8-K 1 sac04s03_dec.txt DECEMBER 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): December 27, 2004 STRUCTURED ASSET SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 2004-S03 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-115858-18 54-2161257 Pooling and Servicing Agreement) (Commission 54-2161258 (State or other File Number) 54-2161259 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On December 27, 2004 a distribution was made to holders of STRUCTURED ASSET SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 2004-S03 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-S03 Trust, relating to the December 27, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report 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 2004-S03 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/28/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-S03 Trust, relating to the December 27, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report EX-99.1

Structured Asset Securities Corporation Mortgage Pass-Through Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~SASC~~Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series: 2004-S3S03 Contact: Customer Service - CTSLink Wells Fargo Bank, 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 86359BB42 SEN 2.~~18250~~43000% ~~397~~384,~~102~~304,~~742~~596.1253 ~~770~~804,~~379~~157.3237 1218,~~798~~875,~~145~~378.5957 A-IO 86359BB59 SEN 6.00000% 0.00 1,074,165.00 0.00 M1 86359BB67 MEZ 2.~~58250~~83000% 55,488,000.00 ~~127~~135,~~375~~221.7917 0.00 M2 86359BB75 MEZ 2.~~63250~~88000% 26,087,000.00 6164,~~043~~695.5876 0.00 M3 86359BB83 MEZ 3.~~03250~~28000% 27,621,000.00 7478,~~453~~013.9498 0.00 M4 86359BB91 MEZ 3.~~18250~~43000% 13,811,000.00 3940,~~069~~792.7832 0.00 M5 86359BC25 MEZ 3.~~43250~~68000% 10,742,000.00 3234,~~775~~040.0420 0.00 M6 86359BC33 MEZ 3.~~63250~~88000% 13,811,000.00 4446,~~594~~144.1809 0.00 M7 86359BC41 MEZ 4.~~43250~~68000% 13,811,000.00 5455,~~415~~658.3433 0.00 M8 86359BC58 MEZ 6.00000% 8,593,000.00 42,965.00 0.00 M9 86359BC66 MEZ 6.00000% 14,425,000.00 72,125.00 0.00 B 86359BC74 SUB 6.00000% 12,276,000.00 61,380.00 0.00 X SAC04S03X SEN 0.00000% 7,979,427.73 21,~~028~~968,~~828~~998.9048 0.00 P SAC04S03P SEN 0.00000% 100.00 ~~102~~233,~~803~~606.6469 0.00 R SAC04S03R RES 0.00000% 0.00 0.00 0.00 Totals ~~601~~588,~~747~~949,~~269~~124.8526 4,~~586~~711,~~374~~963.5139 1218,~~798~~875,~~145~~378.5957

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~384~~365,~~304~~429,~~596~~217.5396 1319,~~568~~679,~~524~~535.9194 0.00 A-IO 0.00 0.00 1,074,165.00 0.00 M1 0.00 55,488,000.00 ~~127~~135,~~375~~221.7917 0.00 M2 0.00 26,087,000.00 6164,~~043~~695.5876 0.00 M3 0.00 27,621,000.00 7478,~~453~~013.9498 0.00 M4 0.00 13,811,000.00 3940,~~069~~792.7832 0.00 M5 0.00 10,742,000.00 3234,~~775~~040.0420 0.00 M6 0.00 13,811,000.00 4446,~~594~~144.1809 0.00 M7 0.00 13,811,000.00 5455,~~415~~658.3433 0.00 M8 0.00 8,593,000.00 42,965.00 0.00 M9 0.00 14,425,000.00 72,125.00 0.00 B 0.00 12,276,000.00 61,380.00 0.00 X 0.00 7,979,427.73 21,~~028~~968,~~828~~998.9048 0.00 P 0.00 100.00 ~~102~~233,~~803~~606.6469 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~588~~570,~~949~~073,~~124~~745.2669 1723,~~384~~587,~~520~~341.1096 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 409,166,000.00 ~~397~~384,~~102~~304,~~742~~596.1253 0.00 1218,~~798~~875,~~145~~378.5957 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M1 55,488,000.00 55,488,000.00 0.00 0.00 0.00 0.00 M2 26,087,000.00 26,087,000.00 0.00 0.00 0.00 0.00 M3 27,621,000.00 27,621,000.00 0.00 0.00 0.00 0.00 M4 13,811,000.00 13,811,000.00 0.00 0.00 0.00 0.00 M5 10,742,000.00 10,742,000.00 0.00 0.00 0.00 0.00 M6 13,811,000.00 13,811,000.00 0.00 0.00 0.00 0.00 M7 13,811,000.00 13,811,000.00 0.00 0.00 0.00 0.00 M8 8,593,000.00 8,593,000.00 0.00 0.00 0.00 0.00 M9 14,425,000.00 14,425,000.00 0.00 0.00 0.00 0.00 B 12,276,000.00 12,276,000.00 0.00 0.00 0.00 0.00 X 7,978,725.58 7,979,427.73 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 613,809,825.58 ~~601~~588,~~747~~949,~~269~~124.8526 0.00 1218,~~798~~875,~~145~~378.5957 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 1218,~~798~~875,~~145~~378.5957 ~~384~~365,~~304~~429,~~596~~217.5396 0.~~93923883~~89310749 1218,~~798~~875,~~145~~378.5957 A-IO 0.00 0.00 0.00000000 0.00 M1 0.00 55,488,000.00 1.00000000 0.00 M2 0.00 26,087,000.00 1.00000000 0.00 M3 0.00 27,621,000.00 1.00000000 0.00 M4 0.00 13,811,000.00 1.00000000 0.00 M5 0.00 10,742,000.00 1.00000000 0.00 M6 0.00 13,811,000.00 1.00000000 0.00 M7 0.00 13,811,000.00 1.00000000 0.00 M8 0.00 8,593,000.00 1.00000000 0.00 M9 0.00 14,425,000.00 1.00000000 0.00 B 0.00 12,276,000.00 1.00000000 0.00 X 0.00 7,979,427.73 1.00008800 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 1218,~~798~~875,~~145~~378.5957 ~~588~~570,~~949~~073,~~124~~745.2669 0.~~95949771~~92874653 1218,~~798~~875,~~145~~378.5957

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 409,166,000.00 ~~970~~939.~~51744798~~23883346 0.00000000 3146.~~27861452~~13134662 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 55,488,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 26,087,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 27,621,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 13,811,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 10,742,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 13,811,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 13,811,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 8,593,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 14,425,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 12,276,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 7,978,725.58 1000.08800278 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 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 3146.~~27861452~~13134662 ~~939~~893.~~23883346~~10748684 0.~~93923883~~89310749 3146.~~27861452~~13134662 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 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M9 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 1,000.08800278 1.00008800 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 409,166,000.00 2.~~18250~~43000% ~~397~~384,~~102~~304,~~742~~596.1253 ~~770~~804,~~379~~157.3237 0.00 0.00 A-IO 0.00 6.00000% 214,833,000.00 1,074,165.00 0.00 0.00 M1 55,488,000.00 2.~~58250~~83000% 55,488,000.00 ~~127~~135,~~375~~221.7917 0.00 0.00 M2 26,087,000.00 2.~~63250~~88000% 26,087,000.00 6164,~~043~~695.5876 0.00 0.00 M3 27,621,000.00 3.~~03250~~28000% 27,621,000.00 7478,~~453~~013.9498 0.00 0.00 M4 13,811,000.00 3.~~18250~~43000% 13,811,000.00 3940,~~069~~792.7832 0.00 0.00 M5 10,742,000.00 3.~~43250~~68000% 10,742,000.00 3234,~~775~~040.0420 0.00 0.00 M6 13,811,000.00 3.~~63250~~88000% 13,811,000.00 4446,~~594~~144.1809 0.00 0.00 M7 13,811,000.00 4.~~43250~~68000% 13,811,000.00 5455,~~415~~658.3433 0.00 0.00 M8 8,593,000.00 6.00000% 8,593,000.00 42,965.00 0.00 0.00 M9 14,425,000.00 6.00000% 14,425,000.00 72,125.00 0.00 0.00 B 12,276,000.00 6.00000% 12,276,000.00 61,380.00 0.00 0.00 X 7,978,725.58 0.00000% 7,979,427.73 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 613,809,825.58 2,~~454~~509,~~741~~358.9722 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 0.00 0.00 ~~770~~804,~~379~~157.3237 0.00 ~~384~~365,~~304~~429,~~596~~217.5396 A-IO 0.00 0.00 1,074,165.00 0.00 214,833,000.00 M1 0.00 0.00 ~~127~~135,~~375~~221.7917 0.00 55,488,000.00 M2 0.00 0.00 6164,~~043~~695.5876 0.00 26,087,000.00 M3 0.00 0.00 7478,~~453~~013.9498 0.00 27,621,000.00 M4 0.00 0.00 3940,~~069~~792.7832 0.00 13,811,000.00 M5 0.00 0.00 3234,~~775~~040.0420 0.00 10,742,000.00 M6 0.00 0.00 4446,~~594~~144.1809 0.00 13,811,000.00 M7 0.00 0.00 5455,~~415~~658.3433 0.00 13,811,000.00 M8 0.00 0.00 42,965.00 0.00 8,593,000.00 M9 0.00 0.00 72,125.00 0.00 14,425,000.00 B 0.00 0.00 61,380.00 0.00 12,276,000.00 X 0.00 0.00 21,~~028~~968,~~828~~998.9048 0.00 7,979,427.73 P 0.00 0.00 ~~102~~233,~~803~~606.6469 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 4,~~586~~711,~~374~~963.5139 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 409,166,000.00 2.~~18250~~43000% ~~970~~939.~~51744798~~23883346 1.~~88280385~~96535726 0.00000000 0.00000000 A-IO 0.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 M1 55,488,000.00 2.~~58250~~83000% 1000.00000000 2.~~29555562~~43694438 0.00000000 0.00000000 M2 26,087,000.00 2.~~63250~~88000% 1000.00000000 2.~~34000000~~48000000 0.00000000 0.00000000 M3 27,621,000.00 3.~~03250~~28000% 1000.00000000 2.~~69555556~~82444444 0.00000000 0.00000000 M4 13,811,000.00 3.~~18250~~43000% 1000.00000000 2.~~82888857~~95361089 0.00000000 0.00000000 M5 10,742,000.00 3.~~43250~~68000% 1000.00000000 3.~~05111152~~16888848 0.00000000 0.00000000 M6 13,811,000.00 3.~~63250~~88000% 1000.00000000 3.~~22888857~~34111143 0.00000000 0.00000000 M7 13,811,000.00 4.~~43250~~68000% 1000.00000000 34.~~94000000~~03000000 0.00000000 0.00000000 M8 8,593,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 M9 14,425,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 B 12,276,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 X 7,978,725.58 0.00000% 1000.08800278 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $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 0.00000000 1.~~88280385~~96535726 0.00000000 ~~939~~893.~~23883346~~10748684 A-IO 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.~~29555562~~43694438 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~34000000~~48000000 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~69555556~~82444444 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.~~82888857~~95361089 0.00000000 1000.00000000 M5 0.00000000 0.00000000 3.~~05111152~~16888848 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.~~22888857~~34111143 0.00000000 1000.00000000 M7 0.00000000 0.00000000 34.~~94000000~~03000000 0.00000000 1000.00000000 M8 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 M9 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 B 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~254~~246.~~27981946~~78107553 0.00000000 1000.08800278 P 0.00000000 0.00000000 ~~1028036~~2336066.~~40000000~~90000000 0.00000000 1000.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,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 1724,~~916~~106,~~051~~305.4859 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1724,~~916~~106,~~051~~305.4859 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~531~~518,~~531~~963.3863 Payment of Interest and Principal 1723,~~384~~587,~~520~~341.1096 Total Withdrawals (Pool Distribution Amount) 1724,~~916~~106,~~051~~305.4859 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~250~~245,~~728~~395.0347 Credit Risk Manager's Fee 7,~~521~~361.8486 Miscellaneous Fee ~~269~~262,~~269~~279.8697 Wells Fargo Bank, NA - Securities Administrator Fee 43,~~011~~926.6533 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~531~~518,~~531~~963.3863

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 088,594.0067 088,594.0067 1,000.00

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 1727 40 0 2127 ~~674~~1,~~144~~018,787.6631 ~~155,033~~0.8100 0.00 ~~829~~1,~~178~~018,787.4731 30 Days 28198 14 06 0 29208 18,~~071~~712,~~108~~809.0394 25159,~~925~~290.8687 0204,036.0088 0.00 19,~~097~~076,~~033~~137.8969 60 Days 23 1 0 0 24 1,~~188~~039,~~579~~265.0360 36,~~449~~433.9669 0.00 0.00 1,~~225~~075,~~028~~699.9929 90 Days 913 1 0 0 1014 ~~355~~480,~~152~~880.7161 4883,~~384~~943.9601 0.00 0.00 ~~403~~564,~~537~~823.6762 120 Days 07 01 0 0 08 0328,820.0013 035,585.0047 0.00 0.00 0364,405.0060 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 60241 2034 46 0 84281 210,~~614~~561,~~839~~776.7728 ~~784~~1,~~905~~334,040.4435 ~~155~~204,~~033~~036.8188 0.00 312,~~554~~099,~~779~~853.0251 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.~~126620~~206596% 0.~~029793~~000000% 0.000000% 0.~~156413~~206596% 0.~~114397~~178597% 0.~~026308~~000000% 0.000000% 0.~~140705~~178597% 30 Days 01.~~208551~~515036% 0.~~007448~~030607% 0.~~000000~~045910% 0.000000% 01.~~215999~~591553% 01.~~181758~~527383% 0.~~004399~~027924% 0.~~000000~~035768% 0.000000% 01.~~186157~~591076% 60 Days 0.~~171309~~175989% 0.~~007448~~007652% 0.000000% 0.000000% 0.~~178758~~183641% 0.~~201692~~182187% 0.~~006185~~006387% 0.000000% 0.000000% 0.~~207877~~188573% 90 Days 0.~~067034~~099472% 0.~~007448~~007652% 0.000000% 0.000000% 0.~~074482~~107124% 0.~~060266~~084300% 0.~~008211~~014715% 0.000000% 0.000000% 0.~~068477~~099015% 120 Days 0.~~000000~~053562% 0.~~000000~~007652% 0.000000% 0.000000% 0.~~000000~~061214% 0.~~000000~~057643% 0.~~000000~~006238% 0.000000% 0.000000% 0.~~000000~~063881% 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 01.~~446894~~844058% 0.~~148965~~260158% 0.~~029793~~045910% 0.000000% 02.~~625652~~150126% 01.~~443716~~851513% 0.~~133192~~233861% 0.~~026308~~035768% 0.000000% 02.~~603216~~121143%

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 10.~~001360~~001672% Weighted Average Net Coupon 9.~~501360~~501672% Weighted Average Pass-Through Rate 8.~~956384~~959269% Weighted Average Maturity (Stepdown Calculation ) ~~242~~241 Beginning Scheduled Collateral Loan Count 13,~~688~~426 Number Of Loans Paid In Full ~~262~~357 Ending Scheduled Collateral Loan Count 13,~~426~~069 Beginning Scheduled Collateral Balance ~~601~~588,~~747~~949,~~269~~124.8526 Ending Scheduled Collateral Balance ~~588~~570,~~949~~073,~~124~~745.2669 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~589~~570,~~304~~440,~~420~~359.9255 Monthly P &I Constant 5,~~465~~353,~~294~~506.4373 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~450~~444,~~051~~776.7491 Unscheduled Principal 1218,~~348~~430,~~093~~601.8566

Miscellaneous Reporting Monthly Excess Cashflow 32,~~102~~954,~~993~~700.9046 Extra Principal Distribution 0.00 Overcollateralization Amount 7,979,527.73 Overcollateralization Deficiency 0.00 Overcollateralization Increase 0.00 Overcollateralization Reduction 0.00 Targeted Overcollateralization Amount 7,979,527.73 Stepdown Date NO Trigger Event NO Old Republic Covered Balance 44,391,485.00 United Guaranty Covered Balance 144,588,300.00 Old Republic insurance payment 0 United Guaranty insurance payment 0 Undrawn Old Republic Pool Balance 44,391,485.00 Undrawn United Guaranty Pool Balance 144,588,300.00 Cap Payment 088,594.67

Ex 99.2

theMurrayhillcompany SASCO 2004-S3 Credit Risk Manager Report October 2004 The information contained in this Report is based upon a specific point in time and reflects performance solely through that point in time. It does not forecast the performance of the portfolio in the future. The information in this Report is not investment advice concerning a particular portfolio or security, and no mention of a particular security in this Report constitutes a recommendation to buy, sell, or hold that or any other security. The Report is based upon information provided to The Murrayhill Company by third parties and therefore The Murrayhill Company cannot, and does not, warrant that the information contained in this Report is accurate or complete. Table of Contents Section One Transaction Summary Section Two Prepayment Premium Analysis Section Three Analytics (c) 2004 The Murrayhill Company. All Rights Reserved. Section One Transaction Summary SASCO 2004-S3 Executive Summary October 2004 Transaction Summary Closing Date: 09/29/2004 Depositor: Structured Asset Securities Corporation Trustee: U.S. Bank Master Servicer: Aurora Loan Services Master Servicing Aurora Loan Services Inc., Countrywide Home Loans Servicer(s): Servicing LP., Option One Mortgage, Wells Fargo Home Mortgage Inc. Delinquency Reporting Method: OTS1 Collateral Summary 9/30/2004 Balance as a Closing Date As of 9/30/20042 Percentage of Closing Date Balance Collateral Balance $616,722,196 $564,973,023 91.60% Loan Count 13,896 12,422 89.39% 1 OTS Method: A current loan becomes 30 days delinquent if the scheduled payment is not made by the close of business on the corresponding day of the following month. Similarly for 60 days delinquent and the second immediately succeeding month and 90 days delinquent and the third immediately succeeding month. 2 These figures are based upon information provided to Murrayhill by the servicers on a monthly basis. There are 1,067 loans for which the servicers did not submit data for the 9/30/04 reporting period. (c) 2004 The Murrayhill Company. All Rights Reserved. Section Two Prepayment Premium Analysis Reconciliation for Prepayment Premiums for SASCO 2004-S3 Mortgage Data Through: September 30, 2004 Section 1: Prepayment premiums collected by the servicers and remitted to the trustee. This information is reported to Murrayhill by the servicers each month. Trustee Remittance Date Servicer 25-Oct-04 Total $64,122 Section 2: Prepayment premiums remitted to the P Class by the trustee. This information is taken from the statement to Certificateholders prepared by the trustee. Trustee Remittance Date Class 25-Oct-04 P Class $64,122 Section 3: Reconciliation of the amounts remitted by the servicers to the trustee and the amount remitted to the P Class by the trustee. Amount remitted by servicers: $64,122 Amount remitted to the P Class: $64,122 Difference: $0 *The master servicer passed a total of $64,122 in prepayment premiums from three of the four servicers in the 10/25/2004 distribution; however, one servicer did not remit prepayment premiums to the master servicer in a timely manner. We have contacted the servicer in regards to delaying prepayment premiums to the master servicer and are awaiting a response. Also, there are five loans from one servicer that paid off during the 10/25/2004 distribution, but the prepayment premiums will not be remitted until the 11/25/2004 distribution. We have contacted the servicer in regards to the delay in remitting the prepayment premiums and are awaiting a response. Aggregate Paid-Off Loans Report for SASCO 2004-S3 Mortgage Data Through: September 30, 2004 Trustee Remittance Date: 25-Oct-04 Loans with Active Prepayment Flags with 52 Premiums Remitted (A) Loans without Prepayment Flags with 0 Premiums Remitted Total Loans with Premiums Remitted (B) 52 Loans with Active Prepayment Flags (C) 65 Loans without Prepayment Flags with 0 Premiums Remitted Subtotal (D) 65 Premiums Remitted for Loans with Active 80.00% Prepayment Flags (A/C) Total Loans with Premiums Remitted to 80.00% the Subtotal (B/D) Total Paid-Off Loans (E) 226 Total Loans with Premiums Remitted to 23.01% the Total Paid-Off Loans (B/E) Paid-Off Loan Exception Report for SASCO 2004-S3 Mortgage Data Through: September 30, 2004 TOTAL Total Paid-Off Loans with Flags 65 Less Exceptions: Loans with Expired Prepayment Clauses (as stated in the 0 Note)* Loans that Contained a Clause Allowing Prepayment 0 Premiums to be Waived at the Time of Liquidation* Loans that were Liquidated from REO Status* 0 Loans with Discrepancies between the Data File and the Note* 0 Defaulted Liquidated Loans that Could Not Have Premiums 0 Collected because of the Acceleration of the Debt* Loans that were Liquidated Through Loss Mitigation Efforts* 0 Total Paid-Off Loans with Active Prepayment Flags (C) 65 Other Exceptions: Paid-Off Loans that Did Not have Premiums Collected because of State Statutes 0 Paid-Off Loans with Active Prepayment Flags that Did Not Have Premiums Remitted 14 * These categories are mutually exclusive. Paid-Off Loans With Prepayment Flags for SASCO 2004-S3 Mortgage Data Through: September 30, 2004 Murrayhill ID Delinquency Origination PPP Expiration Number String Date Flag Date 5622080 0 4/28/2004 3 4/28/2007 5622075 0 3/24/2004 3 3/24/2007 5622086 0 4/6/2004 3 4/6/2007 5622082 0 4/5/2004 3 4/5/2007 5622100 0 4/23/2004 3 4/23/2007 5561668 0 3/1/2004 3 3/1/2007 5561464 0 2/1/2004 3 2/1/2007 5561306 0 2/1/2004 3 2/1/2007 5560778 0 2/1/2004 3 2/1/2007 5564703 0 5/12/2004 2 5/12/2006 5563930 0 4/26/2004 2 4/26/2006 5563312 0 4/8/2004 2 4/8/2006 5562967 0 3/23/2004 2 3/23/2006 5562908 0 4/2/2004 2 4/2/2006 5562076 0 3/1/2004 2 3/1/2006 5561342 0 2/1/2004 2 2/1/2006 5560786 0 1/1/2004 2 1/1/2006 5557784 0 1/30/2004 2 1/30/2006 5560860 0 2/1/2004 1 2/1/2005 * - - - - 5622097 0 4/30/2004 5 4/30/2009 5622078 0 4/27/2004 5 4/27/2009 5622071 0 4/23/2004 5 4/23/2009 5622106 0 4/22/2004 3 4/22/2007 5622072 0 3/9/2004 3 3/9/2007 5622081 0 4/1/2004 3 4/1/2007 5622093 0 4/1/2004 3 4/1/2007 5622077 0 3/11/2004 3 3/11/2007 5622073 0 3/29/2004 3 3/29/2007 5622092 0 4/13/2004 3 4/13/2007 5622074 0 1/14/2004 3 1/14/2007 5566960 0 3/12/2004 3 3/12/2007 5562922 0 4/21/2004 3 4/21/2007 5562157 0 3/1/2004 3 3/1/2007 5561704 0 3/1/2004 3 3/1/2007 5561627 0 3/1/2004 3 3/1/2007 5561205 0 2/1/2004 3 2/1/2007 5560960 0 2/1/2004 3 2/1/2007 5560876 0 2/1/2004 3 2/1/2007 5560857 0 2/1/2004 3 2/1/2007 5560746 0 1/1/2004 3 1/1/2007 5557803 0 2/10/2004 3 2/10/2007 5557561 0 12/9/2003 3 12/9/2006 5622112 0 5/11/2004 2 5/11/2006 5622103 0 4/26/2004 2 4/26/2006 5622116 0 5/7/2004 2 5/7/2006 5622109 0 4/30/2004 2 4/30/2006 5622095 0 4/23/2004 2 4/23/2006 5563017 0 4/21/2004 2 4/21/2006 5562995 0 5/3/2004 2 5/3/2006 5562310 0 3/1/2004 2 3/1/2006 5562199 0 3/1/2004 2 3/1/2006 5562131 0 3/1/2004 2 3/1/2006 5561640 0 2/1/2004 2 2/1/2006 5561565 0 2/1/2004 2 2/1/2006 5561140 0 2/1/2004 2 2/1/2006 5561000 0 2/1/2004 2 2/1/2006 5558842 0 12/1/2003 2 12/1/2005 5558839 0 9/19/2003 2 9/19/2005 5557904 0 2/24/2004 2 2/24/2006 5557839 0 3/1/2004 2 3/1/2006 5557822 0 3/11/2004 2 3/11/2006 5557616 0 9/8/2003 2 9/8/2005 5557610 0 8/15/2003 2 8/15/2005 5562513 0 3/1/2004 1 3/1/2005 5557859 0 2/20/2004 1 2/20/2005 *No data was received for this loan because it was not included on the origination tape; however, the PPP has been confirmed through the master servicer Paid-Off Loans With Prepayment Flags for SASCO 2004-S3 Mortgage Data Through: September 30, 2004 (Cont.) Murrayhill ID Payoff Balance PPP % of PPP No PPP PPP Comments Number Remitted to Payoff Collected, Collected, Balance w/ Flag No Flag 5622080 $19,572 $861 0% Servicer will remit these in 11/25/2004 distribution 5622075 $33,351 $1,285 0% Servicer will remit these in 11/25/2004 distribution 5622086 $40,926 $1,636 0% Servicer will remit these in 11/25/2004 distribution 5622082 $65,848 $2,599 0% Servicer will remit these in 11/25/2004 distribution 5622100 $68,140 $2,964 0% Servicer will remit these in 11/25/2004 distribution 5561668 $37,683 $0 0% 5561668 Awaiting servicer response 5561464 $56,456 $0 0% 5561464 Awaiting servicer response 5561306 $29,150 $0 0% 5561306 Awaiting servicer response 5560778 $28,381 $0 0% 5560778 Awaiting servicer response 5564703 $58,189 $0 0% 5564703 Awaiting servicer response 5563930 $71,496 $0 0% 5563930 Awaiting servicer response 5563312 $68,872 $0 0% 5563312 Awaiting servicer response 5562967 $41,772 $0 0% 5562967 Awaiting servicer response 5562908 $42,763 $0 0% 5562908 Awaiting servicer response 5562076 $26,407 $0 0% 5562076 Awaiting servicer response 5560786 $33,664 $0 0% 5560786 Awaiting servicer response 5557784 $38,306 $0 0% 5557784 Awaiting servicer response 5560860 $68,818 $0 0% 5560860 Awaiting servicer response * $0 $2,832 0% 5622097 $46,807 $2,247 0% 5622078 $54,745 $2,301 0% 5622071 $70,903 $3,190 0% 5622106 $76,066 $3,075 0% 5622072 $31,203 $1,350 0% 5622081 $42,530 $1,511 0% 5622093 $38,910 $1,537 0% 5622077 $65,011 $1,546 0% 5622073 $44,924 $2,039 0% 5622092 $77,849 $2,998 0% 5622074 $83,952 $3,693 0% 5566960 $41,684 $1,498 0% 5562922 $29,463 $1,139 4% 5562157 $40,858 $1,643 4% 5561704 $71,363 $2,720 4% 5561627 $50,249 $1,895 4% 5561205 $56,723 $2,116 4% 5560960 $53,553 $2,051 4% 5560876 $38,905 $1,487 4% 5560857 $39,773 $1,539 4% 5560746 $25,992 $1,097 4% 5557803 $19,869 $920 5% 5557561 $31,774 $1,770 6% 5622112 $42,626 $1,050 0% 5622103 $37,598 $1,504 0% 5622116 $99,882 $1,741 0% 5622109 $57,913 $2,738 0% 5622095 $100,283 $4,812 0% 5563017 $69,934 $2,812 4% 5562995 $69,927 $2,705 4% 5562310 $47,089 $1,832 4% 5562199 $55,332 $2,261 4% 5562131 $103,575 $4,232 4% 5561640 $44,615 $1,820 4% 5561565 $76,316 $2,878 4% 5561140 $25,479 $1,041 4% 5561000 $61,272 $2,920 5% 5558842 $34,957 $1,449 4% 5558839 $31,810 $1,318 4% 5557904 $30,939 $1,423 5% 5557839 $31,730 $1,394 4% 5557822 $20,556 $411 2% 5557616 $52,846 $1,926 4% 5557610 $30,943 $1,158 4% 5562513 $49,130 $2,120 4% 5557859 $21,854 $437 2% (c) 2004 The Murrayhill Company. All Rights Reserved. Section Three Analytics SASCO 2004-S3 FICO Distribution by Status Mortgage Data Through: September 30, 2004 FICO Delinquency Percentage 560 Current0 570 Current0.001 580 Current0.011 580 Delinquent 0.041 580 Paid Off 0.011 590 Current0.019 590 Delinquent 0.025 590 Paid Off 0.017 600 Current0.025 600 Delinquent 0.033 600 Paid Off 0.011 610 Current0.028 610 Delinquent 0.074 610 Paid Off 0.017 620 Current0.036 620 Delinquent 0.041 620 Paid Off 0.011 630 Current0.044 630 Delinquent 0.107 630 Paid Off 0.039 640 Current0.06 640 Delinquent 0.066 640 Paid Off 0.072 650 Current0.078 650 Delinquent 0.124 650 Paid Off 0.094 660 Current0.087 660 Delinquent 0.099 660 Paid Off 0.083 670 Current0.079 670 Delinquent 0.091 670 Paid Off 0.061 680 Current0.08 680 Delinquent 0.091 680 Paid Off 0.077 690 Current0.076 690 Delinquent 0.058 690 Paid Off 0.072 700 Current0.071 700 Delinquent 0.033 700 Paid Off 0.105 710 Current0.056 710 Delinquent 0.025 710 Paid Off 0.039 720 Current0.049 720 Delinquent 0.008 720 Paid Off 0.077 730 Current0.045 730 Delinquent 0.041 730 Paid Off 0.055 740 Current0.036 740 Delinquent 0.008 740 Paid Off 0.05 750 Current0.035 750 Delinquent 0.008 750 Paid Off 0.028 760 Current0.027 760 Paid Off 0.039 770 Current0.023 770 Delinquent 0.008 770 Paid Off 0.006 780 Current0.015 780 Delinquent 0.017 780 Paid Off 0.022 790 Current0.011 790 Paid Off 0.006 800 Current0.005 800 Paid Off 0.011 810 Current0.001 820 Current0 830 Current0 Status # of Loans Average Std. Deviation Current 12,301 681 48.211 Delinquent 121 656 42.366 Paid Off 181 686 46.089 Total: 12,603 SASCO 2004-S3 Balance Distribution by Status Mortgage Data Through: September 30, 2004 BalanceDelinquency Percentage 0 Current0.001 10000 Current0.023 10000 Delinquent 0.041 20000 Current0.166 20000 Delinquent 0.14 30000 Current0.232 30000 Delinquent 0.256 40000 Current0.171 40000 Delinquent 0.107 50000 Current0.127 50000 Delinquent 0.149 60000 Current0.091 60000 Delinquent 0.066 70000 Current0.068 70000 Delinquent 0.058 80000 Current0.045 80000 Delinquent 0.066 90000 Current0.032 90000 Delinquent 0.074 100000 Current0.019 100000 Delinquent 0.017 110000 Current0.01 110000 Delinquent 0.017 120000 Current0.006 120000 Delinquent 0.008 130000 Current0.003 140000 Current0.003 150000 Current0.002 160000 Current0 170000 Current0 180000 Current0 190000 Current0 200000 Current0 250000 Current0 Status # of Loans AverageStd. Deviation Current12,301 45,462.8124,294.55 Delinquent 121 47,396.41 25,192.29 Total: 12,422 SASCO 2004-S3 Loan-to-Value Distribution by Status Mortgage Data Through: September 30, 2004 LTV Delinquency Percentage 0 Current0.003 0.1 Current0.141 0.1 Paid Off 0.215 0.1 Delinquent 0.074 0.2 Paid Off 0.779 0.2 Delinquent 0.917 0.2 Current0.846 0.3 Paid Off 0.006 0.3 Current0.01 0.4 Delinquent 0.008 0.4 Current0.001 Status # of Loans AverageStd. Deviation Current12,301 0.184 0.034 Delinquent 121 0.19 0.032 Paid Off 181 0.18 0.035 Total: 12,603 SASCO 2004-S3 Mortgage Purpose Distribution Mortgage Data Through: September 30, 2004 Origination Statistics Current Loans Delinquent Loans Paid Off Loans Number of Loans: 13,896 Number of Loans: 12,301 Number of Loans: 121 Number of Loans: 181 PurposeNumber Percentage PurposeNumber Percentage PurposeNumber Percentage PurposeNumber Percentage Cash-out refinance 1,692 12.2% Cash-out refinance 1,523 12.4% Cash-out refinance 12 9.9% Cash-out refinance 23 12.7% Purchase 11,601 83.5% Purchase 10,219 83.1% Purchase 103 85.1% Purchase 150 82.9% Rate/term 601 4.3% Rate/term 557 4.5% Rate/term 6 5.0% Rate/term 8 4.4% Home 1 0.0% Home 1 0.0% Home 0 0.0% Home 0 0.0% Other 1 0.0% Other 1 0.0% Other 0 0.0% Other 0 0.0% Total 13,896 100% Total 12,301 100% Total 121 100% Total 181 100% SASCO 2004-S3 Mortgage Term Distribution by Status Mortgage Data Through: September 30, 2004 Mortgage Term Delinquency Percentage 0 Current0 120 Current0 180 Current0.541 180 Delinquent 0.504 180 Paid Off 0.547 240 Paid Off 0.215 240 Delinquent 0.289 240 Current0.251 360 Current0.208 360 Delinquent 0.207 360 Paid Off 0.238 # of Loans Other 120 180 240 360 12,603 1 3 6,813 3,158 2628 SASCO 2004-S3 Ownership Distribution by Status Mortgage Data Through: September 30, 2004 Ownership Type Delinquency Percentage Investment HomeCurrent0.102 Investment HomeDelinquent 0.017 Investment HomePaid Off 0.133 Primary Home Current0.875 Primary Home Delinquent 0.975 Primary Home Paid Off 0.851 Second Home Current0.024 Second Home Delinquent 0.008 Second Home Paid Off 0.017 Title # of Loans Investment Home1,275 Primary Home 11,030 Second Home 298 Total: 12,603 SASCO 2004-S3 Delinquent Balance Over Time Mortgage Data Through: September 30, 2004 Total Balance in Status AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 9/30/2004 $3,646,941 $2,088,026 $0 - SASCO 2004-S3 Delinquent Count Over Time Mortgage Data Through: September 30, 2004 Total Count in Status AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 9/30/2004 79 42 0 0 0 SASCO 2004-S3 Conditional Prepayment Rates Mortgage Data Through: September 30, 2004 Date * Distribution Date CPR 3-Month MA 6-Month MA 12-Month MA 30-Sep-04 25-Oct-04 20.56% * Data in table is displayed for only the most recent 18 months. (c) 2004 The Murrayhill Company. All Rights Reserved.

Filing Compare · Structured Asset Securities Corp 2004-S3