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 27, 1999
STRUCTURED ASSET SECURITIES CORPORATION (as depositor under the
Trust Agreement, dated as of June 1, 1999, providing for the
issuance of Ocwen Home Equity Loan Trust 1999-OFS1, Home Equity
Loan Asset-Backed Certificates, Series 1999-OFS1)
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-68513-7 74-2440850
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
200 Vesey Street
New York, NY 10285
(Address of principal executive offices)
Registrant's telephone number, including area code : (212) 526-5594
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 8 consecutively numbered pages.
<PAGE>
Item 5. Other Events.
This report and the attached exhibits are being filed with respect to the
Registrant's Ocwen Home Equity Loan Trust 1999-OFS1, Home Equity Loan
Asset-Backed Certificates, Series 1999-OFS1 (the "Certificates"), pursuant to
"no-action" positions taken by the Securities and Exchange Commission with
respect to alternative means of satisfying the Registrant's reporting
obligations under the Securities Exchange Act of 1934, as amended. The
Certificates were issued, and this report and exhibits are being filed, pursuant
to the terms of the Trust Agreement, dated as of June 1, 1999, among Structured
Asset Securities Corporation, as Depositor, Ocwen Financial Services Inc., as
Master Servicer, Ocwen Federal Bank FSB, as Special Servicer and The Chase
Manhattan Bank, as trustee.
On September 27, 1999 distributions were made to the Certificateholders.
Specific information with respect to the distributions is filed as Exhibit 99.1.
No other reportable transactions or matters have occurred during the current
reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on September 27, 1999 filed
as Exhibit 99.1 hereto.
-2-
<PAGE>
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.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: September 30, 1999 By: /s/Cynthia Kerpen
Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Statement to Certificateholders on
September 27, 1999. 5
-4-
<PAGE>
Exhibit 99.1
Statement to Certificateholders on September 27, 1999
-5-
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
OCWEN HOME EQUITY LOAN TRUST SERIES 1999-OFS1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
STATEMENT TO CERTIFICATEHOLDERS
September 27, 1999
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
Original Prior Current
Face Principal Realized Deferred Principal
Class Value Balance Principal Interest Total Losses Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A_F 92537000.00 90998257.42 770525.78 552056.10 1322581.88 0.00 0.00 90227731.64
A_V 52420000.00 50812837.24 572261.02 262061.92 834322.94 0.00 0.00 50240576.22
FX 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
VX 0.00 0.00 0.00 4.33 4.33 0.00 0.00 0.00
R3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 144957000.00 141811094.66 1342786.80 814122.35 2156909.15 0.00 0.00 140468307.86
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 of Original Face Pass-through Rates
- -------------------------------------------------------------------------------- ---------------------------
Prior Current Current
Principal Principal Class Pass-thru
Class Cusip Factor Principal Interest Total Factor Rate
- ----------------------------------------------------------------------------------------------------------------------------------
A_F 67574LAD0 983.37159644 8.32667776 5.96578774 14.29246550 975.04491868 A_F 7.280000%
A_V 67574LAC2 969.34065700 10.91684510 4.99927356 15.91611866 958.42381190 A_V 5.626250%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS 978.29766524 9.26334568 5.61630242 14.87964810 969.03431956
If there are any questions or comments, please contact the Relationship Manager listed below.
---------------------------------------
Cynthia Kerpen
THE CHASE MANHATTAN BANK - Structured Finance Services
450 WEST 33RD STREET, 14th Floor
NEW YORK, NEW YORK 10001
(212) 946-3233
email: [email protected]
---------------------------------------
-6-
<PAGE>
OCWEN HOME EQUITY LOAN TRUST SERIES 1999-OFS1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
September 27, 1999
Sec. 4.03(a)(i) Group F Scheduled Principal 64,359.37
Group F Unscheduled Principal 561,712.75
Sec. 4.03(a)(iv) Group F Advances Required 277,066.07
Group F Advances Made 277,066.07
Sec. 4.03(a)(v) Group F Beginning Pool Balance 93,812,781.45
Sec. 4.03(a)(v) Group F Ending Pool Balance 93,186,709.33
Sec. 4.03(a)(viii) Group F Current Realized Losses 0.00
Group F Cumultative Realized Losses 0.00
Sec. 4.03(a)ix Group F Servicing Fees 39,088.66
Group F Special Servicing Fees 3,154.00
Group F Trustee Fees 879.49
Group F Premium Amount 11,474.76
Sec. 4.03(a)(xiv) Group F Net Prepayment Interest Shortfall 0.00
Group F Unpaid Interest Shortfall 0.00
Sec. 4.03(a)(xviii) Group F Deficiency Amount 0.00
Group F Rolling Deliquency Percentage 0.026155%
Group F Targeted Overcollateralization Amount 5,513,258.81
Group F Actual Overcollateralization Amount 2,188,451.91
Group F Available Funds Cap Rate 9.226512%
Sec. 4.03(a)(i) Group V Scheduled Principal 22,923.35
Group V Unscsheduled Principal 387,137.41
Sec. 4.03(a)iv Group V Advances Required 228,726.18
Group V Advances Made 228,726.18
Sec. 4.03(a)(v) Group V Beginning Pool Balance 52,342,941.35
Group V Ending Pool Balance 51,932,880.59
Sec. 4.03(a)(viii) Group V Current Realized Losses 0.00
Group V Cumultative Realized Losses 0.00
Sec. 4.03(a)(ix) Group V Servicing Fees 21,809.56
Group V Special Servicing Fees 1,826.00
Group V Trustee Fees 490.72
Group V Premium Amount 6,351.60
Sec. 4.03(a)(xiv) Group V Net Prepayment Interest Shortfall 0.00
Group V Unpaid Interest Shortfall 0.00
Sec. 4.03(a)(xviii) Group V Deficiency Amount 0.00
Group V Rolling Deliquency Percentage 0.037713%
Group V Targeted Overcollateralization Amount 4,232,204.18
Group V Actual Overcollateralization Amount 1,120,043.35
Group V Available Funds Cap Rate 9.147757%
Sec. 4.03(a)(xiv) Basis Risk Shortfalls 0.00
Basis Risk Shortfalls Deposits to the Basis
Risk Reserve Fund 0.00
Sec. 4.03(a)(v) Beginning Aggregate Loan Balance 146,155,722.80
Ending Aggregate Loan Balance 145,119,589.92
Sec. 4.03)(a)(v) Aggregate Targeted Overcollateralization Amt 9,745,462.99
Aggregate Actual Overcollateralization Amt 3,308,495.26
Aggregate Current Realized Losses 0.00
Aggregate Cumulative Realized Losses 0.00
-7-
<PAGE>
OCWEN HOME EQUITY LOAN TRUST SERIES 1999-OFS1 HOME EQUITY LOAN ASSET-BACKED CERTIFICATES
September 27, 1999
Sec 4.03(a)(x) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 Month 21 1,610,852.00 1.73%
2 Months 20 2,192,097.91 2.35%
3+ Months 1 135,668.52 0.15%
Total 42 3,938,618.43 4.23%
Group 2
Category Number Principal Balance Percentage
1 Month 28 2,547,446.17 4.91%
2 Months 14 1,210,134.70 2.33%
3+ Months 2 202,864.74 0.39%
Total 44 3,960,445.61 7.63%
Number and Aggregage Principal Amounts of Mortgage Loans in Foreclosure
Group Totals
Number Principal Balance Percentage
37 4,208,138.13 2.90%
Number and Aggregage Principal Amounts of Bankruptcy Loans
Group Totals
Number Principal Balance Percentage
6 899,612.84 0.62%
Number and Aggregage Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
0 0.00 0.00%
Group Totals
Number Principal Balance Percentage
0 0.00 0.00%
-8-
</TABLE>
