8-K 1 usbb35307252003.txt 8-K 1 none CT.INFORMATION.DELIVERY@USBANK.COM 0001043308 wjugu75* 08/25/03 1 8-K Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-20 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report: 08/25/03 (Date of earliest event reported) Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-20 (Exact name of registrant as specified in governing instruments) North Carolina (State or other Jurisdiction of Incorporation) c/o US Bank NA Corporate Trust Department 1 Federal Street, 3rd Floor Boston, MA 02110 (Address of Principal Executive Offices) (Zip Code) (704) 374-6828 (Registrant's telephone number, including area code) Commission File Number 333-102489-16 56-1643598 (I.R.S. Employer Identification No.) Not Applicable (Former name, former address and former fiscal year if changed since last report) Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-20 FORM 8-K INDEX ITEM DESCRIPTION PAGE NUMBER Item 5. Other Event 3 Item 7. Financial Statements and Exhibits 3 Signatures 3 Exhibit A Trustee's Report to Bondholders 4 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-20 FORM 8-K ITEMS AND SIGNATURES ITEMS Item 5. Other Events See Exhibit A, the Trustee's Report to Bondholders attached hereto. Item 7. Financial Statements and Exhibits See Exhibit A, the Trustee's Report to Bondholders attached hereto. SIGNATURES Pursuant to the requirement of the Securities Exchange Act of 1934, the registrar 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 2003-20 (Registrant) Date: 08/25/03 By: Name: Diana Kenneally Title: Assistant Vice President US Bank as Trustee Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-20 Report to Certificateholders for Payment Date: August 25, 2003 Payment Summary Pass-Thru Int Org Beg Prin Class CUSIP Rate Type Balance Balance Distb. Amt ---------------------------------------------------------------------------------------------- 1-A1 86359AD75 0.055000 Fixed 164,495,000 164,330,867.10 1,546,926.52 1-AX 86359AD83 0.055000 Fixed 2,361,849 2,359,852.83 N/A 1-PAX 86359AD91 0.055000 Fixed 8,998,800 8,991,672.82 N/A 1-AP 86359AE25 N/A N/A 1,239,706 1,238,067.40 1,475.27 2-A1 86359AE33 0.032500 Fixed 32,372,000 32,069,881.48 317,734.94 2-A2 86359AE41 0.045000 Fixed 23,541,000 23,469,248.19 95,233.52 2-A3 86359AE58 0.045000 Fixed 14,250,000 12,928,787.64 3,123,720.78 2-A4 86359AE66 0.045000 Fixed 98,336,000 95,960,279.87 4,956,798.78 2-A5 86359AE74 0.045000 Fixed 8,992,222 8,908,300.41 N/A 2-AP 86359AE82 N/A N/A 75,065 74,761.68 303.88 3-A1 86359AF81 0.050000 Fixed 54,375,000 54,166,766.23 218,300.93 3-PAX 86359AF99 0.050000 Fixed 5,082,421 5,062,964.74 N/A 3-AP 86359AG23 N/A N/A 321,998 320,843.56 1,383.35 AX(2-3) 86359AE90 0.050000 Fixed 21,879,739 21,120,521.73 N/A B1(1-3) 86359AF24 0.053762 Variable 6,672,000 6,661,924.72 10,131.15 B2(1-3) 86359AF32 0.053762 Variable 1,034,000 1,032,438.57 1,570.09 2B1 86359AF40 0.045000 Fixed 1,367,000 1,361,962.61 5,065.71 2B2 86359AF57 0.045000 Fixed 256,000 255,056.64 948.66 B3 86359AF65 0.051649 Variable 1,060,000 1,057,842.53 2,169.50 B4(1-3) 86359AB36 0.053762 Variable 460,000 459,305.36 698.49 B5(1-3) 86359AB44 0.053762 Variable 230,000 229,652.68 349.25 B6(1-3) 86359AB51 0.053762 Variable 465,078 464,375.69 706.20 2B4 86359AB69 0.045000 Fixed 170,000 169,373.55 629.97 2B5 86359AB77 0.045000 Fixed 85,000 84,686.78 314.99 2B6 86359AB85 0.045000 Fixed 173,431 172,791.98 642.62 R 86359AF73 0.055000 Fixed 100 0.00 0.00 P N/A N/A N/A N/A N/A N/A E N/A N/A N/A N/A N/A N/A 400,978,378 396,508,914 10,285,104.61 Component Classes: AX(2) N/A 0.050000 Fixed 21,621,024 20,863,064.76 N/A AX(3) N/A 0.050000 Fixed 258,715 257,456.97 N/A B3(1-3) N/A 0.053762 Variable804,000 802,785.89 1,220.84 B3(2) N/A 0.045000 Fixed 256,000 255,056.64 948.66

Interest Total Realized Ending Distribution Distribution Loss Balance 753,183.14 2,300,109.66 0.00 162,783,940.58 10,815.99 10,815.99 N/A 2,307,688.72 41,211.83 41,211.83 N/A 8,877,004.75 N/A 1,475.27 0.00 1,236,592.13 86,855.93 404,590.87 0.00 31,752,146.54 88,009.68 183,243.20 0.00 23,374,014.67 48,482.95 3,172,203.73 0.00 9,805,066.86 359,851.05 5,316,649.83 0.00 91,003,481.09 33,406.13 33,406.13 N/A 8,820,040.71 N/A 303.88 0.00 74,457.80 225,694.86 443,995.79 0.00 53,948,465.30 21,095.69 21,095.69 N/A 5,042,839.79 N/A 1,383.35 0.00 319,460.21 88,002.17 88,002.17 N/A 19,788,003.53 29,846.31 39,977.46 0.00 6,651,793.57 4,625.46 6,195.55 0.00 1,030,868.49 5,107.36 10,173.07 0.00 1,356,896.89 956.46 1,905.12 0.00 254,107.98 4,553.05 6,722.55 0.00 1,055,673.03 2,057.75 2,756.24 0.00 458,606.87 1,028.87 1,378.12 0.00 229,303.44 2,080.46 2,786.66 0.00 463,669.49 635.15 1,265.12 0.00 168,743.58 317.58 632.57 0.00 84,371.79 647.97 1,290.59 0.00 172,149.35 0.07 0.07 0.00 0.00 35,217.15 35,217.15 N/A N/A 0.00 0.00 N/A N/A 1,843,683.06 12,128,787.67 0.00 386,223,810 86,929.44 86,929.44 N/A 19531471.39 1,072.74 1,072.74 N/A 256532.1389 3,596.59 4,817.43 0.00 801,565.05 1, 956.46 1,905.13 0.00 254,107.98 Distributions Amount Per $1,000 Beginning Principal Interest Realized Ending Class Balance Distribution Distribution Loss Balance 1-A1 999.00220127 9.40409447 13.98285456 0.00000000 989.59810680 1-AX 999.15482550 N/A 4.57945872 N/A 977.06869471 1-PAX 999.20798591 N/A 4.57970285 N/A 986.46539005 1-AP 998.67823500 1.19001602 1.19001602 0.00000000 997.48821898 2-A1 990.66728902 9.81511615 12.49817342 0.00000000 980.85217287 2-A2 996.95204919 4.04543222 7.78400238 0.00000000 992.90661697 2-A3 907.28334319 219.20847579 222.61078808 0.00000000 688.07486739 2-A4 975.84078945 50.40675627 54.06615923 0.00000000 925.43403318 2-A5 990.66731350 N/A 3.71500281 N/A 980.85219710 2-AP 995.95923533 4.04822487 4.04822487 0.00000000 991.91101046 3-A1 996.17041342 4.01472973 8.16543980 0.00000000 992.15568369 3-PAX 996.17185196 N/A 4.15071675 N/A 992.21213443 3-AP 996.41476034 4.29614470 4.29614470 0.00000000 992.11861564 AX(2-3)965.30044198 N/A 4.02208500 N/A 904.39851809 B1(1-3)998.48991623 1.51845754 5.99182535 0.00000000 996.97145869 B2(1-3)998.48991623 1.51845754 5.99182311 0.00000000 996.97145869 2B1 996.31500051 3.70571655 7.44189797 0.00000000 992.60928397 2B2 996.31500051 3.70571655 7.44188842 0.00000000 992.60928397 B3 997.96465357 2.04670123 6.34203146 0.00000000 995.91795234 B4(1-3)998.48991623 1.51845754 5.99182711 0.00000000 996.97145869 B5(1-3)998.48991623 1.51845754 5.99180537 0.00000000 996.97145869 B6(1-3)998.48991623 1.51845754 5.99181470 0.00000000 996.97145869 2B4 996.31500051 3.70571655 7.44189302 0.00000000 992.60928397 2B5 996.31500051 3.70571655 7.44195184 0.00000000 992.60928397 2B6 996.31540413 3.70535825 7.44154152 0.00000000 992.61004588 R 0.00000000 0.00000000 0.72353502 0.00000000 0.00000000 P N/A N/A N/A N/A N/A E N/A N/A N/A N/A N/A Component Classes AX(2) 964.94341605 N/A 4.020597729 N/A 903.35552049 AX(3) 995.13739056 N/A 4.14641594 N/A 991.56268041 B3(1-3)998.48991623 1.51845754 4.47336772 0.00000000 996.97145869 B3(2) 996.31500051 3.70571655 3.736181252 0.00000000 992.60928397 Principal Detail Beginning Scheduled Principal Realized Total Prin. Loss Ending Cumulative Class Balance Principal Prepayment Losses Payable Recovery Balance Realized Loss 1-A1 164,330,867.10 135,300.81 1,411,625.71 0.00 1,546,926.52 0.00 162,783,940.58 0.00 1-AX 2,359,852.83 N/A N/A N/A N/A N/A 2,307,688.72 N/A 1-PAX 8,991,672.82 N/A N/A N/A N/A N/A 8,877,004.75 N/A 1-AP 1,238,067.40 1,075.70 399.57 0.00 1,475.27 0.00 1,236,592.13 0.00 2-A1 32,069,881.48 317,734.94 0.00 0.00 317,734.94 0.00 31,752,146.54 0.00 2-A2 23,469,248.19 95,233.52 0.00 0.00 95,233.52 0.00 23,374,014.67 0.00 2-A3 12,928,787.64 198,609.47 2,925,111.31 0.00 3,123,720.78 0.00 9,805,066.86 0.00 2-A4 95,960,279.87 0.00 4,956,798.78 0.00 4,956,798.78 0.00 91,003,481.09 0.00 2-A5 8,908,300.41 N/A N/A N/A N/A N/A 8,820,040.71 N/A 2-AP 74,761.68 296.56 7.32 0.00 303.88 0.00 74,457.80 0.00 3-A1 54,166,766.23 197,118.67 21,182.26 0.00 218,300.93 0.00 53,948,465.30 0.00 3-PAX 5,062,964.74 N/A N/A N/A N/A N/A 5,042,839.79 N/A 3-AP 320,843.56 1,226.92 156.43 0.00 1,383.35 0.00 319,460.21 0.00 AX(2-3) 21,120,521.73 N/A N/A N/A N/A N/A 19,788,003.53 N/A B1(1-3) 6,661,924.72 10,131.15 0.00 0.00 10,131.15 0.00 6,651,793.57 0.00 B2(1-3) 1,032,438.57 1,570.09 0.00 0.00 1,570.09 0.00 1,030,868.49 0.00 2B1 1,361,962.61 5,065.71 0.00 0.00 5,065.71 0.00 1,356,896.89 0.00 2B2 255,056.64 948.66 0.00 0.00 948.66 0.00 254,107.98 0.00 B3 1,057,842.53 2,169.50 0.00 0.00 2,169.50 0.00 1,055,673.03 0.00 B4(1-3) 459,305.36 698.49 0.00 0.00 698.49 0.00 458,606.87 0.00 B5(1-3) 229,652.68 349.25 0.00 0.00 349.25 0.00 229,303.44 0.00 B6(1-3) 464,375.69 706.20 0.00 0.00 706.20 0.00 463,669.49 0.00 2B4 169,373.55 629.97 0.00 0.00 629.97 0.00 168,743.58 0.00 2B5 84,686.78 314.99 0.00 0.00 314.99 0.00 84,371.79 0.00 2B6 172,791.98 642.62 0.00 0.00 642.62 0.00 172,149.35 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 396,508,914.26 969,823.23 9,315,281.38 0.00 10,285,104.610.00 386,223,809.65 0.00 * Classes 1-AX, 1-PAX, 3-PAX and AX(2-3) Ending Balances are approximated based on Ending Weighted Average Net Mortgage Rates of respective Mortgage Loan groups. Component Classes AX(2) 20,863,064.76 N/A N/A N/A N/A N/A 19,531,471.39 N/A AX(3) 257,456.97 N/A N/A N/A N/A N/A 256,532.14 N/A B3(1-3) 802,785.89 1,220.84 0.00 0.00 1,220.84 0.00 801,565.05 0.00 B3(2) 255,056.64 948.66 0.00 0.00 948.66 0.00 254,107.98 0.00

Interest Detail Accrued Net Prepayment Reimbursement Interest Cumulative Net to Cumulative NA Class Cert Int Int Shtfl Int Shtfl Prior Shtfl Distribution Prepay. Int. Shtfl Int. Shtfl. 1-A1 753,183.14 0.00 0.00 0.00 753,183.14 0.00 0.00 1-AX 10,815.99 0.00 0.00 0.00 10,815.99 0.00 0.00 1-PAX 41,211.83 0.00 0.00 0.00 41,211.83 0.00 0.00 1-AP N/A N/A N/A N/A N/A N/A N/A 2-A1 86,855.93 0.00 0.00 0.00 86,855.93 0.00 0.00 2-A2 88,009.68 0.00 0.00 0.00 88,009.68 0.00 0.00 2-A3 48,482.95 0.00 0.00 0.00 48,482.95 0.00 0.00 2-A4 359,851.05 0.00 0.00 0.00 359,851.05 0.00 0.00 2-A5 33,406.13 0.00 0.00 0.00 33,406.13 0.00 0.00 2-AP N/A N/A N/A N/A N/A N/A N/A 3-A1 225,694.86 0.00 0.00 0.00 225,694.86 0.00 0.00 3-PAX 21,095.69 0.00 0.00 0.00 21,095.69 0.00 0.00 3-AP N/A N/A N/A N/A N/A N/A N/A AX(2-3) 88,002.17 0.00 0.00 0.00 88,002.17 0.00 0.00 B1(1-3) 29,846.31 0.00 0.00 0.00 29,846.31 0.00 0.00 B2(1-3) 4,625.46 0.00 0.00 0.00 4,625.46 0.00 0.00 2B1 5,107.36 0.00 0.00 0.00 5,107.36 0.00 0.00 2B2 956.46 0.00 0.00 0.00 956.46 0.00 0.00 B3 4,553.05 0.00 0.00 0.00 4,553.05 0.00 0.00 B4(1-3) 2,057.75 0.00 0.00 0.00 2,057.75 0.00 0.00 B5(1-3) 1,028.87 0.00 0.00 0.00 1,028.87 0.00 0.00 B6(1-3) 2,080.46 0.00 0.00 0.00 2,080.46 0.00 0.00 2B4 635.15 0.00 0.00 0.00 635.15 0.00 0.00 2B5 317.58 0.00 0.00 0.00 317.58 0.00 0.00 2B6 647.97 0.00 0.00 0.00 647.97 0.00 0.00 R 0.00 0.00 0.00 0.00 0.07 0.00 0.00 P N/A N/A N/A N/A 35,217.15 N/A N/A E N/A N/A N/A N/A 0.00 N/A N/A 1,808,465.84 0.00 0.00 0.00 1,843,683.06 0.00 0.00 Component Classes AX(2) 86,929.44 0.00 0.00 0.00 86,929.44 0.00 0.00 AX(3) 1,072.74 0.00 0.00 0.00 1,072.74 0.00 0.00 B3(1-3) 3,596.59 0.00 0.00 0.00 3,596.59 0.00 0.00 B3(2) 956.46 0.00 0.00 0.00 956.46 0.00 0.00

Trustee Report to Certificateholders Delinquency Statisticse: Pool 1 1 Mont 2 Months3+ Months Foreclo.Bankrupy REO Total # of Loans 4 0 0 0 0 0 4 Schedule Prin Bal 1,726,563.55 0. 0. 0. 0. 0. 1,726,563.55 Pool 2 # of Loans 7 0 0 0 0 0 7 Schedule Prin Bal 2,994,314.74 0. 0. 0. 0. 0. 2,994314.74 Pool 3 # of Loans 1 0 0 0 0 0 1 Schedule Principal Balance 345,000.00 0. 0. 0. 0. 0. 345,000.00 Total # of Loans 12 0 0 0 0 0 12 Schedule Principal Balance 5,065,878.290. 0. 0. 0. 0 5,065,878.29 Mortgage Pool Realized Losses Collateral Losses Bankruptcy Losses Current Month Since Cutoff Current Loss Limit Pool 1 0.00 0.00 0.00 See Note Pool 2 0.00 0.00 0.00 100,000.00 Pool 3 0.00 0.00 0.00 See Note Total 0.00 0.00 0.00 Note: Pool 1 and Pool 3 combined Loss Limit: Bankruptcy 100,000.00 Fraud Losses Special Hazard Losses Current Loss Limit Current Loss Limit 0.00 See Note 0.00 See Note 0.00 3,417,620.00 0.00 2,977,685.00 0.00 See Note 0.00 See Note 0.00 0.00 Fraud Special Hazard 4,612,000.00 5,578,202.00 Advance Information Pool 1 Pool 2 Pool 3 Total Aggreg. Advances Required N/A N/A N/A N/A Aggreg. Advances Made 693,098.89 875,553.04 381,712.17 1,950,364.10 N/A N/A N/A N/A Report to Certificateholders Collateral Information: Pool 1 Pool 2 Pool 3 Total Beginning Aggr. Princ. Bal. 172,829,181.53 166,801,887.05 56,877,846.38 396,508,914.96 Scheduled Prin. Princ. 142,354.19 620,425.18 207,043.92 969,823.29 Unscheduled Prin. 1,412,025.28 7,881,917.41 21,338.69 9,315,281.38 Liquidation Proceeds 0.00 0.00 0.00 0.00 Insurance Proceeds 0.00 0.00 0.00 0.00 Ending Aggr. Principal Balance 171,274,802.06 158,299,544.46 56,649,463.77 386,223,810 Ending Non-AP Pool Balance 170,038,210.05 158,225,086.74 56,330,004.52 384,593,301.31 Loan Count Beginning 374 372 143 889 Payoffs 3 14 0 17 Ending 371 358 143 872 Master Servicing and Servicing Fees: Master Servicing Fees 79.30 Other Servicing Fees 82,526.72 Original Certificate Ratings S&P Fitch Class Rating Rating 1-A1 AAA AAA 1-AX AAA AAA 1-PAX AAA AAA 1-AP AAA AAA 2-A1 AAA AAA 2-AP AAA AAA 3-A1 AAA AAA 3-AP AAA AAA 3-PAX AAA AAA AX AAA AAA R AAA AAA B1(1-3) AA N/A 2B1 AA N/A B2(1-3) A N/A 2B2 A N/A B3 BBB N/A

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