8-K 1 sac02hf1.txt JULY 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 25, 2002 STRUCTURED ASSET SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2002-HF1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-82904-10 52-2365704 Pooling and Servicing Agreement) (Commission 52-2365705 (State or other File Number) 52-2365706 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 Former name or former address, if changed since last report) ITEM 5. Other Events On July 25, 2002 a distribution was made to holders of STRUCTURED ASSET SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 2002-HF1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-HF1 Trust, relating to the July 25, 2002 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. STRUCTURED ASSET SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2002-HF1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 8/1/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-HF1 Trust, relating to the July 25, 2002 distribution. EX-99.1

~~SECURITIES~~Structured ~~AND~~Asset ~~EXCHANGE~~Securities ~~COMMISSION~~Corporation Mortgage Pass-Through Certificates Record Date: 6/30/02 Distribution Date: 7/25/02 SASC Series: 2002-HF1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A 86358RL21 SEN 2.13000% 613,720,315.92 1,089,353.56 9,508,532.55 A-IO 86358RL39 SEN 6.00000% 0.00 1,281,119.13 0.00 M-1 86358RL47 MEZ 2.49000% 54,177,000.00 112,417.27 0.00 M-2 86358RL54 MEZ 2.89000% 44,502,000.00 107,175.65 0.00 M-3 86358RL62 MEZ 3.74000% 27,088,000.00 84,424.27 0.00 B 86358RL70 SUB 5.99000% 21,284,000.00 106,242.63 0.00 X SAC02HF1X SEN 0.00000% 5,805,406.00 2,800,568.02 0.00 P SAC02HF1P SEN 0.00000% 0.00 255,322.64 0.00 R SAC02H1R1 RES 0.00000% 0.00 0.00 0.00 Totals 766,576,721.92 5,836,623.17 9,508,532.55

~~Washington~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 604,211,783.37 D10,597,886.C11 0. ~~20549~~00 A-IO 0.00 0.00 1,281,119.13 0.00 M-1 0.00 54,177,000.00 112,417.27 0.00 M-2 0.00 44,502,000.00 107,175.65 0.00 M-3 0.00 27,088,000.00 84,424.27 0.00 B 0.00 21,284,000.00 106,242.63 0.00 X 0.00 5,805,406.00 2,800,568.02 0.00 P 0.00 0.00 255,322.64 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 757,068,189.37 15,345,155.72 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~FORM~~Principal 8Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A 621,096,000.00 613,720,315.92 0.00 9,508,532.55 0.00 0.00 A-KIO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 54,177,000.00 54,177,000.00 0.00 0.00 0.00 0.00 M-2 44,502,000.00 44,502,000.00 0.00 0.00 0.00 0.00 M-3 27,088,000.00 27,088,000.00 0.00 0.00 0.00 0.00 B 21,284,000.00 21,284,000.00 0.00 0.00 0.00 0.00 X 5,805,406.00 5,805,406.00 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 773,952,406.00 766,576,721.92 0.00 9,508,532.55 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~CURRENT~~Principal ~~REPORT~~Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A 9,508,532.55 604,211,783.37 0.97281545 9,508,532.55 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 54,177,000.00 1.00000000 0.00 M-2 0.00 44,502,000.00 1.00000000 0.00 M-3 0.00 27,088,000.00 1.00000000 0.00 B 0.00 21,284,000.00 1.00000000 0.00 X 0.00 5,805,406.00 1.00000000 0.00 P 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 9,508,532.55 757,068,189.37 0.97818443 9,508,532.55

~~PURSUANT~~Principal TODistribution ~~SECTION~~Factors 13Statement OROriginal Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 621,096,000.00 988.12472777 0.00000000 15.30927997 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 54,177,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 44,502,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 27,088,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 21,284,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 5,805,406.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (d2) OFAll ~~THE~~Classes are per $1000 denomination.

~~SECURITIES~~Principal ~~AND~~Distribution ~~EXCHANGE~~Factors ~~ACT~~Statement OF(continued) ~~1934~~Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 15.30927997 972.81544781 0.97281545 15.30927997 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~Date~~Interest ofDistribution ~~Report~~Statement ~~(Date~~Beginning Payment of ~~earliest~~Original ~~event~~Current ~~reported)~~Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A 621,096,000.00 2.13000% 613,720,315.92 1,089,353.56 0.00 0.00 A-IO 0.00 6.00000% 256,223,826.56 1,281,119.13 0.00 0.00 M-1 54,177,000.00 2.49000% 54,177,000.00 112,417.27 0.00 0.00 M-2 44,502,000.00 2.89000% 44,502,000.00 107,175.65 0.00 0.00 M-3 27,088,000.00 3.74000% 27,088,000.00 84,424.27 0.00 0.00 B 21,284,000.00 5.99000% 21,284,000.00 106,242.63 0.00 0.00 X 5,805,406.00 0.00000% 5,805,406.00 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 773,952,406.00 2,780,732.51 0.00 0.00

~~May~~Interest 30Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A 0.00 0.00 1,089,353.56 ~~2002~~0.00 604,211,783.37 A-IO 0.00 0.00 1,281,119.13 0.00 256,223,826.56 M-1 0.00 0.00 112,417.27 0.00 54,177,000.00 M-2 0.00 0.00 107,175.65 0.00 44,502,000.00 M-3 0.00 0.00 84,424.27 0.00 27,088,000.00 B 0.00 0.00 106,242.63 0.00 21,284,000.00 X 0.00 0.00 2,800,568.02 0.00 5,805,406.00 P 0.00 0.00 255,322.64 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 5,836,623.17 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~STRUCTURED~~Interest ~~ASSET~~Distribution ~~SECURITIES~~Factors ~~CORPORATION~~Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (as5) ~~Depositor~~Amount ~~under~~Rate ~~the~~Balance ~~Trust~~Interest ~~Agreement~~Shortfall Shortfall A 621,096,000.00 ~~dated~~2.13000% as988.12472777 of1.75392139 ~~May~~0.00000000 0.00000000 A-IO 0.00 6.00000% 1000.00000219 5.00000000 0.00000000 0.00000000 M-1, ~~2002~~54,177,000.00 ~~providing~~2.49000% ~~for~~1000.00000000 ~~the~~2.07499991 ~~issuance~~0.00000000 of0.00000000 ~~Structured~~M-2 ~~Asset~~44,502,000.00 ~~Securities~~2.89000% ~~Corporation~~1000.00000000 ~~Mortgage~~2.40833333 ~~Pass~~0.00000000 0.00000000 M-~~Through~~3 ~~Certificates~~27,088,000.00 ~~Series~~3.74000% ~~2002-HF1~~1000.00000000 3.11666679 0.00000000 0.00000000 B 21,284,000.00 5.99000% 1000.00000000 4.99166651 0.00000000 0.00000000 X 5,805,406.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1000 denomination.

~~Structured~~Interest ~~Asset~~Distribution ~~Securities~~Factors ~~Corporation~~ Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A 0.00000000 0.00000000 1.75392139 0.00000000 972.81544781 A-IO 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000219 M-1 0.00000000 0.00000000 2.07499991 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.40833333 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.11666679 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.99166651 0.00000000 1000.00000000 X 0.00000000 0.00000000 482.40691865 0.00000000 1000.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 14,898,511.47 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (~~Exact~~Servicer ~~Name~~Advances) 523,185.44 Realized Losses 0.00 Prepayment Penalties 255,322.64 Total Deposits 15,677,019.55 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of ~~Registrant~~Service asFee ~~Specified~~331,863.83 inPayment ~~its~~of ~~Charter~~Interest and Principal 15,345,155.72 Total Withdrawals (Pool Distribution Amount) 15,677,019.55 Ending Balance 0.00

~~Delaware~~PREPAYMENT/CURTAILMENT ~~(State~~INTEREST orSHORTFALL ~~Other~~Total ~~Jurisdiction~~Prepayment/Curtailment OfInterest ~~Incorporation)~~Shortfall ~~333-82904~~0.00 ~~(CommissionFile~~Servicing ~~Number)~~Fee ~~74-2440850~~Support (I0.~~R.S.~~00 ~~Employer~~Non-Supported ~~Identification~~Prepayment/Curtailment NoInterest Shortfall 0.)00

~~745~~SERVICING ~~7th~~FEES ~~Avenue~~Gross Servicing Fee 319,406.97 ~~7th~~Credit ~~Floor~~Risk ~~New~~Manager ~~York~~Fee 9,582.21 ~~New~~Trustee ~~York~~Fee ~~(Address~~2,874.65 ofSupported ~~Principal~~Prepayment/Curtailment ~~Executive~~Interest ~~Offices)~~Shortfall ~~10019~~0.00 ~~(Zip~~Net ~~Code)~~Servicing Fee 331,863.83

~~Registrant's~~OTHER ~~telephone~~ACCOUNTS ~~number~~Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 1,000.00 ~~including~~0.00 ~~area~~0.00 ~~code: (212)~~1,000.00 ~~526-7000~~Financial Guaranty 0.00 0.00 0.00 0.00

~~None~~ LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 495 0 0 0 495 58,652,008.84 0.00 0.00 0.00 58,652,008.84 60 Days 33 0 0 0 33 3,698,944.46 0.00 0.00 0.00 3,698,944.46 90 Days 3 0 0 0 3 244,433.37 0.00 0.00 0.00 244,433.37 120 Days 3 0 0 0 3 414,001.37 0.00 0.00 0.00 414,001.37 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 534 0 0 0 534 63,009,388.04 0.00 0.00 0.00 63,009,388.04 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 7.889704% 0.000000% 0.000000% 0.000000% 7.889704% 7.744064% 0.000000% 0.000000% 0.000000% 7.744064% 60 Days 0.525980% 0.000000% 0.000000% 0.000000% 0.525980% 0.488387% 0.000000% 0.000000% 0.000000% 0.488387% 90 Days 0.047816% 0.000000% 0.000000% 0.000000% 0.047816% 0.032274% 0.000000% 0.000000% 0.000000% 0.032274% 120 Days 0.047816% 0.000000% 0.000000% 0.000000% 0.047816% 0.054662% 0.000000% 0.000000% 0.000000% 0.054662% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 8.511317% 0.000000% 0.000000% 0.000000% 8.511317% 8.319386% 0.000000% 0.000000% 0.000000% 8.319386%

~~(Former~~OTHER ~~Name~~INFORMATION orCurrent ~~Former~~Period ~~Address,~~Class ifA ~~Changed~~Insufficient ~~Since~~Funds ~~Last~~0.00 ~~Report)~~Principal Balance of Contaminated Properties 0.00 Periodic Advance 523,185.44

~~Item~~COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 9.256474% Weighted Average Net Coupon 8.756474% Weighted Average Pass-Through Rate 8.751974% Weighted Average Maturity(Stepdown Calculation ) 325 Beginning Scheduled Collateral Loan Count 6,348 Number Of Loans Paid In Full 74 Ending Scheduled Collateral Loan Count 6,274 Beginning Scheduled Collateral Balance 766,576,721.92 Ending Scheduled Collateral Balance 757,068,189.37 Ending Actual Collateral Balance at 30-Jun-2002 757,380,263.67 Monthly P &I Constant 6,407,690.15 Special Servicing Fee 0.00 Prepayment Penalties 255,322.64 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 757,068,189.37 Scheduled Principal 494,525.77 Unscheduled Principal 9,014,006.78 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 5,805,406. ~~Other~~00 ~~Events~~Overcollateralized Amount 5,805,406.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 2,800,568.02

The Registrant registered issuances of Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2002-HF1 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. 333-82904) (the "Registration Statement"). Pursuant to the Registration Statement, the Registrant issued $746,863,000 aggregate principal amount of Class A, Class A-IO, Class M1, Class M2 and Class M3 Certificates of its Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2002-HF1 on May 30, 2002. This Current Report on Form 8-K is being filed to satisfy an undertaking, contained in the definitive Prospectus dated March 22, 2002, as supplemented by the Prospectus Supplement dated May 23, 2002 (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 May 1, 2002, among Structured Asset Securities Corporation, as depositor, Aurora Loan Services Inc., as Master Servicer, The Murrayhill Company, as Credit Risk Manager, and Wells Fargo Bank Minnesota, National Association, as Trustee. The "Certificates" consist of the following classes: Class A, Class A-IO, Class M1, Class M2, Class M3, Class B, 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 $773,952,406 as of May 1, 2002, 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 May 23, 2002, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Inc., as Underwriter.

4.1

Trust Agreement, dated as of May 1, 2002, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer, The Murrayhill Company, as Credit Risk Manager, and Wells Fargo Bank Minnesota, National Association, as Trustee.

99.1

Mortgage Loan Sale and Assignment Agreement, dated as of May 1, 2002, between Lehman Brothers Bank, FSB, as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Reconstituted Servicing Agreement, dated as of May 1, 2002, among Lehman Brothers Bank, FSB, Aurora Loan Services Inc. and Household Finance Corporation, 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/ Stanley Labanowski

Name: Stanley Labanowski

Title: Vice President

Dated: May 30, 2002

EXHIBIT INDEX

Exhibit No.	Description	Page No.
1.1	Terms Agreement, dated May 23, 2002, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Inc., as Underwriter.
4.1	Trust Agreement, dated as of May 1, 2002, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer, The Murrayhill Company, as Credit Risk Manager, and Wells Fargo Bank Minnesota, National Association, as Trustee.
99.1	Mortgage Loan Sale and Assignment Agreement, dated as of May 1, 2002, between Lehman Brothers Bank, FSB, as Seller, and Structured Asset Securities Corporation, as Purchaser.
99.2	Reconstituted Servicing Agreement, dated as of May 1, 2002, among Lehman Brothers Bank, FSB, Aurora Loan Services Inc. and Household Finance Corporation, as Servicer.

Filing Compare · STRUCTURED ASSET SEC CORP MORT PASS THR CERT SER 2002 HF1