8-K 1 msh02001.txt DECEMBER 8-K 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 26, 2002 MORGAN STANLEY DEAN WITTER CREDIT CORP HELOC Asset Backed Notes, Series 2002-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-65702-03 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, NA 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On December 26, 2002 a distribution was made to holders of MORGAN STANLEY DEAN WITTER CREDIT CORP, HELOC Asset Backed Notes, Series 2002-1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of HELOC Asset Backed Notes, Series 2002-1 Trust, relating to the December 26, 2002 distribution. 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 DEAN WITTER CREDIT CORP HELOC Asset Backed Notes, Series 2002-1 Trust By: Wells Fargo Bank Minnesota, N.A. as Indenture Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 1/3/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of HELOC Asset Backed Notes, Series 2002-1 Trust, relating to the December 26, 2002 distribution.

Morgan Stanley Dean Witter Credit Corp HELOC Trust Mortgage Pass-Through Certificates Record Date: 1011/3130/02 Distribution Date: 1112/2526/02 MSDWCC Series: 2002-1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution Note 62474BAA0 SEN 21.~~18000~~73000% ~~470~~465,~~585~~530,~~200~~765.5072 ~~883~~693,~~393~~511.0053 56,~~054~~619,~~434~~379.7809 Cert MSH02CERT SUB 0.00000% 11,~~993~~886,~~129~~526.1172 4544,~~499~~403.3788 ~~106~~128,~~602~~945.3945 OC OC 0.00000% 12,~~648~~505,~~279~~209.4232 0.00 0.00 Totals ~~484~~479,~~226~~922,~~609~~501.0376 ~~928~~737,~~892~~915.3741 56,~~161~~748,~~037~~324.1754

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses Note 0.00 ~~465~~458,~~530~~911,~~765~~386.7263 57,~~937~~312,~~827~~890.7862 0.00 Cert 01,221.0017 11,~~886~~756,~~526~~360.7211 ~~152~~173,~~101~~349.7633 01,496.0091 OC 0.00 23,~~505~~447,~~209~~283.3252 0.00 0.00 Totals 01,221.0017 ~~479~~474,~~922~~115,~~501~~030.7626 67,~~089~~486,~~929~~239.5495 01,496.0091 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) Note 472,233,000.00 ~~470~~465,~~585~~530,~~200~~765.5072 0.00 56,~~054~~619,~~434~~379.7809 0.00 0.00 Cert 0.00 11,~~993~~886,~~129~~526.1172 0.00 ~~106~~128,~~602~~945.3945 0.00 01,221.0017 OC 479.92 12,~~648~~505,~~279~~209.4232 0.00 0.00 0.00 0.00 Totals 472,233,479.92 ~~484~~479,~~226~~922,~~609~~501.0376 0.00 56,~~161~~748,~~037~~324.1754 0.00 01,221.0017 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution Note 56,~~054~~619,~~434~~379.7809 ~~465~~458,~~530~~911,~~765~~386.7263 0.~~98580736~~97179017 56,~~054~~619,~~434~~379.7809 Cert ~~106~~130,~~602~~166.3962 11,~~886~~756,~~526~~360.7211 0.00000000 ~~106~~128,~~602~~945.3945 OC 0.00 23,~~505~~447,~~209~~283.3252 57,~~220~~183.~~05609268~~03783964 0.00 Totals 56,~~161~~749,~~037~~545.1771 ~~479~~474,~~922~~115,~~501~~030.7626 1.~~01628225~~00398436 56,~~161~~748,~~037~~324.1754

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion Note 472,233,000.00 ~~996~~985.~~51062188~~80735722 0.00000000 1014.~~70326466~~01718874 0.00000000 Cert 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 479.92 ~~3434487~~5220056.~~87297883~~09268211 0.00000000 0.00000000 0.00000000 (2) All classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution Note 0.00000000 1014.~~70326466~~01718874 ~~985~~971.~~80735722~~79016848 0.~~98580736~~97179017 1014.~~70326466~~01718874 Cert 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 57,~~220~~183,~~056~~037.~~09268211~~8396399 ~~5220~~7183.~~05609268~~03783964 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall Note 472,233,000.00 21.~~18000~~73000% ~~470~~465,~~585~~530,~~200~~765.5072 ~~883~~693,~~393~~511.0053 0.00 0.00 Cert 0.00 0.00000% 11,~~993~~886,~~129~~526.1172 0.00 0.00 0.00 OC 479.92 0.00000% 12,~~648~~505,~~279~~209.4232 0.00 0.00 0.00 Totals 472,233,479.92 ~~883~~693,~~393~~511.0053 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance Note 0.00 0.00 ~~883~~693,~~393~~511.0053 0.00 ~~465~~458,~~530~~911,~~765~~386.7263 Cert 0.00 0.00 4544,~~499~~403.3788 0.00 11,~~886~~756,~~526~~360.7211 OC 0.00 0.00 0.00 0.00 23,~~505~~447,~~209~~283.3252 Totals 0.00 0.00 ~~928~~737,~~892~~915.3741 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall Note 472,233,000.00 21.~~18000~~73000% ~~996~~985.~~51062188~~80735722 1.~~87067189~~46857913 0.00000000 0.00000000 Cert 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OC 479.92 0.00000% ~~3434487~~5220056.~~87297883~~09268211 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance Note 0.00000000 0.00000000 1.~~87067189~~46857913 0.00000000 ~~985~~971.~~80735722~~79016848 Cert 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 ~~5220056~~7183037.~~09268211~~83963994 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 67,~~343~~801,~~291~~831.6423 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0(49,305.00) Prepayment Penalties 0.00 Total Deposits 67,~~343~~752,~~291~~526.6423 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~253~~266,~~362~~286.1028 Payment of Interest and Principal 67,~~089~~486,~~929~~239.5495 Total Withdrawals (Pool Distribution Amount) 67,~~343~~752,~~291~~526.6423 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~202~~215,~~132~~603.0478 Credit Enhancer Premium 50,~~980~~432.0650 Owner Trustee Fee 250.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~253~~266,~~362~~286.1028

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 ~~787,605~~0.2700 0.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 107 46 1 0 1514 ~~879~~936,~~014~~448.9545 ~~559~~787,~~364~~635.8613 29,245.55 0.00 1,~~467~~753,~~625~~329.3613 60 Days 42 0 0 0 42 ~~116~~100,~~343~~000.6800 0.00 0.00 0.00 ~~116~~100,~~343~~000.6800 90 Days 21 0 0 0 21 7817,~~550~~972.5519 0.00 0.00 0.00 7817,~~550~~972.5519 120 Days 01 0 0 0 01 029,245.0055 0.00 0.00 0.00 029,245.0055 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1611 46 1 0 2118 1,~~073~~083,~~909~~666.1819 ~~559~~787,~~364~~635.8613 29,245.55 0.00 1,~~662~~900,~~519~~546.5987 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~142066~~101127% 0.~~056826~~086680% 0.~~014207~~014447% 0.000000% 0.~~213098~~202254% 0.~~183158~~197515% 0.~~116553~~166127% 0.~~006094~~006168% 0.000000% 0.~~305805~~369811% 60 Days 0.~~056826~~028893% 0.000000% 0.000000% 0.000000% 0.~~056826~~028893% 0.~~024242~~021092% 0.000000% 0.000000% 0.000000% 0.~~024242~~021092% 90 Days 0.~~028413~~014447% 0.000000% 0.000000% 0.000000% 0.~~028413~~014447% 0.~~016367~~003791% 0.000000% 0.000000% 0.000000% 0.~~016367~~003791% 120 Days 0.~~000000~~014447% 0.000000% 0.000000% 0.000000% 0.~~000000~~014447% 0.~~000000~~006168% 0.000000% 0.000000% 0.000000% 0.~~000000~~006168% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~227305~~158914% 0.~~056826~~086680% 0.~~014207~~014447% 0.000000% 0.~~298338~~260040% 0.~~223767~~228566% 0.~~116553~~166127% 0.~~006094~~006168% 0.000000% 0.~~346414~~400862% (7) ALL REO, Foreclosure and Bankruptcy loans will be reported in the 30 day field.

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 5.~~053463~~021874% Weighted Average Net Coupon 4.~~552544~~482778% Weighted Average Pass-Through Rate 4.~~425586~~356051% Weighted Average Maturity (Stepdown Calculation ) 0 Beginning Scheduled Collateral Loan Count 7,~~278~~039 Number Of Loans Paid In Full ~~239~~117 Ending Scheduled Collateral Loan Count 76,~~039~~922 Beginning Scheduled Collateral Balance ~~484~~479,~~226~~922,~~609~~501.0376 Ending Scheduled Collateral Balance ~~479~~474,~~922~~115,~~501~~030.7625 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2002 ~~479~~474,~~922~~115,~~501~~030.7625 Monthly P &I Constant 0.00 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00

~~Principal~~Miscellaneous ~~Collections~~Reporting $4Current Period Additional Balances 17,~~304~~051,~~107~~922.27 ~~Interest~~Investor ~~Collections~~Amount $1444,~~837~~384,~~052~~851.3307 ~~Investor~~Principal ~~P & I~~ Collections $522,~~989~~810,~~057~~088.8478 ~~Substitute~~Required ~~Adjustment~~Overcolleralization Amount ~~$0.00 Current Period Additional Balances $21~~7,~~442~~098,~~255~~124.4378 ~~Credit Enhancement Draw Amount $0.00 Aggregate Unreimbursed Credit Enhancement $0.00 Sum of the~~ Three Largest Loan Balances $8,164,711.97 ~~Required Overcollateralization Amount $7,098,124.78~~

Filing Compare · MSDWCC HELOC TRUST 2002-1