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Previous: NORWEST ASSET SECURITIES CORP MOR PAS THR CERT SER 1998-9 TR, 8-K, 1998-07-08 |
Next: SOUTHERN PACIFIC SE AS COR MT LN AS BK PA TH CE SE 1998-1 TR, 8-K, 1998-07-08 |
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): June 25, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-3 Trust
New York (governing law of 333-99598-07 PENDING
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 June 25, 1998 a distribution was made to holders of STRUCTURED ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-3
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 1998-3 Trust,
relating to the June 25, 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 1998-3 Trust
By: First Union National Bank, N.A., as Trustee
By: /s/ Pablo de la Canal, Vice president
By: Pablo de la Canal, Vice president
Date: 7/3/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-3 Trust, relating to the June 25,
1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 5/29/1998
Distribution Date: 6/25/1998
SASC Series: 1998-3
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 863572SL8 SEQ 5.94366% 275,432,391.73 1,364,230.41 13,383,921.38
A-2 863572SQ7 SEQ 5.89844% 296,934,000.00 1,459,539.49 0.00
B 863572SP9 SUB 6.79844% 30,790,000.00 174,436.64 0.00
M-1 863572SM6 SUB 6.14844% 95,034,000.00 486,925.71 0.00
M-2 863572SN4 SUB 6.44844% 50,032,000.00 268,856.96 0.00
OC SAC9803OC SUB 0.00000% 4,621,273.55 0.00 0.00
R-I SAC9803R1 SEQ 0.00000% 0.00 0.00 0.00
R-II SAC9803R2 SEQ 0.00000% 0.00 0.00 0.00
R-III SAC9803R3 SEQ 0.00000% 0.00 0.00 0.00
R-IV SAC9803R3 SEQ 0.00000% 0.00 0.00 0.00
X SAC98003X SUB 0.00000% 0.00 0.00 0.00
Totals 752,843,665.28 3,753,989.21 13,383,921.38
</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 0.00 262,048,470.35 14,748,151.79 0.00
A-2 0.00 296,934,000.00 1,459,539.49 0.00
B 0.00 30,790,000.00 174,436.64 0.00
M-1 0.00 95,034,000.00 486,925.71 0.00
M-2 0.00 50,032,000.00 268,856.96 0.00
OC 0.00 6,696,346.46 0.00 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00
X 0.00 0.00 0.00 0.00
Totals 0.00 741,534,816.81 17,137,910.59 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-1 296,935,000.00 275,432,391.73 471,292.77 12,912,628.61 0.00 0.00
A-2 296,934,000.00 296,934,000.00 0.00 0.00 0.00 0.00
B 30,790,000.00 30,790,000.00 0.00 0.00 0.00 0.00
M-1 95,034,000.00 95,034,000.00 0.00 0.00 0.00 0.00
M-2 50,032,000.00 50,032,000.00 0.00 0.00 0.00 0.00
OC 560.79 4,621,273.55 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00 0.00 0.00
X 0.00 0.00 0.00 0.00 0.00 0.00
Totals 769,725,560.79 752,843,665.28 471,292.77 12,912,628.61 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 13,383,921.38 262,048,470.35 0.88251122 13,383,921.38
A-2 0.00 296,934,000.00 1.00000000 0.00
B 0.00 30,790,000.00 1.00000000 0.00
M-1 0.00 95,034,000.00 1.00000000 0.00
M-2 0.00 50,032,000.00 1.00000000 0.00
OC 0.00 6,696,346.46 11,940.91631448 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
R-IV 0.00 0.00 0.00000000 0.00
X 0.00 0.00 0.00000000 0.00
Totals 13,383,921.38 741,534,816.81 0.96337559 13,383,921.38
</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-1 296,935,000.00 927.58479711 1.58719171 43.48638123 0.00000000
A-2 296,934,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 30,790,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 95,034,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 50,032,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
OC 560.79 8240648.99516753 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All denominations are Per $1000
</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 45.07357294 882.51122417 0.88251122 45.07357294
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
OC 0.00000000 0.00000000 11,940,916.314484 11940.91631448 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 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-1 296,935,000.00 5.94366% 275,432,391.73 1,364,230.41 0.00 0.00
A-2 296,934,000.00 5.89844% 296,934,000.00 1,459,539.49 0.00 0.00
B 30,790,000.00 6.79844% 30,790,000.00 174,436.64 0.00 0.00
M-1 95,034,000.00 6.14844% 95,034,000.00 486,925.71 0.00 0.00
M-2 50,032,000.00 6.44844% 50,032,000.00 268,856.96 0.00 0.00
OC 560.79 0.00000% 4,621,273.55 0.00 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 0.00 0.00
R-IV 0.00 0.00000% 0.00 0.00 0.00 0.00
X 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 769,725,560.79 3,753,989.21 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 1,364,230.41 0.00 262,048,470.35
A-2 0.00 0.00 1,459,539.49 0.00 296,934,000.00
B 0.00 0.00 174,436.64 0.00 30,790,000.00
M-1 0.00 0.00 486,925.71 0.00 95,034,000.00
M-2 0.00 0.00 268,856.96 0.00 50,032,000.00
OC 0.00 0.00 0.00 0.00 6,696,346.46
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00 0.00
X 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 3,753,989.21 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-1 296,935,000.00 5.94366% 927.58479711 4.59437389 0.00000000 0.00000000
A-2 296,934,000.00 5.89844% 1000.00000000 4.91536668 0.00000000 0.00000000
B 30,790,000.00 6.79844% 1000.00000000 5.66536668 0.00000000 0.00000000
M-1 95,034,000.00 6.14844% 1000.00000000 5.12370004 0.00000000 0.00000000
M-2 50,032,000.00 6.44844% 1000.00000000 5.37370003 0.00000000 0.00000000
OC 560.79 0.00000% 8240648.99516753 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All denominations are 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 4.59437389 0.00000000 882.51122417
A-2 0.00000000 0.00000000 4.91536668 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.66536668 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 5.12370004 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.37370003 0.00000000 1000.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 11940916.31448493
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<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]
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 17,477,484.77
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 17,477,484.77
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 339,574.20
Payment of Interest and Principal 17,137,910.57
Total Withdrawals (Pool Distribution Amount) 17,477,484.77
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 313,685.04
Trustee Fee 1,097.89
Spread 1 Fee 20,086.00
Master Servicing Fee 4,705.27
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 339,574.20
</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 99 10,959,347.39 1.471900% 1.477928%
60 Days 69 6,788,609.91 1.025870% 0.915481%
90+ Days 61 7,017,575.59 0.906928% 0.946358%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 229 24,765,532.89 3.404698% 3.339767%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 9.719591%
Weighted AverageNet Coupon 9.219591%
Weighted Average Pass-Through Rate 9.210342%
Weighted Average Maturity(Stepdown Calculation ) 352
Begin Scheduled Collateral Loan Count 6,816
Number Of Loans Paid In Full 90
End Scheduled Collateral Loan Count 6,726
Begining Scheduled Collateral Balance 752,843,665.28
Ending Scheduled Collateral Balance 741,534,816.81
Ending Actual Collateral Balance at 29-May-1998 741,534,816.81
Monthly P &I Constant 0.00
Ending Scheduled Balance for Premium Loans 741,534,816.81
Scheduled Principal 398,222.49
Unscheduled Principal 10,910,625.98
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 0.00
Overcollateralization reduction Amount 0.00
Specified O/C Amount 13,470,197.00
Overcollateralized Amount 6,696,346.46
Overcollateralized Deficiency Amount 8,848,923.45
Base Overcollateralized Amount 0.00
</TABLE>
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