8-K 1 msh03001.txt SEPTEMBER 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): September 25, 2003 MORGAN STANLEY DEAN WITTER CREDIT CORP Heloc Asset-Backed Notes, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-104046-01 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 September 25, 2003 a distribution was made to holders of MORGAN STANLEY DEAN WITTER CREDIT CORP, Heloc Asset-Backed Notes, Series 2003-1 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 2003-1 Trust, relating to the September 25, 2003 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 2003-1 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: 10/2/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Heloc Asset-Backed Notes, Series 2003-1 Trust, relating to the September 25, 2003 distribution. EX-99.1

Morgan Stanley Dean Witter Credit Corp HELOC Trust Heloc Asset-Backed Notes ~~Certificates~~ Record Date: 78/31/03 Distribution Date: 89/25/03 MSDWCC Series: 2003-1 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 55353WAA4 SEN 1.~~37000~~38000% ~~481~~474,~~433~~865,~~086~~550.3484 ~~567~~564,~~957~~298.3156 613,~~567~~426,~~535~~135.5010 Cert MSH03CERT SUB 0.00000% 1312,~~042~~889,~~749~~610.5874 40,~~837~~682.1845 ~~153~~338,~~138~~323.8487 OC OC 0.00000% 12,~~722~~616,~~141~~806.1401 0.00 0.00 Totals ~~496~~490,~~197~~371,~~977~~967.0659 ~~608~~604,~~794~~981.4901 613,~~720~~764,~~674~~458.3497

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses Note 0.00 ~~474~~461,~~865~~439,~~550~~415.8474 713,~~135~~990,~~492~~433.8166 0.00 Cert 0.00 12,~~889~~551,~~610~~286.7487 ~~193~~379,~~976~~006.0232 0.00 OC 0.00 23,~~616~~510,~~806~~081.0161 0.00 0.00 Totals 0.00 ~~490~~477,~~371~~500,~~967~~784.5922 714,~~329~~369,~~468~~439.8398 0.00 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 483,155,000.00 ~~481~~474,~~433~~865,~~086~~550.3484 0.00 613,~~567~~426,~~535~~135.5010 0.00 0.00 Cert 0.00 1312,~~042~~889,~~749~~610.5874 0.00 ~~153,138~~0.8400 0.00 0.00 OC 227.48 12,~~722~~616,~~141~~806.1401 0.00 0.00 0.00 0.00 Totals 483,155,227.48 ~~496~~490,~~197~~371,~~977~~967.0659 0.00 613,~~720~~426,~~674~~135.3410 0.00 0.00 (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 613,~~567~~426,~~535~~135.5010 ~~474~~461,~~865~~439,~~550~~415.8474 0.~~98284309~~95505462 613,~~567~~426,~~535~~135.5010 Cert ~~153~~338,~~138~~323.8487 12,~~889~~551,~~610~~286.7487 0.00000000 ~~153~~338,~~138~~323.8487 OC 0.00 23,~~616~~510,~~806~~081.0161 1115,~~503~~430.~~45529277~~28666256 0.00 Totals 613,~~720~~764,~~674~~458.3497 ~~490~~477,~~371~~500,~~967~~784.5922 10.~~01493669~~98829684 613,~~720~~764,~~674~~458.3497

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion Note 483,155,000.00 ~~996~~982.~~43610506~~84308522 0.00000000 1327.~~59301984~~78846354 0.00000000 Cert 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 227.48 ~~7570516~~11503455.~~70476525~~29277300 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution Note 0.00000000 1327.~~59301984~~78846354 ~~982~~955.~~84308522~~05462168 0.~~98284309~~95505462 1327.~~59301984~~78846354 Cert 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.~~0000000011~~00000000 15,~~503~~430,~~455~~286.~~29277300~~66256370 ~~11503~~15430.~~45529277~~28666256 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 483,155,000.00 1.~~37000~~38000% ~~481~~474,~~433~~865,~~086~~550.3484 ~~567~~564,~~957~~298.3156 0.00 0.00 Cert 0.00 0.00000% 1312,~~042~~889,~~749~~610.5874 40,~~837~~682.1845 0.00 0.00 OC 227.48 0.00000% 12,~~722~~616,~~141~~806.1401 0.00 0.00 0.00 Totals 483,155,227.48 ~~608~~604,~~794~~981.4901 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 ~~567~~564,~~957~~298.3156 0.00 ~~474~~461,~~865~~439,~~550~~415.8474 Cert 0.00 0.00 40,~~837~~682.1845 0.00 12,~~889~~551,~~610~~286.7487 OC 0.00 0.00 0.00 0.00 23,~~616~~510,~~806~~081.0161 Totals 0.00 0.00 ~~608~~604,~~794~~981.4901 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 483,155,000.00 1.~~37000~~38000% ~~996~~982.~~43610506~~84308522 1.~~17551782~~16794519 0.00000000 0.00000000 Cert 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OC 227.48 0.00000% ~~7570516~~11503455.~~70476525~~29277300 0.00000000 0.00000000 0.00000000 (5) Per $1 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.~~17551782~~16794519 0.00000000 ~~982~~955.~~84308522~~05462168 Cert 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 ~~11503455~~15430286.~~29277300~~66256370 (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 714,~~593~~633,~~990~~041.1741 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 714,~~593~~633,~~990~~041.1741 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~264~~263,~~521~~601.3443 Payment of Interest and Principal 714,~~329~~369,~~468~~439.8398 Total Withdrawals (Pool Distribution Amount) 714,~~593~~633,~~990~~041.1741 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 214,~~372~~136.0627 MBIA 5049,~~149~~465.2816 Owner Trustee Fee 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~264~~263,~~521~~601.3443

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 23 0 0 23 4481,~~511~~190.0248 0.00 0.00 4481,~~511~~190.0248 30 Days 01 0 0 0 01 049,758.0005 0.00 0.00 0.00 049,758.0005 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 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 01 23 0 0 24 049,758.0005 4481,~~511~~190.0248 0.00 0.00 44130,~~511~~948.0253 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.~~025345~~039164% 0.000000% 0.000000% 0.~~025345~~039164% 0.~~009077~~017003% 0.000000% 0.000000% 0.~~009077~~017003% 30 Days 0.~~000000~~013055% 0.000000% 0.000000% 0.000000% 0.~~000000~~013055% 0.~~000000~~010421% 0.000000% 0.000000% 0.000000% 0.~~000000~~010421% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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.~~000000~~013055% 0.~~025345~~039164% 0.000000% 0.000000% 0.~~025345~~052219% 0.~~000000~~010421% 0.~~009077~~017003% 0.000000% 0.000000% 0.~~009077~~027424%

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 4.~~275666~~311481% Weighted Average Net Coupon 3.~~757231~~787464% Weighted Average Pass-Through Rate 3.~~635950~~666417% Weighted Average Maturity(Stepdown Calculation ) 0 Beginning Scheduled Collateral Loan Count 87,~~217~~891 Number Of Loans Paid In Full ~~236~~231 Ending Scheduled Collateral Loan Count 7,~~891~~660 Beginning Scheduled Collateral Balance ~~496~~490,~~197~~371,~~977~~967.0659 Ending Scheduled Collateral Balance ~~490~~477,~~371~~500,~~967~~784.5922 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2003 ~~490~~477,~~371~~500,~~967~~784.5922 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

Miscellaneous Reporting Current Period Additional Balances 2116,~~354~~516,~~831~~403.5686 Investor Floating Allocation % 97.~~371417~~37146% Net Principal Collections 512,~~826~~871,~~009~~183.4737 Principal Collections 2729,~~180~~387,~~841~~587.0323 Required Overcollateralization Amt 7,247,328.41 Aggregate Credit Enhancement Draw Amt 0.00 Credit Enhancement Draw Amt 0.00 Interest Collections $1,~~767~~761,~~980~~858.7004

Filing Compare · MORGAN STANLEY ABS CAPITAL I INC MSDWCC HELOC TRUST 2003-1