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): September 30, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-1 Trust
New York (governing law of 033-99598 52-2082537
Pooling and Servicing Agreement) (Commission 52-2082540
(State or other File Number) IRS EIN
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On September 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 September 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: 9/29/98
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 September
30, 1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 8/31/98
Distribution Date: 9/30/98
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: (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 6.05234% 211,068,962.47 1,064,550.94 25,827,394.55
A-2 863572RY1 SEQ 1.22403% 0.00 215,295.85 0.00
B-1 863572SB0 SUB 7.39637% 5,327,000.00 32,833.72 0.00
B-2 863572SC8 SUB 7.39637% 3,906,000.00 24,075.19 0.00
B-3 863572SD6 SUB 7.39637% 2,841,000.00 17,510.91 0.00
B-4 863572SJ3 SUB 7.39637% 3,019,501.66 18,611.13 0.00
R-I 863572RZ8 SEQ 7.27637% 100.00 0.61 0.00
R-II 863572SA2 SEQ 7.27637% 100.00 5.35 0.00
Totals 226,162,664.13 1,372,883.70 25,827,394.55
</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 0.00 185,241,567.92 26,891,945.49 0.00
A-2 0.00 0.00 215,295.85 0.00
B-1 0.00 5,327,000.00 32,833.72 0.00
B-2 0.00 3,906,000.00 24,075.19 0.00
B-3 0.00 2,841,000.00 17,510.91 0.00
B-4 0.00 3,019,501.66 18,611.13 0.00
R-I 0.00 100.00 0.61 0.00
R-II 0.00 100.00 5.35 0.00
Totals 0.00 200,335,269.58 27,200,278.25 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-1 340,043,000.00 211,068,962.47 408,828.25 25,418,566.30 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 355,136,701.66 226,162,664.13 408,828.25 25,418,566.30 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 25,827,394.55 185,241,567.92 0.54475924 25,827,394.55
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 25,827,394.55 200,335,269.58 0.56410748 25,827,394.55
</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-1 340,043,000.00 620.71256421 1.20228398 74.75103531 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 75.95331929 544.75924492 0.54475924 75.95331929
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 6.05234% 211,068,962.47 1,064,550.94 0.00 0.00
A-2 0.00 1.22403% 211,068,962.47 215,295.85 0.00 0.00
B-1 5,327,000.00 7.39637% 5,327,000.00 32,833.72 0.00 0.00
B-2 3,906,000.00 7.39637% 3,906,000.00 24,075.19 0.00 0.00
B-3 2,841,000.00 7.39637% 2,841,000.00 17,510.91 0.00 0.00
B-4 3,019,501.66 7.39637% 3,019,501.66 18,611.13 0.00 0.00
R-I 100.00 7.27637% 100.00 0.61 0.00 0.00
R-II 100.00 7.27637% 100.00 0.61 0.00 0.00
Totals 355,136,701.66 1,372,878.96 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 1,064,550.94 0.00 185,241,567.92
A-2 0.00 0.00 215,295.85 0.00 185,241,567.92
B-1 0.00 0.00 32,833.72 0.00 5,327,000.00
B-2 0.00 0.00 24,075.19 0.00 3,906,000.00
B-3 0.00 0.00 17,510.91 0.00 2,841,000.00
B-4 0.00 0.00 18,611.13 0.00 3,019,501.66
R-I 0.00 0.00 0.61 0.00 100.00
R-II 0.00 0.00 5.35 0.00 100.00
Totals 0.00 0.00 1,372,883.70 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 6.05234% 620.71256421 3.13063624 0.00000000 0.00000000
A-2 0.00 1.22403% 620.71256421 0.63314301 0.00000000 0.00000000
B-1 5,327,000.00 7.39637% 1000.00000000 6.16364182 0.00000000 0.00000000
B-2 3,906,000.00 7.39637% 1000.00000000 6.16364311 0.00000000 0.00000000
B-3 2,841,000.00 7.39637% 1000.00000000 6.16364308 0.00000000 0.00000000
B-4 3,019,501.66 7.39637% 1000.00000000 6.16364291 0.00000000 0.00000000
R-I 100.00 7.27637% 1000.00000000 6.10000000 0.00000000 0.00000000
R-II 100.00 7.27637% 1000.00000000 6.10000000 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 3.13063624 0.00000000 544.75924492
A-2 0.00000000 0.00000000 0.63314301 0.00000000 544.75924492
B-1 0.00000000 0.00000000 6.16364182 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 6.16364311 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 6.16364308 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 6.16364291 0.00000000 1000.00000000
R-I 0.00000000 0.00000000 6.10000000 0.00000000 1000.00000000
R-II 0.00000000 0.00000000 53.50000000 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 27,273,225.00
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 27,273,225.00
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 72,946.75
Payment of Interest and Principal 27,200,278.25
Total Withdrawals (Pool Distribution Amount) 27,273,225.00
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 51,368.76
Trustee Fee 471.07
Pool Insurance Fee 21,106.92
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 72,946.75
</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 10,000.00 215,295.85 215,295.85 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 26 2,095,835.08 1.298053% 1.046160%
60 Days 5 410,145.08 0.249626% 0.204729%
90+ Days 12 834,007.74 0.599101% 0.416304%
Foreclosure 2 79,947.57 0.099850% 0.039907%
REO 0 0.00 0.000000% 0.000000%
Totals 45 3,419,935.47 2.246630% 1.707099%
</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 0.00
</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 7.53419191% 92.465524% 0.000000%
Class B-1 9,766,701.66 2.75012456% 9,766,701.66 4.87515961% 2.659032% 35.293334%
Class B-2 5,860,701.66 1.65026640% 5,860,701.66 2.92543553% 1.949724% 25.878687%
Class B-3 3,019,701.66 0.85029276% 3,019,701.66 1.50731824% 1.418117% 18.822670%
Class B-4 200.00 0.00005632% 200.00 0.00009983% 1.507218% 20.005309%
Class R-I 100.00 0.00002816% 100.00 0.00004992% 0.000050% 0.000663%
Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000050% 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 0.04991613%
Fraud 10,230,846.00 2.88081912% 10,230,846.00 5.10684250%
Special Hazard 4,902,403.00 1.38042702% 4,902,403.00 2.44708991%
<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 7.671428%
Weighted AverageNet Coupon 7.396371%
Weighted Average Pass-Through Rate 7.284380%
Weighted Average Maturity(Stepdown Calculation ) 296
Begin Scheduled Collateral Loan Count 2,136
Number Of Loans Paid In Full 133
End Scheduled Collateral Loan Count 2,003
Begining Scheduled Collateral Balance 226,163,433.71
Ending Scheduled Collateral Balance 200,336,039.16
Ending Actual Collateral Balance at 31-Aug-1998 200,647,593.43
Monthly P &I Constant 1,854,658.69
Class A Optimal Amount 27,128,349.46
Ending Scheduled Balance for Premium Loans 200,336,039.16
Scheduled Principal 408,828.25
Unscheduled Principal 25,418,566.30
</TABLE>
