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): November 25, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-5 Trust
New York (governing law of 333-47499-02 52-2101199
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
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
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On November 25, 1998 a distribution was made to holders of STRUCTURED ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-5
Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1998-5 Trust, relating to the November 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 1998-5 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 11/25/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-5 Trust, relating to the November 25,
1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 10/30/98
Distribution Date: 11/25/98
SASC Series: 1998-5
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 863572TK9 SEQ 6.70542% 173,623,256.54 970,180.23 17,146,274.29
B-1 863572TL7 SUB 6.70542% 2,165,000.00 12,097.69 0.00
B-2 863572TM5 SUB 6.70542% 1,624,000.00 9,074.66 0.00
B-3 863572TN3 SUB 6.70542% 1,082,000.00 6,046.05 0.00
B-4 863572TP8 SUB 6.70542% 974,000.00 5,442.56 0.00
B-5 863572TQ6 SUB 6.70542% 649,000.00 3,626.51 0.00
B-6 863572TR4 SUB 6.70542% 544,808.48 3,044.31 0.00
R 863572TS2 SEQ 0.00000% 0.00 0.01 0.00
Totals 180,662,065.02 1,009,512.02 17,146,274.29
</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 0.00 156,476,982.25 18,116,454.52 0.00
B-1 0.00 2,165,000.00 12,097.69 0.00
B-2 0.00 1,624,000.00 9,074.66 0.00
B-3 0.00 1,082,000.00 6,046.05 0.00
B-4 0.00 974,000.00 5,442.56 0.00
B-5 0.00 649,000.00 3,626.51 0.00
B-6 0.00 544,808.48 3,044.31 0.00
R 0.00 0.00 0.01 0.00
Totals 0.00 163,515,790.73 18,155,786.31 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 209,528,000.00 173,623,256.54 0.00 17,146,274.29 0.00 0.00
B-1 2,165,000.00 2,165,000.00 0.00 0.00 0.00 0.00
B-2 1,624,000.00 1,624,000.00 0.00 0.00 0.00 0.00
B-3 1,082,000.00 1,082,000.00 0.00 0.00 0.00 0.00
B-4 974,000.00 974,000.00 0.00 0.00 0.00 0.00
B-5 649,000.00 649,000.00 0.00 0.00 0.00 0.00
B-6 544,808.48 544,808.48 0.00 0.00 0.00 0.00
R 0.01 0.00 0.00 0.00 0.00 0.00
0.01 0.00 0.00 0.00 0.00 0.00
Totals 216,566,808.50 180,662,065.02 0.00 17,146,274.29 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 17,146,274.29 156,476,982.25 0.74680702 17,146,274.29
B-1 0.00 2,165,000.00 1.00000000 0.00
B-2 0.00 1,624,000.00 1.00000000 0.00
B-3 0.00 1,082,000.00 1.00000000 0.00
B-4 0.00 974,000.00 1.00000000 0.00
B-5 0.00 649,000.00 1.00000000 0.00
B-6 0.00 544,808.48 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 17,146,274.29 163,515,790.73 0.75503625 17,146,274.29
</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 209,528,000.00 828.63987887 0.00000000 81.83285427 0.00000000
B-1 2,165,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 1,624,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 1,082,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-4 974,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-5 649,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-6 544,808.48 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.01 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 0.00000000 81.83285427 746.80702460 0.74680702 81.83285427
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
B-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R 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 209,528,000.00 6.70542% 173,623,256.54 970,180.23 0.00 0.00
B-1 2,165,000.00 6.70542% 2,165,000.00 12,097.69 0.00 0.00
B-2 1,624,000.00 6.70542% 1,624,000.00 9,074.66 0.00 0.00
B-3 1,082,000.00 6.70542% 1,082,000.00 6,046.05 0.00 0.00
B-4 974,000.00 6.70542% 974,000.00 5,442.56 0.00 0.00
B-5 649,000.00 6.70542% 649,000.00 3,626.51 0.00 0.00
B-6 544,808.48 6.70542% 544,808.48 3,044.31 0.00 0.00
R 0.01 0.00000% 0.00 0.00 0.00 0.00
Totals 216,566,808.49 1,009,512.01 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 0.00 0.00 970,180.23 0.00 156,476,982.25
B-1 0.00 0.00 12,097.69 0.00 2,165,000.00
B-2 0.00 0.00 9,074.66 0.00 1,624,000.00
B-3 0.00 0.00 6,046.05 0.00 1,082,000.00
B-4 0.00 0.00 5,442.56 0.00 974,000.00
B-5 0.00 0.00 3,626.51 0.00 649,000.00
B-6 0.00 0.00 3,044.31 0.00 544,808.48
R 0.00 0.00 0.01 0.00 0.00
Totals 0.00 0.00 1,009,512.02 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 209,528,000.00 6.70542% 828.63987887 4.63031304 0.00000000 0.00000000
B-1 2,165,000.00 6.70542% 1000.00000000 5.58784758 0.00000000 0.00000000
B-2 1,624,000.00 6.70542% 1000.00000000 5.58784483 0.00000000 0.00000000
B-3 1,082,000.00 6.70542% 1000.00000000 5.58784658 0.00000000 0.00000000
B-4 974,000.00 6.70542% 1000.00000000 5.58784394 0.00000000 0.00000000
B-5 649,000.00 6.70542% 1000.00000000 5.58784284 0.00000000 0.00000000
B-6 544,808.48 6.70542% 1000.00000000 5.58785355 0.00000000 0.00000000
R 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All denominations are per $1000
</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 0.00000000 0.00000000 4.63031304 0.00000000 746.80702460
B-1 0.00000000 0.00000000 5.58784758 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.58784483 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 5.58784658 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 5.58784394 0.00000000 1000.00000000
B-5 0.00000000 0.00000000 5.58784284 0.00000000 1000.00000000
B-6 0.00000000 0.00000000 5.58785355 0.00000000 1000.00000000
R 0.00000000 0.00000000 1000.00000000 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 18,193,424.24
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 18,193,424.24
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 37,637.93
Payment of Interest and Principal 18,155,786.31
Total Withdrawals (Pool Distribution Amount) 18,193,424.24
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 37,637.93
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 37,637.93
</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 5 1,747,848.52 1.479290% 1.068917%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 5 1,747,848.52 1.479290% 1.068917%
</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 Mixed Fixed
Weighted Average Gross Coupon 6.955417%
Weighted Average Net Coupon 6.705417%
Weighted Average Pass-Through Rate 6.705417%
Weighted Average Maturity(Stepdown Calculation 0
Beginning Scheduled Collateral Loan Count 362
Number Of Loans Paid In Full 74
Ending Scheduled Collateral Loan Count 338
Beginning Scheduled Collateral Balance 180,662,066.24
Ending Scheduled Collateral Balance 163,515,791.92
Ending Actual Collateral Balance at 30-Oct-1998 163,515,791.92
Monthly P &I Constant 1,083,866.84
Ending Scheduled Balance for Premium Loans 163,515,791.92
Scheduled Principal 36,716.89
Unscheduled Principal 17,109,557.40
</TABLE>