SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the fiscal year ended December 31, 1999
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from to
Commission File Number 333-68513-7
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 74-2440850
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification No.)
200 Vessey Street
New York, NY 10285
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 526-5594
OCWEN HOME EQUITY LOAN TRUST SERIES 1999-OFS1
HOME EQUITY LOAN ASSET-BACKED CERTIFICATES SERIES 1999-OFS1
(Title of each class of securities covered by this Form)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
Documents incorporated by reference: None
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OCWEN HOME EQUITY LOAN TRUST SERIES 1999-OFS1
HOME EQUITY LOAN ASSET-BACKED CERTIFICATES SERIES 1999-OFS1
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PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
(1) Financial Statements:
Omitted.
(2) Financial Statement Schedules:
Omitted.
(3) Exhibits:
Annual Servicer Statement of Compliance, filed as Exhibit 99.1 hereto.
Annual Statement of Independent Accountants Report for the Servicer,
filed as Exhibit 99.2 hereto.
(b) Reports on Form 8-K: The following Current Reports on Form 8-K were
filed by the Registrant during the last quarter of 1999.
Current Reports on Form 8-K, dated, October 27, 1999, November 26, 1999 and
December 27, 1999, were filed for the purpose of filing the Monthly
Statement sent to the Holders of the Offered Certificates for payments
made on the same dates. The items reported in such Current Report
were Item 5 (Other Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: May 9, 2000 By: /s/ Cynthia Kerpen Smiros
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Cynthia Kerpen Smiros
Vice President
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EXHIBITS
Exhibit Description
99.1 Annual Statements of Compliance
99.2 Annual Independent Public Accountant's Servicing Report
EXHIBIT 99.1 -Annual Statements of Compliance
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O C W E N
OFFICER'S CERTIFICATE ON ANNUAL STATEMENT AS TO COMPLIANCE
March 24, 2000
Pursuant to the applicable sections of the Servicing Agreements, I Scott W.
Anderson as officer of Ocwen Federal Bank FSB (the "Bank") confirm that a review
of the activities of the Bank ended December 31, 1999 and of performance under
the Servicing Agreements has been made under my supervision. To the best of my
knowledge, based on such review, the Bank has fulfilled all of its obligations
under the Servicing Agreement throughout the period, other than as noted in the
Management Assertion on Compliance with USAP.
/S/ Scott W. Anderson
Vice President of Residential Assets
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O C W E N
MANAGEMENT ASSERTION ON COMPLIANCE WITH USAP
March 24, 2000
As of and for the year ended December 31, 1999, except as specifically noted
below, Ocwen Federal Bank FSB (the "Bank" ) has compiled in all mateial respects
with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's ("MBA's") Uniform Single Attestation Program for
Mortgage Bankers ("USAP").
Standard: Custodial bank accounts and related bank clearing account
reconcilations shall be prepared within 45 calendar days after the cutoff date
and documented reconciling items shall be resolved within 90 calendar days of
their original identification.
During 1999, certain of the Bank's 1999 custodial account reconciliations were
not prepared with 45 days after the cutoff date. However, these reconciliations
and all subsequent reconciliations have been prepared through December 31, 1999.
In addition, cetain reconcilating items which arose during the year ended
December 31, 1999 were not specifically identified and/or were not cleared
within 90 days of identification. Management hs developed an action plan and has
continud to follow the action plan to resolve all outstanding reconciling items.
All significant reconciling items have been isolated and reviewed by the
Company, and the Company believes these items will not hae a mateial impact on
the status of any custodial accounts.
Standard: Mortgage payments shall be deposited into the custodial bank accounts
and related bank clearing accounts within two business days of receipt.
Mortgage payments were credited to the investors in the Bank's internal
servicing records within two business days of receipt. However, certain mortgage
payments were not deposited into investors' custodial bank accounts within two
business days of receipt.
Standard: Escrow funds held in trust or a mortgagor shall be returned to the
mortgagor within thirty (30) calendar days of payoff of the mortgage loan.
During 1999, escrow funds held in trust for certain mortgagors were not returned
to the mortgagor within thirty days of the payoff of their mortgage loan.
However, these escrow funds were returned within the required number of days as
required by the Real Estate Settlement Procedures Act.
As of and for this same period, the Bank had in effect a fidelity bond in the
amount of $15,000,000 and an errors and omissions policy in the amount of
$10,00,000.
/s/ Ronald M. Farris
Executive Vice President
/s/ Scott W. Anderson
Vice President of Residential Assets
/s/ Joseph P. Hillery
Director of Investor Reporting
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EXHIBIT 99.2 - Annual Independent Public Accountant's Servicing Report
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PRICEWATERHOUSE COOPERS
200 East Las Olas Boulevard
Suite 1700
Ft. Lauderdale, FL 3301
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Board of Directors of
Ocwen Federal Bank FSB
We have examined management's assertion about Ocwen Federal Bank FS's ("the
Bank") compliance with the minimum servicing standards identified in the
Mortgage Bankers Association of America's (MBA's) Uniform Single Attestation
Program for Mortgage Bankers ("USAP") as of and for the year ended December 31,
1999, included in the accompanying management assertion. Management is
responsible for the Bank's compliance with those minimum servicing standards.
Our responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Bank's compliance with the
minimum servicing standards and performing such other procedures as we consider
necessary in the circumstances. We believe that our examination provides a
reasonable basis for our opinion. Our examination does not provide a legal
determination on the Bank's compliance with the minimum servicing standards.
In our opinion, management's assertion that the Bank compiled with the
aforementioned minimum servicing standards as of and for the year ended December
31, 1999 is fairly stated, in all mateial respects.
/s/
PRICEWATERHOUSE COOPERS LLP
Fort Lauderdale, Florida
March 24, 2000
