8-K 1 sasco2003_bc1april03.txt STATEMENT TO CERTIFICATEHOLDERS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Sec. 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 25, 2003 STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under the Trust Agreement, dated as of January 1, 2003 providing for the issuance of Structured Asset Securities Corporation Mortgage Pass-through Certificates, Series 2003-BC1) STRUCTURED ASSET SECURITIES CORPORATION (Exact name of registrant as specified in its charter) Delaware 333-92140-21 74-2440850 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation or organization) Identification No.) 745 Seventh Avenue New York, NY 10019 (Address of principal executive offices) Registrant's telephone number, including area code : (212) 526-7000 N/A (Former name or former address, if changed since last report.) Item 5. Other Events. This current report on Form 8-K relates to the monthly distribution reported to the holders of Structured Asset Securities Corporation Mortgage Pass-through Certificates, Series 2003-BC1 pursuant to the terms of the Trust Agreement, dated as of January 1, 2003 among Structured Asset Securities Corporation, as depositor, Aurora Loan Services Inc., as master servicer, and JPMorgan Chase Bank, as trustee. On April 25, 2003 distributions were made to the Certificateholders. Specific information with respect to the distributions is filed as Exhibit 99.1. Item 7. Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) The following exhibit is filed as part of this report: Statement to Certificateholders on April 25, 2003 is filed as Exhibit 99.1 hereto. -2- STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2003-BC1 ------------------------------------------------------------------------------- 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. JPMORGAN CHASE BANK, Date: April 29, 2003 By: /s/ Diane E. Wallace -------------------------------------------- Name: Diane E. Wallace Title: Assistant Vice President -3- INDEX TO EXHIBITS Exhibit Number Description of Exhibits 99.1 Monthly Certificateholder Statement on April 25, 2003 -4- Exhibit 99.1 Monthly Certificateholder Statement on April 25, 2003 STRUCTURED ASSET SECURITIES CORP. MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2003-BC1 STATEMENT TO CERTIFICATEHOLDERS April 25, 2003 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------------------- Original Beginning Ending Face Principal Realized Deferred Principal Class Value Balance Principal Interest Total Losses Interest Balance ----------------------------------------------------------------------------------------------------------------------------------- A 163,345,000.00 155,147,919.39 16,430,856.73 241,147.27 16,672,004.00 0.00 0.00 138,717,062.66 M1 16,168,000.00 16,168,000.00 0.00 32,091.23 32,091.23 0.00 0.00 16,168,000.00 M2 15,610,000.00 15,610,000.00 0.00 47,786.11 47,786.11 0.00 0.00 15,610,000.00 B1 12,822,000.00 12,822,000.00 0.00 58,573.39 58,573.39 0.00 0.00 12,822,000.00 B2 4,460,000.00 4,460,000.00 0.00 33,450.00 33,450.00 0.00 0.00 4,460,000.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 130,922.64 130,922.64 0.00 0.00 100.00 D 5,876,287.00 5,469,968.11 73,604.72 0.00 73,604.72 0.00 0.00 5,396,363.39 X 10,592,807.07 10,592,807.07 0.00 1,459,705.22 1,459,705.22 0.00 0.00 10,592,807.07 TOTALS 228,874,194.07 220,270,794.57 16,504,461.45 2,003,675.86 18,508,137.31 0.00 0.00 203,766,333.12 ------------------------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------------------- --------------------------- Factor Information Per $1,000 of Original Face Pass-through Rates --------------------------------------------------------------------------------------------------- --------------------------- Current Beginning Ending Class Pass-thru Class cusip Principal Principal Interest Total Principal Rate (%) ----------------------------------------------------------------------------------------------------- ------------------------- A 86359ALZ4 949.81737666 100.58989703 1.47630641 102.06620343 849.22747963 A 1.805000 % M1 86359AMA8 1,000.00000000 0.00000000 1.98486084 1.98486084 1,000.00000000 M1 2.305000 % M2 86359AMB6 1,000.00000000 0.00000000 3.06124984 3.06124984 1,000.00000000 M2 3.555000 % B1 86359AMC4 1,000.00000000 0.00000000 4.56819451 4.56819451 1,000.00000000 B1 5.305000 % B2 86359AMD2 1,000.00000000 0.00000000 7.50000000 7.50000000 1,000.00000000 B2 9.000000 % P N/A 1,000.00000000 0.00000000 1309226.40000000 ##### 1,000.00000000 P 0.000000 % D N/A 930.85448515 12.52571905 0.00000000 12.52571905 918.32876611 D 0.000000 % X N/A 1,000.00000000 0.00000000 137.80154876 137.80154876 1,000.00000000 X 0.000000 % TOTALS 962.40991897 72.11150002 8.75448570 80.86598572 890.29841895 ----------------------------------------------------------------------------------------------------- ------------------------- If there are any questions or comments, please contact the Relationship Manager listed below. ------------------------------------------------- Pei Y Huang JPMorgan Chase Bank - Structured Finance Services 4 New York Plaza, 6th Floor, New York, New York 10004 Tel: (212) 623-4495 Fax: (212) 623-5930 Email: pei.yan.huang@chase ------------------------------------------------- -5- Total Beginning Number of Loans 2,140 Beginning Collateral Balance 214,800,826.46 Scheduled Interest 1,966,728.59 Scheduled Principal 118,485.06 Liquidation Proceeds 0.00 Insurance Proceeds 0.00 Repurchased Principal 0.00 Unscheduled Principal (Payoffs and Curtailments) 16,312,371.67 Current Losses 0.00 Ending Collateral Balance 198,369,969.73 Total Ending Number of Loans 1,988 Weighted Average Mortgage Rate for All Loans 10.99 % Weighted Average Net Mortgage Rate for All Loans 10.48 % Weighted Average Term to Maturity 311.00 OverCollateralization Amount 10,592,907.07 Targeted OverCollateralization Amount 10,592,907.07 OverCollateralization Deficiency Amount 0.00 OverCollateralization Release Amount 0.00 Monthly Excess Interest 1,459,705.22 Monthly Excess Cash Flow Amount 1,459,705.22 Extra Principal Distribution Amount 0.00 Servicing Compensation 89,500.34 Credit Risk Manager Fee 2,685.01 Trustee Fee 1,790.01 Current Advances Required 0.00 Current Advances Actually Made 0.00 Current Advances Shortfall 0.00 Cummulative Advances 0.00 Loans Delinquent Group 1 Principal Category Number Balance Percentage 1 Month 297 29,453,663.78 14.85 % 2 Month 39 3,850,619.67 1.94 % 3 Month 4 669,949.45 0.34 % Total 340 33,974,232.90 17.13 % Group Totals Principal Category Number Balance Percentage 1 Month 297 29,453,663.78 14.85 % 2 Month 39 3,850,619.67 1.94 % 3 Month 4 669,949.45 0.34 % Total 340 33,974,232.90 17.13 % Please Note: Delinquency Numbers Do Not Include Bankruptcies and Foreclosures Loans in Foreclosures Loans in Foreclosure Group 1 Principal Number Balance Percentage 26 2,599,292.18 1.31 % Group Totals Principal Number Balance Percentage 26 2,599,292.18 1.31 % Loans in Bankruptcy Loans in Bankruptcy Group 1 Principal Number Balance Percentage 23 2,400,064.15 1.21 % Group Totals Principal Number Balance Percentage 23 2,400,064.15 1.21 % Loans in REO Group 1 Principal Number Balance Percentage 0 0.00 0.00% Group Totals Principal Number Balance Percentage 0 0.00 0.00% Prepayment Penalties 130,922.64 Deferred Interest 73,604.72 Realized Losses Current Realized Losses 0.00 Cummulative Realized Losses 0.00 Class M1 Unpaid Realized Loss Amount 0.00 Class M2 Unpaid Realized Loss Amount 0.00 Class B1 Unpaid Realized Loss Amount 0.00 Class B2 Unpaid Realized Loss Amount 0.00 Substitution Loan Amount 0.00 Outstanding Interest Shortfall Class A Outstanding Interest Shortfall 0.00 Class M1 Outstanding Interest Shortfall 0.00 Class M2 Outstanding Interest Shortfall 0.00 Class B1 Outstanding Interest Shortfall 0.00 Class B2 Outstanding Interest Shortfall 0.00 Class X Outstanding Interest Shortfall 0.00 Net Rate Carryover Amount - Class A 0.00 Unpaid Net Rate Carryover Amount - Class A 0.00 Net Rate Carryover Amount - Class M1 0.00 Unpaid Net Rate Carryover Amount - Class M1 0.00 Net Rate Carryover Amount - Class M2 0.00 Unpaid Net Rate Carryover Amount - Class M2 0.00 Net Rate Carryover Amount - Class B1 0.00 Unpaid Net Rate Carryover Amount - Class B1 0.00 Net Rate Carryover Amount - Class B2 0.00 Unpaid Net Rate Carryover Amount - Class B2 0.00 Current Period Relief Act Interest Shortfalls 0.00 Class A Interest Accrual Relief Act Reduction 0.00 Class M1 Interest Accrual Relief Act Reduction 0.00 Class M2 Interest Accrual Relief Act Reduction 0.00 Class B1 Interest Accrual Relief Act Reduction 0.00 Class B2 Interest Accrual Relief Act Reduction 0.00 Total Class Interest Accrual Relief Act Reduction 0.00 Net Prepayment Interest Shortfalls 0.00 Class A Interest Accrual Net Prepayment Interest Shortfall Reduction 0.00 Class M1 Interest Accrual Net Prepayment Interest Shortfall Reduction 0.00 Class M2 Interest Accrual Net Prepayment Interest Shortfall Reduction 0.00 Class B1 Interest Accrual Net Prepayment Interest Shortfall Reduction 0.00 Class B2 Interest Accrual Net Prepayment Interest Shortfall Reduction 0.00 Total Class Interest Accrual Relief Act Reduction 0.00 Net Prepayment Interest Excess 0.00 Basis Risk Interest Shortfalls Paid 0.00 Class A Basis Risk Interest Shortfalls Paid 0.00 Class M1 Basis Risk Interest Shortfalls Paid 0.00 Class M2 Basis Risk Interest Shortfalls Paid 0.00 Class B1 Basis Risk Interest Shortfalls Paid 0.00 Class B2 Basis Risk Interest Shortfalls Paid 0.00 Total Basis Risk Interest Shortfalls Paid 0.00 Class A Basis Risk Interest Shortfalls Paid 0.00 Class M1 Basis Risk Interest Shortfalls Paid 0.00 Class M2 Basis Risk Interest Shortfalls Paid 0.00 Class B1 Basis Risk Interest Shortfalls Paid 0.00 Class B2 Basis Risk Interest Shortfalls Paid 0.00 Sec. 5.06 Basis Reserve Fund Beginning Balance 1,000.00 Proceeds from Permitted Investments 0.00 Deposits to the Basis Reserve Fund 0.00 Ending Balance 1,000.00 Applicable Libor Rate 1.305000 Has the Trigger Event Occured NO Rolling 3 Month Prior Delinquency Percentage 3.8117 % Cummulative Realized Losses as a Percentage of Original Collateral Balance 0.0000 % Available Funds 18,308,084.98 Interest Remittance Amount 1,877,228.25 Principal Remittance Amount 16,430,856.73 Class X Distributable Amount 1,459,705.22

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES AND EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)

February 10, 2003

STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under the Trust Agreement, dated as of January 1, 2003, providing for the issuance of Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2003-BC1)

Structured Asset Securities Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware	333-92140	74-2440850
(State or Other Jurisdiction Of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

745 Seventh Avenue, 7th Floor New York, New York		10019
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 526-7000

None

(Former Name or Former Address, if Changed Since Last Report)

Item 5. Other Events

The Registrant registered issuances of Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-BC1 on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Act”), by a Registration Statement on Form S-3 (Registration File No. 333-92140) (the “Registration Statement”). Pursuant to the Registration Statement, the Registrant issued $212,405,000 aggregate principal amount of Class A, Class M1, Class M2, Class B1 and Class B2 Certificates of its Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2003-BC1 on February 10, 2003. This Current Report on Form 8-K is being filed to satisfy an undertaking, contained in the definitive Prospectus dated October 28, 2002, as supplemented by the Prospectus Supplement dated February 6, 2003 (the “Prospectus Supplement”), to file a copy of the Trust Agreement (as defined below) and other operative agreements executed in connection with the issuance of the Certificates, a form of which was filed as an exhibit to the Registration Statement.

The Certificates were issued pursuant to a Trust Agreement (the “Trust Agreement”), attached hereto as Exhibit 4.1, dated as of January 1, 2003, among Structured Asset Securities Corporation, as depositor, Aurora Loan Services Inc., as Master Servicer, The Murrayhill Company, as Credit Risk Manager, and JPMorgan Chase Bank, as Trustee. The “Certificates” consist of the following classes: Class A, Class M1, Class M2, Class B1, Class B2, Class D, Class P, Class X and Class R. The Certificates evidence all of the beneficial ownership interest in a trust fund (the “Trust Fund”) that consists primarily of a pool of certain conventional, first lien, fixed and adjustable rate, fully amortizing and balloon, residential mortgage loans (the “Mortgage Loans”) with an aggregate outstanding principal balance of $222,997,907.07 as of January 1, 2003, together with certain other assets. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Trust Agreement.

Item 7. Financial Statements; Pro Forma Financial Information and Exhibits

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

1.1

Terms Agreement, dated February 6, 2003, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Inc., as Underwriter.

4.1

Trust Agreement, dated as of January 1, 2003, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer, The Murrayhill Company, as Credit Risk Manager, and JPMorgan Chase Bank, as Trustee.

99.1

Mortgage Loan Sale and Assignment Agreement, dated as of January 1, 2003, between Lehman Brothers Bank, FSB, as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Interim Reconstituted Servicing Agreement, dated as of January 1, 2003, among Lehman Brothers Bank, FSB, as Seller, Aurora Loan Services Inc., as Master Servicer and Household Finance Corporation, as Servicer

99.3

Securitization Servicing Agreement, dated as of January 1, 2003, among Lehman Brothers Bank, FSB, as Seller, Aurora Loan Services Inc., as Master Servicer and Fairbanks Capital Corp., as Servicer.

SIGNATURES

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.

STRUCTURED ASSET SECURITIES

CORPORATION

By: /s/ Ellen V. Kiernan

Name: Ellen V. Kiernan

Title: Senior Vice President

Dated: February 10, 2003

EXHIBIT INDEX

Exhibit No. Description Page No.

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