer: ITLA Capital Corp.



           (b).    Address of Issuer's Principal Executive Offices:

                   888 Prospect Street
                   Suite 110
                   La Jolla, CA  92037


Item 2.    (a).    Name of Person Filing:

                   Friedman, Billings, Ramsey Group, Inc.




          (b).     Address of Principal Business Office or, if none,
                   Residence:

                   1001 19th Street North
                   Arlington, VA 22209-1710


          (c).    Citizenship: Virginia


          (d).    Title of Class of Securities: Common Stock


          (e).    CUSIP Number: 358434108


Item 3.          If this statement is filed pursuant to sections 240.13d-1(b)
                 or 240.13d-2(b) or (c), check whether the person filing is a:

                 (a)     [ ] Broker or dealer registered under section 15
                             of the Act (15 U.S.C. 78o);
                 (b)     [ ] Bank as defined in section 3(a)(6) of the
                             Act (15 U.S.C. 78c);
                 (c)     [ ] Insurance  company  as  defined  in  section
                             3(a)(19) of the Act (15 U.S.C. 78c.);
                 (d)     [ ] Investment company registered under section 8
                             of the Investment Company Act of 1940
                                (15 U.S.C.80a-8);
                 (e)     [ ] An  investment adviser in  accordance  with
                             section 240.13d-1(b)(1)(ii)(E);
                 (f)     [ ] An employee benefit plan or endowment fund in
                             accordance with section 240.13d-1(b)(1)(ii)
                             (F);
                 (g)     [X] A parent holding company or control person in
                             accordance with section 240.13d-1(b)(1)(ii)
                             (G);
                 (h)     [ ] A savings associations as defined in
                             section 3(b) of the Federal Deposit Insurance
                              Act (12 U.S.C. 1813);
                 (i)         [ ] A church plan that is excluded from the
                             definition of an investment company under section
                             3(c)(14) of the Investment Company Act of 1940 (15
                             U.S.C. 80a-3);
                 (j)     [ ] Group, in  accordance with section 240.13d-1
                                 (b)(1) (ii)(J).


Item 4.            Ownership.

     Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

           (a).    Amount beneficially owned: 446,800.


           (b).    Percent of class: 7.4%


           (c).    Number of shares as to which the person has:

                 (i)      Sole power to vote or to direct the vote: 0,

                 (ii)     Shared power to vote or to direct the vote:446,800,

                 (iii)    Sole power to dispose or to direct the
                          disposition of: 0,

                 (iv)     Shared power to dispose or to direct the
                          disposition of: 446,800.



Item 5.            Ownership of Five Percent or Less of a Class:

                   Not Applicable.


Item 6.            Ownership of More Than Five Percent on Behalf of Another
                   Person:

                   Not Applicable.


Item 7.            Identification and Classification of Subsidiaries which
                   Acquired the Security Being Reported on by the Parent
                   Holding Company:

                   FBR Ashton Limited Partnership         3(d)
                   FBR Family of Funds                    3(d)
                   FBR Opportunity Fund, Ltd.             3(d)

Item 8.            Identification and Classification of Members of the
                   Group:

                   Not Applicable


Item 9.        Notice of Dissolution of Group:

               Not Applicable


Item 10.       Certification:

               By signing below I certify that, to the best of my knowledge and
               belief, the securities referred to above were acquired and are
               held in the ordinary course of business and were not acquired and
               are not held for the purpose of or with the effect of changing or
               influencing the control of the issuer of the securities and were
               not acquired and are not held in connection with or as a
               participant in any transaction having that purpose or effect.

               In accordance with Rule 13d-4 of the Securities Exchange Act of
               1934, each of the persons filing this statement expressly
               disclaims the beneficial ownership of the securities covered by
               this statement and the filing of this report shall not be
               construed as an admission by such persons that they are the
               beneficial owners of such securities.

                                    SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.



                                         FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.



Dated:   February 17, 2004                  By: /s/ EMANUEL J. FRIEDMAN
                                          ---------------------------------
                                            Name:  Emanuel J. Friedman
                                            Title: Co-Chairman




Dated:   February 17, 2004                  /s/ ERIC F. BILLINGS
                                         ----------------------------------
                                                Eric F. Billings




Dated:   February 17, 2004                  /s/ EMANUEL J. FRIEDMAN
                                         ----------------------------------
                                                Emanuel J. Friedman