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Previous: NORWEST ASSET SECURITIES CORP MOR PAS THR CERT SER 1998-9 TR, 8-K, 1998-06-05 |
Next: SOUTHERN PACIFIC SE AS COR MT LN AS BK PA TH CE SE 1998-1 TR, 8-K, 1998-06-05 |
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): May 26, 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 (I.R.S. Employer
(State or other File Number) Identification No.)
jurisdiction
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 May 26, 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 May 26, 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, as Trustee
By: /s/ Pablo de la Canal, Vice president
By: Pablo de la Canal, Vice president
Date: 6/3/1998
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 May 26,
1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 4/30/1998
Distribution Date: 5/26/1998
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 5.69600% 287,976,639.60 1,321,364.81 12,544,247.88
A-2 863572SQ7 SEQ 5.92188% 296,934,000.00 1,416,494.94 0.00
B 863572SP9 SUB 6.82188% 30,790,000.00 169,203.47 0.00
M-1 863572SM6 SUB 6.17188% 95,034,000.00 472,489.30 0.00
M-2 863572SN4 SUB 6.47188% 50,032,000.00 260,839.78 0.00
OC SAC9803OC SUB 0.00000% 2,344,229.78 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 763,110,869.38 3,640,392.30 12,544,247.88
</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 0.00 275,432,391.73 13,865,612.69 0.00
A-2 0.00 296,934,000.00 1,416,494.94 0.00
B 0.00 30,790,000.00 169,203.47 0.00
M-1 0.00 95,034,000.00 472,489.30 0.00
M-2 0.00 50,032,000.00 260,839.78 0.00
OC 0.00 4,621,273.55 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 0.00 752,843,665.28 16,184,640.18 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-1 296,935,000.00 287,976,639.60 492,299.32 12,051,948.56 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 2,344,229.78 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 769,725,560.79 763,110,869.38 492,299.32 12,051,948.56 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 12,544,247.88 275,432,391.73 0.92758480 12,544,247.88
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 4,621,273.55 8,240.64899517 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 12,544,247.88 752,843,665.28 0.97806764 12,544,247.88
</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-1 296,935,000.00 969.83056763 1.65793632 40.58783424 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 4180227.50049038 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 42.24577056 927.58479711 0.92758480 42.24577056
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 8,240,648.9951675 8240.64899517 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 5.69600% 287,976,639.60 1,321,364.81 0.00 0.00
A-2 296,934,000.00 5.92188% 296,934,000.00 1,416,494.94 0.00 0.00
B 30,790,000.00 6.82188% 30,790,000.00 169,203.47 0.00 0.00
M-1 95,034,000.00 6.17188% 95,034,000.00 472,489.30 0.00 0.00
M-2 50,032,000.00 6.47188% 50,032,000.00 260,839.78 0.00 0.00
OC 560.79 0.00000% 2,344,229.78 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 3,640,392.30 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 1,321,364.81 0.00 275,432,391.73
A-2 0.00 0.00 1,416,494.94 0.00 296,934,000.00
B 0.00 0.00 169,203.47 0.00 30,790,000.00
M-1 0.00 0.00 472,489.30 0.00 95,034,000.00
M-2 0.00 0.00 260,839.78 0.00 50,032,000.00
OC 0.00 0.00 0.00 0.00 4,621,273.55
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 3,640,392.30 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 5.69600% 969.83056763 4.45001367 0.00000000 0.00000000
A-2 296,934,000.00 5.92188% 1000.00000000 4.77040332 0.00000000 0.00000000
B 30,790,000.00 6.82188% 1000.00000000 5.49540338 0.00000000 0.00000000
M-1 95,034,000.00 6.17188% 1000.00000000 4.97179220 0.00000000 0.00000000
M-2 50,032,000.00 6.47188% 1000.00000000 5.21345899 0.00000000 0.00000000
OC 560.79 0.00000% 4180227.50049038 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 4.45001367 0.00000000 927.58479711
A-2 0.00000000 0.00000000 4.77040332 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.49540338 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 4.97179220 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.21345899 0.00000000 1000.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 8240648.99516753
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>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 16,516,287.36
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 16,516,287.36
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 331,647.18
Payment of Interest and Principal 16,184,640.18
Total Withdrawals (Pool Distribution Amount) 16,516,287.36
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 317,962.87
Trustee Fee 1,112.87
Spread 1 Fee 7,802.00
Master Servicing Fee 4,769.44
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 331,647.18
</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 505 52,540,067.58 7.409038% 6.978882%
60 Days 23 2,903,837.89 0.337441% 0.385716%
90+ Days 48 4,838,271.16 0.704225% 0.642666%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 576 60,282,176.63 8.450704% 8.007264%
</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
Collateral Description Fixed Mixed & ARM & Balloon
<S> <C>
Weighted Average Gross Coupon 9.710562%
Weighted AverageNet Coupon 9.201312%
Weighted Average Pass-Through Rate 9.201315%
Weighted Average Maturity(Stepdown Calculation ) 353
Begin Scheduled Collateral Loan Count 6,894
Number Of Loans Paid In Full 129
End Scheduled Collateral Loan Count 6,816
Begining Scheduled Collateral Balance 763,110,869.38
Ending Scheduled Collateral Balance 752,843,665.28
Ending Actual Collateral Balance at 30-Apr-1998 753,227,893.16
Monthly P &I Constant 6,578,133.16
Ending Scheduled Balance for Premium Loans 752,843,665.28
Scheduled Principal 402,936.68
Unscheduled Principal 9,864,267.42
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 4,621,273.55
Base Overcollateralized Amount 0.00
</TABLE>
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