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Previous: NORWEST ASSET SECURITIES CORP MOR PAS THR CERT SER 1998-9 TR, 8-K, 1998-05-06 |
Next: BARNETT AUTO TRUST 1997-A, 10-K, 1998-05-06 |
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): April 27, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-3 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of
333-99598-07
PENDING
Pooling and Servicing Agreement)
(Commission
PENDING
(State or other
File Number)
PENDING
jurisdiction
PENDING
(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)
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 April 27, 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 April 27, 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: Nowest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 5/1/1998
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 April 27,
1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 3/31/1998
Distribution Date:
4/27/1998
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: (410) 884-2173
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 5.75000% 296,935,000.00 1,327,959.31 8,958,360.40
A-2 863572SQ7 SEQ 5.93750% 296,934,000.00 1,371,257.71 0.00
B 863572SP9 SUB 6.83750% 30,790,000.00 163,742.93 0.00
M-1 863572SM6 SUB 6.18750% 95,034,000.00 457,351.12 0.00
M-2 863572SN4 SUB 6.48750% 50,032,000.00 252,453.13 0.00
OC SAC9803OC SUB 0.00000% 560.79 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 769,725,560.79 3,572,764.20 8,958,360.40
</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 $287,976,639.60 $10,286,319.71 $0.00
A-2 $0.00 $296,934,000.00 $1,371,257.71 $0.00
B $0.00 $30,790,000.00 $163,742.93 $0.00
M-1 $0.00 $95,034,000.00 $457,351.12 $0.00
M-2 $0.00 $50,032,000.00 $252,453.13 $0.00
OC $0.00 $2,344,229.78 $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 $763,110,869.38 $12,531,124.60 $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-1 296,935,000.00 296,935,000.00 550,298.19 8,408,062.20 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 560.79 560.79 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 $769,725,560.79 $550,298.19 $8,408,062.20 $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 $8,958,360.40 $287,976,639.60 0.96983057 $8,958,360.40
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 $2,344,229.78 4,180.22750049 $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 $8,958,360.40 $763,110,869.38 0.99140643 $8,958,360.40
</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 1000.00000000 1.85326145 28.31617088 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 1000.00000000 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) This is a test footnote.
</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 30.16943237 969.83056763 0.96983057 30.16943237
A-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 4180227.50049038 1.00000000 0.00000000
OC 0.00000000 0.00000000 0.00000000 4180.22750049 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, Bankruptcy, 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 5.75000% 296,935,000.00 1,327,959.31 0.00 0.00
A-2 296,934,000.00 5.93750% 296,934,000.00 1,371,257.71 0.00 0.00
B 30,790,000.00 6.83750% 30,790,000.00 163,742.93 0.00 0.00
M-1 95,034,000.00 6.18750% 95,034,000.00 457,351.12 0.00 0.00
M-2 50,032,000.00 6.48750% 50,032,000.00 252,453.13 0.00 0.00
OC 560.79 0.00000% 560.79 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 3,572,764.20 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 1,327,959.31 0.00 287,976,639.60
A-2 0.00 0.00 1,371,257.71 0.00 296,934,000.00
B 0.00 0.00 163,742.93 0.00 30,790,000.00
M-1 0.00 0.00 457,351.12 0.00 95,034,000.00
M-2 0.00 0.00 252,453.13 0.00 50,032,000.00
OC 0.00 0.00 0.00 0.00 2,344,229.78
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 3,572,764.20 0.00
<FN>
(4) 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>
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 5.75000% 1000.00000000 4.47222224 0.00000000 0.00000000
A-2 296,934,000.00 5.93750% 1000.00000000 4.61805556 0.00000000 0.00000000
B 30,790,000.00 6.83750% 1000.00000000 5.31805554 0.00000000 0.00000000
M-1 95,034,000.00 6.18750% 1000.00000000 4.81249995 0.00000000 0.00000000
M-2 50,032,000.00 6.48750% 1000.00000000 5.04583327 0.00000000 0.00000000
OC 560.79 0.00000% 1000.00000000 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) Per $1000 Denomination
</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 4.47222224 0.00000000 969.83056763
A-2 0.00000000 0.00000000 4.61805556 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.31805554 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 4.81249995 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.04583327 0.00000000 1000.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 4180227.50049038
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, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
<FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component
Beginning
Ending
Beginning
Ending
Ending
Pass-Through
Notational
Notational
Component
Component
Component
Class
Rate
Balance
Balance
Balance
Balance
<S> <C> <C> <C> <C> <C> <C>
SUB 0.00000% 0.00 0.00 0.00 0.00 0.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 12,860,598.29
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 12,860,598.29
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 329,473.69
Payment of Interest and Principal 12,531,124.60
Total Withdrawals (Pool Distribution Amount) 12,860,598.29
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 320,720.24
Trustee Fee 1,122.51
Spread 1 Fee 2,822.00
Master Servicing Fee 4,808.94
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 329,473.69
</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 362 38,393,903.91 5.250943% 5.031235%
60 Days 84 8,966,303.10 1.218451% 1.174967%
90+ Days 28 2,928,242.80 0.406150% 0.383724%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 474 50,288,449.81 6.875544% 6.589927%
</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 472,790,560.79 61.42326368% 475,134,229.78 62.26280464% 76.648186% 0.000000%
Class A-2 175,856,560.79 22.84665727% 178,200,229.78 23.35181386% 38.910991% 166.629415%
Class M-1 80,822,560.79 10.50017888% 83,166,229.78 10.89831545% 12.453498% 53.329898%
Class M-2 30,790,560.79 4.00019986% 33,134,229.78 4.34199421% 6.556321% 28.076283%
Class B 560.79 0.00007286% 2,344,229.78 0.30719387% 4.034800% 17.278317%
Class B 560.79 0.00007286% 2,344,229.78 0.30719387% 4.034800% 17.278317%
Class X 560.79 0.00007286% 2,344,229.78 0.30719387% 0.000000% 0.000000%
Class OC 0.00 0.00000000% 0.00 0.00000000% 0.307194% 1.315503%
<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 0.00 0.00000000% 0.00 0.00000000%
Fraud 0.00 0.00000000% 0.00 0.00000000%
Special Hazard 0.00 0.00000000% 0.00 0.00000000%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & ARM & Balloon
<S> <C>
Weighted Average Gross Coupon 9.707655%
Weighted Average Net Coupon 9.207653%
Weighted Average Pass-Through Rate 9.200156%
Weighted Average Maturity (Stepdown Calculation) 353
Beginning Scheduled Collateral Loan Count 6,945
Number of Loans Paid in Full 51
Ending Scheduled Collateral Loan Count 6,894
Beginning Scheduled Collateral Balance 769,725,560.79
Ending Scheduled Collateral Balance 763,110,869.38
Ending Actual Collateral Balance at 31-Mar-1998 763,110,869.38
Monthly P&I Constant 0.00
Class A Optimal Amount $0.00
Class AP Deferred Amount $0.00
Unpaid Principal Balance of Outstanding Mortgage
Loans with Original LTV:
Less than or equal to 80% 0.00
Greater than 80%, less than or equal to 85% 0.00
Greater than 85%, less than or equal to 95% 0.00
Greater than 95% 0.00
</TABLE>
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