8-K 1 ms809197-8k.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 March 1, 2003, relating to the Morgan Stanley Dean Witter Capital I Inc. Trust Mortgage Pass-Through Certificates Series 2003-NC3) -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 333-83986-18 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-NC3. 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 7, 2005 By: /s/ Valerie Kay ------------------------------------- Name: Valerie Kay 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. EXHIBIT 4

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 CAP I MRT PS THR CERT SER 2003 NC3 (Exact name of Registrant as specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-83986-18 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 March 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-NC3
	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				15
			8.	Foreclosure Report				16
			9.	Prepayment Report				18
			10.	Prepayment Detail Report				21
			11.	Realized Loss Report				24
			12.	Realized Loss Detail Report				27
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				28
				Total Number of Pages				28
			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: March 1, 2003
	Certificate Insurer(s):							Closing Date: March 26, 2003
								First Payment Date: April 25, 2003
	Servicer(s):		Provident Bank Master Servicer
								Distribution Date: December 26, 2003
	Underwriter(s):		Morgan Stanley Dean Witter					Record Date: December 24, 2003
								November 28, 2003
						Page 1 of 28					© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-NC3
	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	324,039,000.00			267,490,048.46	377,467.47	12,276,926.15	12,654,393.62	-	-	255,213,122.31
A-2	FLT	190,239,000.00			152,773,825.01	197,168.41	8,320,227.12	8,517,395.53	-	-	144,453,597.89
A-3	FLT	50,000,000.00			40,657,277.87	53,172.10	1,105,168.93	1,158,341.03	-	-	39,552,108.94
M-1	MEZ, FLT	42,843,000.00			42,843,000.00	74,476.90	-	74,476.90	-	-	42,843,000.00
M-2	MEZ, FLT	36,573,000.00			36,573,000.00	97,590.22	-	97,590.22	-	-	36,573,000.00
M-3	MEZ, FLT	12,191,000.00			12,191,000.00	35,364.48	-	35,364.48	-	-	12,191,000.00
B-1	SUB, FLT	8,708,000.00			8,708,000.00	30,884.68	-	30,884.68	-	-	8,708,000.00
B-2	SUB, FLT	10,450,000.00			10,450,000.00	43,811.99	-	43,811.99	-	-	10,450,000.00
B-3	SUB, FLT	6,967,000.00			6,967,000.00	29,209.39	-	29,209.39	-	-	6,967,000.00
X	EXE	14,629,551.00			14,629,430.47	2,680,807.22	-	2,680,807.22	-	-	14,629,430.47
P	SUB	-			-	487,602.55	-	487,602.55	-	-	-
UT-R	R	-			-	-	-	-	-	-	-
Total		696,639,551.00			593,282,581.81	4,107,555.41	21,702,322.20	25,809,877.61	-	-	571,580,259.61
	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	61745MPT4	324,039,000.00	825.487205	1.164883	37.887187	39.052070	787.600018
A-2	11/25/03	12/25/03		A-Act/360	61745MPL1	190,239,000.00	803.062595	1.036425	43.735654	44.772079	759.326941
A-3	11/25/03	12/25/03		A-Act/360	61745MPV9	50,000,000.00	813.145557	1.063442	22.103379	23.166821	791.042179
M-1	11/25/03	12/25/03		A-Act/360	61745MPM9	42,843,000.00	1,000.000000	1.738368	-	1.738368	1,000.000000
M-2	11/25/03	12/25/03		A-Act/360	61745MPN7	36,573,000.00	1,000.000000	2.668368	-	2.668368	1,000.000000
M-3	11/25/03	12/25/03		A-Act/360	61745MPP2	12,191,000.00	1,000.000000	2.900868	-	2.900868	1,000.000000
B-1	11/25/03	12/25/03		A-Act/360	61745MPQ0	8,708,000.00	1,000.000000	3.546702	-	3.546702	1,000.000000
B-2	11/25/03	12/25/03		A-Act/360	61745MPR8	10,450,000.00	1,000.000000	4.192535	-	4.192535	1,000.000000
B-3	11/25/03	12/25/03		A-Act/360	61745MPS6	6,967,000.00	1,000.000000	4.192535	-	4.192535	1,000.000000
X	11/25/03	12/25/03		A-Act/360		14,629,551.00	999.991761	183.246035	-	183.246035	999.991761
P				-		-	-	-	-	-	-
UT-R				-		-	-	-	-	-	-
							Page 2 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	REMIC II Series 2003-NC3
	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	324,039,000.00		3,931,114.22		66,287,655.68	2,538,222.01	68,825,877.69	72,756,991.91	-	-	255,213,122.31
A-2	190,239,000.00		2,107,116.79		44,235,572.65	1,549,829.46	45,785,402.11	47,892,518.90	-	-	144,453,597.89
A-3	50,000,000.00		562,256.71		10,047,308.48	400,582.58	10,447,891.06	11,010,147.77	-	-	39,552,108.94
M-1	42,843,000.00		678,094.79		0.00	-	-	678,094.79	-	-	42,843,000.00
M-2	36,573,000.00		880,584.02		-	-	-	880,584.02	-	-	36,573,000.00
M-3	12,191,000.00		318,671.95		-	-	-	318,671.95	-	-	12,191,000.00
B-1	8,708,000.00		277,516.13		-	-	-	277,516.13	-	-	8,708,000.00
B-2	10,450,000.00		392,901.91		-	-	-	392,901.91	-	-	10,450,000.00
B-3	6,967,000.00		261,947.14		-	-	-	261,947.14	-	-	6,967,000.00
X	14,629,551.00		26,862,426.78		100.75	19.78	120.53	26,862,547.31	-	-	14,629,430.47
P	-		2,534,932.71		-	-	-	2,534,932.71	-	-	-
UT-R	-		-		-	-	-	-	-	-	-
Total	696,639,551.00		38,807,563.15		120,570,637.56	4,488,653.83	125,059,291.39	163,866,854.54	-	-	571,580,259.61
	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	1.63875%	267,490,048.46			377,467.47	-	-	-	377,467.47	377,467.47	-
A-2	1.49875%	152,773,825.01			197,168.41	-	-	-	197,168.41	197,168.41	-
A-3	1.51875%	40,657,277.87			53,172.10	-	-	-	53,172.10	53,172.10	-
M-1	2.01875%	42,843,000.00			74,476.90	-	-	-	74,476.90	74,476.90	-
M-2	3.09875%	36,573,000.00			97,590.22	-	-	-	97,590.22	97,590.22	-
M-3	3.36875%	12,191,000.00			35,364.48	-	-	-	35,364.48	35,364.48	-
B-1	4.11875%	8,708,000.00			30,884.68	-	-	-	30,884.68	30,884.68	-
B-2	4.86875%	10,450,000.00			43,811.99	-	-	-	43,811.99	43,811.99	-
B-3	4.86875%	6,967,000.00			29,209.39	-	-	-	29,209.39	29,209.39	-
X	5.42232%	14,629,430.47			2,680,807.22	-	-	-	2,680,807.22	2,680,807.22	-
P		-			487,602.55	-	-	-	487,602.55	487,602.55	-
UT-R		-			-	-	-	-	-	-	-
Total		593,282,581.81			4,107,555.41	-	-	-	4,107,555.41	4,107,555.41	-
							Page 3 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
SUMMARY					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Principal Collections				1,105,168.93	8,320,227.12	12,276,926.15	21,702,322.20
	Principal Other Accounts				0.00	0.00	0.00	0.00
	TOTAL NET PRINCIPAL				1,105,168.93	8,320,227.12	12,276,926.15	21,702,322.20
	Interest Collections				365,413.77	1,230,583.76	2,122,398.13	3,718,395.66
	Interest Withdrawals				0.00	0.00	0.00	0.00
	Interest Other Accounts				0.00	0.00	0.00	0.00
	Interest Fees				(8,160.64)	(33,056.20)	(57,225.96)	(98,442.80)
	TOTAL NET INTEREST				357,253.13	1,197,527.56	2,065,172.17	3,619,952.86
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE				1,462,422.06	9,517,754.68	14,342,098.32	25,322,275.06
	Prepayment Penalties Collected							487,602.55
	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							25,809,877.61
PRINCIPAL - COLLECTIONS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Scheduled Principal Received				52,649.15	144,355.82	265,227.73	462,232.70
	Prepayments In Full				1,085,298.04	8,296,707.20	12,078,525.73	21,460,530.97
	Curtailments				(32,778.26)	(120,835.90)	(66,827.31)	(220,441.47)
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Principal				0.00	0.00	0.00	0.00
	Repurchased Principal Amounts				0.00	0.00	0.00	0.00
	Other Principal				0.00	0.00	0.00	0.00
	Total Realized Loss Of Principal				0.00	0.00	0.00	0.00
	Delinquent Principal				(32,985.59)	(94,999.14)	(161,200.84)	(289,185.57)
	Advanced Principal				32,985.59	94,999.14	161,200.84	289,185.57
	TOTAL PRINCIPAL COLLECTED				1,105,168.93	8,320,227.12	12,276,926.15	21,702,322.20
				Page 4 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Scheduled Interest				379,363.82	1,280,846.43	2,210,157.31	3,870,367.56
	Liquidation Interest				0.00	0.00	0.00	0.00
	Repurchased Interest				0.00	0.00	0.00	0.00
	Insurance Interest				0.00	0.00	0.00	0.00
	Other Interest				0.00	0.00	0.00	0.00
	Relief Act Interest Shortfalls				0.00	0.00	0.00	0.00
	Net Prepayment Interest Shortfalls				0.00	0.00	0.00	0.00
	Delinquent Interest				(239,774.03)	(798,086.24)	(1,383,107.67)	(2,420,967.94)
	Interest Advanced				225,823.98	747,823.57	1,295,348.49	2,268,996.04
	TOTAL INTEREST COLLECTED				365,413.77	1,230,583.76	2,122,398.13	3,718,395.66
				Page 5 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS					GROUP 3	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 3	GROUP 2	GROUP 1	TOTAL
	TOTAL INTEREST OTHER ACCOUNTS				0.00	0.00	0.00	0.00
INTEREST - FEES					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees				7,876.89	31,986.95	55,365.34	95,229.18
	Trustee Fees				283.75	1,069.25	1,860.62	3,213.62
	TOTAL INTEREST OTHER FEES				8,160.64	33,056.20	57,225.96	98,442.80
				Page 6 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for December 26, 2003 Distribution
	Credit Enhancement Report
ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Excess Reserve Fund Balance (Ending)							0.00
INSURANCE					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Beginning Subordinated Amount							14,629,430.57
	Ending Subordinated Amount							14,629,430.57
	Specified Subordinated Amount							14,629,430.57
	Senior Enhancement Percentage							23.16%
				Page 7 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
COLLATERAL					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original				611	1145	2639	4395
	Prior				557	1,003	2,324	3,884
	Prefunding				-	-	-	-
	Scheduled Paid Offs				-	-	-	-
	Full Voluntary Prepayments				(12)	(41)	(75)	(128)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				545	962	2,249	3,756
	Principal Balance:
	Original				61,727,204.12	234,863,899.31	400,048,447.66	696,639,551.09
	Prior				52,384,638.07	197,399,080.17	343,498,863.67	593,282,581.91
	Prefunding				-	-	-	-
	Scheduled Principal				(52,649.15)	(144,355.82)	(265,227.73)	(462,232.70)
	Partial and Full Voluntary Prepayments				(1,052,519.78)	(8,175,871.30)	(12,011,698.42)	(21,240,089.50)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				51,279,469.14	189,078,853.04	331,221,937.53	571,580,259.71
PREFUNDING					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
	Group 1		Group 3
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
CHARACTERISTICS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Weighted Average Coupon Original				8.638131%	7.778625%	7.753041%	7.840092%
	Weighted Average Coupon Prior				8.713582%	7.783971%	7.725311%	7.831521%
	Weighted Average Coupon Current				8.690269%	7.786337%	7.721099%	7.828379%
	Weighted Average Months to Maturity Original				315	346	354	348
	Weighted Average Months to Maturity Prior				307	339	347	341
	Weighted Average Months to Maturity Current				306	338	346	340
	Weighted Avg Remaining Amortization Term Original				315	346	354	348
	Weighted Avg Remaining Amortization Term Prior				306	338	346	340
	Weighted Avg Remaining Amortization Term Current				306	338	345	339
	Weighted Average Seasoning Original				3.22	3.24	3.12	3.17
	Weighted Average Seasoning Prior				10.22	10.23	10.11	10.16
	Weighted Average Seasoning Current				11.22	11.23	11.11	11.16
Note: Original information refers to deal issue.
	Group 1		Group 3
	Group 2
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original				2.696%	3.454%	5.601%
	Weighted Average Margin Prior				2.607%	3.355%	5.567%
	Weighted Average Margin Current				2.580%	3.342%	5.551%
	Weighted Average Max Rate Original				6.221%	8.134%	12.656%
	Weighted Average Max Rate Prior				5.937%	7.879%	12.586%
	Weighted Average Max Rate Current				5.881%	7.843%	12.548%
	Weighted Average Min Rate Original				3.261%	4.227%	6.711%
	Weighted Average Min Rate Prior				3.111%	4.092%	6.665%
	Weighted Average Min Rate Current				3.077%	4.072%	6.643%
	Weighted Average Cap Up Original				0.689%	0.971%	1.294%
	Weighted Average Cap Up Prior				0.638%	0.938%	1.292%
	Weighted Average Cap Up Current				0.634%	0.931%	1.286%
	Weighted Average Cap Down Original				0.689%	0.971%	1.294%
	Weighted Average Cap Down Prior				0.638%	0.938%	1.292%
	Weighted Average Cap Down Current				0.634%	0.931%	1.286%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees				7,876.89	31,986.95	55,365.34	95,229.18
	Delinquent Servicing Fees				13,950.04	50,262.67	87,759.19	151,971.90
	TOTAL SERVICING FEES				21,826.93	82,249.62	143,124.53	247,201.08
	Prepayment Interest Shortfall				3,616.35	24,572.01	35,313.87	63,502.23
	Compensating Interest				(3,616.35)	(24,572.01)	(35,313.87)	(63,502.23)
	Delinquent Servicing Fees				(13,950.04)	(50,262.67)	(87,759.19)	(151,971.90)
	COLLECTED SERVICING FEES				7,876.89	31,986.95	55,365.34	95,229.18
	Aggregate Advances with respect to this Distribution				258,809.57	842,822.71	1,456,549.33	2,558,181.61
	Current Nonrecoverable Advances				0.00	0.00	0.00	0.00
	Cumulative Nonrecoverable Advances				0.00	0.00	0.00	0.00
ADDITIONAL COLLATERAL INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Net Prepayment Interest Shortfall							0.00
	Net Monthly Excess Cash Flow							2,680,807.22
	Ending Pool Stated Principal Balance				51,279,469.14	189,078,853.04	331,221,937.53	571,580,259.71
				Page 10 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	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			13,016,007.07	146,985.95	262,463.74	13,425,456.76
		% Balance			2.28%	0.03%	0.05%	2.35%
		# Loans			81	2	3	86
		% # Loans			2.16%	0.05%	0.08%	2.29%
FORECLOSURE		Balance		328,856.15	72,889.34	5,540,845.31	9,566,088.93	15,508,679.73
		% Balance		0.06%	0.01%	0.97%	1.67%	2.71%
		# Loans		2	1	39	71	113
		% # Loans		0.05%	0.03%	1.04%	1.89%	3.01%
BANKRUPTCY		Balance		2,518,281.50	558,102.67	103,895.72	1,547,181.72	4,727,461.61
		% Balance		0.44%	0.10%	0.02%	0.27%	0.83%
		# Loans		22	3	1	12	38
		% # Loans		0.59%	0.08%	0.03%	0.32%	1.01%
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		2,847,137.65	13,646,999.08	5,791,726.98	11,375,734.39	33,661,598.10
		% Balance		0.50%	2.39%	1.01%	1.99%	5.89%
		# Loans		24	85	42	86	237
		% # Loans		0.64%	2.26%	1.12%	2.29%	6.31%
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 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	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			7,785,982.29	97,719.12	132,471.80	8,016,173.21
		% Balance			2.35%	0.03%	0.04%	2.42%
		# Loans			54	1	2	57
		% # Loans			2.40%	0.04%	0.09%	2.53%
FORECLOSURE		Balance		328,856.15	72,889.34	3,314,781.60	6,670,517.84	10,387,044.93
		% Balance		0.10%	0.02%	1.00%	2.01%	3.14%
		# Loans		2	1	25	46	74
		% # Loans		0.09%	0.04%	1.11%	2.05%	3.29%
BANKRUPTCY		Balance		1,535,932.10	471,196.94	103,895.72	709,668.29	2,820,693.05
		% Balance		0.46%	0.14%	0.03%	0.21%	0.85%
		# Loans		14	2	1	6	23
		% # Loans		0.62%	0.09%	0.04%	0.27%	1.02%
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		1,864,788.25	8,330,068.57	3,516,396.44	7,512,657.93	21,223,911.19
		% Balance		0.56%	2.51%	1.06%	2.27%	6.41%
		# Loans		16	57	27	54	154
		% # Loans		0.71%	2.53%	1.20%	2.40%	6.85%
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 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	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			4,476,850.48	-	129,991.94	4,606,842.42
		% Balance			2.37%	0.00%	0.07%	2.44%
		# Loans			19	-	1	20
		% # Loans			1.98%	0.00%	0.10%	2.08%
FORECLOSURE		Balance		-	-	1,966,179.32	1,959,999.28	3,926,178.60
		% Balance		0.00%	0.00%	1.04%	1.04%	2.08%
		# Loans		-	-	8	15	23
		% # Loans		0.00%	0.00%	0.83%	1.56%	2.39%
BANKRUPTCY		Balance		876,640.42	86,905.73	-	348,418.43	1,311,964.58
		% Balance		0.46%	0.05%	0.00%	0.18%	0.69%
		# Loans		5	1	-	3	9
		% # Loans		0.52%	0.10%	0.00%	0.31%	0.94%
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		876,640.42	4,563,756.21	1,966,179.32	2,438,409.65	9,844,985.60
		% Balance		0.46%	2.41%	1.04%	1.29%	5.21%
		# Loans		5	20	8	19	52
		% # Loans		0.52%	2.08%	0.83%	1.98%	5.41%
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 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Delinquency Report for December 26, 2003 Distribution
	Delinquency Report - Group 3 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			753,174.30	49,266.83	-	802,441.13
		% Balance			1.47%	0.10%	0.00%	1.56%
		# Loans			8	1	-	9
		% # Loans			1.47%	0.18%	0.00%	1.65%
FORECLOSURE		Balance		-	-	259,884.39	935,571.81	1,195,456.20
		% Balance		0.00%	0.00%	0.51%	1.82%	2.33%
		# Loans		-	-	6	10	16
		% # Loans		0.00%	0.00%	1.10%	1.83%	2.94%
BANKRUPTCY		Balance		105,708.98	-	-	489,095.00	594,803.98
		% Balance		0.21%	0.00%	0.00%	0.95%	1.16%
		# Loans		3	-	-	3	6
		% # Loans		0.55%	0.00%	0.00%	0.55%	1.10%
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		105,708.98	753,174.30	309,151.22	1,424,666.81	2,592,701.31
		% Balance		0.21%	1.47%	0.60%	2.78%	5.06%
		# Loans		3	8	7	13	31
		% # Loans		0.55%	1.47%	1.28%	2.39%	5.69%
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 14 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	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				Loan Group 3 = Group 3 Group; REO Book Value = 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 15 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	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 = 66				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 9,706,254.00				Loan Group 2 = Group 2 Group
Total Current Balance = 8,764,053.68				Loan Group 3 = Group 3 Group
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
713940 1		84,750.00	84,296.88	Aug-01-03	9.750%	CA - 75.00%	360	Dec-30-02
723359 1		191,250.00	-	Dec-01-03	7.750%	CA - 75.00%	360	Dec-27-02
728735 1		162,291.00	161,225.56	Jul-01-03	8.750%	FL - 76.55%	360	Dec-20-02
732360 1		306,000.00	304,326.43	Jul-01-03	9.640%	NY - 90.00%	360	Dec-12-02
738961 1		276,000.00	273,455.65	Aug-01-03	7.500%	CA - 80.00%	360	Nov-13-02
740511 1		237,300.00	235,759.13	Jul-01-03	9.250%	CA - 79.10%	360	Dec-02-02
741095 1		120,000.00	119,458.60	Aug-01-03	10.990%	TN - 80.00%	360	Dec-02-02
742277 1		44,925.00	44,581.36	Jul-01-03	7.990%	NM - 75.00%	360	Dec-23-02
742662 1		189,550.00	188,364.99	Aug-01-03	8.990%	MA - 85.00%	360	Dec-24-02
743910 1		116,745.00	115,652.68	Jul-01-03	8.750%	CO - 75.81%	360	Nov-12-02
750581 1		51,920.00	51,525.45	Aug-01-03	8.990%	OH - 80.00%	360	Nov-27-02
750997 1		136,000.00	135,012.48	Jul-01-03	8.250%	NJ - 80.00%	360	Dec-26-02
751563 1		163,200.00	162,179.61	Jul-01-03	8.990%	CA - 85.00%	360	Dec-17-02
752161 1		252,000.00	250,718.62	Aug-01-03	9.990%	MO - 75.00%	360	Dec-31-02
754610 1		154,000.00	152,702.79	Aug-01-03	7.500%	CA - 70.00%	360	Dec-24-02
756742 1		174,000.00	171,998.03	Jul-01-03	6.500%	CA - 64.93%	360	Nov-29-02
757352 1		70,000.00	69,605.86	Jul-01-03	9.500%	AZ - 66.04%	360	Dec-30-02
757859 1		189,600.00	-	Dec-01-03	9.500%	CA - 80.00%	360	Jan-02-03
758146 1		101,250.00	100,550.80	Aug-01-03	8.500%	MN - 75.00%	360	Dec-13-02
761054 1		73,450.00	72,889.34	Sep-01-03	8.000%	TX - 65.00%	360	Dec-26-02
761118 1		276,750.00	274,175.58	Aug-01-03	6.990%	CA - 67.50%	360	Dec-23-02
761933 1		128,000.00	126,972.01	Aug-01-03	7.990%	CO - 80.00%	360	Dec-27-02
764653 1		74,400.00	73,934.80	Aug-01-03	8.990%	OH - 80.00%	360	Dec-20-02
765393 1		187,500.00	186,138.60	Aug-01-03	8.250%	CA - 75.00%	360	Dec-19-02
765770 1		174,250.00	173,160.54	Jul-01-03	8.990%	AZ - 85.00%	360	Dec-19-02
767229 1		144,500.00	143,092.24	Aug-01-03	6.750%	CA - 85.00%	360	Dec-27-02
767657 1		90,700.00	89,897.70	Aug-01-03	7.250%	MI - 73.74%	360	Dec-19-02
769423 1		68,000.00	67,574.82	Aug-01-03	8.990%	ID - 85.00%	360	Dec-26-02
769465 1		48,800.00	48,420.49	Jul-01-03	8.750%	FL - 80.00%	360	Dec-30-02
770693 1		280,000.00	276,850.06	Jul-01-03	5.990%	CA - 80.00%	360	Dec-23-02
771932 1		79,050.00	78,445.49	Jul-01-03	7.990%	OH - 85.00%	360	Dec-31-02
772348 1		89,250.00	88,715.46	Jul-01-03	9.200%	AZ - 85.00%	360	Dec-31-02
774760 1		35,000.00	34,770.17	Aug-01-03	8.750%	MI - 70.00%	360	Dec-31-02
774803 1		65,600.00	65,140.49	Aug-01-03	8.500%	WI - 80.00%	360	Dec-26-02
775744 1		210,500.00	208,890.28	Nov-01-03	7.990%	WA - 76.55%	360	Dec-27-02
777567 1		183,200.00	181,799.08	Mar-01-03	7.990%	TN - 80.00%	360	Dec-27-02
777671 1		160,000.00	158,651.55	Aug-01-03	7.990%	CO - 80.00%	360	Dec-23-02
777720 1		96,000.00	95,172.89	Jul-01-03	7.750%	FL - 80.00%	360	Dec-30-02
777880 1		58,500.00	58,176.00	Aug-01-03	9.990%	OH - 75.00%	360	Dec-31-02
778537 1		103,700.00	103,116.13	Aug-01-03	9.500%	AR - 85.00%	360	Dec-26-02
778550 1		120,800.00	119,965.87	Oct-01-03	8.500%	NJ - 80.00%	360	Dec-31-02
778816 1		62,250.00	61,905.23	Aug-01-03	9.990%	OH - 75.00%	360	Dec-31-02
779976 1		221,000.00	219,379.60	Aug-01-03	8.250%	CA - 85.00%	360	Dec-27-02
780970 1		108,800.00	108,187.45	Aug-01-03	9.500%	IN - 85.00%	360	Dec-31-02
				Page 16 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	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
782643 1		96,000.00	95,230.09	Jul-01-03	7.750%	AZ - 80.00%	360	Dec-31-02
720427 2		280,000.00	276,036.19	Aug-01-03	10.150%	NJ - 67.47%	360	Dec-24-02
730104 2		48,750.00	48,282.49	Aug-01-03	10.250%	IN - 58.04%	360	Oct-31-02
743358 2		369,000.00	365,244.41	Jul-01-03	6.990%	CA - 90.00%	360	Dec-05-02
748588 2		390,000.00	386,727.45	Aug-01-03	7.800%	MA - 88.64%	360	Dec-10-02
749372 2		118,150.00	117,484.81	Aug-01-03	9.500%	OH - 85.00%	360	Dec-06-02
749967 2		78,400.00	77,858.31	Aug-01-03	9.990%	TX - 80.00%	360	Dec-17-02
758773 2		391,000.00	387,763.08	Aug-01-03	7.630%	CA - 85.00%	360	Dec-11-02
759557 2		350,000.00	347,702.31	Aug-01-03	8.750%	CA - 73.68%	360	Dec-18-02
760457 2		428,000.00	-	Dec-01-03	7.500%	CA - 89.57%	360	Dec-13-02
762259 2		76,800.00	76,153.04	May-01-03	7.500%	WA - 80.00%	360	Dec-13-02
766667 2		93,750.00	92,962.79	Jul-01-03	7.750%	MT - 75.00%	360	Dec-23-02
779509 2		326,900.00	324,324.68	Aug-01-03	7.840%	CA - 78.77%	360	Dec-31-02
742075 3		71,250.00	70,905.58	Aug-01-03	10.750%	IA - 75.00%	360	Dec-20-02
757264 3		38,980.00	38,460.58	Jul-01-03	10.990%	CO - 20.00%	240	Dec-03-02
759216 3		31,000.00	30,526.93	Aug-01-03	10.990%	CA - 20.00%	240	Dec-13-02
762178 3		134,000.00	133,102.27	Jul-01-03	8.650%	TX - 72.83%	360	Dec-31-02
763950 3		35,001.00	34,871.55	Aug-01-03	11.490%	TX - 56.45%	360	Dec-23-02
765784 3		61,492.00	-	Dec-01-03	10.990%	CA - 20.00%	240	Dec-18-02
770792 3		70,000.00	67,334.81	Aug-01-03	10.990%	CA - 20.00%	180	Dec-23-02
778200 3		17,000.00	16,800.93	Aug-01-03	11.990%	ID - 20.00%	240	Dec-31-02
779155 3		40,000.00	39,444.59	Aug-01-03	10.990%	CO - 20.00%	240	Dec-23-02
				Page 17 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Current
	Number of Paid in Full Loans				12	41	75	128
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				12	41	75	128
	Paid in Full Balance				1,085,298.04	8,296,707.20	12,078,525.73	21,460,530.97
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				(32,778.26)	(120,835.90)	(66,827.31)	(220,441.47)
	Total Prepayment Amount				1,052,519.78	8,175,871.30	12,011,698.42	21,240,089.50
	Cumulative
	Number of Paid in Full Loans				66	183	388	637
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				66	183	388	637
	Paid in Full Balance				9,866,252.05	44,215,718.26	65,487,559.90	119,569,530.21
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				76,855.80	154,462.82	510,526.19	741,844.81
	Total Prepayment Amount				9,943,107.85	44,370,181.08	65,998,086.09	120,311,375.02
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 18 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES					GROUP 3	GROUP 2	GROUP 1	TOTAL
	SMM				2.01%	4.14%	3.50%	3.58%
	3 Months Avg SMM				3.64%	4.01%	3.48%	3.67%
	12 Months Avg SMM
	Avg SMM Since Cut-off				1.95%	2.31%	1.99%	2.10%
	CPR				21.64%	39.83%	34.78%	35.46%
	3 Months Avg CPR				35.94%	38.77%	34.61%	36.14%
	12 Months Avg CPR
	Avg CPR Since Cut-off				21.00%	24.47%	21.47%	22.44%
	PSA				964.17%	1772.74%	1564.99%	1588.19%
	3 Months Avg PSA Approximation				1758.16%	1893.99%	1711.22%	1778.08%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				1454.63%	1690.53%	1508.98%	1566.27%
	Group 1		Group 3
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 19 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
	Group 1		Group 3
	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 20 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	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 = 128						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 21,638,047.00						Loan Group 2 = Group 2 Group
Total Prepayment Amount = 21,460,530.97						Loan Group 3 = Group 3 Group
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
723359 1		FCL	191,250.00	189,859.34	Nov-06-03	7.750%	CA - 75.00%	Paid Off - 360	Dec-27-02
732446 1			145,800.00	144,569.10	Nov-25-03	6.990%	MA - 90.00%	Paid Off - 360	Dec-19-02
735093 1			299,000.00	297,115.70	Nov-10-03	8.470%	CA - 64.30%	Paid Off - 360	Dec-27-02
740111 1			84,575.00	84,144.14	Nov-28-03	9.990%	ME - 85.00%	Paid Off - 360	Dec-04-02
740933 1			212,000.00	210,531.18	Nov-06-03	7.990%	CA - 80.00%	Paid Off - 360	Dec-19-02
742403 1			73,260.00	72,801.36	Nov-20-03	8.990%	PA - 89.95%	Paid Off - 360	Nov-27-02
742593 1			140,000.00	138,917.38	Nov-12-03	7.990%	CA - 82.35%	Paid Off - 360	Nov-26-02
747228 1			96,000.00	95,266.18	Nov-21-03	7.500%	CA - 80.00%	Paid Off - 360	Dec-23-02
752084 1			219,200.00	216,953.62	Nov-20-03	6.490%	CA - 80.00%	Paid Off - 360	Dec-03-02
752160 1			210,000.00	208,616.74	Nov-20-03	8.250%	CA - 75.00%	Paid Off - 360	Dec-30-02
753931 1			175,000.00	174,062.96	Nov-29-03	9.750%	CA - 70.00%	Paid Off - 360	Nov-27-02
754689 1			242,220.00	240,702.68	Nov-25-03	8.500%	NY - 83.52%	Paid Off - 360	Dec-31-02
755823 1			314,400.00	310,614.30	Nov-19-03	6.000%	CA - 80.00%	Paid Off - 360	Dec-20-02
756636 1			253,500.00	251,465.26	Nov-20-03	7.250%	CA - 63.38%	Paid Off - 360	Dec-19-02
757589 1			168,000.00	167,001.06	Nov-06-03	8.750%	OK - 80.00%	Paid Off - 360	Dec-20-02
757824 1			285,000.00	280,889.79	Nov-28-03	6.750%	CA - 87.69%	Paid Off - 360	Dec-31-02
757859 1		FCL	189,600.00	188,633.46	Nov-28-03	9.500%	CA - 80.00%	Paid Off - 360	Jan-02-03
757980 1			384,750.00	382,085.91	Nov-24-03	8.000%	NJ - 90.00%	Paid Off - 360	Dec-27-02
758017 1			135,000.00	133,914.24	Nov-04-03	7.240%	CA - 42.59%	Paid Off - 360	Dec-05-02
758080 1			81,500.00	80,607.37	Nov-18-03	6.990%	CA - 42.89%	Paid Off - 360	Nov-29-02
758101 1			40,000.00	39,433.84	Nov-13-03	9.250%	SC - 64.52%	Paid Off - 360	Dec-31-02
758106 1			81,500.00	80,740.99	Nov-18-03	6.990%	CA - 42.89%	Paid Off - 360	Nov-29-02
758150 1			81,500.00	80,740.99	Nov-18-03	6.990%	CA - 42.89%	Paid Off - 360	Nov-29-02
758211 1			81,500.00	80,740.99	Nov-18-03	6.990%	CA - 42.89%	Paid Off - 360	Nov-29-02
758226 1			81,500.00	80,740.99	Nov-18-03	6.990%	CA - 42.89%	Paid Off - 360	Nov-29-02
758252 1			81,500.00	80,740.99	Nov-18-03	6.990%	CA - 42.89%	Paid Off - 360	Nov-29-02
758348 1			164,000.00	163,118.26	Nov-25-03	9.250%	NJ - 69.79%	Paid Off - 360	Dec-23-02
758377 1			245,000.00	242,972.99	Nov-12-03	7.250%	CA - 83.05%	Paid Off - 360	Dec-06-02
758466 1			80,000.00	78,827.45	Nov-17-03	7.500%	CA - 78.43%	Paid Off - 360	Dec-26-02
758794 1			347,000.00	344,209.38	Nov-25-03	7.240%	NJ - 84.84%	Paid Off - 360	Dec-20-02
759781 1			208,250.00	206,701.47	Nov-04-03	7.640%	MI - 85.00%	Paid Off - 360	Dec-24-02
760884 1			73,000.00	72,247.53	Nov-07-03	8.250%	LA - 60.33%	Paid Off - 360	Dec-23-02
761021 1			144,500.00	143,578.79	Nov-18-03	8.750%	IL - 85.00%	Paid Off - 360	Dec-20-02
761082 1			42,550.00	42,269.11	Nov-14-03	8.240%	MO - 37.00%	Paid Off - 360	Dec-30-02
761738 1			134,000.00	132,973.67	Nov-10-03	7.490%	FL - 74.44%	Paid Off - 360	Dec-30-02
762154 1			160,000.00	158,778.54	Nov-18-03	7.500%	MA - 50.79%	Paid Off - 360	Dec-26-02
762329 1			180,000.00	179,127.36	Nov-05-03	9.750%	CA - 75.00%	Paid Off - 360	Dec-23-02
762489 1			165,750.00	164,483.36	Nov-18-03	7.750%	CA - 85.00%	Paid Off - 360	Dec-30-02
762808 1			280,000.00	277,392.15	Dec-01-03	6.990%	CA - 80.00%	Paid Off - 360	Dec-16-02
763400 1			146,000.00	144,620.75	Nov-26-03	6.490%	CA - 74.87%	Paid Off - 360	Dec-31-02
763569 1			48,000.00	47,614.17	Nov-29-03	8.250%	WI - 80.00%	Paid Off - 360	Dec-27-02
764065 1			202,500.00	200,874.62	Nov-07-03	7.250%	NY - 75.00%	Paid Off - 360	Dec-23-02
764121 1			170,000.00	168,919.11	Nov-18-03	8.750%	CA - 85.00%	Paid Off - 360	Jan-02-03
764163 1			206,250.00	205,080.33	Nov-05-03	8.990%	IL - 75.00%	Paid Off - 360	Dec-31-02
					Page 21 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	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
766191 1			72,720.00	72,007.23	Nov-28-03	6.650%	MO - 80.00%	Paid Off - 360	Dec-24-02
766440 1			144,500.00	143,497.39	Nov-17-03	7.990%	CA - 85.00%	Paid Off - 360	Jan-02-03
766490 1			157,000.00	155,965.13	Nov-07-03	8.250%	CA - 74.06%	Paid Off - 360	Dec-19-02
767377 1			238,000.00	236,417.47	Nov-17-03	7.650%	IL - 70.00%	Paid Off - 360	Jan-02-03
767537 1			172,800.00	171,542.57	Nov-20-03	7.750%	IL - 80.00%	Paid Off - 360	Dec-23-02
767713 1			276,250.00	274,431.02	Nov-28-03	8.400%	NY - 85.00%	Paid Off - 360	Dec-27-02
767903 1			100,000.00	98,645.01	Nov-28-03	8.000%	NV - 71.43%	Paid Off - 360	Dec-23-02
768667 1			141,950.00	140,043.46	Nov-03-03	8.250%	OH - 85.00%	Paid Off - 360	Dec-27-02
769161 1			171,000.00	169,854.57	Nov-10-03	8.500%	ME - 90.00%	Paid Off - 360	Dec-13-02
769422 1			188,500.00	187,193.90	Nov-07-03	7.990%	CA - 81.96%	Paid Off - 360	Dec-30-02
769557 1			45,900.00	45,546.72	Nov-26-03	8.750%	IL - 85.00%	Paid Off - 360	Dec-19-02
770054 1			200,000.00	198,216.47	Nov-24-03	7.000%	FL - 80.00%	Paid Off - 360	Dec-20-02
770095 1			158,400.00	157,241.79	Nov-26-03	7.990%	RI - 80.00%	Paid Off - 360	Dec-27-02
770321 1			148,750.00	147,667.25	Nov-20-03	7.750%	CA - 81.73%	Paid Off - 360	Dec-26-02
771275 1			192,000.00	190,807.33	Nov-07-03	8.550%	CA - 80.00%	Paid Off - 360	Dec-26-02
772924 1			75,000.00	74,229.11	Nov-04-03	5.950%	MN - 28.30%	Paid Off - 360	Dec-24-02
773481 1			144,500.00	143,310.34	Nov-21-03	7.250%	NV - 85.00%	Paid Off - 360	Dec-31-02
774167 1			56,000.00	55,642.59	Nov-07-03	8.400%	AZ - 80.00%	Paid Off - 360	Dec-30-02
774524 1			205,200.00	203,626.38	Nov-24-03	8.700%	CA - 90.00%	Paid Off - 360	Dec-31-02
774847 1			150,000.00	148,844.73	Nov-26-03	7.500%	CA - 75.00%	Paid Off - 360	Dec-24-02
775101 1			109,600.00	108,800.95	Nov-29-03	8.990%	IL - 80.00%	Paid Off - 360	Dec-26-02
775252 1			202,000.00	200,111.56	Nov-03-03	6.500%	CA - 73.45%	Paid Off - 360	Dec-23-02
775390 1			241,000.00	239,071.50	Nov-05-03	7.500%	CA - 81.42%	Paid Off - 360	Dec-31-02
776191 1			202,400.00	200,963.20	Nov-07-03	7.875%	CA - 80.00%	Paid Off - 360	Dec-23-02
776799 1			127,000.00	125,887.19	Nov-28-03	6.990%	MN - 79.87%	Paid Off - 360	Dec-26-02
778558 1			258,000.00	255,931.66	Nov-25-03	7.250%	CA - 83.23%	Paid Off - 360	Dec-31-02
778796 1			89,600.00	89,092.66	Nov-28-03	8.990%	FL - 80.00%	Paid Off - 360	Dec-31-02
779937 1			132,000.00	130,789.66	Dec-01-03	6.750%	CA - 64.39%	Paid Off - 360	Dec-31-02
780002 1			135,000.00	133,806.42	Nov-21-03	6.750%	CA - 71.81%	Paid Off - 360	Dec-30-02
781836 1			153,000.00	149,882.79	Nov-10-03	8.500%	MN - 85.00%	Paid Off - 360	Dec-31-02
782639 1			145,000.00	143,778.10	Nov-17-03	6.999%	CA - 69.05%	Paid Off - 360	Dec-31-02
734630 2			360,400.00	357,202.52	Nov-11-03	8.250%	NJ - 75.87%	Paid Off - 360	Nov-27-02
737743 2			431,250.00	427,935.34	Nov-07-03	8.250%	CA - 75.00%	Paid Off - 360	Dec-05-02
744468 2			344,250.00	339,706.76	Nov-28-03	9.250%	CA - 85.00%	Paid Off - 360	Dec-04-02
747082 2			332,000.00	329,584.29	Nov-24-03	7.750%	FL - 80.00%	Paid Off - 360	Dec-23-02
747699 2			181,200.00	180,559.89	Nov-17-03	11.250%	CT - 60.00%	Paid Off - 360	Dec-18-02
749095 2			337,500.00	334,954.33	Nov-05-03	8.500%	CA - 90.00%	Paid Off - 360	Nov-27-02
749369 2			42,000.00	41,834.96	Nov-19-03	10.750%	IN - 80.00%	Paid Off - 360	Dec-23-02
749571 2		BK	360,000.00	356,967.38	Nov-10-03	7.500%	CA - 80.00%	Paid Off - 360	Dec-03-02
750043 2			120,000.00	119,551.22	Nov-29-03	10.990%	MO - 80.00%	Paid Off - 360	Dec-09-02
750109 2			500,000.00	500,000.03	Nov-03-03	4.880%	CA - 80.00%	Paid Off - 300	Dec-10-02
750212 2			170,510.00	169,386.82	Nov-11-03	8.250%	SC - 85.00%	Paid Off - 360	Dec-27-02
750509 2			119,700.00	118,899.94	Nov-24-03	8.990%	FL - 90.00%	Paid Off - 360	Dec-10-02
750685 2			208,100.00	205,265.21	Nov-29-03	8.000%	NJ - 55.49%	Paid Off - 360	Dec-20-02
754428 2			108,800.00	108,177.95	Nov-25-03	8.950%	CA - 85.00%	Paid Off - 360	Dec-06-02
754702 2			425,000.00	421,751.43	Nov-28-03	7.500%	CA - 89.47%	Paid Off - 360	Dec-19-02
757510 2			180,000.00	178,110.02	Nov-03-03	7.900%	CT - 80.00%	Paid Off - 360	Dec-12-02
758307 2			361,250.00	359,094.31	Nov-29-03	9.500%	NJ - 85.00%	Paid Off - 360	Dec-11-02
758660 2			382,500.00	379,576.33	Nov-25-03	7.500%	CA - 90.00%	Paid Off - 360	Dec-31-02
758917 2			47,960.00	47,674.32	Nov-18-03	8.750%	IA - 80.00%	Paid Off - 360	Dec-19-02
758984 2			33,520.00	33,320.32	Nov-18-03	8.750%	IA - 80.00%	Paid Off - 360	Dec-19-02
759849 2			83,000.00	82,239.34	Nov-17-03	7.990%	FL - 78.30%	Paid Off - 360	Dec-10-02
					Page 22 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	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
759898 2			95,950.00	95,379.49	Nov-29-03	8.750%	OH - 95.00%	Paid Off - 360	Dec-23-02
760457 2		FCL	428,000.00	424,732.75	Nov-12-03	7.500%	CA - 89.57%	Paid Off - 360	Dec-13-02
760830 2			181,800.00	180,538.65	Nov-03-03	7.990%	CA - 90.00%	Paid Off - 360	Dec-13-02
761631 2			248,000.00	246,595.84	Nov-14-03	8.990%	CA - 80.00%	Paid Off - 360	Dec-10-02
761656 2			36,000.00	34,992.83	Nov-21-03	8.750%	OH - 80.00%	Paid Off - 180	Dec-31-02
762045 2			185,300.00	183,825.83	Nov-24-03	7.500%	CA - 85.00%	Paid Off - 360	Dec-18-02
762203 2			35,000.00	34,681.54	Nov-28-03	7.750%	MO - 66.04%	Paid Off - 360	Dec-30-02
762269 2			108,775.00	108,126.70	Nov-29-03	8.750%	TX - 95.00%	Paid Off - 360	Dec-20-02
762500 2			130,000.00	128,317.34	Nov-20-03	9.990%	MI - 83.87%	Paid Off - 360	Dec-10-02
763293 2			111,300.00	110,851.64	Nov-29-03	11.250%	FL - 70.00%	Paid Off - 360	Dec-30-02
763409 2			74,400.00	73,957.58	Nov-04-03	8.750%	NE - 80.00%	Paid Off - 360	Dec-10-02
763583 2			70,000.00	67,792.42	Nov-07-03	8.150%	IL - 27.45%	Paid Off - 180	Dec-24-02
764487 2			152,000.00	151,047.86	Nov-11-03	8.500%	RI - 79.17%	Paid Off - 360	Dec-26-02
764660 2			158,100.00	157,238.84	Nov-18-03	9.250%	NH - 85.00%	Paid Off - 360	Dec-18-02
765241 2			327,750.00	325,891.36	Nov-21-03	8.990%	CA - 95.00%	Paid Off - 360	Dec-18-02
766447 2			65,000.00	64,377.48	Nov-18-03	7.880%	WY - 59.09%	Paid Off - 360	Dec-23-02
767187 2			242,250.00	240,820.71	Nov-29-03	8.990%	NJ - 85.00%	Paid Off - 360	Dec-27-02
769966 2			55,500.00	53,919.41	Nov-21-03	8.750%	FL - 52.86%	Paid Off - 180	Dec-20-02
772511 2		FCL	369,750.00	367,046.20	Nov-18-03	7.990%	CA - 85.00%	Paid Off - 360	Jan-02-03
782556 2			156,000.00	154,779.99	Nov-21-03	7.880%	CA - 80.00%	Paid Off - 360	Dec-31-02
736713 3			50,000.00	48,635.05	Nov-05-03	10.250%	CA - 20.00%	Paid Off - 180	Nov-27-02
745012 3			41,350.00	40,820.72	Nov-10-03	10.990%	CA - 20.00%	Paid Off - 240	Dec-11-02
747267 3			24,000.00	23,710.03	Nov-21-03	10.990%	CA - 20.00%	Paid Off - 240	Dec-23-02
752195 3			54,800.00	53,408.05	Nov-20-03	10.990%	CA - 20.00%	Paid Off - 180	Dec-03-02
752437 3			121,500.00	120,566.83	Nov-07-03	7.990%	FL - 90.00%	Paid Off - 360	Nov-27-02
754624 3			102,000.00	101,594.17	Nov-28-03	10.690%	FL - 85.00%	Paid Off - 360	Dec-17-02
755835 3			78,600.00	76,748.14	Nov-19-03	10.740%	CA - 20.00%	Paid Off - 240	Dec-20-02
757766 3			500,000.00	492,954.20	Nov-21-03	7.500%	CA - 84.03%	Paid Off - 360	Dec-17-02
761372 3			23,235.00	22,912.60	Nov-05-03	10.990%	CO - 15.00%	Paid Off - 240	Dec-05-02
765784 3		FCL	61,492.00	60,717.10	Nov-06-03	10.990%	CA - 20.00%	Paid Off - 240	Dec-18-02
766199 3			18,180.00	17,890.48	Nov-28-03	11.240%	MO - 20.00%	Paid Off - 240	Dec-24-02
777987 3			25,650.00	25,340.68	Nov-25-03	10.990%	CO - 15.00%	Paid Off - 240	Dec-19-02
					Page 23 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Current
	Number of Loans Liquidated				-	-	-	-
	Collateral Realized Loss/(Gain) Amount				-	-	-	-
	Net Liquidation Proceeds				-	-	-	-
	Cumulative
	Number of Loans Liquidated				-	-	2	2
	Collateral Realized Loss/(Gain) Amount				-	-	1,235.87	1,235.87
	Net Liquidation Proceeds				-	-	258,026.67	258,026.67
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Cumulative Loss Percentage							0.00%
	Group 1		Group 3				3 Months Moving Average
	Group 2
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 24 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS					GROUP 3	GROUP 2	GROUP 1	TOTAL
	MDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg MDR				0.00%	0.00%	0.02%	0.01%
	12 Months Avg MDR
	Avg MDR Since Cut-off				0.00%	0.00%	0.01%	0.00%
	CDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg CDR				0.00%	0.00%	0.29%	0.17%
	12 Months Avg CDR
	Avg CDR Since Cut-off				0.00%	0.00%	0.10%	0.06%
	SDA				0.00%	0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation				0.00%	0.00%	1.44%	0.83%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation				0.00%	0.00%	0.68%	0.39%
	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 3
	Group 2
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 25 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
	Group 1		Group 3
	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 26 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	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 = 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						Loan Group 3 = Group 3 Group
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 27 of 28				© COPYRIGHT 2003 Deutsche Bank
	Morgan Stanley Dean Witter Capital I Inc. 2003-NC3
	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 3	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))							2.74%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							15,667,250.22
	(y) Stated Principal Balance							571,580,259.71
	(B) 40% of Sr. Enhancement Percentage							8.92%
	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.00%
	(x) Agg. Realized Losses to date							1,235.87
	(y) Cut-off Date Pool Principal Balance							696,639,551.09
	(B) Applicable Percentage							100.00%
	Senior Enhancement Percentage (Prior)							22.31%
ADJUSTABLE RATE CERTIFICATE INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Basis Risk Carry Forward Amount							0.00
				Page 28 of 28				© COPYRIGHT 2003 Deutsche Bank

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