8-K 1 ms809150-8k.txt CURRENT REPORT UNITED STATES 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 1, 2004 ------------------------------- Morgan Stanley Dean Witter Capital I Inc. (as depositor under the Pooling and Servicing Agreement, dated as of February 1, 2003, relating to the Morgan Stanley Dean Witter Capital I Inc. Trust Mortgage Pass-Through Certificates, Series 2003-NC2) -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 333-83986-15 13-3291626 -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 1585 Broadway, New York, New York 10036 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (212) 761-4000 ------------------------------ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01. Other Events. ------------ On December 1, 2004, The Provident Bank ("Provident") resigned as servicer under the Pooling and Servicing Agreement (as defined below), and Litton Loan Servicing LP ("Litton") was appointed as successor servicer thereunder. In connection with such resignation and succession, the Registrant, Provident, Litton, NC Capital Corporation ("NC Capital") and Deutsche Bank National Trust Company, as trustee (the "Trustee"), entered into a Servicer Resignation, Appointment, Assumption and Amendment Agreement, dated as of December 1, 2004 ("Amendment"), which Amendment, among other things, amends certain provisions of the Pooling and Servicing Agreement dated as of February 1, 2003 (the "Pooling and Servicing Agreement"), by and among the Registrant, Provident, NC Capital and the Trustee, relating to the Morgan Stanley Dean Witter Capital I Inc. Trust Mortgage Pass-Through Certificates, Series 2003-NC2. Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits. ------------------------------------------------------------------- (c) Exhibits Exhibit 4 The Servicer Resignation, Appointment, Assumption and Amendment Agreement, dated as of December 1, 2004, by and among the Registrant, as depositor, The Provident Bank, as servicer, Litton Loan Servicing LP, as successor servicer, NC Capital Corporation, as responsible party, and Deutsche Bank National Trust Company, as trustee. 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. MORGAN STANLEY ABS CAPITAL I INC. Date: January 6, 2005 By: /s/ Steven Shapiro ----------------------------------- Name: Steven Shapiro Title: Executive Director INDEX TO EXHIBITS Item 601(a) of Regulation S-K Paper (P) or Exhibit No. Description Electronic (E) ---------------- ----------- -------------- 4 The Servicer Resignation, E Appointment, Assumption and Amendment Agreement, dated as of December 1, 2004, by and among the Registrant, as depositor, The Provident Bank, as servicer, Litton Loan Servicing LP, as successor servicer, NC Capital Corporation, as responsible party, and Deutsche Bank National Trust Company, as trustee.

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 MORGAN STANLEY DEAN WITTER CAPITAL I INC. (as Depositor, The Provident Bank as Servicer, NC Capital Corporation, as Responsible Party and Deutsche Bank National Trust Company, as Trustee). MORGAN STANLEY DEAN WITTER CAPITAL I INC SERIES 2003 NC2 (Exact name of Registrant as specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-83986-15 13-3291626 (Commission File Number) (I.R.S. Employer Identification No.) 1585 BROADWAY, 2ND FLOOR NEW YORK, NEW YORK 10036 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (212) 761-4700 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 February 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.

	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	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				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				17
			10.	Prepayment Detail Report				20
			11.	Realized Loss Report				25
			12.	Realized Loss Detail Report				28
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				29
				Total Number of Pages				29
			CONTACTS
				Administrator: Jeremy Conyers
				Direct Phone Number: (714)247-6274
				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:		Morgan Stanley Dean Witter					Cut-Off Date: February 1, 2003
	Certificate Insurer(s):		Financial Security Assurance Inc.					Closing Date: February 26, 2003
								First Payment Date: March 25, 2003
	Servicer(s):		Provident Bank Master Servicer
								Distribution Date: December 26, 2003
	Underwriter(s):		Utendahl Capital Partners, L.P. Lead Underwriter					Record Date: December 24, 2003
			Blaylock & Partners, L.P. Underwriter					November 28, 2003
			Utendahl Capital Partners, L.P. Underwriter
						Page 1 of 29					© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-NC2
	Certificate Payment Report for December 26, 2003 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A-1	FLT, STEP	545,640,000.00			421,866,822.81	602,581.09	26,862,977.79	27,465,558.88	-	-	395,003,845.01
A-2	FLT, STEP	185,000,000.00			148,565,309.46	189,178.32	9,647,487.83	9,836,666.15	-	-	138,917,821.62
A-3	FLT, STEP	146,333,000.00			117,513,553.67	156,721.46	7,631,058.58	7,787,780.04	-	-	109,882,495.09
M-1	MEZ, FLT	70,375,000.00			70,375,000.00	122,337.65	-	122,337.65	-	-	70,375,000.00
M-2	MEZ, FLT	56,840,000.00			56,840,000.00	152,648.95	-	152,648.95	-	-	56,840,000.00
M-3	MEZ, FLT	18,947,000.00			18,947,000.00	53,331.20	-	53,331.20	-	-	18,947,000.00
B-1	SUB, FLT	25,985,000.00			25,985,000.00	108,943.01	-	108,943.01	-	-	25,985,000.00
B-2	SUB, FLT	14,075,000.00			14,075,000.00	59,009.93	-	59,009.93	-	-	14,075,000.00
X	EXE	19,488,538.00			19,488,303.39	3,859,953.61	-	3,859,953.61	-	-	19,488,303.39
P	SUB	-			-	880,955.33	-	880,955.33	-	-	-
UT-R	R	-			-	0.00	-	0.00	-	-	-
Total		1,082,683,538.00			893,655,989.32	6,185,660.55	44,141,524.20	50,327,184.75	-	-	849,514,465.12
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A-1	11/25/03	12/25/03		A-Act/360	61746WB41	545,640,000.00	773.159634	1.104357	49.232054	50.336410	723.927580
A-2	11/25/03	12/25/03		A-Act/360	61746WA67	185,000,000.00	803.055727	1.022586	52.148583	53.171168	750.907144
A-3	11/25/03	12/25/03		A-Act/360	61746WB66	146,333,000.00	803.055727	1.070992	52.148583	53.219575	750.907144
M-1	11/25/03	12/25/03		A-Act/360	61746WA75	70,375,000.00	1,000.000000	1.738368	-	1.738368	1,000.000000
M-2	11/25/03	12/25/03		A-Act/360	61746WA83	56,840,000.00	1,000.000000	2.685590	-	2.685590	1,000.000000
M-3	11/25/03	12/25/03		A-Act/360	61746WA91	18,947,000.00	1,000.000000	2.814757	-	2.814757	1,000.000000
B-1	11/25/03	12/25/03		A-Act/360	61746WB25	25,985,000.00	1,000.000000	4.192535	-	4.192535	1,000.000000
B-2	11/25/03	12/25/03		A-Act/360	61746WB33	14,075,000.00	1,000.000000	4.192535	-	4.192535	1,000.000000
X	11/25/03	12/25/03		A-Act/360		1,102,172,076.28	828.495216	3.502133	-	3.502133	788.445640
P				-		-	-	-	-	-	-
UT-R				-		-	-	-	-	-	-
							Page 2 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-NC2
	Certificate Payment Report for December 26, 2003 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A-1	545,640,000.00		7,297,731.55		145,603,473.09	5,032,681.90	150,636,154.99	157,933,886.54	-	-	395,003,845.01
A-2	185,000,000.00		2,232,508.07		44,436,100.44	1,646,077.94	46,082,178.38	48,314,686.45	-	-	138,917,821.62
A-3	146,333,000.00		1,845,545.31		35,148,475.06	1,302,029.85	36,450,504.91	38,296,050.22	-	-	109,882,495.09
M-1	70,375,000.00		1,236,088.00		0.00	-	-	1,236,088.00	-	-	70,375,000.00
M-2	56,840,000.00		1,524,598.80		-	-	-	1,524,598.80	-	-	56,840,000.00
M-3	18,947,000.00		532,129.13		-	-	-	532,129.13	-	-	18,947,000.00
B-1	25,985,000.00		1,079,723.67		-	-	-	1,079,723.67	-	-	25,985,000.00
B-2	14,075,000.00		584,841.67		-	-	-	584,841.67	-	-	14,075,000.00
X	19,488,538.00		44,304,317.32		195.30	39.31	234.61	44,304,551.93	-	-	19,488,303.39
P	-		4,536,062.74		-	-	-	4,536,062.74	-	-	-
UT-R	-		0.00		-	-	-	0.00	-	-	-
Total	1,082,683,538.00		65,173,546.26		225,188,243.88	7,980,829.00	233,169,072.88	298,342,619.14	-	-	849,514,465.12
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A-1	1.65875%	421,866,822.81			602,581.09	-	-	-	602,581.09	602,581.09	-
A-2	1.47875%	148,565,309.46			189,178.32	-	-	-	189,178.32	189,178.32	-
A-3	1.54875%	117,513,553.67			156,721.46	-	-	-	156,721.46	156,721.46	-
M-1	2.01875%	70,375,000.00			122,337.65	-	-	-	122,337.65	122,337.65	-
M-2	3.11875%	56,840,000.00			152,648.95	-	-	-	152,648.95	152,648.95	-
M-3	3.26875%	18,947,000.00			53,331.20	-	-	-	53,331.20	53,331.20	-
B-1	4.86875%	25,985,000.00			108,943.01	-	-	-	108,943.01	108,943.01	-
B-2	4.86875%	14,075,000.00			59,009.93	-	-	-	59,009.93	59,009.93	-
X	5.06544%	913,144,292.77			3,859,953.61	-	-	-	3,859,953.61	3,859,953.61	-
P		-			880,955.33	-	-	-	880,955.33	880,955.33	-
UT-R		-			0.00	-	-	-	0.00	0.00	-
Total		1,787,311,978.70			6,185,660.55	-	-	-	6,185,660.55	6,185,660.55	-
							Page 3 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
SUMMARY						GROUP 2	GROUP 1	TOTAL
	Principal Collections					17,263,637.44	26,839,798.80	44,103,436.24
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					17,263,637.44	26,839,798.80	44,103,436.24
	Interest Collections					2,175,726.79	3,338,885.69	5,514,612.48
	Interest Withdrawals					(4,076.37)	0.00	(4,076.37)
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(72,001.68)	(95,741.25)	(167,742.93)
	TOTAL NET INTEREST					2,099,648.74	3,243,144.44	5,342,793.18
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					19,363,286.18	30,082,943.24	49,446,229.42
	Prepayment Penalties Collected							880,955.33
	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							50,327,184.75
PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Principal Received					270,317.00	454,559.74	724,876.74
	Prepayments In Full					16,743,420.56	25,860,397.23	42,603,817.79
	Curtailments					249,899.88	524,841.83	774,741.71
	Liquidations					38,087.95	0.00	38,087.95
	Insurance Principal					0.00	0.00	0.00
	Repurchased Principal Amounts					0.00	0.00	0.00
	Other Principal					0.00	0.00	0.00
	Total Realized Loss Of Principal					(38,087.95)	0.00	(38,087.95)
	Delinquent Principal					(166,440.02)	(282,549.04)	(448,989.06)
	Advanced Principal					166,440.02	282,549.04	448,989.06
	TOTAL PRINCIPAL COLLECTED					17,263,637.44	26,839,798.80	44,103,436.24
				Page 4 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Interest					2,256,657.80	3,474,316.13	5,730,973.93
	Liquidation Interest					269.79	0.00	269.79
	Repurchased Interest					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Interest					0.00	0.00	0.00
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Net Prepayment Interest Shortfalls					0.00	0.00	0.00
	Delinquent Interest					(1,308,164.44)	(2,093,099.08)	(3,401,263.52)
	Interest Advanced					1,226,963.64	1,957,668.64	3,184,632.28
	TOTAL INTEREST COLLECTED					2,175,726.79	3,338,885.69	5,514,612.48
				Page 5 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
	Trust Fund Expenses					0.00	0.00	0.00
	Nonrecoverable Advances					4,076.37	0.00	4,076.37
	Reimbursements to Master Servicer					0.00	0.00	0.00
	TOTAL INTEREST WITHDRAWALS					4,076.37	0.00	4,076.37
INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00
INTEREST - FEES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					62,046.15	93,679.26	155,725.41
	Class A-2 Certificate Insurance Premium					8,666.31		8,666.31
	Trustee Fees					1,289.22	2,061.99	3,351.21
	TOTAL INTEREST OTHER FEES					72,001.68	95,741.25	167,742.93
				Page 6 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for December 26, 2003 Distribution
	Credit Enhancement Report
ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	Excess Reserve Fund Balance (Ending)							0.00
INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL
	Beginning Subordinated Amount							19,450,215.73
	Ending Subordinated Amount							19,488,303.69
	Specified Subordinated Amount							19,488,303.69
	Senior Enhancement Percentage							24.22%
				Page 7 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original					2260	4383	6643
	Prior					1,979	3,722	5,701
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(75)	(147)	(222)
	Repurchases					-	-	-
	Liquidations					(1)	-	(1)
	Current					1,903	3,575	5,478
	Principal Balance:
	Original					409,051,965.91	673,628,798.21	1,082,680,764.12
	Prior					343,792,685.86	549,863,303.76	893,655,989.62
	Prefunding					-	-	-
	Scheduled Principal					(270,317.00)	(454,559.74)	(724,876.74)
	Partial and Full Voluntary Prepayments					(16,993,320.44)	(26,385,239.06)	(43,378,559.50)
	Repurchases					-	-	-
	Liquidations					(38,087.95)	-	(38,087.95)
	Current					326,490,960.47	523,023,504.95	849,514,465.42
PREFUNDING						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
	Group 1
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Coupon Original					7.897319%	7.600449%	7.712610%
	Weighted Average Coupon Prior					7.889045%	7.582694%	7.699806%
	Weighted Average Coupon Current					7.877751%	7.582211%	7.695906%
	Weighted Average Months to Maturity Original					344	354	350
	Weighted Average Months to Maturity Prior					335	345	341
	Weighted Average Months to Maturity Current					333	344	340
	Weighted Avg Remaining Amortization Term Original					343	353	349
	Weighted Avg Remaining Amortization Term Prior					334	345	341
	Weighted Avg Remaining Amortization Term Current					333	344	339
	Weighted Average Seasoning Original					3.40	3.34	3.36
	Weighted Average Seasoning Prior					11.38	11.33	11.35
	Weighted Average Seasoning Current					12.38	12.33	12.35
Note: Original information refers to deal issue.
	Group 1
	Group 2
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original					3.419%	5.495%
	Weighted Average Margin Prior					3.309%	5.480%
	Weighted Average Margin Current					3.296%	5.462%
	Weighted Average Max Rate Original					8.155%	12.463%
	Weighted Average Max Rate Prior					7.846%	12.425%
	Weighted Average Max Rate Current					7.822%	12.387%
	Weighted Average Min Rate Original					4.222%	6.471%
	Weighted Average Min Rate Prior					4.070%	6.445%
	Weighted Average Min Rate Current					4.050%	6.423%
	Weighted Average Cap Up Original					0.884%	1.299%
	Weighted Average Cap Up Prior					0.849%	1.297%
	Weighted Average Cap Up Current					0.850%	1.293%
	Weighted Average Cap Down Original					0.884%	1.299%
	Weighted Average Cap Down Prior					0.849%	1.297%
	Weighted Average Cap Down Current					0.850%	1.293%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					62,046.15	93,679.26	155,725.41
	Delinquent Servicing Fees					81,200.80	135,430.45	216,631.25
	TOTAL SERVICING FEES					143,246.95	229,109.71	372,356.66
	Prepayment Interest Shortfall					41,661.27	79,706.06	121,367.33
	Compensating Interest					(41,661.27)	(79,706.06)	(121,367.33)
	Delinquent Servicing Fees					(81,200.80)	(135,430.45)	(216,631.25)
	COLLECTED SERVICING FEES					62,046.15	93,679.26	155,725.41
	Aggregate Advances with respect to this Distribution					1,393,403.66	2,240,217.68	3,633,621.34
	Current Nonrecoverable Advances					0.00	0.00	0.00
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00
ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Net Prepayment Interest Shortfall							0.00
	Net Monthly Excess Cash Flow							3,898,041.57
	Ending Pool Stated Principal Balance					326,490,960.47	523,023,504.95	849,514,465.42
				Page 10 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Delinquency Report for December 26, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			19,480,963.81	1,347,566.75	2,395,742.71	23,224,273.27
		% Balance			2.29%	0.16%	0.28%	2.73%
		# Loans			130	9	28	167
		% # Loans			2.37%	0.16%	0.51%	3.05%
FORECLOSURE		Balance		126,369.05	707,043.04	4,371,374.10	18,490,682.76	23,695,468.95
		% Balance		0.01%	0.08%	0.51%	2.18%	2.79%
		# Loans		3	6	38	130	177
		% # Loans		0.05%	0.11%	0.69%	2.37%	3.23%
BANKRUPTCY		Balance		5,964,387.94	266,087.58	362,051.00	3,576,308.01	10,168,834.53
		% Balance		0.70%	0.03%	0.04%	0.42%	1.20%
		# Loans		41	4	4	26	75
		% # Loans		0.75%	0.07%	0.07%	0.47%	1.37%
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		6,090,756.99	20,454,094.43	6,080,991.85	24,462,733.48	57,088,576.75
		% Balance		0.72%	2.41%	0.72%	2.88%	6.72%
		# Loans		44	140	51	184	419
		% # Loans		0.80%	2.56%	0.93%	3.36%	7.65%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Delinquency Report for December 26, 2003 Distribution
	Delinquency Report - Group 1 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			11,853,798.48	1,194,763.65	1,762,169.96	14,810,732.09
		% Balance			2.27%	0.23%	0.34%	2.83%
		# Loans			83	7	18	108
		% # Loans			2.32%	0.20%	0.50%	3.02%
FORECLOSURE		Balance		40,317.13	574,115.52	3,285,019.20	11,295,601.98	15,195,053.83
		% Balance		0.01%	0.11%	0.63%	2.16%	2.91%
		# Loans		1	5	26	78	110
		% # Loans		0.03%	0.14%	0.73%	2.18%	3.08%
BANKRUPTCY		Balance		4,307,563.20	135,615.16	241,606.03	2,174,862.26	6,859,646.65
		% Balance		0.82%	0.03%	0.05%	0.42%	1.31%
		# Loans		30	2	2	16	50
		% # Loans		0.84%	0.06%	0.06%	0.45%	1.40%
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		4,347,880.33	12,563,529.16	4,721,388.88	15,232,634.20	36,865,432.57
		% Balance		0.83%	2.40%	0.90%	2.91%	7.05%
		# Loans		31	90	35	112	268
		% # Loans		0.87%	2.52%	0.98%	3.13%	7.50%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Delinquency Report for December 26, 2003 Distribution
	Delinquency Report - Group 2 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			7,627,165.33	152,803.10	633,572.75	8,413,541.18
		% Balance			2.34%	0.05%	0.19%	2.58%
		# Loans			47	2	10	59
		% # Loans			2.47%	0.11%	0.53%	3.10%
FORECLOSURE		Balance		86,051.92	132,927.52	1,086,354.90	7,195,080.78	8,500,415.12
		% Balance		0.03%	0.04%	0.33%	2.20%	2.60%
		# Loans		2	1	12	52	67
		% # Loans		0.11%	0.05%	0.63%	2.73%	3.52%
BANKRUPTCY		Balance		1,656,824.74	130,472.42	120,444.97	1,401,445.75	3,309,187.88
		% Balance		0.51%	0.04%	0.04%	0.43%	1.01%
		# Loans		11	2	2	10	25
		% # Loans		0.58%	0.11%	0.11%	0.53%	1.31%
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		1,742,876.66	7,890,565.27	1,359,602.97	9,230,099.28	20,223,144.18
		% Balance		0.53%	2.42%	0.42%	2.83%	6.19%
		# Loans		13	50	16	72	151
		% # Loans		0.68%	2.63%	0.84%	3.78%	7.93%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	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
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	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
				Page 14 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Foreclosure Report for December 26, 2003 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 74				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 9,155,726.00				Loan Group 2 = Group 2 Group
Total Current Balance = 9,078,825.45
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
686268 1		160,000.00	159,220.55	Jul-01-03	11.740%	TX - 39.02%	360	Sep-05-02
702584 1		157,000.00	155,859.02	Jul-01-03	9.490%	CA - 64.88%	360	Sep-20-02
705154 1		175,000.00	173,096.08	Jul-01-03	7.250%	CA - 72.92%	360	Oct-24-02
711515 1		81,000.00	80,485.11	Jul-01-03	9.490%	NY - 90.00%	360	Nov-27-02
713130 1		77,350.00	76,950.38	Jul-01-03	10.750%	DE - 85.00%	360	Nov-05-02
716204 1		54,000.00	53,597.97	Aug-01-03	8.990%	SC - 84.38%	360	Nov-06-02
718207 1		35,000.00	34,805.34	Aug-01-03	10.000%	MI - 70.00%	360	Nov-06-02
718216 1		60,000.00	59,699.61	Aug-01-03	10.500%	MS - 80.00%	360	Nov-27-02
720622 1		125,800.00	124,877.29	Aug-01-03	8.650%	CO - 85.00%	360	Nov-27-02
721510 1		100,000.00	99,277.67	Aug-01-03	8.750%	DE - 80.00%	360	Nov-12-02
722681 1		148,000.00	146,466.12	Jul-01-03	7.400%	NY - 64.35%	360	Oct-31-02
726526 1		229,500.00	227,932.05	Jan-01-03	9.000%	AL - 85.00%	360	Nov-05-02
726944 1		81,000.00	80,251.85	Aug-01-03	7.490%	OH - 90.00%	360	Nov-27-02
728187 1		124,950.00	123,734.79	Aug-01-03	8.800%	CA - 85.00%	360	Oct-25-02
728199 1		125,250.00	124,303.07	Jul-01-03	8.500%	TX - 75.00%	360	Nov-12-02
728770 1		160,200.00	158,742.39	Sep-01-03	7.990%	OR - 90.00%	360	Oct-31-02
728794 1		265,500.00	261,923.48	Mar-01-03	5.500%	CA - 80.95%	360	Nov-13-02
728976 1		104,000.00	103,145.07	Aug-01-03	8.500%	WI - 80.00%	360	Oct-28-02
729623 1		251,599.00	249,599.26	Aug-01-03	8.250%	CA - 88.90%	360	Nov-15-02
729730 1		68,000.00	67,641.25	Aug-01-03	10.250%	FL - 80.95%	360	Nov-05-02
729840 1		204,000.00	201,744.07	Aug-01-03	6.990%	MI - 80.00%	360	Oct-31-02
730074 1		42,500.00	42,263.18	Aug-01-03	9.990%	MI - 85.00%	360	Nov-08-02
731677 1		93,500.00	92,416.64	Aug-01-03	8.750%	CA - 85.00%	360	Nov-05-02
732286 1		96,050.00	95,068.71	Aug-01-03	7.400%	NV - 85.00%	360	Oct-31-02
732535 1		108,000.00	106,556.77	Jul-01-03	5.990%	PA - 77.14%	360	Oct-31-02
732777 1		176,400.00	174,946.47	Jul-01-03	8.490%	CO - 90.00%	360	Oct-31-02
735639 1		235,000.00	233,223.44	Aug-01-03	8.500%	CA - 71.21%	360	Nov-21-02
735756 1		42,400.00	42,109.66	Jul-01-03	8.990%	KY - 80.00%	360	Nov-26-02
736935 1		79,300.00	78,636.15	Jul-01-03	7.990%	TX - 69.56%	360	Nov-18-02
737257 1		153,000.00	151,806.26	Jul-01-03	8.350%	CA - 85.00%	360	Nov-08-02
737943 1		79,900.00	79,331.45	Sep-01-03	8.800%	MI - 85.00%	360	Nov-26-02
738224 1		260,000.00	257,358.86	Jul-01-03	7.000%	CA - 80.00%	360	Nov-15-02
738495 1		192,000.00	190,473.87	Jul-01-03	8.250%	CT - 80.00%	360	Nov-27-02
738803 1		106,250.00	105,560.17	Sep-01-03	9.250%	TN - 85.00%	360	Nov-08-02
739842 1		110,250.00	109,328.15	Jul-01-03	8.450%	WA - 75.00%	360	Nov-26-02
740115 1		43,350.00	42,987.07	Aug-01-03	7.990%	IN - 85.00%	360	Nov-08-02
741958 1		192,000.00	190,728.36	Aug-01-03	9.250%	AZ - 80.00%	360	Nov-26-02
742577 1		124,400.00	123,489.65	Aug-01-03	8.750%	TX - 80.00%	360	Nov-27-02
743887 1		238,000.00	235,762.70	Aug-01-03	7.400%	CA - 85.00%	360	Nov-27-02
745650 1		112,000.00	110,967.42	Aug-01-03	7.500%	MI - 70.00%	360	Nov-26-02
746458 1		75,539.00	74,808.39	Aug-01-03	7.450%	AZ - 74.79%	360	Nov-27-02
746550 1		138,550.00	137,502.60	Aug-01-03	8.500%	FL - 85.00%	360	Nov-26-02
747063 1		190,800.00	188,996.13	Aug-01-03	7.990%	CA - 53.00%	360	Nov-27-02
747288 1		94,500.00	93,812.10	Aug-01-03	8.990%	FL - 70.00%	360	Nov-26-02
				Page 15 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Foreclosure Report for December 26, 2003 Distribution
	Foreclosure Report - Mortage Loans that Become Foreclosure During Current Distribution
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
750102 1		241,000.00	238,662.81	Jul-01-03	7.240%	NV - 82.53%	360	Nov-27-02
751083 1		254,000.00	251,827.21	Aug-01-03	7.875%	CA - 84.67%	360	Nov-27-02
752555 1		174,250.00	172,791.43	Aug-01-03	8.000%	CO - 89.36%	360	Nov-27-02
754652 1		45,500.00	45,155.49	Sep-01-03	9.300%	NM - 70.00%	360	Nov-27-02
754809 1		44,000.00	43,754.84	Jul-01-03	9.990%	AL - 80.00%	360	Nov-27-02
716224 2		50,000.00	49,664.01	Jul-01-03	9.500%	MO - 66.67%	360	Nov-01-02
720548 2		124,000.00	123,076.90	Aug-01-03	8.990%	VA - 80.00%	360	Nov-01-02
720822 2		55,250.00	54,936.30	Jul-01-03	9.900%	MI - 85.00%	360	Nov-05-02
720895 2		126,750.00	126,264.38	Jul-01-03	11.750%	CT - 65.00%	360	Nov-05-02
726363 2		144,000.00	143,102.66	Aug-01-03	10.240%	VA - 89.44%	360	Oct-30-02
726621 2		62,400.00	62,060.12	Aug-01-03	10.500%	TX - 80.00%	360	Oct-31-02
727421 2		228,750.00	227,408.99	Jul-01-03	9.750%	CA - 75.00%	360	Nov-29-02
727485 2		99,000.00	98,361.46	Aug-01-03	9.690%	MI - 90.00%	360	Oct-30-02
729080 2		69,700.00	69,231.22	Jul-01-03	9.500%	MS - 85.00%	360	Oct-28-02
729844 2		42,500.00	41,745.57	Aug-01-03	10.990%	FL - 20.00%	240	Nov-15-02
733414 2		38,000.00	37,558.17	Aug-01-03	9.250%	IN - 58.46%	360	Nov-13-02
734171 2		48,000.00	46,413.41	Jul-01-03	9.000%	TX - 80.00%	180	Nov-20-02
735351 2		133,810.00	132,927.52	Sep-01-03	9.880%	ID - 77.35%	360	Nov-08-02
736522 2		71,000.00	70,435.68	Aug-01-03	8.250%	FL - 61.74%	360	Nov-26-02
738179 2		450,000.00	444,745.56	Jul-01-03	7.990%	CA - 58.06%	360	Nov-19-02
739229 2		26,628.00	26,239.18	Nov-01-03	10.990%	MS - 20.00%	240	Nov-08-02
740170 2		52,800.00	52,420.47	Jul-01-03	8.750%	OH - 80.00%	360	Nov-18-02
740323 2		61,600.00	61,373.75	Aug-01-03	12.500%	TX - 80.00%	360	Nov-27-02
740639 2		87,550.00	87,037.33	Aug-01-03	9.750%	MO - 85.00%	360	Nov-26-02
741174 2		121,500.00	120,640.80	Jul-01-03	9.000%	MI - 90.00%	360	Nov-15-02
741333 2		60,000.00	59,812.74	Dec-01-03	13.100%	NV - 60.00%	360	Nov-27-02
747537 2		126,900.00	126,115.36	Aug-01-03	9.500%	TX - 90.00%	360	Nov-27-02
748396 2		109,000.00	108,087.57	Jul-01-03	7.990%	MI - 77.30%	360	Nov-27-02
750953 2		153,000.00	152,056.49	Aug-01-03	9.500%	NV - 84.07%	360	Nov-27-02
757329 2		84,000.00	83,431.41	Aug-01-03	9.750%	TX - 80.00%	360	Nov-27-02
				Page 16 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Paid in Full Loans					75	147	222
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					75	147	222
	Paid in Full Balance					16,743,420.56	25,860,397.23	42,603,817.79
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					249,899.88	524,841.83	774,741.71
	Total Prepayment Amount					16,993,320.44	26,385,239.06	43,378,559.50
	Cumulative
	Number of Paid in Full Loans					355	807	1,162
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					355	807	1,162
	Paid in Full Balance					78,503,691.12	144,426,859.38	222,930,550.50
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					565,479.41	1,279,577.12	1,845,056.53
	Total Prepayment Amount					79,069,170.53	145,706,436.50	224,775,607.03
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 17 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL
	SMM					4.95%	4.80%	4.86%
	3 Months Avg SMM					3.76%	4.23%	4.05%
	12 Months Avg SMM
	Avg SMM Since Cut-off					2.14%	2.42%	2.31%
	CPR					45.60%	44.60%	44.99%
	3 Months Avg CPR					36.85%	40.49%	39.12%
	12 Months Avg CPR
	Avg CPR Since Cut-off					22.85%	25.49%	24.50%
	PSA					1841.90%	1808.64%	1821.55%
	3 Months Avg PSA Approximation					1618.53%	1786.72%	1723.26%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1448.73%	1626.93%	1559.43%
	Group 1
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 18 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
	Group 1
	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 19 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for December 26, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 222						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 42,984,690.00						Loan Group 2 = Group 2 Group
Total Prepayment Amount = 42,603,817.79
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
653620 1			232,000.00	229,784.00	Nov-29-03	8.500%	CA - 80.00%	Paid Off - 360	Aug-02-02
705469 1			172,800.00	171,463.50	Nov-29-03	7.990%	CO - 80.00%	Paid Off - 360	Nov-27-02
708166 1			119,000.00	117,150.63	Nov-13-03	7.490%	IL - 85.00%	Paid Off - 360	Sep-30-02
710379 1			194,750.00	192,588.21	Nov-18-03	6.990%	CA - 95.00%	Paid Off - 360	Oct-01-02
713598 1			270,000.00	270,000.00	Nov-20-03	5.320%	CA - 63.83%	Paid Off - 300	Nov-04-02
714715 1			144,000.00	142,521.49	Nov-05-03	6.950%	CA - 88.34%	Paid Off - 360	Oct-31-02
715304 1			109,600.00	108,914.69	Nov-26-03	9.000%	RI - 80.00%	Paid Off - 360	Nov-07-02
716965 1			220,000.00	218,480.91	Nov-17-03	8.500%	NY - 80.00%	Paid Off - 360	Nov-06-02
717259 1			276,250.00	274,419.44	Nov-05-03	9.150%	CA - 85.00%	Paid Off - 360	Nov-05-02
719664 1			292,500.00	290,330.95	Nov-05-03	8.250%	NY - 75.00%	Paid Off - 360	Nov-26-02
720033 1			114,750.00	113,913.91	Nov-13-03	8.500%	CA - 85.00%	Paid Off - 360	Nov-26-02
721118 1			110,500.00	109,606.47	Nov-06-03	8.550%	MD - 85.00%	Paid Off - 360	Nov-01-02
721701 1			211,000.00	209,050.59	Nov-17-03	7.500%	CA - 89.79%	Paid Off - 360	Oct-16-02
722808 1			88,400.00	87,530.18	Nov-10-03	7.250%	IL - 85.00%	Paid Off - 360	Nov-27-02
723395 1			190,400.00	188,503.64	Nov-19-03	7.500%	MO - 80.00%	Paid Off - 360	Oct-30-02
724017 1			189,000.00	181,579.99	Nov-20-03	6.950%	CA - 70.00%	Paid Off - 180	Oct-31-02
726085 1		FCL	250,000.00	248,012.93	Nov-04-03	8.250%	CA - 73.31%	Paid Off - 360	Nov-12-02
726328 1			268,000.00	265,149.30	Nov-24-03	7.500%	CA - 80.00%	Paid Off - 360	Oct-25-02
726612 1			68,000.00	67,307.90	Dec-01-03	6.990%	TX - 80.00%	Paid Off - 360	Oct-29-02
726726 1			297,500.00	295,088.83	Nov-17-03	8.400%	CA - 85.00%	Paid Off - 360	Oct-31-02
727325 1			208,245.00	206,276.61	Nov-14-03	6.000%	CA - 79.18%	Paid Off - 360	Nov-29-02
727637 1			83,200.00	82,681.61	Nov-25-03	9.450%	TX - 80.00%	Paid Off - 360	Oct-30-02
727731 1			249,050.00	247,009.39	Nov-26-03	7.990%	MI - 85.00%	Paid Off - 360	Nov-05-02
728064 1			108,800.00	107,889.29	Nov-18-03	7.990%	FL - 80.00%	Paid Off - 360	Oct-28-02
728283 1			176,800.00	175,132.87	Nov-20-03	7.380%	CO - 84.19%	Paid Off - 360	Nov-04-02
728315 1			63,000.00	62,568.71	Nov-05-03	8.990%	PA - 70.00%	Paid Off - 360	Oct-25-02
728328 1			171,000.00	169,568.81	Nov-07-03	8.000%	CA - 83.41%	Paid Off - 360	Oct-24-02
728399 1			360,000.00	357,306.89	Nov-14-03	8.750%	MA - 80.00%	Paid Off - 360	Nov-27-02
728442 1			288,000.00	284,924.75	Nov-29-03	6.740%	CA - 90.00%	Paid Off - 360	Oct-29-02
728537 1			204,000.00	201,471.29	Nov-29-03	5.950%	CA - 80.00%	Paid Off - 360	Oct-29-02
728904 1			139,500.00	138,136.48	Nov-25-03	7.500%	CA - 77.50%	Paid Off - 360	Oct-31-02
729042 1			175,000.00	173,322.61	Nov-03-03	7.300%	NY - 29.91%	Paid Off - 360	Oct-25-02
729082 1			210,000.00	208,394.04	Nov-28-03	7.990%	CA - 89.36%	Paid Off - 360	Nov-26-02
729667 1			225,000.00	222,710.03	Nov-21-03	6.990%	CA - 75.00%	Paid Off - 360	Oct-30-02
729890 1			137,700.00	136,658.97	Dec-01-03	8.500%	WI - 90.00%	Paid Off - 360	Oct-25-02
729895 1			125,000.00	122,686.89	Nov-14-03	7.410%	FL - 83.33%	Paid Off - 360	Oct-30-02
730175 1			118,150.00	117,254.93	Nov-14-03	8.490%	CA - 85.00%	Paid Off - 360	Oct-31-02
730270 1			97,750.00	97,074.88	Nov-05-03	8.500%	UT - 85.00%	Paid Off - 360	Nov-12-02
730451 1			175,000.00	173,068.84	Nov-18-03	6.290%	IA - 70.00%	Paid Off - 360	Nov-27-02
730582 1			186,000.00	183,824.73	Nov-19-03	6.750%	CA - 71.26%	Paid Off - 360	Oct-29-02
730699 1			90,000.00	89,168.68	Nov-05-03	7.490%	CT - 24.39%	Paid Off - 360	Nov-05-02
731074 1			265,000.00	261,715.16	Nov-18-03	5.950%	OR - 54.41%	Paid Off - 360	Oct-28-02
731239 1			152,000.00	150,098.27	Nov-03-03	5.900%	CA - 80.00%	Paid Off - 360	Oct-31-02
731266 1			144,000.00	142,849.95	Nov-04-03	8.250%	CA - 77.42%	Paid Off - 360	Oct-30-02
					Page 20 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for December 26, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
731298 1			204,000.00	202,546.49	Nov-10-03	8.750%	NJ - 80.00%	Paid Off - 360	Oct-31-02
731674 1			211,500.00	209,897.83	Nov-07-03	8.490%	CA - 90.00%	Paid Off - 360	Oct-31-02
731675 1			64,000.00	63,533.14	Nov-24-03	8.990%	TX - 79.01%	Paid Off - 360	Oct-31-02
731760 1			256,800.00	254,784.56	Nov-17-03	8.390%	CA - 60.00%	Paid Off - 360	Oct-30-02
731998 1			135,000.00	133,634.09	Nov-25-03	7.500%	IL - 90.00%	Paid Off - 360	Oct-29-02
732669 1			116,000.00	115,029.04	Nov-24-03	7.990%	CA - 80.00%	Paid Off - 360	Oct-30-02
732871 1			243,000.00	240,778.95	Nov-13-03	7.750%	HI - 90.00%	Paid Off - 360	Oct-30-02
732985 1			318,600.00	315,763.82	Nov-21-03	7.990%	CA - 90.00%	Paid Off - 360	Oct-31-02
733154 1			173,400.00	171,866.21	Nov-28-03	7.250%	CA - 85.00%	Paid Off - 360	Nov-27-02
733304 1			292,000.00	289,409.11	Nov-03-03	7.250%	NM - 88.48%	Paid Off - 360	Nov-19-02
733737 1			198,000.00	195,924.89	Nov-06-03	8.500%	CA - 74.72%	Paid Off - 360	Nov-05-02
733822 1			108,000.00	107,122.21	Nov-03-03	8.130%	CA - 90.00%	Paid Off - 360	Oct-31-02
733860 1			215,000.00	213,079.68	Nov-21-03	7.200%	NY - 73.88%	Paid Off - 360	Nov-20-02
733916 1			185,000.00	183,243.94	Nov-25-03	7.350%	CA - 77.41%	Paid Off - 360	Oct-31-02
733939 1			223,500.00	222,102.67	Nov-06-03	8.990%	CA - 75.00%	Paid Off - 360	Nov-12-02
734616 1			145,600.00	144,689.78	Nov-20-03	8.990%	IL - 80.00%	Paid Off - 360	Nov-08-02
734902 1			190,000.00	188,752.63	Nov-06-03	8.750%	CT - 66.67%	Paid Off - 360	Nov-27-02
735114 1			310,250.00	307,494.09	Nov-11-03	7.990%	CA - 85.00%	Paid Off - 360	Oct-31-02
735416 1			322,000.00	319,537.64	Nov-17-03	7.990%	CA - 70.00%	Paid Off - 360	Nov-20-02
735656 1			213,750.00	211,779.48	Nov-21-03	7.500%	CA - 75.00%	Paid Off - 360	Nov-06-02
735683 1			112,500.00	111,723.17	Nov-26-03	8.500%	TX - 75.00%	Paid Off - 360	Nov-27-02
735783 1			130,900.00	129,994.22	Nov-25-03	8.490%	MI - 85.00%	Paid Off - 360	Nov-08-02
736025 1			197,600.00	196,061.70	Nov-20-03	7.900%	WA - 80.00%	Paid Off - 360	Nov-26-02
736105 1			101,000.00	99,973.98	Nov-29-03	7.000%	MS - 69.66%	Paid Off - 360	Oct-31-02
736168 1			101,000.00	100,119.48	Nov-25-03	7.630%	MO - 82.79%	Paid Off - 360	Nov-14-02
736201 1			280,800.00	277,915.53	Nov-21-03	6.500%	CA - 90.00%	Paid Off - 360	Nov-12-02
736343 1			251,910.00	249,541.93	Nov-17-03	7.400%	VA - 90.00%	Paid Off - 360	Oct-31-02
736516 1			200,700.00	199,005.31	Nov-03-03	7.500%	CA - 90.00%	Paid Off - 360	Nov-19-02
736858 1			176,000.00	174,695.59	Nov-28-03	8.500%	VA - 80.00%	Paid Off - 360	Nov-27-02
736899 1			112,800.00	111,653.11	Nov-03-03	7.290%	AZ - 80.00%	Paid Off - 360	Nov-27-02
736933 1			289,000.00	285,985.92	Nov-03-03	7.500%	MA - 85.00%	Paid Off - 360	Nov-08-02
737245 1			209,000.00	206,983.34	Nov-07-03	6.800%	CA - 75.18%	Paid Off - 360	Nov-29-02
737545 1			276,250.00	273,679.77	Nov-11-03	6.990%	NY - 85.00%	Paid Off - 360	Nov-25-02
737799 1			140,000.00	139,046.55	Nov-04-03	8.750%	NC - 60.87%	Paid Off - 360	Nov-12-02
738029 1			113,900.00	112,719.88	Nov-29-03	8.990%	WA - 85.00%	Paid Off - 360	Nov-08-02
738239 1			96,000.00	94,984.72	Nov-11-03	6.650%	RI - 76.80%	Paid Off - 360	Nov-25-02
739257 1			98,000.00	97,164.43	Nov-29-03	7.500%	CA - 70.00%	Paid Off - 360	Nov-20-02
739264 1			238,000.00	236,048.86	Nov-24-03	7.630%	IL - 80.00%	Paid Off - 360	Nov-22-02
739361 1			284,000.00	281,098.03	Nov-05-03	6.500%	CA - 80.00%	Paid Off - 360	Nov-14-02
739561 1			161,500.00	160,035.13	Nov-13-03	7.150%	CA - 85.00%	Paid Off - 360	Nov-29-02
739672 1			288,000.00	284,735.81	Nov-20-03	5.950%	CA - 80.00%	Paid Off - 360	Nov-13-02
739867 1			155,000.00	153,416.17	Nov-18-03	6.500%	MA - 59.62%	Paid Off - 360	Nov-27-02
739877 1			95,500.00	94,655.28	Nov-19-03	7.250%	CA - 60.06%	Paid Off - 360	Nov-26-02
739942 1			153,000.00	151,883.31	Nov-20-03	8.250%	CA - 85.00%	Paid Off - 360	Nov-22-02
740017 1			178,500.00	176,281.10	Nov-14-03	7.350%	CA - 85.00%	Paid Off - 360	Nov-14-02
740048 1			167,500.00	165,788.43	Nov-28-03	6.500%	CA - 67.00%	Paid Off - 360	Nov-12-02
740118 1			184,500.00	182,945.76	Nov-20-03	7.500%	CO - 90.00%	Paid Off - 360	Nov-13-02
740173 1			144,000.00	142,900.26	Nov-06-03	8.000%	UT - 90.00%	Paid Off - 360	Nov-26-02
740582 1			108,000.00	107,032.00	Nov-24-03	7.490%	FL - 69.68%	Paid Off - 360	Nov-13-02
740728 1			234,000.00	232,210.59	Nov-03-03	7.990%	CA - 90.00%	Paid Off - 360	Nov-21-02
740818 1			233,750.00	231,361.56	Nov-29-03	6.500%	CA - 85.00%	Paid Off - 360	Nov-27-02
740821 1			233,750.00	232,103.12	Nov-26-03	8.400%	VA - 85.00%	Paid Off - 360	Nov-26-02
					Page 21 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for December 26, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
741649 1			168,000.00	166,949.68	Nov-25-03	8.990%	NJ - 80.00%	Paid Off - 360	Nov-27-02
741711 1			65,450.00	64,951.31	Nov-14-03	8.150%	WI - 85.00%	Paid Off - 360	Nov-22-02
741806 1			145,000.00	143,623.22	Nov-04-03	7.500%	CA - 69.05%	Paid Off - 360	Nov-27-02
742254 1			55,300.00	54,854.07	Nov-26-03	9.250%	FL - 70.00%	Paid Off - 360	Nov-27-02
742257 1			117,000.00	116,105.30	Nov-24-03	7.990%	CA - 90.00%	Paid Off - 360	Nov-27-02
742568 1			182,700.00	180,938.97	Nov-04-03	6.990%	CA - 90.00%	Paid Off - 360	Nov-27-02
742818 1			87,500.00	86,656.84	Nov-17-03	6.990%	LA - 51.47%	Paid Off - 360	Nov-15-02
743187 1			144,800.00	143,580.19	Nov-10-03	7.500%	IL - 80.00%	Paid Off - 360	Nov-25-02
743457 1			240,000.00	238,256.47	Nov-03-03	8.250%	CA - 80.00%	Paid Off - 360	Nov-27-02
743562 1			232,750.00	230,715.15	Nov-29-03	7.750%	CA - 95.00%	Paid Off - 360	Nov-27-02
743694 1			65,500.00	65,047.26	Nov-18-03	8.500%	MI - 79.88%	Paid Off - 360	Nov-27-02
744404 1			215,050.00	213,488.62	Nov-29-03	8.250%	MN - 85.00%	Paid Off - 360	Nov-19-02
744529 1			155,700.00	154,449.94	Nov-10-03	7.990%	CO - 87.47%	Paid Off - 360	Nov-27-02
744677 1			95,200.00	94,471.90	Nov-19-03	7.990%	CA - 85.00%	Paid Off - 360	Nov-27-02
745040 1			270,000.00	268,135.63	Nov-03-03	8.500%	CA - 90.00%	Paid Off - 360	Nov-27-02
745096 1			99,000.00	98,070.40	Nov-10-03	7.250%	CA - 90.00%	Paid Off - 360	Nov-29-02
745450 1			117,600.00	115,957.85	Nov-18-03	7.250%	IL - 80.00%	Paid Off - 360	Nov-26-02
745535 1			225,000.00	223,185.00	Nov-24-03	8.500%	CA - 75.00%	Paid Off - 360	Nov-18-02
745552 1			202,500.00	200,690.23	Nov-12-03	7.240%	CA - 90.00%	Paid Off - 360	Nov-26-02
745656 1			157,250.00	155,942.97	Nov-03-03	8.000%	IL - 85.00%	Paid Off - 360	Nov-27-02
745837 1		BK	172,000.00	170,811.44	Nov-29-03	8.500%	CA - 80.00%	Paid Off - 360	Nov-19-02
746114 1			112,000.00	110,970.23	Nov-26-03	7.250%	CO - 78.87%	Paid Off - 360	Nov-27-02
746122 1			136,500.00	135,324.29	Nov-06-03	8.660%	LA - 75.00%	Paid Off - 360	Nov-29-02
746450 1			168,300.00	166,681.01	Nov-29-03	6.890%	CA - 90.00%	Paid Off - 360	Nov-26-02
747271 1			175,750.00	174,333.99	Dec-01-03	7.750%	NV - 95.00%	Paid Off - 360	Nov-27-02
747549 1			170,000.00	168,539.64	Nov-28-03	7.400%	MA - 47.22%	Paid Off - 360	Nov-27-02
747720 1			198,000.00	196,562.40	Nov-25-03	8.250%	CA - 90.00%	Paid Off - 360	Nov-27-02
748151 1			197,700.00	195,924.66	Nov-14-03	7.250%	NY - 61.78%	Paid Off - 360	Nov-27-02
748233 1			156,000.00	154,288.40	Nov-25-03	6.500%	CA - 80.00%	Paid Off - 360	Nov-15-02
748272 1			114,000.00	113,040.40	Nov-26-03	8.250%	CA - 80.00%	Paid Off - 360	Nov-26-02
748283 1			93,000.00	92,456.63	Nov-07-03	9.330%	AZ - 75.00%	Paid Off - 360	Nov-29-02
748933 1			123,250.00	122,354.47	Nov-18-03	8.250%	MO - 85.00%	Paid Off - 360	Nov-25-02
749139 1			287,100.00	284,907.48	Nov-25-03	8.000%	FL - 90.00%	Paid Off - 360	Nov-19-02
749562 1			97,500.00	96,738.41	Nov-20-03	7.990%	ID - 78.00%	Paid Off - 360	Nov-25-02
749726 1			198,900.00	197,304.89	Nov-03-03	7.750%	IL - 85.00%	Paid Off - 360	Nov-27-02
750210 1			140,000.00	138,725.11	Nov-04-03	7.750%	CA - 80.00%	Paid Off - 360	Nov-27-02
750223 1			151,000.00	149,702.83	Nov-19-03	7.400%	VA - 77.84%	Paid Off - 360	Nov-26-02
750763 1			282,000.00	279,376.78	Nov-03-03	6.990%	CA - 55.40%	Paid Off - 360	Nov-21-02
750886 1			274,500.00	271,689.76	Nov-29-03	6.490%	CA - 90.00%	Paid Off - 360	Nov-27-02
751738 1			161,500.00	159,849.38	Nov-28-03	6.500%	VA - 95.00%	Paid Off - 360	Nov-22-02
751944 1			89,250.00	88,690.68	Nov-19-03	8.990%	LA - 70.00%	Paid Off - 360	Nov-27-02
752123 1			126,650.00	125,634.31	Nov-11-03	7.750%	MN - 85.00%	Paid Off - 360	Nov-27-02
752266 1			135,000.00	133,744.12	Nov-04-03	6.990%	CA - 90.00%	Paid Off - 360	Nov-27-02
752556 1			256,500.00	253,960.57	Nov-14-03	7.990%	MN - 90.00%	Paid Off - 360	Nov-27-02
752657 1			209,950.00	208,344.55	Nov-20-03	8.250%	WA - 85.00%	Paid Off - 360	Nov-27-02
753915 1			170,000.00	168,695.98	Nov-10-03	7.990%	CA - 85.00%	Paid Off - 360	Nov-27-02
754296 1			100,000.00	99,157.59	Nov-28-03	7.500%	AZ - 77.52%	Paid Off - 360	Nov-29-02
754738 1			152,000.00	150,586.05	Nov-04-03	6.990%	CA - 80.00%	Paid Off - 360	Nov-27-02
754802 1			165,000.00	163,610.04	Nov-28-03	7.500%	NE - 78.20%	Paid Off - 360	Nov-27-02
755467 1			161,250.00	159,860.50	Nov-18-03	7.500%	CA - 75.00%	Paid Off - 360	Nov-27-02
755480 1			236,550.00	234,553.12	Dec-01-03	7.490%	HI - 83.00%	Paid Off - 360	Nov-29-02
670475 2			517,000.00	510,334.15	Nov-24-03	6.990%	FL - 88.38%	Paid Off - 360	Jul-31-02
					Page 22 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for December 26, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
689656 2			342,000.00	340,167.95	Nov-26-03	9.740%	CA - 87.69%	Paid Off - 360	Nov-27-02
696714 2			273,000.00	269,747.96	Nov-03-03	6.750%	CA - 65.00%	Paid Off - 360	Sep-13-02
701141 2			198,600.00	196,679.41	Nov-17-03	7.500%	CA - 69.68%	Paid Off - 360	Oct-17-02
701991 2			115,000.00	114,406.37	Nov-29-03	10.750%	MA - 65.71%	Paid Off - 360	Nov-08-02
705136 2			174,250.00	172,986.95	Nov-25-03	8.990%	CA - 85.00%	Paid Off - 360	Nov-05-02
706076 2			398,500.00	394,346.92	Nov-20-03	6.950%	CA - 78.14%	Paid Off - 360	Oct-17-02
707434 2			361,000.00	357,035.58	Nov-10-03	6.750%	CA - 72.20%	Paid Off - 360	Oct-17-02
711014 2			544,500.00	540,147.61	Nov-28-03	8.250%	CA - 90.00%	Paid Off - 360	Oct-31-02
711023 2			105,900.00	104,113.48	Nov-28-03	7.625%	CA - 64.18%	Paid Off - 360	Oct-29-02
713743 2			208,000.00	206,503.99	Dec-01-03	8.750%	OR - 80.00%	Paid Off - 360	Nov-04-02
713850 2			549,000.00	544,195.23	Nov-25-03	7.990%	CA - 89.99%	Paid Off - 360	Oct-04-02
720243 2			184,500.00	183,146.94	Nov-29-03	8.200%	CA - 87.86%	Paid Off - 360	Nov-20-02
721604 2			157,000.00	155,915.86	Nov-12-03	8.500%	NY - 56.47%	Paid Off - 360	Nov-08-02
722862 2			184,000.00	182,303.76	Nov-29-03	7.500%	CA - 73.60%	Paid Off - 360	Oct-29-02
724224 2			146,700.00	145,829.85	Nov-19-03	9.250%	RI - 90.00%	Paid Off - 360	Nov-06-02
726445 2			131,750.00	130,593.56	Nov-18-03	7.750%	MD - 85.00%	Paid Off - 360	Oct-30-02
727785 2			108,000.00	107,318.35	Nov-17-03	9.900%	MD - 72.78%	Paid Off - 360	Oct-25-02
728036 2			86,960.00	86,693.38	Nov-21-03	12.350%	TX - 80.00%	Paid Off - 360	Nov-05-02
728141 2			400,000.00	395,784.20	Nov-17-03	8.750%	NJ - 80.00%	Paid Off - 360	Nov-06-02
728323 2			340,000.00	336,007.89	Nov-20-03	6.250%	CA - 80.00%	Paid Off - 360	Oct-31-02
728585 2			332,100.00	328,806.95	Nov-25-03	7.150%	CA - 90.00%	Paid Off - 360	Oct-29-02
728704 2			184,000.00	182,784.81	Nov-26-03	9.500%	MI - 80.00%	Paid Off - 360	Nov-12-02
728724 2			106,250.00	105,627.73	Nov-25-03	9.750%	LA - 85.00%	Paid Off - 360	Oct-31-02
729337 2			397,500.00	394,900.72	Nov-18-03	8.790%	CA - 75.00%	Paid Off - 360	Nov-12-02
730528 2			211,500.00	209,642.10	Nov-29-03	7.750%	CA - 90.00%	Paid Off - 360	Nov-06-02
731182 2			150,000.00	148,683.45	Nov-13-03	7.750%	CA - 62.50%	Paid Off - 360	Oct-31-02
731234 2			465,200.00	459,362.60	Nov-11-03	5.990%	CA - 82.34%	Paid Off - 360	Oct-29-02
731253 2			57,400.00	57,155.00	Nov-03-03	11.250%	MS - 69.58%	Paid Off - 360	Oct-30-02
731270 2			148,500.00	147,630.37	Nov-10-03	9.750%	MN - 90.00%	Paid Off - 360	Oct-28-02
731454 2			66,000.00	63,391.53	Nov-17-03	7.500%	CA - 66.00%	Paid Off - 180	Oct-31-02
731484 2			52,000.00	51,773.23	Nov-10-03	11.810%	MO - 80.00%	Paid Off - 360	Oct-31-02
732658 2			213,500.00	212,297.94	Nov-07-03	9.500%	CA - 70.00%	Paid Off - 360	Nov-07-02
733550 2			204,000.00	202,742.06	Nov-29-03	9.500%	IL - 85.00%	Paid Off - 360	Nov-04-02
733987 2			81,000.00	80,380.54	Nov-26-03	7.990%	RI - 58.27%	Paid Off - 360	Nov-12-02
734039 2			486,000.00	481,475.87	Nov-19-03	7.450%	CA - 90.00%	Paid Off - 360	Oct-31-02
734157 2			110,000.00	108,748.88	Nov-25-03	7.500%	CA - 72.13%	Paid Off - 360	Nov-27-02
734450 2			224,000.00	222,199.25	Nov-03-03	7.990%	CA - 70.00%	Paid Off - 360	Nov-12-02
734467 2			479,500.00	474,897.62	Nov-29-03	6.900%	NY - 70.00%	Paid Off - 360	Nov-26-02
735413 2			341,000.00	337,346.71	Nov-21-03	6.250%	CA - 63.15%	Paid Off - 360	Nov-26-02
735589 2			304,000.00	301,439.15	Nov-03-03	7.500%	CA - 95.00%	Paid Off - 360	Nov-27-02
735993 2			111,200.00	110,498.53	Nov-29-03	8.990%	VA - 80.00%	Paid Off - 360	Nov-12-02
736590 2			233,750.00	232,787.93	Nov-24-03	10.990%	CA - 55.00%	Paid Off - 360	Nov-12-02
737697 2			146,400.00	145,773.79	Nov-25-03	10.810%	CA - 79.57%	Paid Off - 360	Nov-26-02
738058 2			339,725.00	336,564.79	Nov-18-03	6.990%	CA - 89.99%	Paid Off - 360	Nov-14-02
738102 2			306,000.00	304,186.13	Nov-18-03	9.250%	CA - 85.00%	Paid Off - 360	Nov-06-02
738927 2			270,000.00	267,652.13	Nov-18-03	7.750%	CA - 58.70%	Paid Off - 360	Nov-19-02
739622 2			133,000.00	131,691.93	Nov-10-03	7.990%	CA - 70.00%	Paid Off - 360	Nov-27-02
739776 2			125,000.00	123,996.55	Nov-25-03	7.750%	CA - 69.44%	Paid Off - 360	Nov-19-02
739865 2			86,000.00	85,317.10	Nov-13-03	7.800%	CA - 86.00%	Paid Off - 360	Nov-19-02
740105 2			87,000.00	86,302.31	Nov-18-03	7.750%	IN - 64.44%	Paid Off - 360	Nov-20-02
740109 2			90,000.00	89,409.08	Nov-19-03	8.750%	TN - 90.00%	Paid Off - 360	Nov-15-02
740205 2			208,000.00	206,409.32	Nov-17-03	7.990%	CA - 80.00%	Paid Off - 360	Nov-26-02
					Page 23 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for December 26, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
741197 2			184,500.00	183,276.49	Nov-29-03	8.700%	FL - 83.86%	Paid Off - 360	Nov-25-02
741677 2			65,600.00	63,533.28	Nov-28-03	8.500%	TN - 80.00%	Paid Off - 180	Nov-27-02
741817 2			137,000.00	135,901.30	Dec-01-03	7.750%	CA - 58.05%	Paid Off - 360	Nov-27-02
742143 2			423,000.00	419,258.51	Nov-29-03	7.250%	CA - 90.00%	Paid Off - 360	Nov-27-02
742941 2			121,550.00	120,752.01	Nov-03-03	8.750%	MA - 65.00%	Paid Off - 360	Nov-27-02
743829 2			145,500.00	144,443.53	Nov-12-03	8.249%	MI - 75.00%	Paid Off - 360	Nov-26-02
745565 2			61,500.00	61,160.83	Nov-29-03	9.600%	TX - 75.00%	Paid Off - 360	Nov-27-02
745820 2			351,000.00	348,184.65	Nov-25-03	7.990%	NJ - 62.68%	Paid Off - 360	Nov-27-02
746024 2		FCL	324,000.00	322,137.85	Nov-11-03	9.400%	CA - 90.00%	Paid Off - 360	Nov-26-02
746052 2			81,600.00	80,685.63	Nov-06-03	7.900%	FL - 80.00%	Paid Off - 360	Nov-26-02
747121 2			80,000.00	79,325.00	Nov-05-03	7.790%	MO - 79.21%	Paid Off - 360	Nov-26-02
747644 2			200,000.00	198,328.36	Nov-28-03	7.540%	HI - 56.34%	Paid Off - 360	Nov-20-02
747924 2			81,600.00	80,834.58	Nov-25-03	8.750%	TN - 85.00%	Paid Off - 360	Nov-27-02
748167 2			39,000.00	38,011.15	Nov-25-03	10.990%	CA - 20.00%	Paid Off - 180	Nov-15-02
748235 2			340,000.00	337,257.60	Nov-05-03	7.990%	CA - 85.00%	Paid Off - 360	Nov-26-02
749428 2			238,000.00	236,589.20	Nov-29-03	9.250%	CA - 82.07%	Paid Off - 360	Nov-27-02
749462 2			330,000.00	327,017.71	Nov-14-03	7.130%	CA - 89.67%	Paid Off - 360	Nov-26-02
751030 2			261,950.00	259,849.25	Nov-06-03	7.750%	MA - 65.00%	Paid Off - 360	Nov-27-02
751258 2			369,900.00	366,599.68	Nov-24-03	7.850%	CA - 90.00%	Paid Off - 360	Nov-27-02
752699 2			346,500.00	343,898.87	Nov-29-03	8.990%	CA - 90.00%	Paid Off - 360	Nov-27-02
755285 2			79,950.00	79,623.95	Nov-03-03	11.650%	CA - 65.00%	Paid Off - 360	Nov-27-02
756489 2			352,500.00	350,615.66	Nov-24-03	9.750%	MA - 75.00%	Paid Off - 360	Nov-27-02
					Page 24 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Loans Liquidated					1	-	1
	Collateral Realized Loss/(Gain) Amount					38,087.95	-	38,087.95
	Net Liquidation Proceeds					-	-	-
	Cumulative
	Number of Loans Liquidated					2	1	3
	Collateral Realized Loss/(Gain) Amount					52,250.01	7,554.65	59,804.66
	Net Liquidation Proceeds					350,163.32	(105.32)	350,058.00
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Cumulative Loss Percentage							0.01%
	Group 1						3 Months Moving Average
	Group 2
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 25 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL
	MDR					0.01%	0.00%	0.00%
	3 Months Avg MDR					0.04%	0.00%	0.01%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.01%	0.00%	0.00%
	CDR					0.13%	0.00%	0.05%
	3 Months Avg CDR					0.45%	0.00%	0.17%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.14%	0.00%	0.05%
	SDA					0.54%	0.00%	0.21%
	3 Months Avg SDA Approximation					1.99%	0.00%	0.76%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.86%	0.01%	0.34%
	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 2
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 26 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
	Group 1
	Group 2
CDR Avg since Cut-Off by Groups					Total 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 27 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	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 = 38,400.00						Loan Group 2 = Group 2 Group
Total Prior Principal Balance = 38,087.95
Total Realized Loss Amount = 38,087.95
Total Net Liquidation Proceeds = 0.00
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 Group		Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
721820 2		BK	38,400.00	38,087.95	38,087.95	8.500%	MI - 69.82%	360	Nov-04-02
					Page 28 of 29				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 26, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL
	Has a Stepdown Date occurred?							No
	Does Trigger Event exist?							No
	1. Does (A) equal or exceed (B)?							No
	(A) 60+ Day Delinq % (quotient of (x) over (y))							3.54%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							30,047,304.33
	(y) Stated Principal Balance							849,514,465.42
	(B) 40% of Sr. Enhancement Percentage							10.08%
	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.01%
	(x) Agg. Realized Losses to date							59,804.66
	(y) Cut-off Date Pool Principal Balance							1,082,683,538.28
	(B) Applicable Percentage							100.00%
	Senior Enhancement Percentage (Prior)							25.20%
ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Basis Risk Carry Forward Amount							0.00
	Class A-2 Certificate Deficiency Amount							0.00
	Preference Amount							0.00
	Reimbursement Amount							0.00
	Group 1 Closing Date Deposit Amount							1,454.72
	Group 2 Closing Date Deposit Amount							1,319.44
				Page 29 of 29				© COPYRIGHT 2003 Deutsche Bank

Filing Compare · MORGAN STANLEY DEAN WITTER CAPITAL I INC SERIES 2003 NC2