10-D 1 bnc07001_10d-200705.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: April 02, 2007 to May 01, 2007 Commission File Number of issuing entity: 333-133985-50 BNC Mortgage Loan Trust 2007-1 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-133985 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 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___ ____________ M1 _____ _____ __X___ ____________ M2 _____ _____ __X___ ____________ M3 _____ _____ __X___ ____________ M4 _____ _____ __X___ ____________ M5 _____ _____ __X___ ____________ M6 _____ _____ __X___ ____________ M7 _____ _____ __X___ ____________ M8 _____ _____ __X___ ____________ M9 _____ _____ __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 May 25, 2007 a distribution was made to holders of BNC Mortgage Loan Trust 2007-1. 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 BNC Mortgage Loan Trust 2007-1, relating to the May 25, 2007 distribution. (99.2) Clayton Credit Risk Management Report (b) The exhibits required to be filed by the 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. BNC Mortgage Loan Trust 2007-1 (Issuing Entity) Aurora Loan Services LLC (Master Servicer) /s/ E. Todd Whittemore E. Todd Whittemore, Executive Vice President Date: June 05, 2007 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of BNC Mortgage Loan Trust 2007-1, relating to the May 25, 2007 distribution. EX-99.2 Clayton Credit Risk Management Report EX-99.1 BNC Mortgage Loan Trust Mortgage Pass-Through Certificates Distribution Date: 5/25/2007 BNC Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2007-1 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

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period

Prepayment Rates

EX-99.2 (logo) CLAYTON BNC 2007-1 Credit Risk Management Report April 2007 (page) 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 security. The Report is based upon information provided to Clayton Fixed Income Services Inc. by third parties and therefore Clayton Fixed Income Services Inc. cannot, and does not, warrant that the information contained in this Report is accurate or complete. This Report is furnished on a confidential basis to the recipient listed herein. By acceptance of this Report, the recipient agrees that it will not: I. Transmit this Report to anyone other than a person or entity having a fiduciary relationship with, or beneficial interest in, this portfolio; II. Reproduce any or all of this Report; or III. Contact any servicer or originator regarding any information in this Report. (page) Table of Contents Section One Executive Summary Section Two Loan-Level Report Section Three Prepayment Penalty Analysis Section Four Mortgage Insurance Report Section Five Loss Analysis Section Six Analytics (page) Section One Executive Summary (page) BNC 2007-1 Executive Summary April 2007

(page) Value Added Total Value Added for BNC 2007-1 as of 4/25/2007 Issues Amount Recovered 0 $0 Collateral Statistics Loan Count Summed Balance First Payment Defaults 7 $2,499,600 Early Payment Defaults 6 $798,217 *A default that occurs on the second or third scheduled payment. Second Lien Statistics Loan Count Summed Balance Total Outstanding Second Lien Loans 219 $14,111,296 30+ Days Delinquent 5 $333,194

(page) Section Two Loan-Level Report (page) Loan-Level Report Definitions * FICO(R): Represents the borrower's credit score at the time of securitization/origination. * Last Paid Date: Either the interest paid-through date or the last contractually due payment made by the borrower. Clayton Fixed Income Services Inc. uses this date to calculate delinquencies. * Valuation: Represents what is believed to be the most accurate known value of a property based on Clayton Fixed Income Services Inc.'s internal formulas. Several value appraisals may exist for a property, yet only what is believed to be the most accurate value according to these formulas is shown on the report. When no value is available, a valuation known as an "internal estimate" is calculated according to an internal formula that adjusts the original value of the property by the Housing Price Index (HPI) and a discount based on credit class. * Liquidation Date: Clayton Fixed Income Services Inc.'s internal estimate of the date on which the loan will liquidate if it proceeds through foreclosure and REO. This date takes into consideration servicing and state foreclosure timelines, as well as an estimated REO marketing period. * Estimated Loss/(Gain): Clayton Fixed Income Services Inc.'s internal estimate of the loss (or gain) that the loan will experience if it liquidates on the Liquidation Date. * Delinquency Status: Indicates the monthly payment and delinquency history for an individual loan. The right-most character specifies the last known delinquency status, according to the following: * C The contractually due payment arrived on time. * 3 The contractually due payment has not arrived within thirty days. * 6 The contractually due payment has not arrived within sixty days. * 9 The contractually due payment has not arrived within ninety days. * F The property is in the process of foreclosure. * R The property is real estate owned (REO). * 0 The mortgage has either liquidated or been paid off. * OTS Delinquency 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. * MBA Delinquency Method: A current loan becomes 30 days delinquent if the scheduled payment is not made by the close of business on the last day of the month in which the payment was due. (page) BNC 2007-1 Loan-Level Report Mortgage Data Through: March 31, 2007 Watchlist

(page) Section Three Prepayment Penalty Analysis (page) BNC 2007-1 Prepayment Penalty Analysis Trustee Remittance Date: April 25, 2007 Total Cash Flows Trustee Remittance Date 4/25/2007 3/25/2007 Amount Remitted to the Trust $36,595 $43,266 Amount Remitted by the Servicers $36,595 $43,266 Difference $0 $0 Total Collections by the Servicers Total Paid Off Loans 24 138 Total Paid Off Loans With Prepayment Flags 7 88 Exceptions Expired Prepayment Clauses (as stated in the Note) 0 0 Liquidated out of REO Status 0 0 Acceleration of Debt 0 0 Loss Mitigation (Short Sales, Charge Offs) 0 0 Documentation Issues Preventing the Collection of Prepayment Penalties 0 0 Other - Actions Preventing the Collection of Prepayment Penalties 0 82 Total Paid-Off Loans with Active Prepayment Flags 7 6 Other Exceptions Paid-Off Loans that Did Not Have Penalties Collected because of State Statutes 0 0 Paid-Off Loans with Active Prepayment Flags that Did Not Have Penalties Remitted 0 0 Aggregate Paid-Off Loans Loans with Active Prepayment Flags with Penalties Remitted 7 6 Loans without Prepayment Flags or with Expired Flags with Penalties Remitted 0 0 Total Loans with Penalties Remitted 7 6 Total Loans with Penalties Remitted to the Total Paid-Off Loans 29.17 % 4.35 % Penalties Remitted for loans with Active Prepayment Flags 100.00 % 100.00 %

(page) Section Four Mortgage Insurance Report (page) BNC 2007-1 Mortgage Insurance Claim Summary Mortgage Data Through: March 31, 2007 Claim Payment Breakdown # of Loans Dollar Amount Claims Paid: 0 $0 Claims Pending: 1 0 $0 Claims Rescinded: 2 0 $0 Claims Without Payment: 2 0 $0 Claims Denied: 2 0 $0 Claims Withdrawn: 2 0 $0

1 Estimate based on internal calculations. 2 Estimated claim payment if the claim had been paid. (page) Section Five Loss Analysis (page) BNC 2007-1 Historical Monthly Losses Losses Through: March 31, 2007 Date Loan Loss Amount Loss Percentage 4/25/2007 $0.00 0.00% 3/25/2007 $0.00 0.00% Totals: $0.00 0.00% *The loss percentage is a calculation of the total monthly loss as a percentage of the original balance of the security. (page) Section Six Analytics (page) BNC 2007-1 FICO Distribution by Status Mortgage Data Through: March 31, 2007 FICO Delinquency Percentage 500 Current 0.007 500 Paid Off 0.007 510 Current 0.02 510 Paid Off 0.013 520 Current 0.02 520 Delinquent 0.125 520 Paid Off 0.046 530 Current 0.026 530 Paid Off 0.066 540 Current 0.025 540 Paid Off 0.02 550 Current 0.028 550 Paid Off 0.039 560 Current 0.04 560 Delinquent 0.063 560 Paid Off 0.033 570 Current 0.034 570 Delinquent 0.063 570 Paid Off 0.046 580 Current 0.039 580 Paid Off 0.026 590 Current 0.047 590 Paid Off 0.059 600 Current 0.064 600 Delinquent 0.188 600 Paid Off 0.046 610 Current 0.089 610 Paid Off 0.099 620 Current 0.089 620 Delinquent 0.063 620 Paid Off 0.066 630 Current 0.08 630 Paid Off 0.092 640 Current 0.078 640 Delinquent 0.063 640 Paid Off 0.046 650 Current 0.074 650 Delinquent 0.25 650 Paid Off 0.039 660 Current 0.051 660 Paid Off 0.066 670 Current 0.049 670 Paid Off 0.059 680 Current 0.036 680 Paid Off 0.02 690 Current 0.024 690 Delinquent 0.063 690 Paid Off 0.033 700 Current 0.019 700 Paid Off 0.013 710 Current 0.013 710 Delinquent 0.063 710 Paid Off 0.007 720 Current 0.009 720 Delinquent 0.063 720 Paid Off 0.02 730 Current 0.011 730 Paid Off 0.007 740 Current 0.008 740 Paid Off 0.013 750 Current 0.005 750 Paid Off 0.013 760 Current 0.003 760 Paid Off 0.007 770 Current 0.006 780 Current 0.004 790 Current 0.002 800 Current 0.001 810 Current 0.001 820 Current 0 Status # of Loans Average Std. Deviation Current 3,818 620 54.738 Delinquent 16 620 59.925 Paid Off 152 613 58.35 Total: 3,986 (page) BNC 2007-1 Loan-to-Value Distribution by Status Mortgage Data Through: March 31, 2007 LTV Delinquency Percentage 0.1 Current 0.001 0.2 Current 0.059 0.2 Paid Off 0.053 0.2 Delinquent 0.313 0.3 Paid Off 0.007 0.3 Current 0.006 0.4 Paid Off 0.007 0.4 Current 0.015 0.5 Current 0.024 0.5 Paid Off 0.026 0.6 Current 0.057 0.6 Paid Off 0.053 0.7 Current 0.095 0.7 Paid Off 0.072 0.8 Current 0.286 0.8 Paid Off 0.303 0.8 Delinquent 0.438 0.9 Paid Off 0.303 0.9 Current 0.325 0.9 Delinquent 0.188 1 Paid Off 0.178 1 Delinquent 0.063 1 Current 0.134 Status # of Loans Average Std. Deviation Current 3,818 0.841 0.146 Delinquent 16 0.932 0.084 Paid Off 152 0.86 0.138 Total: 3,986 (page) NC 2007-1 Balance Distribution by Status ortgage Data Through: March 31, 2007 Balance Delinquency Percentage 20000 Current 0.003 30000 Current 0.013 30000 Delinquent 0.063 40000 Current 0.012 50000 Current 0.014 50000 Delinquent 0.125 60000 Current 0.022 60000 Delinquent 0.063 70000 Current 0.023 80000 Current 0.024 90000 Current 0.021 100000 Current 0.028 110000 Current 0.028 120000 Current 0.028 130000 Current 0.031 140000 Current 0.029 140000 Delinquent 0.125 150000 Current 0.027 160000 Current 0.028 170000 Current 0.032 180000 Current 0.033 190000 Current 0.029 200000 Current 0.036 210000 Current 0.034 210000 Delinquent 0.125 220000 Current 0.037 220000 Delinquent 0.063 230000 Current 0.027 230000 Delinquent 0.063 240000 Current 0.029 250000 Current 0.03 260000 Current 0.021 270000 Current 0.024 280000 Current 0.024 290000 Current 0.022 290000 Delinquent 0.063 300000 Current 0.024 310000 Current 0.02 320000 Current 0.017 330000 Current 0.009 340000 Current 0.015 350000 Current 0.012 360000 Current 0.014 360000 Delinquent 0.063 370000 Current 0.01 380000 Current 0.009 380000 Delinquent 0.063 390000 Current 0.01 400000 Current 0.016 410000 Current 0.008 420000 Current 0.011 420000 Delinquent 0.125 430000 Current 0.008 440000 Current 0.008 450000 Current 0.008 460000 Current 0.01 470000 Current 0.007 480000 Current 0.007 490000 Current 0.007 500000 Current 0.005 500000 Delinquent 0.063 510000 Current 0.003 520000 Current 0.006 530000 Current 0.004 540000 Current 0.006 550000 Current 0.004 560000 Current 0.005 570000 Current 0.004 580000 Current 0.002 590000 Current 0.003 600000 Current 0.003 610000 Current 0.001 620000 Current 0.002 630000 Current 0.002 640000 Current 0.001 650000 Current 0.001 660000 Current 0.001 670000 Current 0 680000 Current 0.001 690000 Current 0.001 720000 Current 0 740000 Current 0.001 750000 Current 0 760000 Current 0 770000 Current 0 780000 Current 0.001 810000 Current 0 820000 Current 0 830000 Current 0 840000 Current 0 850000 Current 0.001 860000 Current 0 880000 Current 0 890000 Current 0 900000 Current 0.001 920000 Current 0 960000 Current 0 1000000 Current 0 1600000 Current 0 Status # of Loans Average Std. Deviation Current 3,818 243,765.31 144,861.53 Delinquent 16 231,155.63 149,041.25 Total: 3,834 (page) BNC 2007-1 Mortgage Type Distribution by Status Mortgage Data Through: March 31, 2007 Mortgage Type Delinquency Percentage Investment Home Current 0.065 Investment Home Delinquent 0.063 Investment Home Paid Off 0.066 Primary Home Current 0.911 Primary Home Delinquent 0.938 Primary Home Paid Off 0.901 Second Home Current 0.023 Second Home Paid Off 0.033 Mortgage Type Loan Count Total Balance Avg. Balance Std. Deviation ARM 2,943 743,415,087.16 252,604.51 150,173.98 Fixed 1,043 190,979,362.75 183,105.81 135,213.83 Total: 3,986 934,394,449.91 (Page) BNC 2007-1 Mortgage Term Distribution by Status Mortgage Data Through: March 31, 2007 Mortgage TermDelinquency Percentage 180 Current 0.059 180 Delinquent 0.313 180 Paid Off 0.059 240 Current 0.003 360 Current 0.938 360 Delinquent 0.688 360 Paid Off 0.941 # of Loans Other 120 180 240 360 3,986 0 0 241 10 3735 (page) BNC 2007-1 Mortgage Purpose Distribution Mortgage Data Through: March 31, 2007 Origination Statistics Current Loans Purpose Number Percentage Purpose Number Percentage Cash-out 2,482 62.3% Cash-out 2,400 62.9% refinance refinance Purchase 954 23.9% Purchase 890 23.3% Rate/term 550 13.8% Rate/term 528 13.8% refinance refinance Home 0 0.0% Home 0 0.0% Improvement Improvement Other 0 0.0% Other 0 0.0% Total 3,986 100% Total 3,818 100% Delinquent Loans Paid Off Loans Purpose Number Percentage Purpose Number Percentage Cash-out 3 18.8% Cash-out 79 52.0% refinance refinance Purchase 10 62.5% Purchase 54 35.5% Rate/term 3 18.8% Rate/term 19 12.5% refinance refinance Home 0 0.0% Home 0 0.0% Improvement Improvement Other 0 0.0% Other 0 0.0% Total 16 100% Total 152 100% (page) BNC 2007-1 Ownership Distribution by Status Mortgage Data Through: March 31, 2007 Ownership Type Delinquency Percentage Investment Home Current 0.065 Investment Home Delinquent 0.063 Investment Home Paid Off 0.066 Primary Home Current 0.911 Primary Home Delinquent 0.938 Primary Home Paid Off 0.901 Second Home Current 0.023 Second Home Paid Off 0.033 Title # of Loans Investment Home 261 Primary Home 3,632 Second Home 93 Total: 3,986 (page) BNC 2007-1 Delinquent Count Over Time Mortgage Data Through: March 31, 2007 AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 2/28/2007 0 0 0 0 0 3/31/2007 16 0 0 0 0 (page) BNC 2007-1 Delinquent Balance Over Time Mortgage Data Through: March 31, 2007 AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 2/28/2007 0 0 0 0 0 3/31/2007 3698490.02 0 0 0 0 (page) BNC 2007-1 Conditional Prepayment Rates Mortgage Data Through: March 31, 2007 Date Distribution Date CPR 3-Month MA 6-Month MA 12-Month MA 3/31/2007 4/25/2007 8.20% 2/28/2007 3/25/2007 26.20% (page) BNC 2007-1 Historical SDA Performance Mortgage Data Through: March 31, 2007

(C) 2007 Clayton Fixed Income Services Inc. All rights reserved. This material is confidential and may not be copied, used or distributed without the written permission of Clayton Fixed Income Services Inc

BNC Mortgage Loan Trust 2007-1 10-D