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): July 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 July 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
July 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: 8/6/03
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 July 25, 2003 distribution.
EX-99.1
<TABLE>
<CAPTION>
Morgan Stanley Dean Witter Credit Corp HELOC Trust
Heloc Asset-Backed Notes
Record Date: 6/30/03
Distribution Date: 7/25/03
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
<s> <c> <c> <c> <c> <c> <c>
Note 55353WAA4 SEN 1.30500% 482,451,653.08 524,666.17 1,018,566.74
Cert MSH03CERT SUB 0.00000% 12,181,058.93 40,174.20 0.00
OC OC 0.00000% 703,574.40 0.00 0.00
Totals 495,336,286.41 564,840.37 1,018,566.74
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
Note 0.00 481,433,086.34 1,543,232.91 0.00
Cert 0.00 13,042,749.58 40,174.20 0.00
OC 0.00 1,722,141.14 0.00 0.00
Totals 0.00 496,197,977.06 1,583,407.11 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
Note 483,155,000.00 482,451,653.08 0.00 1,018,566.74 0.00 0.00
Cert 0.00 12,181,058.93 0.00 0.00 0.00 0.00
OC 227.48 703,574.40 0.00 0.00 0.00 0.00
Totals 483,155,227.48 495,336,286.41 0.00 1,018,566.74 0.00 0.00
<FN>
(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.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
Note 1,018,566.74 481,433,086.34 0.99643611 1,018,566.74
Cert 0.00 13,042,749.58 0.00000000 0.00
OC 0.00 1,722,141.14 7,570.51670477 0.00
Totals 1,018,566.74 496,197,977.06 1.02699495 1,018,566.74
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
Note 483,155,000.00 998.54426236 0.00000000 2.10815730 0.00000000
Cert 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 227.48 3092906.62915421 0.00000000 0.00000000 0.00000000
<FN>
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
Note 0.00000000 2.10815730 996.43610506 0.99643611 2.10815730
Cert 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 7,570,516.70476525 7570.51670477 0.00000000
<FN>
(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.
</FN>
</TABLE>
<TABLE>
<CAPTION>
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
<s> <c> <c> <c> <c> <c> <c>
Note 483,155,000.00 1.30500% 482,451,653.08 524,666.17 0.00 0.00
Cert 0.00 0.00000% 12,181,058.93 40,174.20 0.00 0.00
OC 227.48 0.00000% 703,574.40 0.00 0.00 0.00
Totals 483,155,227.48 564,840.37 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
Note 0.00 0.00 524,666.17 0.00 481,433,086.34
Cert 0.00 0.00 40,174.20 0.00 13,042,749.58
OC 0.00 0.00 0.00 0.00 1,722,141.14
Totals 0.00 0.00 564,840.37 0.00
<FN>
(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.
</FN>
</TABLE>
<TABLE>
<CAPTION>
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
<s> <c> <c> <c> <c> <c> <c>
Note 483,155,000.00 1.30500% 998.54426236 1.08591688 0.00000000 0.00000000
Cert 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC 227.48 0.00000% 3092906.62915421 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
Note 0.00000000 0.00000000 1.08591688 0.00000000 996.43610506
Cert 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 7570516.70476525
<FN>
(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.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 1,846,361.50
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 1,846,361.50
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 262,954.39
Payment of Interest and Principal 1,583,407.11
Total Withdrawals (Pool Distribution Amount) 1,846,361.50
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<s> <c>
Gross Servicing Fee 212,699.01
MBIA 50,255.38
Owner Trustee Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 262,954.39
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s> <c> <c> <c> <c> <c>
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 2 0 0 0 2
178,120.46 0.00 0.00 0.00 178,120.46
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 2 0 0 0 2
178,120.46 0.00 0.00 0.00 178,120.46
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 0.024340% 0.000000% 0.000000% 0.000000% 0.024340%
0.035897% 0.000000% 0.000000% 0.000000% 0.035897%
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 0.024340% 0.000000% 0.000000% 0.000000% 0.024340%
0.035897% 0.000000% 0.000000% 0.000000% 0.035897%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 4.472989%
Weighted Average Net Coupon 3.957705%
Weighted Average Pass-Through Rate 3.835957%
Weighted Average Maturity(Stepdown Calculation ) 0
Beginning Scheduled Collateral Loan Count 8,393
Number Of Loans Paid In Full 176
Ending Scheduled Collateral Loan Count 8,217
Beginning Scheduled Collateral Balance 495,336,286.41
Ending Scheduled Collateral Balance 496,197,977.06
Ending Actual Collateral Balance at 30-Jun-2003 496,197,977.06
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
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Credit Enhancement Draw Amount $0.00
Aggregate Credit Enhancement Draw Amount $0.00
Current Period Additional Draw Amount $24,493,097.64
Aggregate Additional Balances $56,350,511.00
Required Overcollateralization Amount $7,247,328.41
</TABLE>