

                           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


                          NEW CENTURY MORTGAGE SECURITIES, INC.
            (as depositor, New Century Mortgage Corporation, as Master
             Servicer, Deutsche Bank National Trust Company as Trustee.)


                 NEW CENTURY HOME EQUITY LOAN TRUST SERIES 2003-5
              (Exact name of Registrant as specified in its Charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-104454-03                             33-0852169
          (Commission File Number)        (I.R.S. Employer Identification No.)


          189400 Von Karman Suite 1000
          Irvine, CALIFORNIA                             92612
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (949) 863-7243


     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,
                                  formerly known as Bankers Trust Company
                                  of California, N.A., 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 October 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.


	New Century Home Equity Loan Trust 2003-5
	Asset Backed 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				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				20
			12.	Realized Loss Detail Report				23
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				24




				Total Number of Pages				24



			CONTACTS

				Administrator: Eiko Akiyama
				Direct Phone Number: (714)247-6328
				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:		NC Capital Corp.					Cut-Off Date: October 1, 2003
	Certificate Insurer(s):							Closing Date: October 17, 2003
								First Payment Date: November 25, 2003
	Servicer(s):		New Century Mortgage Corporation Master Servicer


								Distribution Date: December 26, 2003
	Underwriter(s):		Bear, Stearns & Co. Inc					Record Date: December 24, 2003
								November 28, 2003






						Page 1 of 24					© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates
	REMIC II Series 2003-5
	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-I-1	FLT, STEP	259,746,000.00			256,987,474.81	285,193.63	2,335,685.56	2,620,879.19	-	-	254,651,789.25
A-I-2	FIX, STEP	83,420,000.00			83,420,000.00	204,379.00	-	204,379.00	-	-	83,420,000.00
A-I-2A	FIX, STEP	25,000,000.00			25,000,000.00	59,583.33	-	59,583.33	-	-	25,000,000.00
A-I-3	FIX, STEP	180,350,000.00			180,350,000.00	535,038.33	-	535,038.33	-	-	180,350,000.00
A-I-4	FIX, STEP	119,980,000.00			119,980,000.00	475,920.67	-	475,920.67	-	-	119,980,000.00
A-I-5	FIX, STEP	24,904,000.00			24,904,000.00	114,143.33	-	114,143.33	-	-	24,904,000.00
A-I-6	FIX, STEP	51,175,000.00			51,175,000.00	234,552.08	-	234,552.08	-	-	51,175,000.00
A-I-6A	FIX, STEP	40,000,000.00			40,000,000.00	183,333.33	-	183,333.33	-	-	40,000,000.00
A-I-7	FIX, STEP	87,175,000.00			87,175,000.00	374,126.04	-	374,126.04	-	-	87,175,000.00
A-II	FLT, STEP	74,250,000.00			73,154,790.57	95,672.75	878,756.00	974,428.75	-	-	72,276,034.57
M-1	MEZ, FIX,ST	53,350,000.00			53,350,000.00	240,519.58	-	240,519.58	-	-	53,350,000.00
M-2	MEZ, FIX,ST	40,150,000.00			40,150,000.00	184,020.83	-	184,020.83	-	-	40,150,000.00
M-3	MEZ, FIX,ST	16,500,000.00			16,500,000.00	75,625.00	-	75,625.00	-	-	16,500,000.00
M-4	MEZ, FIX,ST	8,250,000.00			8,250,000.00	37,812.50	-	37,812.50	-	-	8,250,000.00
M-5	MEZ, FIX,ST	8,250,000.00			8,250,000.00	37,812.50	-	37,812.50	-	-	8,250,000.00
B	SUB, FIX,ST	16,500,000.00			16,500,000.00	75,625.00	-	75,625.00	-	-	16,500,000.00
P	P	100.00			100.00	16,670.70	-	16,670.70	-	-	100.00
CE	SUB,EXE	10,999,900.00			11,000,000.00	2,331,413.56	-	2,331,413.56	-	-	11,000,000.00
R	R	-			-	-	-	-	-	-	-



Total		1,100,000,000.00			1,096,146,365.38	5,561,442.16	3,214,441.56	8,775,883.72	-	-	1,092,931,923.82


	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-I-1	11/25/03	12/25/03		A-Act/360	64352VDX6	259,746,000.00	989.379913	1.097971	8.992191	10.090162	980.387722
A-I-2				A-30/360	64352VDY4	83,420,000.00	1,000.000000	2.450000	-	2.450000	1,000.000000
A-I-2A				A-30/360	64352VDZ1	25,000,000.00	1,000.000000	2.383333	-	2.383333	1,000.000000
A-I-3				A-30/360	64352VEA5	180,350,000.00	1,000.000000	2.966667	-	2.966667	1,000.000000
A-I-4				A-30/360	64352VEB3	119,980,000.00	1,000.000000	3.966667	-	3.966667	1,000.000000
A-I-5				A-30/360	64352VEC1	24,904,000.00	1,000.000000	4.583333	-	4.583333	1,000.000000
A-I-6				A-30/360	64352VED9	51,175,000.00	1,000.000000	4.583333	-	4.583333	1,000.000000
A-I-6A				A-30/360	64352VEE7	40,000,000.00	1,000.000000	4.583333	-	4.583333	1,000.000000
A-I-7				A-30/360	64352VEF4	87,175,000.00	1,000.000000	4.291667	-	4.291667	1,000.000000
A-II	11/25/03	12/25/03		A-Act/360	64352VEG2	74,250,000.00	985.249705	1.288522	11.835098	13.123620	973.414607
M-1				A-30/360	64352VEH0	53,350,000.00	1,000.000000	4.508333	-	4.508333	1,000.000000
M-2				A-30/360	64352VEJ6	40,150,000.00	1,000.000000	4.583333	-	4.583333	1,000.000000
M-3				A-30/360	64352VEK3	16,500,000.00	1,000.000000	4.583333	-	4.583333	1,000.000000
M-4				A-30/360	64352VEL1	8,250,000.00	1,000.000000	4.583333	-	4.583333	1,000.000000
M-5				A-30/360	64352VEM9	8,250,000.00	1,000.000000	4.583333	-	4.583333	1,000.000000
B				A-30/360	64352VEN7	16,500,000.00	1,000.000000	4.583333	-	4.583333	1,000.000000
P				-		100.00	1,000.000000	166,707.000000	-	166,707.000000	1,000.000000
CE				A-30/360		10,999,900.00	1,000.009091	211.948614	-	211.948614	1,000.009091
R				A-30/360		-	-	-	-	-	-


							Page 2 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates
	REMIC II Series 2003-5
	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-I-1	259,746,000.00		648,188.67		3,352,242.35	1,741,968.40	5,094,210.75	5,742,399.42	-	-	254,651,789.25
A-I-2	83,420,000.00		408,758.00		-	-	-	408,758.00	-	-	83,420,000.00
A-I-2A	25,000,000.00		119,166.66		-	-	-	119,166.66	-	-	25,000,000.00
A-I-3	180,350,000.00		1,070,076.66		-	-	-	1,070,076.66	-	-	180,350,000.00
A-I-4	119,980,000.00		951,841.34		-	-	-	951,841.34	-	-	119,980,000.00
A-I-5	24,904,000.00		228,286.66		-	-	-	228,286.66	-	-	24,904,000.00
A-I-6	51,175,000.00		469,104.16		-	-	-	469,104.16	-	-	51,175,000.00
A-I-6A	40,000,000.00		366,666.66		-	-	-	366,666.66	-	-	40,000,000.00
A-I-7	87,175,000.00		748,252.08		-	-	-	748,252.08	-	-	87,175,000.00
A-II	74,250,000.00		217,937.75		1,300,648.90	673,316.53	1,973,965.43	2,191,903.18	-	-	72,276,034.57
M-1	53,350,000.00		481,039.16		-	-	-	481,039.16	-	-	53,350,000.00
M-2	40,150,000.00		368,041.66		-	-	-	368,041.66	-	-	40,150,000.00
M-3	16,500,000.00		151,250.00		-	-	-	151,250.00	-	-	16,500,000.00
M-4	8,250,000.00		75,625.00		-	-	-	75,625.00	-	-	8,250,000.00
M-5	8,250,000.00		75,625.00		-	-	-	75,625.00	-	-	8,250,000.00
B	16,500,000.00		151,250.00		-	-	-	151,250.00	-	-	16,500,000.00
P	100.00		22,917.23		-	-	-	22,917.23	-	-	100.00
CE	10,999,900.00		4,577,834.56		-	-	-	4,577,834.56	-	100.00	11,000,000.00
R	-		-		-	-	-	-	-	-	-



Total	1,100,000,000.00		11,131,861.25		4,652,891.25	2,415,284.93	7,068,176.18	18,200,037.43	-	100.00	1,092,931,923.82


	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-I-1	1.28875%	256,987,474.81			285,193.63	-	-	-	285,193.63	285,193.63	-
A-I-2	2.94000%	83,420,000.00			204,379.00	-	-	-	204,379.00	204,379.00	-
A-I-2A	2.86000%	25,000,000.00			59,583.33	-	-	-	59,583.33	59,583.33	-
A-I-3	3.56000%	180,350,000.00			535,038.33	-	-	-	535,038.33	535,038.33	-
A-I-4	4.76000%	119,980,000.00			475,920.67	-	-	-	475,920.67	475,920.67	-
A-I-5	5.50000%	24,904,000.00			114,143.33	-	-	-	114,143.33	114,143.33	-
A-I-6	5.50000%	51,175,000.00			234,552.08	-	-	-	234,552.08	234,552.08	-
A-I-6A	5.50000%	40,000,000.00			183,333.33	-	-	-	183,333.33	183,333.33	-
A-I-7	5.15000%	87,175,000.00			374,126.04	-	-	-	374,126.04	374,126.04	-
A-II	1.51875%	73,154,790.57			95,672.75	-	-	-	95,672.75	95,672.75	-
M-1	5.41000%	53,350,000.00			240,519.58	-	-	-	240,519.58	240,519.58	-
M-2	5.50000%	40,150,000.00			184,020.83	-	-	-	184,020.83	184,020.83	-
M-3	5.50000%	16,500,000.00			75,625.00	-	-	-	75,625.00	75,625.00	-
M-4	5.50000%	8,250,000.00			37,812.50	-	-	-	37,812.50	37,812.50	-
M-5	5.50000%	8,250,000.00			37,812.50	-	-	-	37,812.50	37,812.50	-
B	5.50000%	16,500,000.00			75,625.00	-	-	-	75,625.00	75,625.00	-
P		100.00			16,670.70	-	-	-	16,670.70	16,670.70	-
CE	2.55741%	11,000,000.00			2,331,413.56	-	-	-	2,331,413.56	2,331,413.56	-
R		-			-	-	-	-	-	-	-



Total		1,096,146,365.38			5,561,442.16	-	-	-	5,561,442.16	5,561,442.16	-


							Page 3 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Collection Account Report for December 26, 2003 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					878,756.00	2,335,685.56	3,214,441.56
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					878,756.00	2,335,685.56	3,214,441.56

	Interest Collections					374,165.51	5,457,187.34	5,831,352.85
	Insurance Premiums					0.00	4,666.67	4,666.67
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(18,176.59)	(263,738.82)	(281,915.41)
	TOTAL NET INTEREST					355,988.92	5,198,115.19	5,554,104.11

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					1,234,744.92	7,533,800.75	8,768,545.67

	Prepayment Penalties Collected							16,670.70

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							8,785,216.37


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received					35,194.62	1,175,300.95	1,210,495.57
	Prepayments In Full					837,795.04	1,077,621.91	1,915,416.95
	Curtailments					5,766.34	82,762.70	88,529.04
	Liquidations					0.00	0.00	0.00
	Insurance Principal					0.00	0.00	0.00
	Repurchased Principal Amounts					0.00	0.00	0.00
	Other Principal					0.00	0.00	0.00
	Total Realized Loss Of Principal					0.00	0.00	0.00
	Delinquent Principal					(7,151.01)	(131,632.34)	(138,783.35)
	Advanced Principal					7,151.01	131,632.34	138,783.35

	TOTAL PRINCIPAL COLLECTED					878,756.00	2,335,685.56	3,214,441.56


				Page 4 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Collection Account Report for December 26, 2003 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Interest					377,834.82	5,493,230.23	5,871,065.05
	Liquidation Interest					0.00	0.00	0.00
	Repurchased Interest					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Interest					0.00	0.00	0.00
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Net Prepayment Interest Shortfalls					0.00	0.00	0.00
	Delinquent Interest					(73,899.29)	(705,727.59)	(779,626.88)
	Interest Advanced					70,229.98	669,684.70	739,914.68

	TOTAL INTEREST COLLECTED					374,165.51	5,457,187.34	5,831,352.85


				Page 5 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Collection Account Report for December 26, 2003 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL

	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00

	TOTAL INTEREST WITHDRAWALS							0.00


INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL


	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00


INTEREST - FEES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					18,046.30	261,950.86	279,997.16
	Trustee Fees					130.29	1,787.96	1,918.25



	TOTAL INTEREST OTHER FEES					18,176.59	263,738.82	281,915.41


				Page 6 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Credit Enhancement Report for December 26, 2003 Distribution


	Credit Enhancement Report


ACCOUNTS						GROUP 2	GROUP 1	TOTAL

	Excess Net WAC Rate Reserve Fund Balance (Ending)							1,000.00


INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL

	Beginning Subordinated Amount							11,000,000.00
	Ending Subordinated Amount							11,000,000.00
	Specified Subordinated Amount							11,000,000.00


	Senior Enhancement Percentage							14.09%


				Page 7 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Collateral Report for December 26, 2003 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					263	5134	5397
	Prior					261	5,130	5,391
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(2)	(6)	(8)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					259	5,124	5,383

	*Principal Balance:*
	Original					75,530,060.18	1,024,198,601.09	1,099,728,661.27
	Prior					74,453,514.89	1,021,692,850.49	1,096,146,365.38
	Prefunding					-	-	-
	Scheduled Principal					(35,194.62)	(1,175,300.95)	(1,210,495.57)
	Partial and Full Voluntary Prepayments					(843,561.38)	(1,160,384.61)	(2,003,945.99)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					73,574,758.89	1,019,357,164.93	1,092,931,923.82

PREFUNDING						GROUP 2	GROUP 1	TOTAL

	Closing Date Deposit Amount					0.00	0.00	0.00


	Group 1
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Collateral Report for December 26, 2003 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original					6.091726%	6.453664%	6.428806%
	Weighted Average Coupon Prior					6.091726%	6.453664%	6.428806%
	Weighted Average Coupon Current					6.089730%	6.451916%	6.427315%
	Weighted Average Months to Maturity Original					333	341	340
	Weighted Average Months to Maturity Prior					333	341	340
	Weighted Average Months to Maturity Current					333	340	340
	Weighted Avg Remaining Amortization Term Original					333	341	340
	Weighted Avg Remaining Amortization Term Prior					333	341	340
	Weighted Avg Remaining Amortization Term Current					332	340	339
	Weighted Average Seasoning Original					1.94	1.70	1.72
	Weighted Average Seasoning Prior					1.94	1.70	1.72
	Weighted Average Seasoning Current					2.94	2.70	2.72

Note: Original information refers to deal issue.


	Group 1
	Group 2
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Collateral Report for December 26, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original					4.780%
	Weighted Average Margin Prior					4.780%
	Weighted Average Margin Current					4.779%
	Weighted Average Max Rate Original					13.243%
	Weighted Average Max Rate Prior					13.243%
	Weighted Average Max Rate Current					13.241%
	Weighted Average Min Rate Original
	Weighted Average Min Rate Prior
	Weighted Average Min Rate Current
	Weighted Average Cap Up Original					2.128%
	Weighted Average Cap Up Prior					2.128%
	Weighted Average Cap Up Current					2.126%
	Weighted Average Cap Down Original
	Weighted Average Cap Down Prior
	Weighted Average Cap Down Current

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					18,046.30	261,950.86	279,997.16
	Delinquent Servicing Fees					3,669.31	36,042.89	39,712.20
	TOTAL SERVICING FEES					21,715.61	297,993.75	319,709.36

	Prepayment Interest Shortfall					0.00	0.00	0.00
	Compensating Interest					0.00	0.00	0.00
	Delinquent Servicing Fees					(3,669.31)	(36,042.89)	(39,712.20)

	COLLECTED SERVICING FEES					18,046.30	261,950.86	279,997.16


	Aggregate Advances with respect to this Distribution					77,380.99	801,317.04	878,698.03
	Current Nonrecoverable Advances					0.00	0.00	0.00
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00


ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Net Prepayment Interest Shortfall					0.00	0.00	0.00

	Net Monthly Excess Cash Flow							2,331,412.87


	Ending Pool Stated Principal Balance					73,574,758.89	1,019,357,164.93	1,092,931,923.82


				Page 10 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Delinquency Report for December 26, 2003 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			144,126.22	-	-	144,126.22
		% Balance			0.01%	0.00%	0.00%	0.01%
		# Loans			2	-	-	2
		% # Loans			0.04%	0.00%	0.00%	0.04%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		561,968.67	-	-	-	561,968.67
		% Balance		0.05%	0.00%	0.00%	0.00%	0.05%
		# Loans		4	-	-	-	4
		% # Loans		0.07%	0.00%	0.00%	0.00%	0.07%
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		561,968.67	144,126.22	-	-	706,094.89
		% Balance		0.05%	0.01%	0.00%	0.00%	0.06%
		# Loans		4	2	-	-	6
		% # Loans		0.07%	0.04%	0.00%	0.00%	0.11%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 11 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed 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			144,126.22	-	-	144,126.22
		% Balance			0.01%	0.00%	0.00%	0.01%
		# Loans			2	-	-	2
		% # Loans			0.04%	0.00%	0.00%	0.04%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		561,968.67	-	-	-	561,968.67
		% Balance		0.06%	0.00%	0.00%	0.00%	0.06%
		# Loans		4	-	-	-	4
		% # Loans		0.08%	0.00%	0.00%	0.00%	0.08%
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		561,968.67	144,126.22	-	-	706,094.89
		% Balance		0.06%	0.01%	0.00%	0.00%	0.07%
		# Loans		4	2	-	-	6
		% # Loans		0.08%	0.04%	0.00%	0.00%	0.12%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 12 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed 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			-	-	-	-
		% Balance			0.00%	0.00%	0.00%	0.00%
		# Loans			-	-	-	-
		% # Loans			0.00%	0.00%	0.00%	0.00%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
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		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 13 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed 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
REO Book Value = 000.00

REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.

Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


				Page 14 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed 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 = 0				Loan Group 1 = Group 1 Group
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2 Group
Total Current Balance = 000.00


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 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Prepayment Report for December 26, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans					2	6	8
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					2	6	8

	Paid in Full Balance					837,795.04	1,077,621.91	1,915,416.95
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					5,766.34	82,762.70	88,529.04
	Total Prepayment Amount					843,561.38	1,160,384.61	2,003,945.99

	*Cumulative*
	Number of Paid in Full Loans					4	10	14
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					4	10	14

	Paid in Full Balance					1,876,195.04	2,308,468.84	4,184,663.88
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					8,691.18	188,097.46	196,788.64
	Total Prepayment Amount					1,884,886.22	2,496,566.30	4,381,452.52

SPACE INTENTIONALLY LEFT BLANK


Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)


				Page 16 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Prepayment Report for December 26, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL

	SMM					1.13%	0.11%	0.18%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off					1.26%	0.12%	0.20%

	CPR					12.79%	1.36%	2.17%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off					14.08%	1.46%	2.37%

	PSA					2172.64%	251.20%	400.36%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					2884.30%	331.07%	535.01%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 17 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Prepayment Report for December 26, 2003 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1
	Group 2

CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off


PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off


PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)

Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.

				Page 18 of 24				© COPYRIGHT 2003 Deutsche Bank


	New Century Home Equity Loan Trust 2003-5
	Asset Backed 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 = 8						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 1,917,850.00						Loan Group 2 = Group 2 Group
Total Prepayment Amount = 1,915,416.95


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

932074 1			153,000.00	152,614.05	Dec-01-03	6.900%	NJ - 90.00%	Paid Off - 360	Jul-15-03
1004146 1			177,000.00	176,815.20	Dec-01-03	5.750%	MA - 50.57%	Paid Off - 360	Sep-04-03
1030096 1			210,000.00	209,654.04	Dec-01-03	6.990%	CA - 42.42%	Paid Off - 360	Sep-05-03
1040776 1			196,650.00	195,891.87	Dec-01-03	6.990%	MD - 95.00%	Paid Off - 240	Sep-08-03
1041698 1			225,000.00	224,562.65	Dec-01-03	6.150%	CA - 76.27%	Paid Off - 360	Aug-27-03
1088339 1			118,150.00	118,084.10	Dec-01-03	8.900%	FL - 85.00%	Paid Off - 360	Sep-17-03
1004344 2			517,650.00	517,650.00	Dec-01-03	4.100%	WA - 85.00%	Paid Off - 300	Aug-29-03
1069657 2			320,400.00	320,145.04	Dec-01-03	7.150%	MA - 90.00%	Paid Off - 360	Sep-03-03


					Page 19 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Realized Loss Report for December 26, 2003 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-

	*Cumulative*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-

	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.


	Cumulative Loss Percentage							0.00%


	Group 1						3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 20 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Realized Loss Report for December 26, 2003 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL

	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%

	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.00%	0.00%

	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.00%	0.00%

	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off

	Group 1
	Group 2
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 21 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed Pass-Through Certificates

	Realized Loss Report for December 26, 2003 Distribution


	Realized Loss Report - Collateral

	Group 1
	Group 2

CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off


SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off


COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.

				Page 22 of 24				© COPYRIGHT 2003 Deutsche Bank


	New Century Home Equity Loan Trust 2003-5
	Asset Backed 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
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.

Loan Number			Original	Prior		Current	State &
&		Loan	Principal	Principal	Realized	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


					Page 23 of 24				© COPYRIGHT 2003 Deutsche Bank
	New Century Home Equity Loan Trust 2003-5
	Asset Backed 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 2	GROUP 1	TOTAL

	Has a Stepdown Date occurred?							No

	Does Trigger Event exist?							No

	1. Does (A) equal or exceed (B)?							No
	(A) 60+ Day Delinq % (quotient of (x) over (y))							0.00%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							0.00
	(y) Stated Principal Balance							1,092,931,923.82
	(B) 40% of Sr. Enhancement Percentage							8.03%

	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.00%
	(x) Agg. Realized Losses to date							0.00
	(y) Cut-off Date Pool Principal Balance							1,100,000,000.00
	(B) Applicable Percentage							100.00%


	Senior Enhancement Percentage (Prior)							14.05%



ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Basis Risk Carry Forward Amount							0.00


				Page 24 of 24				© COPYRIGHT 2003 Deutsche Bank

NEW CENTURY HOME EQUITY LOAN TRUST SERIES 2003-5 8-K