10-K/A 1 sac02al1_form10ka.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K/A Amendment No. 1 (Mark one) /X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2002 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 333-82146-04 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2002-AL1 Trust (Exact name of registrant as specified in its charter) New York Pending (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 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 Securities registered pursuant to Section 12(b) of the Act: NONE. Securities registered pursuant to Section 12(g) of the Act: NONE. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Not applicable. State the aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the common equity was sold, or the average bid and asked prices of such common equity, as of a specified date within 60 days prior to the date of filing. (See definition of affiliate in Rule 405, 17 CFR 230.405.) Not applicable. Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. Not applicable. List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g. Part I, Part II, etc..) into which the document is incorporated: (1)Any annual report to security holders; (2) Any proxy or information statement; and (3)Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g. annual report to security holders for fiscal year ended December 24, 1980). Not applicable. PART I Item 1. Business. Omitted. Item 2. Properties. See Item 14(a), Exhibits 99.1, 99.2, and 99.3, for information provided in lieu of information required by Item 102 of Regulation S-K. Item 3. Legal Proceedings. The registrant knows of no material pending legal proceedings involving the trusts created under the Trust Agreement (the Trusts), the Trustee, the Servicer or the registrant with respect to the Trusts other than routine litigation incidental to the duties of the respective parties. Item 4. Submission of Matters to a Vote of Security Holders. None. PART II Item 5. Market for registrant's Common Equity and Related Stockholder Matters. No established public trading market for the Certificates exists. Records provided to the Trust by the DTC and the Trustee indicate that as of December 31, 2002, the number of holders of record for each class of Certificate were as follows: Class A-1 1 Class A-2 1 Class A-3 14 Class A-IO 1 Class A-PO 2 Class B-1 5 Class B-2 3 Class B-3 2 Class B-4 3 Class B-5 1 Class B-6 1 Class O 1 Total: 35 Item 6. Selected Financial Data. Omitted. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. Omitted. Item 7A. Quantitative and Qualitative Disclosures about Market Risk. Not applicable. Item 8. Financial Statements and Supplementary Data. See Item 14(a), Exhibits 99.1, 99.2, 99.3, for information provided in lieu of information required by Item 302 of Regulation S-K. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. None. PART III Item 10. Directors and Executive Officers of the Registrant. Not applicable. Item 11. Executive Compensation. Not applicable. Item 12. Security Ownership of Certain Beneficial Owners and Management. Not applicable. Item 13. Certain Relationships and Related Transactions. Not applicable. Item 14. Controls and Procedures. Not applicable. PART IV Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K. (a) Exhibits (99.1) Annual Independent Accountants' Servicing Reports concerning servicing activities for the year ended December 31, 2002. ~~a) ABN Amro Mortgage Group, as Servicer b) Aurora Loan Srvcs Inc, as Servicer~~

(99.2) Report of Management as to Compliance with Minimum Servicing Standards for the year ended December 31, 2002. ~~a) ABN Amro Mortgage Group, as Servicer b) Aurora Loan Srvcs Inc, as Servicer~~

(99.3) Annual Statements of Compliance under the Pooling and Servicing Agreements for the year ended December 31, 2002. ~~a) ABN Amro Mortgage Group, as Servicer b) Aurora Loan Srvcs Inc, as Servicer~~

(99.4) Aggregate Statement of Principal and Interest Distributions to Certificate Holders. (b) On November 12, 2002, December 09, 2002, and January 07, 2003 reports on Form 8-K were filed by the Company in order to provide the statements for the monthly distributions to holders of the Certificates. No other reports on Form 8-K have been filed during the last quarter of the period covered by this report. (c) Not applicable. (d) Omitted. Filed herewith. 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: Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2002-AL1 Trust (Registrant) Signed: Structured Asset Securities Corporation as Despositor By: Stanley Labanowski as Senior Vice President By: /s/ Stanley Labanowski Dated: Sarbanes-Oxley Certification I, Stanley Labanowski, certify that: 1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2002-AL1 Trust; 2. Based on my knowledge, the information in these 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 servicer under the pooling and servicing, or similar agreement, for inclusion in these reports is included in these reports; 4. Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing, or similar agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the 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, or similar, agreement, that is included in these reports. In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: ABN Amro Mortgage Group, as servicer, Aurora Loan Srvcs Inc., as servicer and Wells Fargo Bank Minnesoata, National Association, as trustee. Date: Structured Asset Securities Corporation, as Depositor /s/ Stanley Labanowski Signature Stanley Labanowski Senior Vice President Title SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT. (a)(i) No annual report is provided to the Certificateholders other than with respect to aggregate principal and interest distributions. (a)(ii) No proxy statement, form of proxy or other proxy soliciting material has been sent to any Certificateholder with respect to any annual or other meeting of Certificateholders. Ex-99.1 (a) Ernst & Young (logo) Ernst & Young LLP Sears Tower 233 South Wacker Drive Chicago, Illinois 60606-6301 Phone: (312) 879-2000 www.ey.com Report on Management's Assertion on Compliance with Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers Report of Independent Accountants Board of Directors ABN AMRO North America, Inc. We have examined management's assertion, included in the accompanying report titled Report of Management, that except for noncompliance with the minimum servicing standard for escrow funds, ABN AMRO Mortgage Group, Inc. (AAMG, a wholly owned subsidiary of ABN AMRO North America, Inc.) 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 AAMG's compliance with those requirements. Our responsibility is to express an opinion on management's assertions about AAMG'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 AAMG'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 AAMG's compliance with specified requirements. In our opinion, management's assertion, that except for noncompliance with the minimum servicing standard for escrow funds, AAMG 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, and AAMG'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 January 20, 2003 A Member Practice of Ernst & Young Global Ex-99.1 (b) Ernst & Young (logo) Ernst & Young LLP Suite 3300 370 17th Street Denver, Colorado 80202-5663 Phone: (720) 931-4000 Fax: (720) 931-4444 www.ey.com Report on Management's Assertion on Compliance with Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers Report of Independent Accountants Board of Directors Aurora Loan Services Inc. We have examined management's assertion, included in the accompanying report titled Report of Management, the Aurora Loan Services Inc. (the Company) 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 November 30, 2002. Management is responsible for the Company's compliance with those requirements. Our responsibility is to express an opinion on management's assertion about the Company'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 Company'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 Company's compliance with specified requirements. In our opinion, management's assertion, that Aurora Loan Services Inc. complied with the aforementioned requirements during the year ended November 30, 2002, is fairly stated, in all material respects. This report is intended solely for the information and use of the board of directors, management, and the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage Association, and the Company'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 March 14, 2003 A Member Practice of Ernst & Young Global Ex-99.2 (a) ABN AMRO (logo) ABN AMRO Mortgage Group, Inc. 4242 North Harlem Avenue Norridge, Illinois 60706-1283 www.mortgage.com Management's Assertion on Compliance with the Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers Report of Management We, as members of management of ABN AMRO Mortgage Group, Inc. (AAMG, a wholly owned subsidiary of ABN AMRO North America, Inc.) 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 preformed an evaluation of AAMG'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, AAMG complied, in all material respects, with the minimum servicing standards set forth in the USAP except as described below. Escrow funds were not returned to mortgagors within 30 calendar days of payoff for 2 out of the 25 loans tested. As of and for this same period, ABN AMRO North America, Inc. had in effect a fidelity bond in the amount of $500,000,000 and an error and omissions policy in the amount of $25,000,000. /s/ Stanley Rhodes Stanley Rhodes President /s/ Richard Geary Richard Geary Group Senior Vice President January 20, 2003 Affiliate Banks and Other Lending Offices: ABN AMRO Mortgage, LaSalle Bank N.A., LaSalle Home Mortgage, Standard Federal Bank N.A. Ex-99.2 (b) AURORA LOAN SERVICES INC (logo) Corporate Headquarters / 2530 S. Parker Rd., Suite 601 / Aurora, CO 80014 / phone: 303-632-3000 800-880-0128 / fax: 303-632-3001 Management's Assertion on Compliance with Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers Report of Management We, as members of management of Aurora Loan Services Inc. (the "Company"), 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 Company's compliance with the minimum servicing standards as set forth in the USAP as of November 30, 2002 and for the year then ended. Based on this evaluation, we assert that during the year ended November 30, 2002, the Company complied, in all material respects, with the minimum servicing standards set forth in the USAP. As of and for this same period, the Company had in effect a fidelity bond and errors and omissions policy in the amount of $30,000,000. /s/ Ralph A. Lenzi III Ralph A. Lenzi III Chief Executive Officer /s/ Rick W. Skogg Rick W. Skogg President /s/ Roy W. Browning III Roy W. Browning III Chief Financial Officer /s/ Alexandra M. Delargy Alexandra M. Delargy Senior Vice President and Controller March 14, 2003 Ex-99.3 (a)(i) ABN AMRO (logo) ABN AMRO Mortgage Group, Inc. 4242 North Harlem Avenue Norridge, Illinois 60706-1283 www.mortgage.com CERTIFICATE OF COMPLIANCE The undersigned, an officer of ABN AMRO Mortgage Group, Inc., (the "participant"), hereby certifies as follows: 1. I have made, or caused to be made under my supervision, a review of the activities of ABN AMRO Mortgage Group, Inc. during the preceding calendar year ending December 31, 2002, with respect to performance under the and 2. To the best of my knowledge, based on such review, there is as of this date, no default by ABN AMRO in the fulfillment of any of it's obligations under this issue. In witness whereof the undersigned has this Certificate of Compliance this 1st day of March, 2003. ABN AMRO Mortgage Group, Inc. By: /s/ Mary P. Sperlik Mary P. Sperlik First Vice President Affiliate Banks and Other Lending Offices: ABN AMRO Mortgage, LaSalle Bank N.A., LaSalle Home Mortgage, Standard Federal Bank N.A. Ex-99.3 (a)(ii) ABN-AMRO (logo) ABN AMRO Mortgage Group, Inc. 4242 North Harlem Avenue Norridge, Illinois 60706-1283 www.mortgage.com ANNUAL SERVICING CERTIFICATION To Whom It May Concern: Pursuant to the Servicing Agreement(s) between us, we certify with respect to each mortgage loan serviced for you, that as of December 31, 2002 except otherwise noted below: 1. All (a) taxes, assessments and other governmental charges levied against the mortgaged premises, (b) ground rents payable with respect to the mortgaged premises, if any, and (c) premiums on applicable FHA or private mortgage insurance, if any, which would be delinquent if not paid, have been paid. 2. Hazard Insurance coverage on the improvements on the mortgaged premises in the form and amount and with the coverage required by the Servicing Agreement is in effect. EXCEPTIONS None Sincerely, ABN AMRO Mortgage Group, Inc. /s/ Mary P. Sperlik Mary P. Sperlik First Vice President Investor Accounting Affiliate Banks and Other Lending Offices: ABN AMRO Mortgage, LaSalle Bank N.A., LaSalle Home Mortgage, Standard Federal Bank N.A. Ex-99.3 (b) AURORA LOAN SERVICES INC (logo) NATIONAL SERVICING CENTER 601 Fifth Avenue * P.O. Box 1706 * Scottsbluff, NE 69363-1706 * phone: 308-635-3500 800-776-9361 * fax: 308-630-6700 March 19, 2003 Lehman Capital, A Division of Lehman Brothers Bank, F.S.B. Lehman Brothers Holdings Inc. Attn: Leslee Gelber, Contract Finance Attn: Manager, Contract Finance 39 West 13th Street, 3rd Floor 101 Hudson Street New York NY 10011 Jersey City NJ 07302 Wells Fargo Bank Minnesota, N.A. CC: Wells Fargo Bank Minnesota NA Attn: Corporate Trust Services Attn: Corporate Trust Services 1100 Broken Land Parkway Sixth Street & Marquette Avenue Columbia MD 21044 Minneapolis MN 55479 Subject: Annual Officer's Certificate Fiscal Year 2002 Dear Master Servicer: The undersigned Officer certifies the following for the Fiscal Year 2002: (A) I have reviewed the activities and performance of Aurora Loan Services Inc. (the "Servicer") during the preceding fiscal year under the terms of the Servicing Agreement and to the best of this Officers' knowledge and belief, the Servicer has fulfilled all of its duties, responsibilities and obligations under this Agreement throughout fiscal year 2002, or if there has been a material default or failure of the servicer to perform any of such duties, responsibilities or obligations, a description of each material default or failure and the nature and status thereof has been reported to Lehman Capital; Lehman Brothers Bank; Wells Fargo Bank Minnesota, N.A. (B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC servicer in good standing; (C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance Policy required under the terms of the Servicing Agreement, are in full force and effect; (D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if applicable) and Primary Mortgage Insurance Policy (if applicable), with respect to each Mortgaged Property, have been paid and that all such insurance policies are in full force and effect; or, with respect to Hazard Insurance policies and/or Flood Insurance policies that are not in full force and effect, appropriate force placed individual and/or blanket policies are in full force and effect for each Mortgaged Property; (E) All known real estate taxes, governmental assessments and any other expenses accrued and due, that if not paid, could result in a lien or encumbrance on any Mortgaged Property, have been paid, or if any such costs or expenses have not been paid with respect to any Mortgaged Property, the reason for the non-payment has been reported to. Lehman Capital; Lehman Brothers Bank; Wells Fargo Bank Minnesota, NA. (F) All Custodial Accounts have been reconciled and are properly funded; and, (G) All annual reports of Foreclosure and Abandonment of Mortgage Property required per Section 6050H, 6050J and 6050P of the Internal Revenue Code, respectively, have been prepared and filed. Certified by: /s/ Robert E. Simpson Officer: Robert E. Simpson Title: Executive Vice President Ex-99.4 Schedule of Year-To-Date Principal and Interest Distributions to Certificateholders Class Interest Principal Losses Ending Balance A-1 3,036,355.26 26,491,662.97 0.00 90,705,337.03 A-1 (a) 1,838,145.71 26,491,662.97 0.00 49,035,042.95 A-1 (b) 1,197,870.81 0.00 0.00 41,670,294.08 A-2 4,157,898.10 24,879,199.94 0.00 130,750,800.27 A-2 (1) 166,062.49 0.00 0.00 5,776,810.75 A-2 (2) 3,991,361.90 24,879,978.81 0.00 124,973,989.52 A-3 11,339,255.79 51,099,914.41 0.00 365,737,086.42 A-3 (1) 891,722.32 0.00 0.00 31,021,012.03 A-3 (2) 2,574,779.78 16,049,776.53 0.00 80,619,225.25 A-3 (3) 7,871,449.87 35,100,374.19 0.00 254,096,849.14 A-IO 1,099,809.96 0.00 0.00 0.00 A-IO (1) 111,376.97 0.00 0.00 0.00 A-IO (2) 295,790.04 0.00 0.00 0.00 A-IO (3) 678,109.64 0.00 0.00 0.00 A-PO 0.00 1,622,459.15 0.00 9,441,835.92 A-PO (1) 0.00 512,645.59 0.00 2,563,836.23 A-PO (2) 0.00 730,670.82 0.00 4,107,506.71 A-PO (3) 0.00 379,142.70 0.00 2,770,492.98 B-1 597,445.38 852,765.04 0.00 20,315,234.97 B-2 456,579.47 651,699.73 0.00 15,525,300.27 B-3 342,441.67 488,784.87 0.00 11,644,215.13 B-4 283,735.75 404,990.87 0.00 9,648,009.12 B-5 222,207.45 317,168.32 0.00 7,555,831.67 B-6 506,392.69 694,450.06 902,947.60 16,344,617.33 O 2.90 0.00 0.00 100.00

STRUCTURED ASSET SEC CORP PASS THROUGH CERT SERIES 2002-AL1 10-K/A