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): ~~April~~May 2527, 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 ~~April~~May 2527, 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: ~~May~~Jun 0104, 2003 By: /s/ David Co David Co Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of ~~April~~May 2527, 2003.

	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	April 25, 2003 Distribution
	May 27, 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				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				2021
			12.	Realized Loss Detail Report				2324
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				2425
				Total Number of Pages				2425
			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					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: April 25, 2003
								Distribution Date: May 27, 2003
	Underwriter(s):		Utendahl Capital Partners, L.P. Lead Underwriter					Record Date: ~~April~~May 2423, 2003
			Blaylock & Partners, L.P. Underwriter					~~March~~April 3130, 2003
			Utendahl Capital Partners, L.P. Underwriter
						Page 1 of 24					© COPYRIGHT 2003 Deutsche Bank
						Page 1 of 25					© 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 April 25, 2003 Distribution
	Certificate Payment Report for May 27, 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			~~543~~537,~~000~~637,~~771~~127.3446	~~862~~888,~~692~~893.4838	58,~~363~~017,~~643~~645.8878	68,~~226~~906,~~336~~539.3616	-	-	~~537~~529,~~637~~619,~~127~~481.4668
A-2	FLT, STEP	185,000,000.00			~~183~~181,~~650~~711,~~655~~809.7999	~~263~~271,~~309~~356.1330	12,~~938~~768,~~845~~258.8064	23,~~202~~039,~~154~~614.9394	-	-	~~181~~178,~~711~~943,~~809~~551.9935
A-3	FLT, STEP	146,333,000.00			~~145~~143,~~265~~732,~~683~~077.3125	~~217~~223,~~030~~583.9723	12,~~533~~189,~~606~~662.0766	12,~~750~~413,~~637~~245.0489	-	-	~~143~~141,~~732~~542,~~077~~414.2559
M-1	MEZ, FLT	70,375,000.00			70,375,000.00	~~133~~138,~~624~~873.5333	-	~~133~~138,~~624~~873.5333	-	-	70,375,000.00
M-2	MEZ, FLT	56,840,000.00			56,840,000.00	~~161~~167,~~765~~741.0616	-	~~161~~167,~~765~~741.0616	-	-	56,840,000.00
M-3	MEZ, FLT	18,947,000.00			18,947,000.00	5658,~~369~~440.9697	-	5658,~~369~~440.9697	-	-	18,947,000.00
B-1	SUB, FLT	25,985,000.00			25,985,000.00	~~113~~117,~~110~~105.5473	-	~~113~~117,~~110~~105.5473	-	-	25,985,000.00
B-2	SUB, FLT	14,075,000.00			14,075,000.00	6163,~~267~~431.3033	-	6163,~~267~~431.3033	-	-	14,075,000.00
X	EXE	19,488,538.00			19,488,303.41	4,~~594~~479,~~153~~034.4928	-0.01	4,~~594~~479,~~153~~034.4929	-	-	19,488,303.4140
P	SUB	-			-	~~139~~164,~~461~~685.3496	-	~~139~~164,~~461~~685.3496	-	-	-
UT-R	R	-			-	-	-	-	-	-	-
Total		1,082,683,538.00			1,~~077~~068,~~627~~791,~~413~~318.8511	6,~~602~~573,~~784~~145.8067	812,~~836~~975,~~095~~567.7409	1519,~~438~~548,~~880~~712.5476	-	-	1,~~068~~055,~~791~~815,~~318~~751.1102
	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	0304/25/03	0405/2426/03		A-Act/360	61746WB41	545,640,000.00	~~995~~985.~~163059~~333054	1.~~581065~~629084	914.~~830005~~694021	1116.~~411070~~323105	~~985~~970.~~333054~~639032
A-2	0304/25/03	0405/2426/03		A-Act/360	61746WA67	185,000,000.00	~~992~~982.~~706247~~226000	1.~~423293~~466791	1014.~~480248~~963560	1116.~~903540~~430351	~~982~~967.~~226000~~262440
A-3	0304/25/03	0405/2426/03		A-Act/360	61746WB66	146,333,000.00	~~992~~982.~~706247~~226000	1.~~483131~~527907	1014.~~480248~~963560	1116.~~963378~~491467	~~982~~967.~~226000~~262440
M-1	0304/25/03	0405/2426/03		A-Act/360	61746WA75	70,375,000.00	1,000.000000	1.~~898750~~973333	-	1.~~898750~~973333	1,000.000000
M-2	0304/25/03	0405/2426/03		A-Act/360	61746WA83	56,840,000.00	1,000.000000	2.~~845972~~951111	-	2.~~845972~~951111	1,000.000000
M-3	0304/25/03	0405/2426/03		A-Act/360	61746WA91	18,947,000.00	1,000.000000	23.~~975139~~084445	-	23.~~975139~~084445	1,000.000000
B-1	0304/25/03	0405/2426/03		A-Act/360	61746WB25	25,985,000.00	1,000.000000	4.~~352917~~506667	-	4.~~352917~~506667	1,000.000000
B-2	0304/25/03	0405/2426/03		A-Act/360	61746WB33	14,075,000.00	1,000.000000	4.~~352917~~506666	-	4.~~352917~~506666	1,000.000000
X	0304/25/03	0405/2426/03		A-Act/360		1,102,172,076.28	~~995~~987.~~412369~~395385	4.~~168272~~063825	-0.000000	4.~~168272~~063825	~~987~~975.~~395385~~622661
P				-		-	-	-	-	-	-
UT-R				-		-	-	-	-	-	-
							Page 2 of 24				© COPYRIGHT 2003 Deutsche Bank
							Page 2 of 25				© 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 April 25, 2003 Distribution
	Certificate Payment Report for May 27, 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		12,~~630~~519,~~510~~403.2765		714,~~055~~560,~~546~~202.2008	~~947~~1,~~326~~460,316.3424	816,~~002~~020,~~872~~518.5432	918,~~633~~539,~~382~~921.8197	-	-	~~537~~529,~~637~~619,~~127~~481.4668
A-2	185,000,000.00		~~498~~770,~~663~~020.8212		25,~~879~~470,~~503~~642.8103	~~408~~585,~~686~~806.2162	36,~~288~~056,~~190~~448.0165	36,~~786~~826,~~853~~468.8377	-	-	~~181~~178,~~711~~943,~~809~~551.9935
A-3	146,333,000.00		~~410~~634,~~876~~459.4770		24,~~277~~327,~~656~~218.3871	~~323~~463,~~266~~366.3770	24,~~600~~790,~~922~~585.7541	35,~~011~~425,~~799~~045.2211	-	-	~~143~~141,~~732~~542,~~077~~414.2559
M-1	70,375,000.00		~~251~~390,~~656~~529.6093		-	-	-	~~251~~390,~~656~~529.6093	-	-	70,375,000.00
M-2	56,840,000.00		~~303~~471,~~989~~730.4056		-	-	-	~~303~~471,~~989~~730.4056	-	-	56,840,000.00
M-3	18,947,000.00		~~105~~164,~~910~~351.4441		-	-	-	~~105~~164,~~910~~351.4441	-	-	18,947,000.00
B-1	25,985,000.00		~~212~~329,~~235~~340.1992		-	-	-	~~212~~329,~~235~~340.1992	-	-	25,985,000.00
B-2	14,075,000.00		~~114~~178,~~959~~390.0336		-	-	-	~~114~~178,~~959~~390.0336	-	-	14,075,000.00
X	19,488,538.00		913,~~427~~906,~~132~~166.6997		195.2829	39.31	234.5960	913,~~427~~906,~~367~~401.2857	-	-	19,488,303.4140
P	-		~~166~~331,~~676~~362.7470		-	-	-	~~166~~331,~~676~~362.7470	-	-	-
UT-R	-		-		-	-	-	-	-	-	-
Total	1,082,683,538.00		1319,~~122~~695,~~610~~756.6532		1224,~~212~~358,~~901~~258.6611	12,~~679~~509,~~318~~528.2387	1326,~~892~~867,~~219~~786.8998	2746,~~014~~563,~~830~~543.5430	-	-	1,~~068~~055,~~791~~815,~~318~~751.1102
	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.~~84500~~86000%	~~543~~537,~~000~~637,~~771~~127.3446			~~862~~888,~~692~~893.4838	-	-	-	~~862~~888,~~692~~893.4838	~~862~~888,~~692~~893.4838	-
A-2	1.~~66500~~68000%	~~183~~181,~~650~~711,~~655~~809.7999			~~263~~271,~~309~~356.1330	-	-	-	~~263~~271,~~309~~356.1330	~~263~~271,~~309~~356.1330	-
A-3	1.~~73500~~75000%	~~145~~143,~~265~~732,~~683~~077.3125			~~217~~223,~~030~~583.9723	-	-	-	~~217~~223,~~030~~583.9723	~~217~~223,~~030~~583.9723	-
M-1	2.~~20500~~22000%	70,375,000.00			~~133~~138,~~624~~873.5333	-	-	-	~~133~~138,~~624~~873.5333	~~133~~138,~~624~~873.5333	-
M-2	3.~~30500~~32000%	56,840,000.00			~~161~~167,~~765~~741.0616	-	-	-	~~161~~167,~~765~~741.0616	~~161~~167,~~765~~741.0616	-
M-3	3.~~45500~~47000%	18,947,000.00			5658,~~369~~440.9697	-	-	-	5658,~~369~~440.9697	5658,~~369~~440.9697	-
B-1	5.~~05500~~07000%	25,985,000.00			~~113~~117,~~110~~105.5473	-	-	-	~~113~~117,~~110~~105.5473	~~113~~117,~~110~~105.5473	-
B-2	5.~~05500~~07000%	14,075,000.00			6163,~~267~~431.3033	-	-	-	6163,~~267~~431.3033	6163,~~267~~431.3033	-
X	4.~~95083~~71459%	1,~~097~~088,~~115~~279,~~717~~621.2854			4,~~594~~479,~~153~~034.4928	-	-	-	4,~~594~~479,~~153~~034.4928	4,~~594~~479,~~153~~034.4928	-
P		-			~~139~~164,~~461~~685.3496	-	-	-	~~139~~164,~~461~~685.3496	~~139~~164,~~461~~685.3496	-
UT-R		-			-	-	-	-	-	-	-
Total		2,~~155~~137,~~254~~582,~~827~~636.7224			6,~~602~~573,~~784~~145.8067	-	-	-	6,~~602~~573,~~784~~145.8067	6,~~602~~573,~~784~~145.8067	-
							Page 3 of 24				© COPYRIGHT 2003 Deutsche Bank
							Page 3 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Collection Account Report for April 25, 2003 Distribution
	Collection Account Report for May 27, 2003 Distribution
	Collection Account Report
SUMMARY						GROUP 2	GROUP 1	TOTAL
	Principal Collections					34,~~472~~957,~~451~~921.8630	58,~~363~~017,~~643~~645.8779	812,~~836~~975,~~095~~567.7309
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					34,~~472~~957,~~451~~921.8630	58,~~363~~017,~~643~~645.8779	812,~~836~~975,~~095~~567.7309
	Interest Collections					2,~~539~~513,~~698~~543.9469	43,~~021~~979,~~448~~233.2733	6,~~561~~492,~~147~~777.2102
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(4338,~~830~~968.9635)	(5345,~~992~~348.7896)	(9784,~~823~~317.7431)
	TOTAL NET INTEREST					2,~~495~~474,~~867~~575.9834	3,~~967~~933,~~455~~884.4937	6,~~463~~408,~~323~~459.4771
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					57,~~968~~432,~~319~~496.8464	911,~~331~~951,~~099~~530.3616	1519,~~299~~384,~~419~~026.2080
	Prepayment Penalties Collected							~~139~~164,~~461~~685.3496
	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							1519,~~438~~548,~~880~~712.5476
PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Principal Received					~~319~~318,~~287~~972.6671	~~512~~511,~~724~~237.7093	~~832~~830,~~012~~210.3664
	Prepayments In Full					34,~~109~~609,~~052~~910.6992	47,~~796~~444,~~156~~675.7223	712,~~905~~054,~~209~~586.4115
	Curtailments					4429,~~111~~037.5167	5461,~~762~~732.4563	9890,~~873~~770.9630
	Liquidations					0.00	0.00	0.00
	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					0.00	0.00	0.00
	Delinquent Principal					(~~257~~268,~~842~~401.5574)	(~~417~~434,~~642~~851.7954)	(~~675~~703,~~485~~253.3428)
	Advanced Principal					~~257~~268,~~842~~401.5574	~~417~~434,~~642~~851.7954	~~675~~703,~~485~~253.3428
	TOTAL PRINCIPAL COLLECTED					34,~~472~~957,~~451~~921.8630	58,~~363~~017,~~643~~645.8779	812,~~836~~975,~~095~~567.7309
				Page 4 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 4 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Collection Account Report for April 25, 2003 Distribution
	Collection Account Report for May 27, 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,~~677~~654,~~537~~672.7110	4,~~249~~213,~~551~~725.2516	6,~~927~~868,~~088~~397.9626
	Liquidation Interest					0.00	0.00	0.00
	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					(2,~~188~~234,~~998~~461.1903)	(3,~~475~~576,~~691~~236.8933)	(5,~~664~~810,~~690~~697.0836)
	Interest Advanced					2,~~051~~093,~~159~~332.4262	3,~~247~~341,~~588~~744.9150	5,~~298~~435,~~748~~077.3312
	TOTAL INTEREST COLLECTED					2,~~539~~513,~~698~~543.9469	43,~~021~~979,~~448~~233.2733	6,~~561~~492,~~147~~777.2102
				Page 5 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 5 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Collection Account Report for April 25, 2003 Distribution
	Collection Account Report for May 27, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00
	TOTAL INTEREST WITHDRAWALS							0.00
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					3126,~~593~~856.1262	5142,~~476~~852.5686	8369,~~069~~709.6848
	Class A-2 Certificate Insurance Premium					10,~~712~~599.9586		10,~~712~~599.9586
	Trustee Fees					1,~~524~~511.8987	2,~~516~~496.2210	4,~~041~~007.1197
	TOTAL INTEREST OTHER FEES					4338,~~830~~968.9635	5345,~~992~~348.7896	9784,~~823~~317.7431
				Page 6 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 6 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for April 25, 2003 Distribution
	Credit Enhancement Report for May 27, 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							19,488,303.6870
	Ending Subordinated Amount							19,488,303.69
	Specified Subordinated Amount							19,488,303.69
	Senior Enhancement Percentage							19.2548%
				Page 7 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 7 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Collateral Report for April 25, 2003 Distribution
	Collateral Report for May 27, 2003 Distribution
	Collateral Report
COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original					2260	4383	6643
	Prior					2,~~254~~241	4,~~370~~346	6,~~624~~587
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(1317)	(2440)	(3757)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					2,~~241~~224	4,~~346~~306	6,~~587~~530
	Principal Balance:
	Original					409,051,965.91	673,628,798.21	1,082,680,764.12
	Prior					~~406~~403,~~636~~164,~~512~~060.3246	~~670~~665,~~990~~627,~~901~~257.8193	1,~~077~~068,~~627~~791,~~414~~318.1339
	Prefunding					-	-0.01	-0.01
	Scheduled Principal					(~~319~~318,~~287~~972.6671)	(~~512~~511,~~724~~237.7093)	(~~832~~830,~~012~~210.3664)
	Partial and Full Voluntary Prepayments					(34,~~153~~638,~~164~~948.2059)	(47,~~850~~506,~~919~~407.1786)	(812,~~004~~145,~~083~~356.3745)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					~~403~~398,~~164~~206,~~060~~139.4616	~~665~~657,~~627~~609,~~257~~612.9315	1,~~068~~055,~~791~~815,~~318~~751.3931
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 24				© COPYRIGHT 2003 Deutsche Bank
				Page 8 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Collateral Report for April 25, 2003 Distribution
	Collateral Report for May 27, 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.~~897319~~901517%	7.~~600449~~599897%	7.~~712610~~713711%
	Weighted Average Coupon Current					7.~~901517~~901514%	7.~~599897~~596549%	7.~~713711~~711587%
	Weighted Average Months to Maturity Original					344	354	350
	Weighted Average Months to Maturity Prior					~~344~~343	~~354~~353	~~350~~349
	Weighted Average Months to Maturity Current					~~343~~341	~~353~~352	~~349~~348
	Weighted Avg Remaining Amortization Term Original					343	353	349
	Weighted Avg Remaining Amortization Term Prior					~~343~~342	~~353~~352	~~349~~348
	Weighted Avg Remaining Amortization Term Current					~~342~~341	~~352~~351	~~348~~347
	Weighted Average Seasoning Original					3.40	3.34	3.36
	Weighted Average Seasoning Prior					34.40	34.34	34.36
	Weighted Average Seasoning Current					45.4039	45.34	45.36
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 24				© COPYRIGHT 2003 Deutsche Bank
				Page 9 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Collateral Report for April 25, 2003 Distribution
	Collateral Report for May 27, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original					3.419%	5.495%
	Weighted Average Margin Prior					3.~~419~~410%	5.~~495~~494%
	Weighted Average Margin Current					3.~~410~~392%	5.~~494~~490%
	Weighted Average Max Rate Original					8.155%	12.463%
	Weighted Average Max Rate Prior					8.~~155~~123%	12.~~463~~460%
	Weighted Average Max Rate Current					8.~~123~~086%	12.~~460~~449%
	Weighted Average Min Rate Original					4.222%	6.471%
	Weighted Average Min Rate Prior					4.~~222~~210%	6.~~471~~469%
	Weighted Average Min Rate Current					4.~~210~~190%	6.~~469~~462%
	Weighted Average Cap Up Original					0.884%	1.299%
	Weighted Average Cap Up Prior					0.~~884~~879%	1.299%
	Weighted Average Cap Up Current					0.~~879~~876%	1.~~299~~298%
	Weighted Average Cap Down Original					0.884%	1.299%
	Weighted Average Cap Down Prior					0.~~884~~879%	1.299%
	Weighted Average Cap Down Current					0.~~879~~876%	1.~~299~~298%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					3126,~~593~~856.1262	5142,~~476~~852.5686	8369,~~069~~709.6848
	Delinquent Servicing Fees					~~137~~141,~~838~~128.7641	~~228~~234,~~102~~491.9883	~~365~~375,~~941~~620.7424
	TOTAL SERVICING FEES					~~169~~167,~~431~~985.8803	~~279~~277,~~579~~344.5469	~~449~~445,~~011~~329.4272
	Prepayment Interest Shortfall					1016,~~743~~048.0944	1517,~~831~~542.2513	2633,~~574~~590.3457
	Compensating Interest					(1016,~~743~~048.0944)	(1517,~~831~~542.2513)	(2633,~~574~~590.3457)
	Delinquent Servicing Fees					(~~137~~141,~~838~~128.7641)	(~~228~~234,~~102~~491.9883)	(~~365~~375,~~941~~620.7424)
	COLLECTED SERVICING FEES					3126,~~593~~856.1262	5142,~~476~~852.5686	8369,~~069~~709.6848
	Aggregate Advances with respect to this Distribution					2,~~309~~361,~~001~~734.9736	3,~~665~~776,~~231~~596.7004	56,~~974~~138,~~233~~330.6740
	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							4,~~594~~479,~~153~~034.5028
	Ending Pool Stated Principal Balance					~~403~~398,~~164~~206,~~060~~139.4616	~~665~~657,~~627~~609,~~257~~612.9315	1,~~068~~055,~~791~~815,~~318~~751.3931
				Page 10 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 10 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Delinquency Report for April 25, 2003 Distribution
	Delinquency Report for May 27, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			811,~~562~~434,~~626~~269.2087	3,~~867~~736,~~773~~525.0339	~~421~~2,~~974~~277,025.2907	1217,~~852~~447,~~373~~820.5233
		% Balance			01.8008%	0.3635%	0.0422%	1.2065%
		# Loans			6569	2729	318	95116
		% # Loans			01.9906%	0.4144%	0.0528%	1.4478%
FORECLOSURE		Balance		-	-	-	-127,115.38	-127,115.38
		% Balance		0.00%	0.00%	0.00%	0.0001%	0.0001%
		# Loans		-	-	-	-1	-1
		% # Loans		0.00%	0.00%	0.00%	0.0002%	0.0002%
BANKRUPTCY		Balance		~~190~~467,~~805~~815.0173	~~86,673.09~~-	~~167~~239,~~887~~535.7949	-167,782.90	~~445~~875,~~365~~134.8912
		% Balance		0.0204%	0.0100%	0.02%	0.0002%	0.0408%
		# Loans		14	1-	12	-1	37
		% # Loans		0.0206%	0.0200%	0.0203%	0.0002%	0.0511%
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		~~190~~467,~~805~~815.0173	811,~~649~~434,~~299~~269.2987	43,~~035~~976,~~660~~060.8288	~~421~~2,~~974~~571,923.2935	1318,~~297~~450,~~739~~069.4183
		% Balance		0.0204%	01.8108%	0.38%	0.0424%	1.2475%
		# Loans		14	6669	2831	320	98124
		% # Loans		0.0206%	1.0006%	0.4347%	0.0531%	1.4990%
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 24				© COPYRIGHT 2003 Deutsche Bank
				Page 11 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Delinquency Report for April 25, 2003 Distribution
	Delinquency Report for May 27, 2003 Distribution
	Delinquency Report - Group 1 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			4,~~916~~602,~~570~~706.2428	21,~~774~~841,~~706~~554.9845	~~421~~1,~~974~~452,820.2939	87,~~113~~897,~~251~~081.5112
		% Balance			0.7470%	0.4228%	0.0622%	1.2220%
		# Loans			3935	1913	312	6160
		% # Loans			0.9081%	0.4430%	0.0728%	1.4039%
FORECLOSURE		Balance		-	-	-	-127,115.38	-127,115.38
		% Balance		0.00%	0.00%	0.00%	0.0002%	0.0002%
		# Loans		-	-	-	-1	-1
		% # Loans		0.00%	0.00%	0.00%	0.0002%	0.0002%
BANKRUPTCY		Balance		~~190~~467,~~805~~815.0173	-	~~167~~152,~~887~~929.7901	-167,782.90	~~358~~788,~~692~~527.8064
		% Balance		0.0307%	0.00%	0.0302%	0.0003%	0.0512%
		# Loans		14	-	1	-1	26
		% # Loans		0.0209%	0.00%	0.02%	0.0002%	0.0514%
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		~~190~~467,~~805~~815.0173	4,~~916~~602,~~570~~706.2428	21,~~942~~994,~~594~~483.7746	~~421~~1,~~974~~747,718.2967	8,~~471~~812,~~944~~724.3114
		% Balance		0.0307%	0.7470%	0.4430%	0.0627%	1.2734%
		# Loans		14	3935	2014	314	6367
		% # Loans		0.0209%	0.9081%	0.4633%	0.0733%	1.4556%
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 24				© COPYRIGHT 2003 Deutsche Bank
				Page 12 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Delinquency Report for April 25, 2003 Distribution
	Delinquency Report for May 27, 2003 Distribution
	Delinquency Report - Group 2 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			36,~~646~~831,~~055~~563.9659	1,~~093~~894,~~066~~970.0594	-824,204.68	49,~~739~~550,~~122~~739.0121
		% Balance			01.9072%	0.2748%	0.0021%	12.1840%
		# Loans			2634	816	-6	3456
		% # Loans			1.1653%	0.3672%	0.0027%	12.52%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	~~86,673.09~~-	-86,606.48	-	86,~~673~~606.0948
		% Balance		0.00%	0.0200%	0.0002%	0.00%	0.02%
		# Loans		-	1-	-1	-	1
		% # Loans		0.00%	0.0400%	0.0004%	0.00%	0.04%
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		-	36,~~732~~831,~~729~~563.0559	1,~~093~~981,~~066~~577.0542	-824,204.68	49,~~825~~637,~~795~~345.1069
		% Balance		0.00%	01.9372%	0.2750%	0.0021%	12.2042%
		# Loans		-	2734	817	-6	3557
		% # Loans		0.00%	1.2053%	0.3676%	0.0027%	12.56%
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 24				© COPYRIGHT 2003 Deutsche Bank
				Page 13 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	REO Report for April 25, 2003 Distribution
	REO Report for May 27, 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 24				© COPYRIGHT 2003 Deutsche Bank
				Page 14 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Foreclosure Report for April 25, 2003 Distribution
	Foreclosure Report for May 27, 2003 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1 Group
Total Loan Count = 1				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2 Group
Total Original Principal Balance = 127,500.00				Loan Group 2 = Group 2 Group
Total Current Balance = 000.00
Total Current Balance = 127,115.38
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
727609 1		127,500.00	127,115.38	Nov-01-02	9.490%	OR - 85.00%	360	Oct-31-02
				Page 15 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 15 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Prepayment Report for April 25, 2003 Distribution
	Prepayment Report for May 27, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Paid in Full Loans					1317	2440	3757
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					1317	2440	3757
	Paid in Full Balance					34,~~109~~609,~~052~~910.6992	47,~~796~~444,~~156~~675.7223	712,~~905~~054,~~209~~586.4115
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					4429,~~111~~037.5167	5461,~~762~~732.4563	9890,~~873~~770.9630
	Total Prepayment Amount					34,~~153~~638,~~164~~948.2059	47,~~850~~506,~~919~~407.1786	812,~~004~~145,~~083~~356.3745
	Cumulative
	Number of Paid in Full Loans					1936	3777	56113
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					1936	3777	56113
	Paid in Full Balance					59,~~162~~772,~~260~~171.0800	614,~~875~~320,~~543~~218.0831	1224,~~037~~092,~~803~~389.1631
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					71100,~~563~~601.6835	~~100~~162,~~760~~493.6528	~~172~~263,~~324~~094.3363
	Total Prepayment Amount					59,~~233~~872,~~823~~772.7635	614,~~976~~482,~~303~~711.7359	1224,~~210~~355,~~127~~483.4994
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 16 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Prepayment Report for April 25, 2003 Distribution
	Prepayment Report for May 27, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL
	SMM					01.7815%	01.7213%	01.7414%
	3 Months Avg SMM					0.81%	0.72%	0.76%
	12 Months Avg SMM
	Avg SMM Since Cut-off					0.6481%	0.5272%	0.5776%
	CPR					812.9398%	812.3473%	812.5682%
	3 Months Avg CPR					9.33%	8.34%	8.71%
	12 Months Avg CPR
	Avg CPR Since Cut-off					79.4433%	68.0634%	68.5971%
	PSA					~~1015~~1203.2197%	~~961~~1192.5154%	~~981~~1196.9889%
	3 Months Avg PSA Approximation					1061.23%	961.08%	999.32%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					~~955~~1061.2223%	~~789~~961.4608%	~~852~~999.9332%
	Group 1
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 17 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Prepayment Report for April 25, 2003 Distribution
	Prepayment Report for May 27, 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 18 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 18 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for April 25, 2003 Distribution
	Prepayment Detail Report for May 27, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 37						Loan Group 1 = Group 1 Group
Total Loan Count = 57						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 7,924,849.00						Loan Group 2 = Group 2 Group
Total Original Principal Balance = 12,090,092.00						Loan Group 2 = Group 2 Group
Total Prepayment Amount = 7,905,209.41
Total Prepayment Amount = 12,054,586.15
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
700005 1			66,500.00	66,315.23	Mar-25-03	8.990%	MO - 70.00%	Paid Off - 360	Sep-18-02
700688 1			275,000.00	274,999.91	Apr-21-03	4.820%	ID - 74.32%	Paid Off - 300	Oct-29-02
720514 1			144,000.00	143,774.28	Mar-17-03	9.250%	MI - 88.34%	Paid Off - 360	Nov-12-02
714675 1			211,650.00	211,503.11	Apr-30-03	5.320%	CA - 85.00%	Paid Off - 300	Oct-15-02
725040 1			272,000.00	271,397.72	Mar-05-03	8.990%	CA - 85.00%	Paid Off - 360	Nov-01-02
722328 1			160,000.00	159,330.02	Apr-28-03	6.950%	CA - 65.84%	Paid Off - 360	Oct-31-02
725070 1			216,750.00	216,365.30	Mar-20-03	8.650%	NY - 84.83%	Paid Off - 360	Nov-06-02
722873 1			79,200.00	78,954.81	Apr-02-03	9.150%	FL - 90.00%	Paid Off - 360	Nov-06-02
726352 1			97,600.00	97,368.52	Mar-04-03	8.750%	MI - 80.00%	Paid Off - 360	Nov-04-02
724277 1			225,000.00	224,235.00	Apr-22-03	8.000%	MI - 75.00%	Paid Off - 360	Nov-05-02
727038 1			170,000.00	169,604.43	Mar-13-03	8.750%	CA - 50.00%	Paid Off - 360	Oct-28-02
726212 1			174,250.00	173,686.70	Apr-19-03	8.250%	CA - 85.00%	Paid Off - 360	Oct-25-02
729370 1			240,550.00	239,957.35	Mar-13-03	9.390%	CA - 84.40%	Paid Off - 360	Oct-29-02
726494 1			104,000.00	103,680.44	May-01-03	8.500%	MI - 80.00%	Paid Off - 360	Oct-28-02
730475 1			187,500.00	186,890.91	Mar-05-03	8.250%	NJ - 75.00%	Paid Off - 360	Nov-06-02
727269 1			220,500.00	219,901.02	Apr-09-03	7.990%	IL - 90.00%	Paid Off - 360	Nov-15-02
730994 1			227,500.00	226,621.44	Mar-04-03	7.450%	CA - 65.00%	Paid Off - 360	Oct-30-02
727312 1			68,000.00	67,783.72	Apr-15-03	8.990%	IL - 80.00%	Paid Off - 360	Oct-30-02
731066 1			242,250.00	241,783.37	Mar-27-03	8.250%	CA - 85.00%	Paid Off - 360	Nov-26-02
727726 1			320,000.00	319,191.93	Apr-25-03	8.350%	AZ - 80.00%	Paid Off - 360	Nov-26-02
732594 1			63,900.00	63,742.13	Mar-17-03	8.500%	CO - 37.37%	Paid Off - 360	Oct-30-02
729561 1			150,000.00	149,377.90	Apr-28-03	7.000%	CA - 68.18%	Paid Off - 360	Nov-06-02
733725 1			312,000.00	311,110.60	Mar-28-03	7.750%	CA - 80.00%	Paid Off - 360	Oct-30-02
730107 1			297,600.00	296,363.53	Apr-18-03	6.990%	UT - 79.15%	Paid Off - 360	Oct-31-02
734684 1			129,000.00	128,751.51	Mar-04-03	8.250%	IL - 75.00%	Paid Off - 360	Nov-08-02
730125 1			197,625.00	196,948.02	Apr-11-03	7.990%	CA - 85.00%	Paid Off - 360	Oct-30-02
736502 1			108,750.00	108,646.59	Mar-31-03	12.750%	NH - 75.00%	Paid Off - 360	Nov-12-02
731244 1			165,750.00	165,157.43	Apr-17-03	7.750%	CA - 85.00%	Paid Off - 360	Oct-29-02
736925 1			216,000.00	215,443.33	Mar-17-03	8.250%	CA - 80.00%	Paid Off - 360	Oct-31-02
731580 1			200,800.00	200,150.88	Apr-29-03	8.250%	CA - 80.00%	Paid Off - 360	Oct-30-02
738682 1			320,000.00	319,206.28	Mar-31-03	6.990%	MA - 80.00%	Paid Off - 360	Nov-12-02
731796 1			102,425.00	102,109.55	Apr-02-03	8.500%	MO - 85.00%	Paid Off - 360	Oct-30-02
740036 1			202,500.00	202,089.63	Mar-27-03	8.000%	CA - 90.00%	Paid Off - 360	Nov-19-02
732159 1			218,700.00	217,778.97	Apr-16-03	7.100%	MA - 56.08%	Paid Off - 360	Oct-31-02
742035 1			204,000.00	203,562.32	Mar-20-03	7.750%	MA - 80.00%	Paid Off - 360	Nov-27-02
732617 1			312,842.00	311,664.16	Apr-03-03	7.490%	IL - 80.00%	Paid Off - 360	Oct-31-02
743570 1			292,500.00	291,907.25	Mar-04-03	8.000%	IL - 65.00%	Paid Off - 360	Nov-22-02
735390 1			99,200.00	98,902.71	Apr-24-03	7.500%	CA - 80.00%	Paid Off - 360	Nov-12-02
744118 1			172,000.00	171,613.34	Mar-04-03	7.490%	IL - 46.61%	Paid Off - 360	Nov-27-02
735706 1			53,100.00	52,926.78	Apr-24-03	8.990%	WI - 90.00%	Paid Off - 360	Oct-31-02
744315 1			181,800.00	181,304.27	Mar-13-03	6.500%	IL - 90.00%	Paid Off - 360	Nov-12-02
736447 1			212,000.00	211,133.98	Apr-21-03	8.250%	MI - 74.39%	Paid Off - 360	Nov-20-02
747775 1			248,000.00	247,403.54	Mar-25-03	7.125%	CA - 80.00%	Paid Off - 360	Nov-27-02
737851 1			260,000.00	259,138.31	Apr-15-03	6.990%	CA - 65.00%	Paid Off - 360	Nov-21-02
750704 1			245,000.00	244,324.85	Mar-27-03	6.500%	CA - 57.65%	Paid Off - 360	Nov-21-02
737987 1			310,500.00	309,812.49	Apr-25-03	8.990%	CA - 90.00%	Paid Off - 360	Nov-12-02
754176 1			247,500.00	246,972.53	Mar-04-03	7.750%	CA - 90.00%	Paid Off - 360	Nov-27-02
738229 1			277,500.00	276,684.03	Apr-22-03	7.750%	IL - 75.00%	Paid Off - 360	Nov-12-02
667890 2			377,000.00	375,447.99	Mar-17-03	8.750%	CA - 82.86%	Paid Off - 360	Jul-31-02
738754 1			126,000.00	125,644.39	Apr-16-03	7.800%	NJ - 90.00%	Paid Off - 360	Nov-27-02
720724 2			112,000.00	111,833.41	Mar-19-03	9.500%	IL - 58.95%	Paid Off - 360	Nov-08-02
739003 1			170,000.00	169,261.36	Apr-28-03	6.750%	CA - 74.24%	Paid Off - 360	Nov-19-02
724536 2			180,000.00	179,670.53	Mar-18-03	8.500%	MT - 90.00%	Paid Off - 360	Nov-27-02
739152 1			189,000.00	188,440.45	Apr-22-03	8.250%	MI - 78.75%	Paid Off - 360	Nov-20-02
726124 2			397,500.00	396,119.44	Mar-03-03	6.750%	CA - 75.00%	Paid Off - 360	Oct-30-02
740538 1			70,300.00	70,055.35	Apr-03-03	6.740%	FL - 95.00%	Paid Off - 360	Nov-26-02
726165 2			55,000.00	54,883.53	Mar-11-03	9.250%	RI - 40.74%	Paid Off - 360	Nov-04-02
741537 1			260,000.00	259,052.14	Apr-24-03	6.500%	CA - 64.20%	Paid Off - 360	Nov-14-02
728069 2			327,250.00	326,631.79	Mar-31-03	9.750%	CA - 85.00%	Paid Off - 360	Oct-29-02
742171 1			203,000.00	202,291.58	Apr-29-03	6.750%	CA - 79.61%	Paid Off - 360	Nov-15-02
733996 2			55,250.00	55,015.31	Mar-11-03	9.500%	AL - 85.00%	Paid Off - 240	Nov-20-02
742203 1			222,400.00	222,335.61	Apr-04-03	5.820%	CA - 80.00%	Paid Off - 300	Nov-19-02
735434 2			499,999.00	498,568.32	Mar-10-03	6.250%	CA - 61.35%	Paid Off - 360	Nov-21-02
742550 1			206,550.00	205,931.06	Apr-30-03	7.500%	MD - 85.00%	Paid Off - 360	Nov-19-02
740562 2			70,000.00	69,878.27	Mar-31-03	8.750%	FL - 46.67%	Paid Off - 360	Nov-20-02
743632 1			100,000.00	99,634.75	Apr-25-03	6.990%	CA - 24.81%	Paid Off - 360	Nov-27-02
741809 2			170,000.00	169,747.12	Mar-20-03	9.500%	CA - 69.96%	Paid Off - 360	Nov-27-02
744113 1			100,000.00	99,767.30	Apr-24-03	8.750%	MI - 74.07%	Paid Off - 360	Nov-26-02
749412 2			364,500.00	363,598.42	Mar-04-03	7.000%	CA - 90.00%	Paid Off - 360	Nov-19-02
744450 1			165,750.00	165,200.67	Apr-14-03	6.990%	CA - 65.00%	Paid Off - 360	Nov-22-02
751749 2			105,000.00	104,859.18	Mar-12-03	9.990%	TN - 75.00%	Paid Off - 360	Nov-27-02
746538 1			190,500.00	189,982.51	May-01-03	7.990%	CA - 84.67%	Paid Off - 360	Nov-27-02
755863 2			403,750.00	402,799.38	Mar-17-03	7.250%	CA - 89.72%	Paid Off - 360	Nov-27-02
748700 1			116,250.00	115,965.27	Apr-21-03	8.500%	MN - 75.00%	Paid Off - 360	Nov-29-02
					Page 19 of 24				© COPYRIGHT 2003 Deutsche Bank
753841 1			148,750.00	148,304.12	Apr-02-03	7.500%	IL - 85.00%	Paid Off - 360	Nov-27-02
755495 1			298,000.00	297,105.25	Apr-22-03	7.490%	NE - 53.69%	Paid Off - 360	Nov-27-02
756472 1			205,000.00	204,288.00	Apr-17-03	6.750%	IL - 82.00%	Paid Off - 360	Nov-27-02
667094 2			588,000.00	585,078.59	Apr-08-03	8.500%	MI - 78.40%	Paid Off - 360	Aug-06-02
712264 2			210,000.00	209,256.76	Apr-17-03	7.800%	CA - 61.76%	Paid Off - 360	Oct-30-02
720112 2			120,000.00	119,699.53	Apr-07-03	9.490%	MI - 57.97%	Paid Off - 360	Nov-05-02
720676 2			357,500.00	357,499.99	Apr-24-03	5.320%	CA - 84.12%	Paid Off - 300	Oct-30-02
					Page 19 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for April 25, 2003 Distribution
	Prepayment Detail Report for May 27, 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
724124 2			130,000.00	129,722.69	Apr-30-03	10.250%	IL - 66.67%	Paid Off - 360	Nov-06-02
730318 2			468,000.00	466,850.81	Apr-02-03	8.500%	CA - 90.00%	Paid Off - 360	Nov-25-02
730581 2			326,250.00	325,476.43	Apr-11-03	9.750%	CA - 75.00%	Paid Off - 360	Oct-31-02
730685 2			232,500.00	231,919.06	Apr-18-03	9.500%	CA - 75.00%	Paid Off - 360	Oct-31-02
731350 2			210,000.00	209,475.26	Apr-15-03	9.500%	IL - 66.25%	Paid Off - 360	Oct-29-02
731393 2			158,000.00	157,686.42	May-01-03	10.600%	CA - 79.00%	Paid Off - 360	Oct-31-02
733460 2			470,400.00	468,879.44	Apr-07-03	8.250%	NJ - 80.00%	Paid Off - 360	Nov-01-02
735862 2			40,800.00	40,543.15	Apr-08-03	8.990%	KS - 85.00%	Paid Off - 360	Nov-08-02
740160 2			400,000.00	398,958.63	Apr-28-03	8.200%	CA - 83.33%	Paid Off - 360	Nov-27-02
743509 2			472,000.00	470,585.61	Apr-29-03	7.500%	MA - 80.00%	Paid Off - 360	Nov-21-02
744088 2			351,500.00	350,545.17	Apr-18-03	7.990%	CA - 95.00%	Paid Off - 360	Nov-20-02
751275 2			48,000.00	47,821.77	Apr-17-03	6.500%	CA - 22.33%	Paid Off - 360	Nov-25-02
754609 2			40,000.00	39,911.62	Apr-29-03	9.000%	FL - 43.01%	Paid Off - 360	Nov-27-02
					Page 20 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for May 27, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Cumulative
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Cumulative Loss Percentage							0.00%
	Group 1						3 Months Moving Average
	Group 2
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 20 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 21 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for April 25, 2003 Distribution
	Realized Loss Report for May 27, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL
	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR					0.00%	0.00%	0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%
	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR					0.00%	0.00%	0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.00%	0.00%
	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation					0.00%	0.00%	0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.00%	0.00%
	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 21 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 22 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Report for April 25, 2003 Distribution
	Realized Loss Report for May 27, 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 22 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 23 of 25				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC2
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for April 25, 2003 Distribution
	Realized Loss Detail Report for May 27, 2003 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 0						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00						Loan Group 2 = Group 2 Group
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
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
SPACE INTENTIONALLY LEFT BLANK
					Page 23 of 24				© COPYRIGHT 2003 Deutsche Bank
					Page 24 of 25				© 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 April 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for May 27, 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))							0.2135%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							23,~~228~~668,~~817~~539.5678
	(y) Stated Principal Balance							1,~~068~~055,~~791~~815,~~318~~751.3931
	(B) 40% of Sr. Enhancement Percentage							7.6470%
	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.00%
	(x) Agg. Realized Losses to date							0.00
	(y) Cut-off Date Pool Principal Balance							1,082,683,538.28
	(B) Applicable Percentage							100.00%
	Senior Enhancement Percentage (Prior)							19.0925%
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 24 of 24				© COPYRIGHT 2003 Deutsche Bank
				Page 25 of 25				© COPYRIGHT 2003 Deutsche Bank

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