10-D 1 sac06op1_10d-200611.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-D ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the monthly distribution period from: October 02, 2006 to November 01, 2006 Commission File Number of issuing entity: 333-129480-01 Structured Asset Securities Corporation Mortgage Loan Trust 2006-OPT1 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-129480 Structured Asset Securities Corporation (Exact name of depositor as specified in its charter) Lehman Brothers Holdings, Inc. (Exact name of sponsor as specified in its charter) New York (State or other jurisdiction of incorporation or organization of the issuing entity) Not Applicable (I.R.S. Employer Identification No.) 745 Seventh Avenue, 7th Floor New York, NY 10019 (Address of principal executive offices of the issuing entity) (Zip Code) (212) 526-7000 (Telephone number, including area code) Not Applicable (Former name, former address, if changed since last report) Registered/reporting pursuant to (check one) Title of Section Section Section Name of Exchange Class 12(b) 12(g) 15(d) (If Section 12(b)) A1 _____ _____ __X___ ____________ A2 _____ _____ __X___ ____________ A3 _____ _____ __X___ ____________ A4 _____ _____ __X___ ____________ A5 _____ _____ __X___ ____________ A6 _____ _____ __X___ ____________ M1 _____ _____ __X___ ____________ M2 _____ _____ __X___ ____________ M3 _____ _____ __X___ ____________ M4 _____ _____ __X___ ____________ M5 _____ _____ __X___ ____________ M6 _____ _____ __X___ ____________ M7 _____ _____ __X___ ____________ M8 _____ _____ __X___ ____________

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 ____ Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information On November 27, 2006 a distribution was made to holders of Structured Asset Securities Corporation Mortgage Loan Trust 2006-OPT1. The distribution report is attached as an Exhibit to this Form 10-D. Please see Item 9(b), Exhibit 99.1 for the related information. Part II - OTHER INFORMATION Item 9. Exhibits. (a) The following is a list of documents filed as part of this Report on Form 10-D: (99.1) Monthly report distributed to holders of Structured Asset Securities Corporation Mortgage Loan Trust 2006-OPT1, relating to the November 27, 2006 distribution. (b) The exhibits required to be filed by Registrant pursuant to this Form are listed above and in the Exhibit Index that immediately follows the signature page hereof. 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 thereunto duly authorized. Structured Asset Securities Corporation Mortgage Loan Trust 2006-OPT1 (Issuing Entity) Aurora Loan Services LLC (Master Servicer) /s/ Michele Olds Michele Olds, Vice President Servicer Oversight Date: December 06, 2006 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of Structured Asset Securities Corporation Mortgage Loan Trust 2006-OPT1, relating to the November 27, 2006 distribution. EX-99.1 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Distribution Date: 11/27/2006 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2006-OPT1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660

REO Detail - All Mortgage Loans in REO during Current Period

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period

Prepayment - Voluntary Prepayments

EX 99.2 Contact Us: RMG T: 718-858-6050 Risk Management Group E: info@rmgglobal.com W: www.rmgglobal.com Bankruptcy Report Date: 12/8/2006 9:49:21 AM Deal Number: SASCO 2006-OPT1 Report As of: 10/30/2006

Contact Us: RMG T: 718-858-6050 Risk Management Group E: info@rmgglobal.com W: www.rmgglobal.com Default Summary Dashboard (OTS) Date: 12/8/2006 9:49:22 AM Deal Number: SASCO 2006-OPT1 Report As of: 10/30/2006

Contact Us: RMG T: 718-858-6050 Risk Management Group E: info@rmgglobal.com W: www.rmgglobal.com Forbearance Report Date: 12/8/2006 9:49:37 AM Deal Number: SASCO 2006-OPT1 Report As of: 10/30/2006

Contact Us: RMG T: 718-858-6050 Risk Management Group E: info@rmgglobal.com W: www.rmgglobal.com Forecasted Losses Report Date: 12/8/2006 9:49:58 AM Deal Number: SASCO 2006-OPT1 Report As of: 10/30/2006

Contact Us: RMG T: 718-858-6050 Risk Management Group E: info@rmgglobal.com W: www.rmgglobal.com Foreclosure Report Date: 12/8/2006 9:49:36 AM Deal Number: SASCO 2006-OPT1 Report As of: 10/30/2006

Contact Us: RMG T: 718-858-6050 Risk Management Group E: info@rmgglobal.com W: www.rmgglobal.com GainsLosses Report Date: 12/8/2006 9:49:37 AM Deal Number: SASCO 2006-OPT1 Report As of: 10/30/2006

Contact Us: RMG T: 718-858-6050 Risk Management Group E: info@rmgglobal.com W: www.rmgglobal.com Insurance Pending Claims Date: 12/8/2006 9:49:38 AM Deal Number: SASCO 2006-OPT1 Report As of: 10/30/2006 Investor Ln Nbr Original UPB Loan Status Original Value Original LTV MI Cert. # Loan Number Current UPB Current Value Current LTV MI Company Servicer Name Originator

Contact Us: RMG T: 718-858-6050 Risk Management Group E: info@rmgglobal.com W: www.rmgglobal.com Loan Prepayment Summary Date: 12/8/2006 9:49:48 AM Deal Number: SASCO 2006-OPT1 Report As of: 10/30/2006 Investor Ln Nbr Date of Prepayment APF Flag (Y/N) Prepayment Premium Prepayment Premium Loan Number Due Received on APF Loan Servicer Name Originator 0015271018 10/20/2006 N $0.00 $0.00 0015271018 OPTION1 0015283138 10/23/2006 Y $0.00 $5,268.44 0015283138 OPTION1 0019387257 10/2/2006 N $0.00 $0.00 0019387257 OPTION1 0019460146 10/17/2006 Y $0.00 $9,661.50 0019460146 OPTION1 0019471440 10/27/2006 N $0.00 $0.00 0019471440 OPTION1 0019489723 10/3/2006 Y $0.00 $2,641.42 0019489723 OPTION1 0019501923 10/27/2006 N $0.00 $0.00 0019501923 OPTION1 0019525419 10/24/2006 Y $0.00 $4,083.92 0019525419 OPTION1 0019540525 10/4/2006 Y $0.00 $19,071.20 0019540525 OPTION1 0019744184 10/16/2006 N $0.00 $0.00 0019744184 OPTION1 0019782085 10/13/2006 Y $0.00 $870.00 0019782085 OPTION1 0019783646 10/30/2006 Y $0.00 $7,908.90 0019783646 OPTION1 0019948116 10/30/2006 Y $0.00 $3,843.22 0019948116 OPTION1 0019955905 10/17/2006 N $0.00 $0.00 0019955905 OPTION1 0019971266 10/17/2006 Y $0.00 $1,921.61 0019971266 OPTION1 0019973718 10/18/2006 Y $0.00 $1,294.08 0019973718 OPTION1 0019975549 10/30/2006 Y $0.00 $2,453.77 0019975549 OPTION1 0019976885 10/16/2006 Y $0.00 $2,933.42 0019976885 OPTION1 0019988062 10/4/2006 N $0.00 $0.00 0019988062 OPTION1 0020041893 10/4/2006 N $0.00 $0.00 0020041893 OPTION1 0020122420 10/26/2006 Y $0.00 $398.16 0020122420 OPTION1 0020132692 10/5/2006 Y $0.00 $2,709.00 0020132692 OPTION1 0020141958 10/30/2006 N $0.00 $0.00 0020141958 OPTION1 0020170205 10/25/2006 N $0.00 $0.00 0020170205 OPTION1 0020176012 10/5/2006 Y $0.00 $1,573.18 0020176012 OPTION1 0020181079 10/17/2006 Y $0.00 $7,397.09 0020181079 OPTION1 0020205274 10/2/2006 N $0.00 $0.00 0020205274 OPTION1 0020205415 10/20/2006 Y $0.00 $1,076.78 0020205415 OPTION1 0020426268 10/30/2006 N $0.00 $0.00 0020426268 OPTION1 0020428447 10/23/2006 Y $0.00 $2,600.81 0020428447 OPTION1 0020429122 10/5/2006 N $0.00 $0.00 0020429122 OPTION1 0020442786 10/19/2006 N $0.00 $0.00 0020442786 OPTION1 0020444238 10/2/2006 Y $0.00 $502.44 0020444238 OPTION1 0020445946 10/20/2006 Y $0.00 $3,189.44 0020445946 OPTION1 0020455911 10/12/2006 N $0.00 $0.00 0020455911 OPTION1 0020457859 10/2/2006 N $0.00 $0.00 0020457859 OPTION1 0020459285 10/11/2006 Y $0.00 $1,457.46 0020459285 OPTION1 0020491866 10/5/2006 N $0.00 $0.00 0020491866 OPTION1 0020494613 10/5/2006 Y $0.00 $6,894.91 0020494613 OPTION1 0020495099 10/25/2006 Y $0.00 $1,680.00 0020495099 OPTION1 0020496154 10/12/2006 Y $0.00 $6,637.34 0020496154 OPTION1 0020498267 10/2/2006 Y $0.00 $840.00 0020498267 OPTION1 0020499075 10/23/2006 N $0.00 $0.00 0020499075 OPTION1 0020512638 10/24/2006 N $0.00 $0.00 0020512638 OPTION1 0020515334 10/6/2006 N $0.00 $0.00 0020515334 OPTION1 0020522991 10/19/2006 N $0.00 $0.00 0020522991 OPTION1 0020532891 10/5/2006 Y $0.00 $3,128.08 0020532891 OPTION1 0020550984 10/30/2006 N $0.00 $0.00 0020550984 OPTION1 0020563771 10/25/2006 N $0.00 $0.00 0020563771 OPTION1 0020564118 10/4/2006 Y $0.00 $4,838.97 0020564118 OPTION1 0020577235 10/16/2006 N $0.00 $0.00 0020577235 OPTION1 0020597290 10/30/2006 N $0.00 $0.00 0020597290 OPTION1 0020623559 10/2/2006 N $0.00 $0.00 0020623559 OPTION1 0020631008 10/3/2006 Y $0.00 $1,593.94 0020631008 OPTION1 0020632568 10/30/2006 N $0.00 $0.00 0020632568 OPTION1 0020633525 10/2/2006 Y $0.00 $1,496.62 0020633525 OPTION1 0020633756 10/2/2006 Y $0.00 $8,525.13 0020633756 OPTION1 0020639316 10/27/2006 Y $0.00 $9,207.90 0020639316 OPTION1 0020640074 10/10/2006 N $0.00 $0.00 0020640074 OPTION1 0020640173 10/19/2006 N $0.00 $0.00 0020640173 OPTION1 0020644019 10/17/2006 Y $0.00 $4,548.42 0020644019 OPTION1 0020645974 10/2/2006 Y $0.00 $10,720.22 0020645974 OPTION1 0020650016 10/9/2006 Y $0.00 $4,085.82 0020650016 OPTION1 0020657490 10/5/2006 Y $0.00 $11,245.27 0020657490 OPTION1 0020667903 10/13/2006 Y $0.00 $8,306.20 0020667903 OPTION1 0020683397 10/19/2006 Y $0.00 $1,272.09 0020683397 OPTION1 0020684783 10/3/2006 N $0.00 $0.00 0020684783 OPTION1 0020685236 10/16/2006 Y $0.00 $3,006.13 0020685236 OPTION1 0020685806 10/27/2006 Y $0.00 $4,573.13 0020685806 OPTION1 0020687455 10/5/2006 Y $0.00 $6,783.88 0020687455 OPTION1 0020688438 10/30/2006 Y $0.00 $5,268.16 0020688438 OPTION1 0020692414 10/30/2006 Y $0.00 $1,335.42 0020692414 OPTION1 0020692968 10/17/2006 N $0.00 $0.00 0020692968 OPTION1 0020694816 10/5/2006 Y $0.00 $13,377.11 0020694816 OPTION1 0020696076 10/24/2006 Y $0.00 $15,928.42 0020696076 OPTION1 0020698932 10/30/2006 N $0.00 $0.00 0020698932 OPTION1 0020705935 10/5/2006 Y $0.00 $13,404.36 0020705935 OPTION1 0020707360 10/19/2006 N $0.00 $0.00 0020707360 OPTION1 0020707840 10/3/2006 Y $0.00 $26,272.21 0020707840 OPTION1 0020713046 10/24/2006 Y $0.00 $8,615.19 0020713046 OPTION1 0020716676 10/4/2006 Y $0.00 $7,429.98 0020716676 OPTION1 0020717740 10/2/2006 Y $0.00 $9,752.81 0020717740 OPTION1 0020723094 10/30/2006 N $0.00 $0.00 0020723094 OPTION1 0020724555 10/30/2006 Y $0.00 $14,778.11 0020724555 OPTION1 0020726006 10/24/2006 N $0.00 $0.00 0020726006 OPTION1 0020727947 10/30/2006 N $0.00 $0.00 0020727947 OPTION1 0020732228 10/4/2006 Y $0.00 $5,215.79 0020732228 OPTION1 0020734885 10/5/2006 N $0.00 $0.00 0020734885 OPTION1 0020743308 10/30/2006 Y $0.00 $8,343.25 0020743308 OPTION1 0020743357 10/27/2006 Y $0.00 $2,896.96 0020743357 OPTION1 0020743381 10/18/2006 Y $0.00 $3,178.09 0020743381 OPTION1 0020745378 10/2/2006 N $0.00 $0.00 0020745378 OPTION1 0020745543 10/30/2006 Y $0.00 $9,246.48 0020745543 OPTION1 0020746111 10/11/2006 N $0.00 $0.00 0020746111 OPTION1 0020747069 10/2/2006 N $0.00 $0.00 0020747069 OPTION1 0020761177 10/3/2006 Y $0.00 $13,232.92 0020761177 OPTION1 0020762407 10/30/2006 N $0.00 $0.00 0020762407 OPTION1 0020762571 10/30/2006 N $0.00 $0.00 0020762571 OPTION1 0020771846 10/20/2006 Y $0.00 $4,014.30 0020771846 OPTION1 0020777108 10/11/2006 Y $0.00 $4,296.80 0020777108 OPTION1 0020796041 10/30/2006 N $0.00 $0.00 0020796041 OPTION1 0020819140 10/23/2006 N $0.00 $0.00 0020819140 OPTION1 0020819769 10/30/2006 Y $0.00 $23,014.40 0020819769 OPTION1 0020826038 10/24/2006 Y $0.00 $1,144.00 0020826038 OPTION1 0020826251 10/24/2006 N $0.00 $0.00 0020826251 OPTION1 0020827226 10/11/2006 Y $0.00 $8,542.58 0020827226 OPTION1

Contact Us: RMG T: 718-858-6050 Risk Management Group E: info@rmgglobal.com W: www.rmgglobal.com Loan Statistics Dashboard (OTS) Date: 12/8/2006 9:49:26 AM Deal Number: SASCO 2006-OPT1 Report As of: 10/30/2006

Contact Us: RMG T: 718-858-6050 Risk Management Group E: info@rmgglobal.com W: www.rmgglobal.com Red Flag Dashboard (OTS) Date: 12/8/2006 9:49:33 AM Deal Number: SASCO 2006-OPT1 Report As of: 10/30/2006 Loans Delinquent>= 90 Days (w/ BK, FC, FB) Count UPB 164 $28,585,209.83 In Foreclosure >= 180 Days Count UPB 0 In Bankruptcy >= 60 Days Count UPB 8 $775,839.97 REO >= 180 Days Count UPB 0 Loans with LTV >= 85% and Delinquent >= 60 Days(Excluded BK, FC, FB, REO) Count UPB 17 $4,363,628.01 Loans with UPB <= $50K and Delinquent >= 30 Days(Excluded BK, FC, FB, REO) Count UPB 35 $1,066,177.59 Loans in Foreclosure >= 60 Days beyond state average Count UPB 3 $727,125.88 MI Claims open >= 60 Days Number of Loans Total Claim Amount Avg. Claim Avg. Aging 0 REO Not on Market and in Inventory >= 60 Days Number of Loans Total UPB Avg. Days in Inventory 1 $76,711.53 67.0 REO on Market and in Inventory >= 60 Days Number of Loans Total UPB Avg. Days in Inventory 0 REO Prop in Eviction >= 60 Days Number of Loans Total UPB Avg. Days in Eviction 0 BPO Reconciliation Variance Number of Loans Total UPB 10 - 15% 14 $2,233,657.76 15 - 20% 6 $1,175,574.46 20 - 25% 4 $647,462.35 25 - 30% 3 $355,020.16 > 30% 14 $1,141,833.55 Contact Us: RMG T: 718-858-6050 Risk Management Group E: info@rmgglobal.com W: www.rmgglobal.com

Contact Us: RMG T: 718-858-6050 Risk Management Group E: info@rmgglobal.com W: www.rmgglobal.com Watch List Report Date: 12/8/2006 9:49:48 AM Deal Number: SASCO 2006-OPT1 Report As of: 10/30/2006

SASCO 2006-OPT1 10-D