Item 1. Business
Not applicable.
Item 2.
Item 2. Properties
Not applicable on reliance of Relief Letters
Item 3.
Item 3. Legal Proceedings
There were no legal proceedings.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders There were no matters submitted to a vote of the Security Holders.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder matters There is no established public trading market for the notes.
Below are the number of Noteholders or Certificateholders of record as of the end of the reporting year.
Morgan Stanley Dean Witter Capital I Inc Mortgage Pass-Through Certificates Series 2002-HE1 Class A-1 1 Series 2002-HE1 Class A-2 12 Series 2002-HE1 Class M-1 3 Series 2002-HE1 Class M-2 3 Series 2002-HE1 Class B-1 12 Series 2002-HE1 Class B-2 3 Series 2002-HE1 Class X 1 Series 2002-HE1 Class P 1
Item 6.
Item 6. Selected Financial Data.
Not applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Not applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
Not applicable.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Not applicable.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11.
Item 11. Executive Compensation
Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions.
Not applicable.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Not Applicable 2. Not Applicable 3. Exhibits 99.1 Annual Summary Statement 99.2 Annual Statement as to Compliance. 99.3 Annual Independent Public Accountant's Servicing Report. 99.4 Annual Report of Management
(b) Reports on Form 8-K The registrant has filed Current Reports on Form 8-K with the Securities and Exchange Commission dated: July 25, 2002; August 26, 2002; September 25, 2002, October 25, 2002; November 25, 2002; December 26, 2002
(c) See (a) 3 above
(d) Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Morgan Stanley Dean Witter Capital I Inc Mortgage Pass-Through Certificates Series 2002-HE1
/s/ Craig Phillips
Name: Craig Phillips
Title: President
Date: March 31, 2003
Sarbanes-Oxley Certification
CERTIFICATION
Re: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-HE1 ("the Trust"), Mortgage Pass-Through Certificates, Series 2002-HE1, issued pursuant to the Pooling and Servicing Agreement, dated as of June 1, 2002 (the "Pooling and Servicing Agreement"), among Morgan Stanley Dean Witter Capital I Inc., as depositor, U.S. Bank National Association, as trustee (the "Trustee"), Ocwen Federal Bank FSB, as servicer ("Ocwen"), The Provident Bank, as servicer ("Provident" and, together with Ocwen, the "Servicers")
I, Craig Phillips, certify that:
1. I have reviewed this annual report on Form 10-K ("Annual Report"), and all reports on Form 8-K containing distribution reports (collectively with this Annual Report, the "Reports") filed in respect of periods included in the year covered by this Annual Report, of the Trust;
2. Based on my knowledge, the information in the Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this Annual Report;
3. Based on my knowledge, the distribution or servicing information required to be provided to the Trustee by the Servicers under the Pooling and Servicing Agreement, for inclusion in the Reports is included in these Reports;
4. Based on my knowledge and upon the annual compliance statement included in this Annual Report and required to be delivered to the Trustee in accordance with the terms of the Pooling and Servicing Agreement, and except as disclosed in the Reports, each Servicer has fulfilled its obligations under the Pooling and Servicing Agreement; and
5. The Reports disclose all significant deficiencies relating to the Servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the Pooling and Servicing Agreement, that is included in the Reports.
In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: the Trustee and each Servicer.
Date: 3-25-03
Signature: /s/ Craig Phillips
Title: President
EXHIBIT INDEX
Exhibit Number Description 99.1 Annual Summary Statement 99.2 Annual Statement of Compliance 99.3 Report of Independent Accountants 99.4 Report of Management
EXHIBIT 99.1 -- Summary of Aggregate Amounts or End of Year Amounts for the period ending December 31, 2002
Morgan Stanley Dean Witter Capital I Inc Mortgage Pass-Through Certificates Series 2002-HE1
STATEMENT TO CERTIFICATEHOLDERS
Class Cusip Orig Bal Beg Bal Prin Int A-1 61746WQK9 557,163,000 557,163,000 41,619,780 5,830,185 A-2 61746WPX2 237,977,000 237,977,000 20,693,123 2,435,622 M-1 61746WPY0 52,690,000 52,690,000 0 626,020 M-2 61746WPZ7 47,900,000 47,900,000 0 738,622 B-1 61746WQA1 38,320,000 38,320,000 0 687,762 B-2 61746WQB9 11,975,000 11,975,000 0 257,304 X N/A 11,975,000 11,975,000 20,534 27,953,416 P N/A 0 0 0 1,285,745 R N/A 0 0 0 0 958,000,000 958,000,000 62,333,437 39,814,675
Class Total Losses End Bal A-1 47,449,966 0 515,543,220 A-2 23,128,745 0 217,283,877 M-1 626,020 0 52,690,000 M-2 738,622 0 47,900,000 B-1 687,762 0 38,320,000 B-2 257,304 0 11,975,000 X 27,973,951 0 11,975,000 P 1,285,745 0 0 R 0 0 0 Total 102,148,113 0 895,687,097
AMOUNTS PER $1,000 UNIT
Class Prin Int Total Losses End Bal A-1 74.6995 10.4641 85.1635 0.0000 925.3005 A-2 86.9543 10.2347 97.1890 0.0000 913.0457 M-1 0.0000 11.8812 11.8812 0.0000 1000.0000 M-2 0.0000 15.4201 15.4201 0.0000 1000.0000 B-1 0.0000 17.9479 17.9479 0.0000 1000.0000 B-2 0.0000 21.4867 21.4867 0.0000 1000.0000 X 1.7148 2334.3145 2336.0293 0.0000 1000.0000
Class Org Rate Cur Rate Next Rate A-1 2.20500% 1.74500% 1.78500% A-2 2.17000% 1.71000% 1.75000% M-1 2.44000% 1.98000% 2.02000% M-2 3.14000% 2.68000% 2.72000% B-1 3.64000% 3.18000% 3.22000% B-2 4.34000% 3.88000% 3.92000% X 6.37082% 6.12214%
Section 4.02 (i.) PRINCIPAL DISTRIBUTIONS Curtails 374,426 Payments in Full 57,778,107 Liq Proceeds 454,459 58,606,992
Section 4.03 (ii.)(iii.) INTEREST DISTRIBUTIONS Unpaid Int Unpaid Int Basis Risk Class Int Included Remain Covered A-1 5,830,185 0 0 0 A-2 2,435,622 0 0 0 M-1 626,020 0 0 0 M-2 738,622 0 0 0 B-1 687,762 0 0 0 B-2 257,304 0 0 0 X 27,953,416 NA NA NA Total 38,528,930 0 0 0
Reduction from the allocation: Basis Risk Class Carry Forward Losses RAIS A-1 0 0 0 A-2 0 0 0 M-1 0 0 0 M-2 0 0 0 B-1 0 0 0 B-2 0 0 0 X 0 0 0 Total 0 0 0
Section 4.02 (v.) BALANCES AS OF: Dec - '02 Stated Prin Bal of Mort Loans 895,687,097
Section 4.02 (vi.) MAS SERV COMP 2,327,317
Section 4.02 (viii.) P&I ADVANCES * Current Period Advances 1,540,059 Outstanding Advances 2,289,648
Section 4.02 (ix.) Unpaid Stated DELINQ INFO Number Bal Bal *31-60 148 21,100,690 21,065,428 *61-90 35 5,111,096 5,100,186 *91+ 15 1,975,003 1,969,346 Foreclosures 149 19,539,099 19,479,657 Bankruptcies 58 6,228,689 6,215,768 REOs 6 738,264 735,489 *Note: Do not include Foreclosure, Bankruptcy, REO
Section 4.03 (x.) SCHEDULED PAYMENTS
Due Period Pmts Due 60+ Pmts Nov-02 7,269,218 259,985 Oct-02 7,397,979 223,071 Sep-02 7,472,101 154,929 Aug-02 7,535,962 83,657 Jul-02 7,590,413 40,704 Jun-02 7,213,841 3,481
Section 4.02 (xi.) REO INFORMATION Loans that became REO properties in the preceding calendar month:
Loan Unpaid Bal Stated Bal 576444 198,000 197,156
Section 4.02 (xii.) REO INFORMATION Number of REO Loans 6 Stated Principal Balance of REO Properties 735,489 Tot Bk Val of REO Props: 749,940
Section 4.02 (xiii.) Stepdown Date Occurrence NO Trigger Event Occurrence NO Aggregate Balance of loans 60+ days delinquent * 33,500,446 *Note: Includes Foreclosure, Bankruptcy, REO
Section 4.03 (xiv.) RESERVE FUND Amount on Deposit in Excess Reserve Fund 0
Section 4.03 (xv.), (xxi) REALIZED LOSSES Realized Losses that were incurred during the related Prepayment Period Total Realized Losses 2,003 Aggregate Realized Losses 2,003 Cummulative Realized Loss Percentage 0.0002%
Applied Realized Losses that were incurred during the related Prepayment Period
Total Applied Realized Losses 0 Aggregate Applied Realized Losses 0 Cummulative Applied Realized Loss Percentage 0.0000%
Section 4.02 (xvi.) Net Monthly Excess Cash Flow 27,973,951 Allocation to Applied Realized Losses 0 Allocation to Unpaid Interest Amounts 0
Section 4.02 (xvii.) Subordination Amount 11,975,000 Required Subordinated Amount 11,975,000
Section 4.02 (xviii.) Prepay Charges 1,285,745
Section 4.03 (xix.), (xx) Grp 1 Grp 2 Pre-Funded Amounts 0 0 Unused Prefund Amts as prin to A 0 0
EXHIBIT 99.2 -- Servicer's Annual Statement of Compliance
MORGAN STANLEY DEAN WITTER CAPITAL I, Inc. MORGAN PASS-THROUGH CERTIFICATES, SERIES 2002-HE1 SERVICER ANNUAL OFFICER'S CERTIFICATE
FEBRUARY 24, 2003
Pursuant to the provisions of the Pooling and Servicing Agreement dated as of June 1, 2002 by and between MORGAN STANLEY DEAN WITTER CAPITAL I, INC. and PCFS MORTGAGE RESOURCES, a division of The Provident Bank, I, David M. Friedman as President of Servicing of the servicer, hereby certifies as follows:
(a)	a review of the activites of the Servicer during 	the preceding calender year and of the performance 	under the Pooling and Servicing Agreement has been 	made under my direction and supervision; and
(b)	to the best of my individual knowledge based on 	such review, the Servicer has fulfilled all of its 	obligations under the Pooling and Servicing Agreement 	for such year in accordance with the requirements set 	forth in said Pooling and Servicing Agreement.
			 	PCFS MORTGAGE RESOURCES
			 By: /s/ David M. Friedman President of Servicing
OCWEN CERTIFICATION
Re: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-HE1 (the "Trust"), Mortgage Pass-Through Certificates, Series 2002-HE1, issued pursuant to the Pooling and Servicing Agreement, dated as of June 1, 2002 (the "Pooling and Servicing Agreement"), among Morgan Stanley Dean Witter Capital I Inc., as depositor (the "Depositor"), U.S. Bank National Association, as trustee (the "Trustee"), Ocwen Federal Bank FSB, as servicer ("Servicer"), and the Provident Bank, as servicer
I, Ronald M. Faris, certify to the Depositor and the Trustee, and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification that:
1.	I am responsible for reviewing the activities performed by the Servicer under the Pooling and Servicing Agreement based upon my knowledge and the annual compliance review required under the Pooling and Servicing Agreement, and except as disclosed in the annual compliance statement required to be delivered to the Trustee in accordance with the terms of the Pooling and Servicing Agreement (which has been so delivered to the Trustee), the Servicer has fulfilled its obligations under the Pooling and Servicing Agreement; and
2.	All significant deficiencies relating to the Servicer's compliance with the minimum servicing standards for purposes of the report provided by an independent public accountant, after conducting a review conducted in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the Pooling and Servicing Agreement, have been disclosed to such accountant and are included in such reports.
Date: March 14, 2003
/s/ Ronald M. Faris
Ronald M. Faris
President
EXHIBIT 99.3 -- Report of Independent Auditors
Report of Independent Accountants
Board of Directors The Provident Bank
We have examined management's assertion, included in the accompanying report titled Report of Management, that the Provident Bank (the Bank) complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) during the year ended December 31, 2002. Management is responsible for the Bank's compliance with those requirements. Our responsibility is to express an opinion on management's assertions about the Bank's compliance based on our examination.
Our examination was made in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Bank's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Bank's compliance with specified requirements.
In our opinion, management's assertion, that the Bank complied with the aforementioned requirements during the year ended December 31, 2002, is fairly stated, in all material respects.
This report is intended solely for the information and use of the board of directors, management, Federal Home Loan Mortgage Corporations, and the Bank's private investors and is not intended to be and should not be used by anyone other than these specified parties.
					/s/ Ernst & Young LLP
February 24, 2003
PricewaterhouseCoopers LLP 222 Lakeview Avenue Suite 360 West Palm Beach, FL 33401 Telephone (561) 832 0038 Facsimile (561) 805 8181
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT'S REPORT
To the Board of Directors of Ocwen Federal Bank FSB
We have examined management's assertion, included in the accompanying Management Assertion on Compliance with USAP, that, except for the noncompliance related to interest on escrows described in the third paragraph, Ocwen Federal Bank FSB (the "Bank") complied with the minimum servicing standards identified in the Mortgage Bankers Association of America's ("MBA's") Uniform Single Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended December 31, 2002. Management is responsible for the Bank's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Bank's compliance based on our examination.
Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Bank's compliance with the minimum servicing standards and performing such other procedures as we consider necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Bank's compliance with the minimum servicing standards.
Our examination disclosed noncompliance with minimum servicing standards in certain states related to interest on escrows applicable to the Bank during the year ended December 31, 2002. Such noncompliance is described in the accompanying Management Assertion on Compliance with USAP.
In our opinion, management's assertion that the Bank complied with the aforementioned minimum servicing standards, except for noncompliance as described in the accompanying Management Assertion on Compliance with USAP, as of and for the year ended December 31, 2002 is fairly stated, in all material respects.
/s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP March 14, 2003
EXHIBIT 99.4 -- Report of Management Report of Management
We, as members of management of PCFS Mortgage Resources' (based in Atlanta)(PCFS), a division of The Provident Bank (the Bank), are responsible for complying with the minimum servicing standards as set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP). We are also responsible for establishing and maintaining effective internal control over compliance with these standards. We have performed an evaluation of the PCFS's compliance with the minimum servicing standards as set forth in the USAP as of December 31, 2002 and for the year then ended. Based on this evaluation, we assert that during the year ended December 31, 2002, the PCFS complied, in all material respects, with the minimum servicing standards set forth in the USAP. As of and for this same period, PFGI had in effect a fidelity bond and errors and omissions policy in the amount of $25,000,000 and $20,000,000, respectively.
/s/ Richard Gravino			/s/ David Friedman Richard Gravino				David Friedman Executive Vice President		Senior Vice President Consumer Finance			National Servicing Operations
MANAGEMENT ASSERTION ON COMPLIANCE WITH USAP
March 14, 2003
As of and for the year ended December 31, 2002, except as specifically noted below, Ocwen Federal Bank FSB (the "Bank") has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's ("MBA's") Uniform Single Attestation Program for Mortgage Bankers ("USAP").
Standard: Interest on escrow accounts shall be paid, or credited, to mortgagors in accordance with the applicable state laws.
Interest on escrow accounts in certain states was not paid, or credited, to mortgagors in accordance with the applicable state laws during the year ended December 31, 2002. The Bank is currently implementing an enhancement to its REALServicing servicing system to ensure that, for loans collateralized by properties located in states that require the payment of interest on escrow accounts, the payment or crediting of such interest is in accordance with applicable state laws.
As of and for this same period, the Bank had in effect a fideltiy bond in the amount of $15,000,000 and an errors and omissions policy in the amount of $10,000,000.
/s/ Ronald M. Faris Ronald M. Faris President
/s/ Scott W. Anderson Scott W. Anderson Senior Vice President of Residential Assets
/s/ James D. Campbell James D. Campbell Director of Investor Reporting