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 : March 2, 1998
(Date of earliest event reported)
Commission File No.: 033-99598
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1998-1 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-2082540, 52-2082537
(I.R.S. Employer Identification No.)
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, MD 21703
(Address of principal executive offices) (Zip Code)
(301) 696-7900
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
On March 2, 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
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 2,
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
March 05, 1998 by Norwest Bank Minnesota, N.A., as Master Servicer
/s/ Sherri J. Sharps, Vice President
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 2,
1998 distribution
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<CAPTION>
Structured Asset Securities Corporation Administrator: Customer Service
Mortgage Pass-Through Certificates SASCO 1998-1 Norwest Bank Minnesota, N.A.
Certificateholder Principal Distribution Statement Securities Administration Services
Record Date: January 30, 1998 11000 Broken Land Parkway
Distribution Date: March 2, 1998 Columbia, MD 21044
Phone: (410) 884-2000
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% 340,043,000.00 1,422,749.36 11,607,231.80 0.00 328,435,768.20 13,029,981.16 0.00
A2 863572RY1 IO 1.06991% 0.00 252,649.11 0.00 0.00 0.00 252,649.11 0.00
B1 863572SB0 SEQ 7.21491% 5,327,000.00 32,028.18 0.00 0.00 5,327,000.00 32,028.18 0.00
B2 863572SC8 SEQ 7.21491% 3,906,000.00 23,484.53 0.00 0.00 3,906,000.00 23,484.53 0.00
B3 863572SD6 SEQ 7.21491% 2,841,000.00 17,081.29 0.00 0.00 2,841,000.00 17,081.29 0.00
B4 863572SJ3 SEQ 7.21491% 3,019,501.66 18,154.52 0.00 0.00 3,019,501.66 18,154.52 0.00
R1 863572RZ8 RES 7.09491% 100.00 0.59 0.00 0.00 100.00 0.59 0.00
R2 863572SA2 RES 7.09491% 100.00 334,345.04 0.00 0.00 100.00 334,345.04 0.00
Totals 355,136,701.66 2,100,492.62 11,607,231.80 0.00 343,529,469.86 13,707,724.42 0.00
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<TABLE>
<CAPTION>
Structured Asset Securities Corporation Administrator: Customer Service
Mortgage Pass-Through Certificates SASCO 1998-1 Norwest Bank Minnesota, N.A.
Certificateholder Principal Distribution Statement Securities Administration Services
Record Date: January 30, 1998 11000 Broken Land Parkway
Distribution Date: March 2, 1998 Columbia, MD 21044
Phone: (410) 884-2000
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 340,043,000.00 340,043,000.00 561,143.64 11,046,088.16 0.00 0.00 11,607,231.80 328,435,768.20 0.96586540 11,607,231.80
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 355,136,701.66 355,136,701.66 561,143.64 11,046,088.16 0.00 0.00 11,607,231.80 343,529,469.86 0.96731616 11,607,231.80
</TABLE>
<TABLE>
<CAPTION>
Structured Asset Securities Corporation Administrator: Customer Service
Mortgage Pass-Through Certificates SASCO 1998-1 Norwest Bank Minnesota, N.A.
Certificateholder Principal Distribution Factors Statement Securities Administration Services
Record Date: January 30, 1998 11000 Broken Land Parkway
Distribution Date: March 2, 1998 Columbia, MD 21044
Phone: (410) 884-2000
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 1000.00000000 1.65021377 32.48438627 0.00000000 0.00000000 34.13460004 965.86539996 0.96586540 34.13460004
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>
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<CAPTION>
Structured Asset Securities Corporation Administrator: Customer Service
Mortgage Pass-Through Certificates SASCO 1998-1 Norwest Bank Minnesota, N.A.
Certificateholder Interest Distribution Statement Securities Administration Services
Record Date: January 30, 1998 11000 Broken Land Parkway
Distribution Date: March 2, 1998 Columbia, MD 21044
Phone: (410) 884-2000
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% 340,043,000.00 1,422,749.36 0.00 0.00 0.00 0.00 1,422,749.36 0.00 328,435,768.20
A2 0.00 1.06991% 340,043,000.00 252,649.11 0.00 0.00 0.00 0.00 252,649.11 0.00 0.00
B1 5,327,000.00 7.21491% 5,327,000.00 32,028.18 0.00 0.00 0.00 0.00 32,028.18 0.00 5,327,000.00
B2 3,906,000.00 7.21491% 3,906,000.00 23,484.53 0.00 0.00 0.00 0.00 23,484.53 0.00 3,906,000.00
B3 2,841,000.00 7.21491% 2,841,000.00 17,081.29 0.00 0.00 0.00 0.00 17,081.29 0.00 2,841,000.00
B4 3,019,501.66 7.21491% 3,019,501.66 18,154.52 0.00 0.00 0.00 0.00 18,154.52 0.00 3,019,501.66
R1 100.00 7.09491% 100.00 0.59 0.00 0.00 0.00 0.00 0.59 0.00 100.00
R2 100.00 7.09491% 100.00 0.59 0.00 334,344.45 0.00 0.00 334,345.04 0.00 100.00
Total Interest Distribution 1,766,148.17 0.00 334,344.45 0.00 0.00 2,100,492.62 0.00
</TABLE>
<TABLE>
<CAPTION>
Structured Asset Securities Corporation Administrator: Customer Service
Mortgage Pass-Through Certificates SASCO 1998-1 Norwest Bank Minnesota, N.A.
Certificateholder Interest Distribution Factors Statement Securities Administration Services
Record Date: January 30, 1998 11000 Broken Land Parkway
Distribution Date: March 2, 1998 Columbia, MD 21044
INTEREST DISTRIBUTIONS Phone: (410) 884-2000
CERTIFICATE FACTORS
Payment of Remaining
Original Beginning Priviously 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% 1000.0000000 4.18402778 0.0000000 0.00000000 0.0000000 0.0000000 4.18402778 0.0000000 965.86539996
A2 0.00 1.06991% 0.0000000 0.74299165 0.0000000 0.00000000 0.0000000 0.0000000 0.00000000 0.0000000 0.00000000
B1 5,327,000.00 7.21491% 1000.0000000 0.09418862 0.0000000 0.00000000 0.0000000 0.0000000 6.01242350 0.0000000 1000.00000000
B2 3,906,000.00 7.21491% 1000.0000000 0.06906341 0.0000000 0.00000000 0.0000000 0.0000000 6.01242448 0.0000000 1000.00000000
B3 2,841,000.00 7.21491% 1000.0000000 0.05023274 0.0000000 0.00000000 0.0000000 0.0000000 6.01242168 0.0000000 1000.00000000
B4 3,019,501.66 7.21491% 0.0000000 0.05338889 0.0000000 0.00000000 0.0000000 0.0000000 6.01242259 0.0000000 1000.00000000
R1 100.00 7.09491% 1000.0000000 0.00000174 0.0000000 0.00000000 0.0000000 0.0000000 5.90000000 0.0000000 1000.00000000
R2 100.00 7.09491% 1000.0000000 0.00000174 0.0000000 0.98324168 0.0000000 0.0000000 3343450.40268250 0.0000000 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>
Structured Asset Securities Corporation Administrator: Customer Service
Mortgage Pass-Through Certificates SASCO 1998-1 Norwest Bank Minnesota, N.A.
Certificateholder Principal Distribution Statement Securities Administration Services
Record Date: January 30, 1998 11000 Broken Land Parkway
Distribution Date: March 2, 1998 Columbia, MD 21044
Phone: (410) 884-2000
NOTE / CERTIFICATE ACCOUNT PREPAYMENT INTEREST SHORTFALL/SERVICING FEES
<S> <C>
Beginning Balance 0.00
Total Curtailment/Prepayment Interest Shortfall 0.00
Deposits Servicing Fee Support 0.00
------------
Payments of Interest and Principal on Loans 13,845,208.38 Non-Supported Curtailment/Prepayment Interest Shortfall 0.00
============
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds From Repurchased Loans 0.00
AMBAC Assurance 34,004.32
Total Deposits 13,845,208.38 Servicing Fee 102,739.77
Trustee Fee 739.87
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Fees 137,483.96
----------------
Payment of Interest and Principal 13,707,724.42
Net Fees 137,483.96
================
Total Withdrawals (Pool Distribution Amount) 13,845,208.38
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Structured Asset Securities Corporation Administrator: Customer Service
Mortgage Pass-Through Certificates SASCO 1998-1 Norwest Bank Minnesota, N.A.
Certificateholder Principal Distribution Statement Securities Administration Services
Record Date: January 30, 1998 11000 Broken Land Parkway
Distribution Date: March 2, 1998 Columbia, MD 21044
Phone: (410) 884-2000
DELINQUENCY STATUS/LOSSES
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C> <C>
30 Days 88 8,130,822.26 3.26% 2.37%
60 Days 10 814,246.85 0.37% 0.24%
90+ Days 0 0.00 0.00% 0.00%
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 98 8,945,069.11 3.64% 2.60%
Current Period Net Losses 0.00
Cumulative Net Losses 0.00
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<CAPTION>
Structured Asset Securities Corporation Administrator: Customer Service
Mortgage Pass-Through Certificates SASCO 1998-1 Norwest Bank Minnesota, N.A.
Certificateholder Principal Distribution Statement Securities Administration Services
Record Date: January 30, 1998 11000 Broken Land Parkway
Distribution Date: March 2, 1998 Columbia, MD 21044
Phone: (410) 884-2000
Group 1
Collateral Description VARIABLE/FIXED
<S> <C>
Monthly P&I Constant 2,799,120.22
Weighted Average Gross Coupon 7.56206290%
Weighted Average Note Rate 7.21490797%
Weighted Average Pass-Through Rate 7.09750828%
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 355,137,471.24
Principal Remittance Amount 11,607,231.80
Ending Scheduled Collateral Balance 343,530,239.44
Gross Scheduled Interest 2,237,976.58
Servicing Fee 102,739.77
Net Scheduled Interest 2,135,236.81
Trustee Fee 739.87
AMBAC Assurance 34,004.32
Net Pass-Through Interest 2,100,492.62
</TABLE>
