8-K 1 arc02bc1.txt OCTOBER 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): October 25, 2002 AMORTIZING RESIDENTIAL COLLATERAL TRUST Mortgage Pass-Through Certificates, Series 2002-BC1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-82146-03 Pooling and Servicing Agreement) (Commission (State or other File Number) 75-3040239 jurisdiction 75-3040286 of Incorporation) IRS EIN 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 October 25, 2002 a distribution was made to holders of AMORTIZING RESIDENTIAL COLLATERAL TRUST, Mortgage Pass-Through Certificates, Series 2002-BC1 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-BC1 Trust, relating to the October 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. AMORTIZING RESIDENTIAL COLLATERAL TRUST Mortgage Pass-Through Certificates, Series 2002-BC1 Trust By: Wells Fargo Bank Minnesota, NA, as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 11/5/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-BC1 Trust, relating to the October 25, 2002 distribution. EX-99.1

Amortizing Residential Collateral Mortgage ~~Trust~~Trus Mortgage Pass-Through Certificates Record Date: 89/3130/02 Distribution Date: 910/25/02 ARC Series: 2002-BC1 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 86358RYG6 SEN 2.~~15000~~15375% 1,~~311~~280,~~048~~271,~~912~~704.126 2,~~348~~297,~~962~~820.6397 3037,~~777~~900,~~207~~728.8473 A-IO 86358RYH4 SEN 6.00000% 0.00 2,115,397.6160 0.00 M1 86358RYJ0 SUB 2.~~66000~~66375% 50,926,000.00 ~~112~~113,~~885~~045.9711 0.00 M2 86358RYK7 SUB 2.~~91000~~91375% 39,174,000.00 9495,~~996~~119.9537 0.00 B 86358RYL5 SUB 3.~~86000~~86375% 35,256,000.00 113,~~406~~516.8097 0.00 X ARC02B15X SUB 0.00000% 7,836,195.67 4,~~379~~263,~~289~~914.2676 0.00 P ARC02B15P SEN 0.00000% 0.00 ~~660~~686,~~136~~899.9297 0.00 R1 ARC02B1R1 SEN 0.00000% 0.00 0.00 0.00 R2 ARC02B1R2 SEN 0.00000% 0.00 0.00 0.00 R3 ARC02B1R3 SEN 0.00000% 0.00 0.00 0.00 Totals 1,~~444~~413,~~241~~463,~~107~~899.7793 9,~~825~~685,~~076~~714.1475 3037,~~777~~900,~~207~~728.8473

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 1,~~280~~242,~~271~~370,~~704~~975.2653 3340,~~126~~198,~~170~~549.4770 0.00 A-IO 0.00 0.00 2,115,397.6160 0.00 M1 0.00 50,926,000.00 ~~112~~113,~~885~~045.9711 0.00 M2 0.00 39,174,000.00 9495,~~996~~119.9537 0.00 B 0.00 35,256,000.00 113,~~406~~516.8097 0.00 X 0.00 7,836,195.67 4,~~379~~263,~~289~~914.2676 0.00 P 0.00 0.00 ~~660~~686,~~136~~899.9297 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 Totals 0.00 1,~~413~~375,~~463~~563,~~899~~171.9320 4047,~~602~~586,~~283~~443.9848 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A 1,433,769,000.00 1,~~311~~280,~~048~~271,~~912~~704.1026 0.00 3037,~~777~~900,~~207~~728.8473 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M1 50,926,000.00 50,926,000.00 0.00 0.00 0.00 0.00 M2 39,174,000.00 39,174,000.00 0.00 0.00 0.00 0.00 B 35,256,000.00 35,256,000.00 0.00 0.00 0.00 0.00 X 7,836,195.67 7,836,195.67 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,566,961,195.67 1,~~444~~413,~~241~~463,~~107~~899.7793 0.00 3037,~~777~~900,~~207~~728.8473 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.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A 3037,~~777~~900,~~207~~728.8473 1,~~280~~242,~~271~~370,~~704~~975.2653 0.~~89294140~~86650707 3037,~~777~~900,~~207~~728.8473 A-IO 0.00 0.00 0.00000000 0.00 M1 0.00 50,926,000.00 1.00000000 0.00 M2 0.00 39,174,000.00 1.00000000 0.00 B 0.00 35,256,000.00 1.00000000 0.00 X 0.00 7,836,195.67 1.00000000 0.00 P 0.00 0.00 0.00000000 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 R3 0.00 0.00 0.00000000 0.00 Totals 3037,~~777~~900,~~207~~728.8473 1,~~413~~375,~~463~~563,~~899~~171.9320 0.~~90204142~~87785401 3037,~~777~~900,~~207~~728.8473

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 1,433,769,000.00 ~~914~~892.~~40735021~~94140427 0.00000000 2126.~~46594594~~43433407 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 50,926,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 39,174,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 35,256,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 7,836,195.67 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 2126.~~46594594~~43433407 ~~892~~866.~~94140427~~50707020 0.~~89294140~~86650707 2126.~~46594594~~43433407 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 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 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 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.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A 1,433,769,000.00 2.~~15000~~15375% 1,~~311~~280,~~048~~271,~~912~~704.1026 2,~~348~~297,~~962~~820.6399 0.00 0.00 A-IO 0.00 6.00000% 423,079,522.92 2,115,397.61 0.00 0.00 M1 50,926,000.00 2.~~66000~~66375% 50,926,000.00 ~~112~~113,~~885~~045.9711 0.00 0.00 M2 39,174,000.00 2.~~91000~~91375% 39,174,000.00 9495,~~996~~119.9537 0.00 0.00 B 35,256,000.00 3.~~86000~~86375% 35,256,000.00 113,~~406~~516.8098 0.00 0.00 X 7,836,195.67 0.00000% 7,836,195.67 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 R3 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,566,961,195.67 4,~~785~~734,~~649~~900.9606 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A 0.0001 0.00 2,~~348~~297,~~962~~820.6397 0.00 1,~~280~~242,~~271~~370,~~704~~975.2653 A-IO 0.0001 0.00 2,115,397.6160 0.00 423,079,522.92 M1 0.00 0.00 ~~112~~113,~~885~~045.9711 0.00 50,926,000.00 M2 0.00 0.00 9495,~~996~~119.9537 0.00 39,174,000.00 B 0.00 0.00 113,~~406~~516.8097 0.00 35,256,000.00 X 0.00 0.00 4,~~379~~263,~~289~~914.2676 0.00 7,836,195.67 P 0.00 0.00 ~~660~~686,~~136~~899.9297 0.00 0.01 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 Totals 0.0002 0.00 9,~~825~~685,~~076~~714.1475 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.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A 1,433,769,000.00 2.~~15000~~15375% ~~914~~892.~~40735021~~94140427 1.~~63831317~~60264379 0.00000000 0.00000000 A-IO 0.00 6.00000% 818.18181818 4.09090908 0.00000000 0.00000000 M1 50,926,000.00 2.~~66000~~66375% 1000.00000000 2.~~21666673~~21979166 0.00000000 0.00000000 M2 39,174,000.00 2.~~91000~~91375% 1000.00000000 2.~~42500000~~42812503 0.00000000 0.00000000 B 35,256,000.00 3.~~86000~~86375% 1000.00000000 3.~~21666667~~21979181 0.00000000 0.00000000 X 7,836,195.67 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A 0.~~00000000~~00000001 0.00000000 1.~~63831317~~60264378 0.00000000 ~~892~~866.~~94140427~~50707020 A-IO 0.~~00000000~~00000002 0.00000000 4.~~09090908~~09090906 0.00000000 818.18181818 M1 0.00000000 0.00000000 2.~~21666673~~21979166 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~42500000~~42812503 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.~~21666667~~21979152 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~558~~544.~~85399554~~13071592 0.00000000 1000.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 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 4147,~~031~~850,~~620~~557.2736 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~694~~756,~~386~~735.8506 Realized Losses ~~(39,909~~0.~~78)~~00 Prepayment Penalties ~~660~~686,~~136~~899.9297 Total Deposits 4249,~~346~~294,~~234~~192.2639 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 1,~~743~~707,~~950~~748.2891 Payment of Interest and Principal 4047,~~602~~586,~~283~~443.9848 Total Withdrawals (Pool Distribution Amount) 4249,~~346~~294,~~234~~192.2639 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 1,~~720~~684,~~481~~780.3612 Credit Risk Manager's Fee 1817,~~053~~668.0130 Security Administrator Fee 5,~~415~~300.9149 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 1,~~743~~707,~~950~~748.2891

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 2428 0 0 2428 23,~~819~~634,~~755~~481.0252 0.00 0.00 23,~~819~~634,~~755~~481.0252 30 Days ~~332~~330 36 20 0 ~~337~~336 3736,~~192~~716,~~661~~366.9982 ~~405~~430,~~711~~930.6499 ~~217,093~~0.7100 0.00 37,~~815~~147,~~467~~297.3481 60 Days 71102 4 7249 0 ~~147~~155 712,~~764~~528,~~178~~306.3200 ~~670~~812,~~017~~596.2008 96,~~895~~506,~~871~~445.2028 0.00 1819,~~330~~847,~~066~~347.7236 90 Days 1827 68 6564 0 8999 12,~~622~~342,~~942~~345.7085 ~~571~~730,~~998~~800.5150 8,~~549~~530,~~916~~528.9882 0.00 1011,~~744~~603,~~858~~675.1917 120 Days 1710 913 4847 32 7772 1784,~~610,760~~933.7720 1,~~816~~672,~~607~~465.6658 56,~~403~~471,~~664~~927.0309 ~~190~~99,~~973~~406.9634 9,~~022~~028,~~006~~732.4221 150 Days 914 1210 3245 4 5773 ~~668~~1,~~325~~145,117.5188 1,~~402~~113,~~756~~412.5970 45,~~384~~938,~~723~~416.5567 ~~160~~213,~~792~~145.1514 68,~~616~~410,~~597~~092.8039 180+ Days 1621 1529 4359 1522 89131 ~~894~~1,~~449~~212,993.9701 23,~~083~~947,~~474~~718.3595 46,~~975~~378,~~181~~686.7501 12,~~744~~699,~~503~~903.1976 914,~~697~~239,~~609~~301.2673 Totals ~~463~~504 7398 ~~262~~264 2228 ~~820~~894 4954,~~753~~730,~~319~~062.2676 912,~~770~~342,~~320~~406.9732 33,~~426~~826,~~451~~003.2287 23,~~096~~012,~~269~~455.3024 95103,~~046~~910,~~360~~928.7519 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.~~218719~~261072% 0.000000% 0.000000% 0.~~218719~~261072% 0.~~199363~~264039% 0.000000% 0.000000% 0.~~199363~~264039% 30 Days 3.~~025608~~076923% 0.~~027340~~055944% 0.~~018227~~000000% 0.000000% 3.~~071175~~132867% 2.~~629610~~667380% 0.~~028685~~031306% 0.~~015349~~000000% 0.000000% 2.~~673644~~698687% 60 Days 0.~~647043~~951049% 0.~~036453~~037296% 0.~~656156~~456876% 0.000000% 1.~~339652~~445221% 0.~~548946~~910160% 0.~~047372~~059034% 0.~~699662~~472682% 0.000000% 1.~~295980~~441875% 90 Days 0.~~164039~~251748% 0.~~054680~~074592% 0.~~592363~~596737% 0.000000% 0.~~811082~~923077% 0.~~114746~~170167% 0.~~040442~~053091% 0.~~604500~~619728% 0.000000% 0.~~759687~~842987% 120 Days 0.~~154926~~093240% 0.~~082020~~121212% 0.~~437437~~438228% 0.~~027340~~018648% 0.~~701722~~671329% 0.~~113885~~057024% 0.~~128439~~121502% 0.~~382052~~470174% 0.~~013502~~007222% 0.~~637877~~655922% 150 Days 0.~~082020~~130536% 0.~~109359~~093240% 0.~~291625~~419580% 0.~~036453~~037296% 0.~~519457~~680653% 0.~~047252~~083191% 0.~~099178~~080887% 0.~~310010~~431416% 0.~~011368~~015485% 0.~~467809~~610979% 180+ Days 0.~~145812~~195804% 0.~~136699~~270396% 0.~~391871~~550117% 0.~~136699~~205128% 01.~~811082~~221445% 0.~~063240~~088122% 0.~~147307~~286795% 0.~~351757~~463400% 0.~~123341~~196143% 01.~~685644~~034461% Totals 4.~~219448~~699301% 0.~~665269~~913753% 2.~~387679~~461538% 0.~~200492~~261072% 78.~~472888~~335664% 3.~~517679~~976044% 0.~~690785~~896654% 2.~~363330~~457400% 0.~~148211~~218850% 67.~~720005~~548948%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~694~~756,~~386~~735.8506

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 9.~~101677~~093674% Weighted Average Net Coupon 7.~~672153~~663333% Weighted Average Pass-Through Rate 7.~~667653~~658833% Weighted Average Maturity(Stepdown Calculation ) ~~342~~341 Beginning Scheduled Collateral Loan Count 1110,~~201~~973 Number Of Loans Paid In Full ~~228~~248 Ending Scheduled Collateral Loan Count 10,~~973~~725 Beginning Scheduled Collateral Balance 1,~~444~~413,~~241~~463,~~107~~899.7793 Ending Scheduled Collateral Balance 1,~~413~~375,~~463~~563,~~899~~171.9320 Ending Actual Collateral Balance at 3130-~~Aug~~Sep-2002 1,~~414~~376,~~379~~495,~~292~~429.6688 Monthly P &I Constant 11,~~852~~600,~~759~~729.9957 Special Servicing Fee 0.00 Prepayment Penalties ~~660~~686,~~136~~899.9297 Realized Loss Amount ~~39,909~~0.7800 Cumulative Realized Loss 61,158.19 Ending Scheduled Balance for Premium Loans 1,~~413~~375,~~463~~563,~~899~~171.9320 Scheduled Principal ~~898~~890,~~579~~203.3612 Unscheduled Principal 2937,~~878~~010,~~628~~525.4861 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 7,836,195.67 Overcollateralized Amount 7,836,195.67 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~39,909~~0.7800 Excess Cash Amount 4,~~424~~267,~~580~~877.4248

Funds Remaining in the Pre Funding ~~Accoun~~Account $0~~.00~~ Subsequent Mortgage Loans $0~~.00~~ Remaining Funds in the Capitalized Interest Account $0~~.00~~ TAGSS Interest ~~$573,333~~560878.4182 TAGSS Principal ~~$7,727,740~~9516360.5427 TAGSS FSA Premium ~~$16,459~~16072.3395

Filing Compare · STRUCTURED ASSET SEC CORP MORT PASS THR CERT SER 2002-BC1