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): July 30, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-1 Trust
New York (governing law of 033-99598 52-2082540 52-2082537
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Address of principal executive offices)
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 July 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 July 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: First Union National Bank, as Trustee
By: /s/ Pablo de la Canal, Vice president
By: Pablo de la Canal, Vice president
Date: 8/3/1998
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 July 30,
1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 6/30/1998
Distribution Date: 7/30/1998
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: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 863572RX3 SEQ 6.08750% 267,332,109.91 1,356,153.52 29,030,614.25
A-2 863572RY1 SEQ 1.05641% 0.00 235,343.37 0.00
B-1 863572SB0 SUB 7.26391% 5,327,000.00 32,245.70 0.00
B-2 863572SC8 SUB 7.26391% 3,906,000.00 23,644.02 0.00
B-3 863572SD6 SUB 7.26391% 2,841,000.00 17,197.30 0.00
B-4 863572SJ3 SUB 7.26391% 3,019,501.66 18,277.82 0.00
R-I 863572RZ8 SEQ 7.14391% 100.00 0.60 0.00
R-II 863572SA2 SEQ 7.14391% 100.00 5.26 0.00
Totals 282,425,811.57 1,682,867.59 29,030,614.25
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 238,301,495.66 30,386,767.77 0.00
A-2 0.00 0.00 235,343.37 0.00
B-1 0.00 5,327,000.00 32,245.70 0.00
B-2 0.00 3,906,000.00 23,644.02 0.00
B-3 0.00 2,841,000.00 17,197.30 0.00
B-4 0.00 3,019,501.66 18,277.82 0.00
R-I 0.00 100.00 0.60 0.00
R-II 0.00 100.00 5.26 0.00
Totals 0.00 253,395,197.32 30,713,481.84 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 340,043,000.00 267,332,109.91 474,512.84 28,556,101.41 0.00 0.00
A-2 0.00 0.00 0.00 0.00 0.00 0.00
B-1 5,327,000.00 5,327,000.00 0.00 0.00 0.00 0.00
B-2 3,906,000.00 3,906,000.00 0.00 0.00 0.00 0.00
B-3 2,841,000.00 2,841,000.00 0.00 0.00 0.00 0.00
B-4 3,019,501.66 3,019,501.66 0.00 0.00 0.00 0.00
R-I 100.00 100.00 0.00 0.00 0.00 0.00
R-II 100.00 100.00 0.00 0.00 0.00 0.00
Totals 355,136,701.66 282,425,811.57 474,512.84 28,556,101.41 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 29,030,614.25 238,301,495.66 0.70079812 29,030,614.25
A-2 0.00 0.00 0.00000000 0.00
B-1 0.00 5,327,000.00 1.00000000 0.00
B-2 0.00 3,906,000.00 1.00000000 0.00
B-3 0.00 2,841,000.00 1.00000000 0.00
B-4 0.00 3,019,501.66 1.00000000 0.00
R-I 0.00 100.00 1.00000000 0.00
R-II 0.00 100.00 1.00000000 0.00
Totals 29,030,614.25 253,395,197.32 0.71351453 29,030,614.25
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 340,043,000.00 786.17148393 1.39544952 83.97791282 0.00000000
A-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 5,327,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 3,906,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 2,841,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-4 3,019,501.66 1000.00000000 0.00000000 0.00000000 0.00000000
R-I 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-II 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 85.37336234 700.79812159 0.70079812 85.37336234
A-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-I 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-II 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 340,043,000.00 6.08750% 267,332,109.91 1,356,153.52 0.00 0.00
A-2 0.00 1.05641% 267,332,109.91 235,399.24 0.00 0.00
B-1 5,327,000.00 7.26391% 5,327,000.00 32,246.82 0.00 0.00
B-2 3,906,000.00 7.26391% 3,906,000.00 23,644.84 0.00 0.00
B-3 2,841,000.00 7.26391% 2,841,000.00 17,197.90 0.00 0.00
B-4 3,019,501.66 7.26391% 3,019,501.66 18,278.45 0.00 0.00
R-I 100.00 7.14391% 100.00 0.60 0.00 0.00
R-II 100.00 7.14391% 100.00 0.60 0.00 0.00
Totals 355,136,701.66 1,682,921.97 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 1,356,153.52 0.00 238,301,495.66
A-2 0.00 0.00 235,343.37 0.00 238,301,495.66
B-1 0.00 0.00 32,245.70 0.00 5,327,000.00
B-2 0.00 0.00 23,644.02 0.00 3,906,000.00
B-3 0.00 0.00 17,197.30 0.00 2,841,000.00
B-4 0.00 0.00 18,277.82 0.00 3,019,501.66
R-I 0.00 0.00 0.60 0.00 100.00
R-II 0.00 0.00 5.26 0.00 100.00
Totals 0.00 0.00 1,682,867.59 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 340,043,000.00 6.08750% 786.17148393 3.98818244 0.00000000 0.00000000
A-2 0.00 1.05641% 786.17148393 0.69226315 0.00000000 0.00000000
B-1 5,327,000.00 7.26391% 1000.00000000 6.05346724 0.00000000 0.00000000
B-2 3,906,000.00 7.26391% 1000.00000000 6.05346646 0.00000000 0.00000000
B-3 2,841,000.00 7.26391% 1000.00000000 6.05346709 0.00000000 0.00000000
B-4 3,019,501.66 7.26391% 1000.00000000 6.05346579 0.00000000 0.00000000
R-I 100.00 7.14391% 1000.00000000 6.00000000 0.00000000 0.00000000
R-II 100.00 7.14391% 1000.00000000 6.00000000 0.00000000 0.00000000
<FN>
(5) Per $1000 Denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 3.98818244 0.00000000 700.79812159
A-2 0.00000000 0.00000000 0.69209885 0.00000000 700.79812159
B-1 0.00000000 0.00000000 6.05325699 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 6.05325653 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 6.05325590 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 6.05325715 0.00000000 1000.00000000
R-I 0.00000000 0.00000000 6.00000000 0.00000000 1000.00000000
R-II 0.00000000 0.00000000 52.60000000 0.00000000 1000.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 30,804,100.51
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 30,804,100.51
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 90,618.67
Payment of Interest and Principal 30,713,481.84
Total Withdrawals (Pool Distribution Amount) 30,804,100.51
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 63,296.94
Trustee Fee 588.50
Pool Insurance Fee 26,733.23
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 90,618.67
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
Reserve Fund 10,000.00 235,343.37 235,343.37 10,000.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 25 2,295,813.82 1.108647% 0.906018%
60 Days 10 377,697.01 0.443459% 0.149054%
90+ Days 9 632,213.44 0.399113% 0.249496%
Foreclosure 2 76,183.44 0.088692% 0.030065%
REO 0 0.00 0.000000% 0.000000%
Totals 46 3,381,907.71 2.039911% 1.334634%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 29,280.28
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class% Prepayment%
<S> <C> <C> <C> <C> <C> <C> <C>
Class A 15,093,701.66 4.25011033% 15,093,701.66 5.95656744% 94.043208% 0.000000%
Class B-1 9,766,701.66 2.75012456% 9,766,701.66 3.85432404% 2.102243% 35.293334%
Class B-2 5,860,701.66 1.65026640% 5,860,701.66 2.31286304% 1.541461% 25.878687%
Class B-3 3,019,701.66 0.85029276% 3,019,701.66 1.19169287% 1.121170% 18.822670%
Class B-4 200.00 0.00005632% 200.00 0.00007893% 1.191614% 20.005309%
Class R-I 100.00 0.00002816% 100.00 0.00003946% 0.000039% 0.000663%
Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000039% 0.000663%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.02815817% 100,000.00 0.03946393%
Fraud 10,230,846.00 2.88081912% 10,230,846.00 4.03749362%
Special Hazard 4,902,403.00 1.38042702% 4,902,403.00 1.93468075%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 7.535351%
Weighted AverageNet Coupon 7.266409%
Weighted Average Pass-Through Rate 7.263909%
Weighted Average Maturity(Stepdown Calculation ) 298
Begin Scheduled Collateral Loan Count 2,380
Number Of Loans Paid In Full 125
End Scheduled Collateral Loan Count 2,255
Begining Scheduled Collateral Balance 282,426,581.15
Ending Scheduled Collateral Balance 253,395,966.90
Ending Actual Collateral Balance at 30-Jun-1998 253,771,234.05
Monthly P &I Constant 2,247,999.10
Class A Optimal Amount 30,648,901.43
Ending Scheduled Balance for Premium Loans 253,395,966.90
Scheduled Principal 474,512.84
Unscheduled Principal 28,556,101.41
</TABLE>