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): March 30, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 033-99598 52-2082540
Pooling and Servicing Agreement) (Commission 52-2082537
(State or other File Number) (I.R.S. Employer
jurisdiction Identification No.)
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, Maryland 21703
(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)
ITEM 5. Other Events
On March 30, 1998 a distribution was made to holders of STRUCTURED ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-1
Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 1998-1 Trust,
relating to the March 30, 1998 distribution.
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 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 4/13/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-1 Trust, relating to the March 30,
1998 distribution.
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<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 2/27/98
Distribution Date: 3/30/98
SASC Series: 1998-1
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (410) 884-2173
Fax: (410) 884-2369
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Current Ending Cumulative
Class Pass-Through Certificate Interest Principal Realized Certificate Total Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance Distribution Loss
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 863572RX3 SEQ 6.02500% 328,435,768.20 1,649,021.25 11,832,121.43 0.00 316,603,646.77 13,481,142.68 0.00
A2 863572RY1 IO 1.16687% 0.00 319,369.20 0.00 0.00 0.00 319,369.20 0.00
B1 863572SB0 SEQ 7.31187% 5,327,000.00 32,458.63 0.00 0.00 5,327,000.00 32,458.63 0.00
B2 863572SC8 SEQ 7.31187% 3,906,000.00 23,800.15 0.00 0.00 3,906,000.00 23,800.15 0.00
B3 863572SD6 SEQ 7.31187% 2,841,000.00 17,310.86 0.00 0.00 2,841,000.00 17,310.86 0.00
B4 863572SJ3 SEQ 7.31187% 3,019,501.66 18,398.51 0.00 0.00 3,019,501.66 18,398.51 0.00
R1 863572RZ8 RES 7.19187% 100.00 0.60 0.00 0.00 100.00 0.60 0.00
R2 863572SA2 RES 7.19187% 100.00 5.29 0.00 0.00 100.00 5.29 0.00
Totals 343,529,469.86 2,060,364.49 11,832,121.43 0.00 331,697,348.43 13,892,485.92 0.00
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<TABLE>
<CAPTION>
PRINCIPAL DISTRIBUTIONS
Original Beginning Scheduled Unscheduled Total Ending Ending Total
Face Certificate Principal Principal Realized Principal Certificate Certificate Principal
Class Amount Balance Distribution Distribution Accretion Loss Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 340,043,000.00 328,435,768.20 553,464.19 11,278,657.24 0.00 0.00 11,832,121.43 316,603,646.77 0.93106944 11,832,121.43
A2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00000000 0.00
B1 5,327,000.00 5,327,000.00 0.00 0.00 0.00 0.00 0.00 5,327,000.00 1.00000000 0.00
B2 3,906,000.00 3,906,000.00 0.00 0.00 0.00 0.00 0.00 3,906,000.00 1.00000000 0.00
B3 2,841,000.00 2,841,000.00 0.00 0.00 0.00 0.00 0.00 2,841,000.00 1.00000000 0.00
B4 3,019,501.66 3,019,501.66 0.00 0.00 0.00 0.00 0.00 3,019,501.66 1.00000000 0.00
R1 100.00 100.00 0.00 0.00 0.00 0.00 0.00 100.00 1.00000000 0.00
R2 100.00 100.00 0.00 0.00 0.00 0.00 0.00 100.00 1.00000000 0.00
Ttls 355,136,701.66 343,529,469.86 553,464.19 11,278,657.24 0.00 0.00 11,832,121.43 331,697,348.43 0.93399907 11,832,121.43
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL DISTRIBUTIONS
CERTIFICATE FACTORS
Original Beginning Scheduled Unscheduled Total Ending Ending Total
Face Certificate Principal Principal Realized Principal Certificate Certificate Principal
Class Amount Balance Distribution Distribution Accretion Loss Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 340,043,000.00 965.86539996 1.62763001 33.16832648 0.00000000 0.00000000 34.79595648 931.06944348 0.93106944 34.79595648
A2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B1 5,327,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B2 3,906,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B3 2,841,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B4 3,019,501.66 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
R1 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
R2 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
<FN>
* Per $1 Denomination; All Other Classes Are Per $1,000 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
INTEREST DISTRIBUTIONS
Payment of Remaining
Beginning Previously Cumulative Ending
Original Current Certificate/ Current Unpaid Current Non-Supported Total Unpaid Certificate/
Face Certificate Notional Accrued Interest Excess Interest Realized Interest Interest Notional
Class Amount Rate Balance Interest Shortfall Interest Shortfall Losses Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 340,043,000.00 6.02500% 328,435,768.20 1,649,021.25 0.00 0.00 0.00 0.00 1,649,021.25 0.00 316,603,646.77
A2 0.00 1.16687% 328,435,768.20 319,369.20 0.00 0.00 0.00 0.00 319,369.20 0.00 0.00
B1 5,327,000.00 7.31187% 5,327,000.00 32,458.63 0.00 0.00 0.00 0.00 32,458.63 0.00 5,327,000.00
B2 3,906,000.00 7.31187% 3,906,000.00 23,800.15 0.00 0.00 0.00 0.00 23,800.15 0.00 3,906,000.00
B3 2,841,000.00 7.31187% 2,841,000.00 17,310.86 0.00 0.00 0.00 0.00 17,310.86 0.00 2,841,000.00
B4 3,019,501.66 7.31187% 3,019,501.66 18,398.51 0.00 0.00 0.00 0.00 18,398.51 0.00 3,019,501.66
R1 100.00 7.19187% 100.00 0.60 0.00 0.00 0.00 0.00 0.60 0.00 100.00
R2 100.00 7.19187% 100.00 0.60 0.00 4.69 0.00 0.00 5.29 0.00 100.00
Total Interest Distribution 2,060,359.80 0.00 4.69 0.00 0.00 2,060,364.49 0.00
</TABLE>
<TABLE>
<CAPTION>
INTEREST DISTRIBUTIONS
CERTIFICATE FACTORS
Payment of Remaining
Original Beginning Previously Cumulative Ending
Face / Current Certificate/ Current Unpaid Current Non-Supported Total Unpaid Certificate/
Notional Certificate Notional Accrued Interest Excess Interest Realized Interest Interest Notional
Class Amount Rate Balance Interest Shortfall Interest Shortfall Losses Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 340,043,000.00 6.02500% 965.86539996 4.84944919 0.00000000 0.00000000 0.00000000 0.00000000 4.84944919 0.00000000 931.06944348
A2 0.00 1.16687% 0.00000000 0.93920239 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B1 5,327,000.00 7.31187% 1000.00000000 0.09545449 0.00000000 0.00000000 0.00000000 0.00000000 6.09322883 0.00000000 1000.00000000
B2 3,906,000.00 7.31187% 1000.00000000 0.06999159 0.00000000 0.00000000 0.00000000 0.00000000 6.09322837 0.00000000 1000.00000000
B3 2,841,000.00 7.31187% 1000.00000000 0.05090786 0.00000000 0.00000000 0.00000000 0.00000000 6.09322774 0.00000000 1000.00000000
B4 3,019,501.66 7.31187% 0.00000000 0.05410642 0.00000000 0.00000000 0.00000000 0.00000000 6.09322732 0.00000000 1000.00000000
R1 100.00 7.19187% 1000.00000000 0.00000176 0.00000000 0.00000000 0.00000000 0.00000000 6.00000000 0.00000000 1000.00000000
R2 100.00 7.19187% 1000.00000000 0.00000176 0.00000000 0.00001380 0.00000000 0.00000000 52.93180000 0.00000000 1000.00000000
<FN>
* Per $1 Denomination; All Other Classes Are Per $1,000 Denomination, Except For R, Which Is 100% Percentage Interest.
</FN>
</TABLE>
<TABLE>
<CAPTION>
NOTE / CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal on Loans 14,002,690.47
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds From Repurchased Loans 0.00
Total Deposits 14,002,690.47
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Fees 110,204.55
Payment of Interest and Principal 13,892,485.92
Total Withdrawals (Pool Distribution Amount) 14,002,690.47
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT INTEREST SHORTFALL/SERVICING FEES
<S> <C>
Total Curtailment/Prepayment Interest Shortfall 0.00
Servicing Fee Support 0.00
----------------
Non-Supported Curtailment/Prepayment Interest Shortfall 0.00
================
AMBAC Assurance 32,843.60
Servicing Fee 76,645.24
Trustee Fee 715.71
----------------
Net Fees 110,204.55
================
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS/LOSSES
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C> <C>
30 Days 158 11,505,272.08 5.86% 3.35%
60 Days 4 160,603.05 0.15% 0.05%
90+ Days 1 225,000.00 0.04% 0.07%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Bankruptcy 0 0.00 0.00% 0.00%
Totals 163 11,890,875.13 6.05% 3.46%
Current Period Net Losses 0.00
Cumulative Net Losses 0.00
</TABLE>
<TABLE>
<CAPTION>
Group 1
Collateral Description VARIABLE/FIXED
<S> <C>
Monthly P&I Constant 2,799,120.22
Weighted Average Gross Coupon 7.58210646%
Weighted Average Note Rate 7.31437373%
Weighted Average Pass-Through Rate 7.19714630%
Weighted Average Maturity 298.96
Beginning Collateral Loan Count 2,749
Number of Loan Payoffs 53
Ending Collateral Loan Count 2,696
Beginning Scheduled Collateral Balance 343,530,239.44
Principal Remittance Amount 11,832,121.43
Ending Scheduled Collateral Balance 331,698,118.01
Gross Scheduled Interest 2,170,569.04
Servicing Fee 76,645.24
Net Scheduled Interest 2,093,923.80
Trustee Fee 715.71
AMBAC Assurance 32,843.60
Net Pass-Through Interest 2,060,364.49
</TABLE>
