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 25, 1996
STRUCTURED ASSET SECURITIES CORPORATION (as depositor under the
Trust Agreement, dated as of April 1, 1996, providing for the
issuance of Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series GreenPoint 1996-A)
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 33-99598 74-2440850
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
200 Vesey Street
New York, New York 10285
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code : (212) 526-5594
Registrant's telephone number, including area code : (704) 386-5000
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4 This report consists of 24
consecutively numbered pages.
<PAGE>
Item 5. Other Events.
- ------- -------------
On October 25, 1996, November 25, 1996, December 26, 1996, and
January 27, 1997 distributions were made to the Certificateholders.
Specific information with respect to the distributions is filed as
Exhibits 99.1, 99.2, 99.3, and 99.4 hereto.
No other reportable transactions or matters have occurred during the
current reporting period.
Item 7. Financial Statements and Exhibits.
- ------- ----------------------------------
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on October 25, 1996 filed as
Exhibit 99.1 hereto.
Statement to Certificateholders on November 25, 1996 filed as
Exhibit 99.2 hereto.
Statement to Certificateholders on December 26, 1996 filed as
Exhibit 99.3 hereto.
Statement to Certificateholders on January 27, 1997 filed as
Exhibit 99.4 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.
STRUCTURED ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES GREENPOINT 1996-A
Date: April 10, 1997 By: /s/ Prue Larocca
---------------------
Prue Larocca
Vice President
3
<PAGE>
INDEX TO EXHIBITS
- -----------------
Exhibit
Number Description of Exhibits Page
------ -------------------------------------- ----
99.1 Monthly Certificateholder Statement on 5
October 25, 1996.
99.2 Monthly Certificateholder Statement on 10
November 25, 1996.
99.3 Monthly Certificateholder Statement on 15
December 25, 1996.
99.4 Monthly Certificateholder Statement on 20
January 27, 1997.
4
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on October 25, 1996
5
<PAGE>
<TABLE>
Creation Date : Wed Oct 16, 1996 02:39 PM SASC 1996-A PAGE No. 001
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 6 Beginning Date : 09/01/1996 End Date : 09/30/1996
Determination Date : 10/15/1996 Remittance Date: 10/25/1996
STRUCTURED ASSET SECURITIES CORPORATION, Series 1996-A
I. Cash Received
<S> <C> <C> <C>
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
Scheduled Prin 78,012.93 66,036.75 144,049.68
Prepayment Prin 55,396.49 34,848.59 90,245.08
Payoff Prin 646,135.43 110,429.28 756,564.71
Liquidation Proceeds 0.00 0.00 0.00
Insurance Proceeds 0.00 0.00 0.00
Scheduled Int 854,438.55 134,763.11 989,201.66
TOTAL 1,633,983.40 346,077.73 1,980,061.13
II. Pool Balance
Beginning Balance 120,712,134.56 19,896,219.01 140,608,353.57
Scheduled Prin 78,012.93 66,036.75 144,049.68
Prepay Prin 55,396.49 34,848.59 90,245.08
Payoff Prin 646,135.43 110,429.28 756,564.71
Other 0.00 0.00 0.00
Ending Balance 119,932,589.71 19,684,904.39 139,617,494.10
III. Servicing Advances
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
Current Advances 0.00 0.00 0.00
IV. Interest to Certificateholders
TRANCH_COMPONENT Beg. Balance Rate Schduled Int Shortfall Disbrsed Int
A1 117,006,840.48 8.49396000% $ 828,209.52 $ 0.00 $ 828,209.52
R1 100.00 8.49396000% $ 0.71 $ 0.00 $ 0.71
R2 100.00 8.49396000% $ 0.71 $ 0.00 $ 0.71
TOTAL 117,007,040.48 $ 828,210.94 $ 0.00 $ 828,210.94
A2 19,253,713.89 8.12796000% $ 130,411.18 $ 0.00 $ 130,411.18
TOTAL 19,253,713.89 $ 130,411.18 $ 0.00 $ 130,411.18
V. Interest to Certificateholders
TRANCH_COMPONENT Beg. Balance Rate Schduled Int Shortfall Disbrsed Int
TOTAL 0.00 $ 0.00 $ 0.00 $ 0.00
B1 1,811,950.54 0.00000000% $ 12,743.85 $ 0.00 $ 12,743.85
B2 724,382.19 0.00000000% $ 5,094.75 $ 0.00 $ 5,094.75
B3 724,382.19 0.00000000% $ 5,094.75 $ 0.00 $ 5,094.75
B4 434,828.33 0.00000000% $ 3,058.25 $ 0.00 $ 3,058.25
B5 289,553.86 0.00000000% $ 2,036.50 $ 0.00 $ 2,036.50
B6 362,502.09 0.00000000% $ 2,549.56 $ 0.00 $ 2,549.56
TOTAL 4,347,599.20 $ 30,577.66 $ 0.00 $ 30,577.66
6
</TABLE>
<PAGE>
<TABLE>
Creation Date : Wed Oct 16, 1996 02:39 PM SASC 1996-A PAGE No. 002
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 6 Beginning Date : 09/01/1996 End Date : 09/30/1996
Determination Date : 10/15/1996 Remittance Date : 10/25/1996
VI. Principal to Certificateholders
<S> <C> <C> <C> <C>
VI. Principal to Certificateholders
TRANCH_COMPONENT Beg. Balance Schduled Principal Ending Principal Cert. Factor
A1 117,006,840.48 777,150.35 116,229,690.13 0.9673892500
R1 100.00 0.00 100.00 1.0000000000
R2 100.00 0.00 100.00 1.0000000000
TOTAL 117,007,040.48 777,150.35 116,229,890.13
A2 19,253,713.89 209,182.11 19,044,531.78 0.9034407865
TOTAL 19,253,713.89 209,182.11 19,044,531.78
VII. Principal to Certificateholders
TRANCH_COMPONENT Beg. Balance Schduled Principal Ending Principal Cert. Factor
TOTAL 0.00 0.00 0.00
B1 1,811,950.54 1,886.73 1,810,063.81 0.9939944042
B2 724,382.19 754.27 723,627.92 0.9939943956
B3 724,382.19 754.27 723,627.92 0.9939943956
B4 434,828.33 452.77 434,375.56 0.9939944165
B5 289,553.86 301.51 289,252.35 0.9939943299
B6 362,502.09 377.46 362,124.63 0.9939944148
TOTAL 4,347,599.20 4,527.01 4,343,072.19
VIII. Single Certificate Interest Distribution
TRANCH Orig. Balance Sched. Interest Certificate Value Int.Dist / Cert.
A1 120,147,800.00 828,209.52 1,000.00 $ 6.8932558066
R1 100.00 0.71 1,000.00 $ 7.1000000000
R2 100.00 0.71 1,000.00 $ 7.1000000000
TOTAL 120,148,000.00 828,210.94
A2 21,080,000.00 130,411.18 1,000.00 $ 6.1864886148
TOTAL 21,080,000.00 130,411.18
IX. Single Certificate Interest Distribution
TRANCH_COMPONENT Orig. Balance Sched. Interest Certificate Value Int.Dist / Cert.
TOTAL 0.00 0.00
B1 1,821,000.00 12,743.85 1,000.00 $ 6.9982701812
B2 728,000.00 5,094.75 1,000.00 $ 6.9982829670
B3 728,000.00 5,094.75 1,000.00 $ 6.9982829670
B4 437,000.00 3,058.25 1,000.00 $ 6.9982837529
B5 291,000.00 2,036.50 1,000.00 $ 6.9982817869
B6 364,312.54 2,549.56 1,000.00 $ 6.9982768092
TOTAL 4,369,312.54 30,577.66
7
</TABLE>
<PAGE>
<TABLE>
Creation Date : Wed Oct 16, 1996 02:39 PM SASC 1996-A PAGE No. 003
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 6 Beginning Date : 09/01/1996 End Date : 09/30/1996
Determination Date : 10/15/1996 Remittance Date: 10/25/1996
X. Single Certificate Principal Distribution
<S> <C> <C> <C> <C>
TRANCH Orig. Balance Sched. Principal Certificate Value Pr.Dist / Cert.
A1 120,147,800.00 777,150.35 1,000.00 $ 6.4682861442
R1 100.00 0.00 1,000.00 $ 0.0000000000
R2 100.00 0.00 1,000.00 $ 0.0000000000
TOTAL 120,148,000.00 777,150.35
A2 21,080,000.00 209,182.11 1,000.00 $ 9.9232500000
TOTAL 21,080,000.00 209,182.11
XI. Single Certificate Principal Distribution
TRANCH_COMPONENT Orig. Balance Sched. Principal Certificate Value Pr.Dist / Cert.
TOTAL 0.00 0.00
B1 1,821,000.00 1,886.73 1,000.00 $ 1.0360955519
B2 728,000.00 754.27 1,000.00 $ 1.0360851648
B3 728,000.00 754.27 1,000.00 $ 1.0360851648
B4 437,000.00 452.77 1,000.00 $ 1.0360869565
B5 291,000.00 301.51 1,000.00 $ 1.0361168385
B6 364,312.54 377.46 1,000.00 $ 1.0360884091
TOTAL 4,369,312.54 4,527.01
XII. Percentage Distribution
CLASS Scheduled Percenta Beginning Balance Prepayment Percent
A 96.9306365980% 117,007,040.48 100.0000000000%
SUBORD 3.0693634020% 3,705,094.08 0.0000000000%
A 96.7707174932% 19,253,713.89 100.0000000000%
SUBORD 3.2292825068% 642,505.12 0.0000000000%
XIII. Servicing Fee
GRP Amount
MORTGAGE GROUP ONE 24,496.38
MORTGAGE GROUP TWO 3,631.96
TOTAL 28,128.34
XIV. Delinquency Information for Due Period
PERIOD Number of Principal Balance
30 DAYS 33 3,759,201.76
60 DAYS 7 1,064,347.90
90+ DAYS 3 303,321.90
TOTAL 43 5,126,871.56
FORECLOSR 0 0.00
TOTAL 0 0.00
REO 0 0.00
TOTAL 0 0.00
8
</TABLE>
<PAGE>
Creation Date : Wed Oct 16, 1996 02:39 PM SASC 1996-A PAGE No. 004
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 6 Beginning Date : 09/01/1996 End Date : 09/30/1996
Determination Date : 10/15/1996 Remittance Date : 10/25/1996
XV. Realized Losses
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO
Current Amount 0.00 0.00
Total Amount 0.00 0.00
XVI. Book Value REO
GRP Principal Amount
MORTGAGE GROUP ONE 0.00
MORTGAGE GROUP TWO 0.00
XVII. Covered Loss Amount Information
GROUP0 POOL TOTAL
Special Hazard 728,000.00
Remaining Amt 728,000.00
Bankrupcy 100,000.00
Remaining Amt 100,000.00
Fraud Loss 1,455,973.00
Remaining Amt 1,455,973.00
XVIII. Number of Loans
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO
Beginning Loan Number 1071 182
Loans Paid Off 6 1
Ending Loan Number 1065 181
XIX. Residual Payment
Amount 0.00 0.00
XX. Mortgage Loan Substitutions
Deleted Loans 0.00 0.00
Substituted Loans 0.00 0.00
9
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on November 25, 1996
10
<PAGE>
<TABLE>
Creation Date : Wed Nov 20, 1996 09:32 PM SASC 1996-A PAGE No. 001
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 7 Beginning Date : 10/01/1996 End Date : 10/31/1996
Determination Date : 11/13/1996 Remittance Date : 11/25/1996
STRUCTURED ASSET SECURITIES CORPORATION, Series 1996-A
I. Cash Received
<S> <C> <C> <C>
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
Scheduled Prin 78,567.38 66,376.33 144,943.71
Prepayment Prin 32,547.16 28,237.11 60,784.27
Payoff Prin 1,337,567.91 0.00 1,337,567.91
Liquidation Proceeds 0.00 0.00 0.00
Insurance Proceeds 0.00 0.00 0.00
Scheduled Int 848,601.25 133,424.77 982,026.02
TOTAL 2,297,283.70 228,038.21 2,525,321.91
II. Pool Balance
Beginning Balance 119,932,589.71 19,684,904.39 139,617,494.10
Scheduled Prin 78,567.38 66,376.33 144,943.71
Prepay Prin 32,547.16 28,237.11 60,784.27
Payoff Prin 1,337,567.91 0.00 1,337,567.91
Other 0.00 0.00 0.00
Ending Balance 118,483,907.26 19,590,290.95 138,074,198.21
III. Servicing Advances
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
Current Advances 0.00 0.00 0.00
IV. Interest to Certificateholders
TRANCH_COMPONENT Beg. Balance Rate Schduled Int Shortfall Disbrsed Int
A1 116,229,690.13 8.49076000% $ 822,398.67 $ 0.00 $ 822,398.67
R1 100.00 8.49076000% $ 0.71 $ 0.00 $ 0.71
R2 100.00 8.49076000% $ 0.71 $ 0.00 $ 0.71
TOTAL 116,229,890.13 $ 822,400.09 $ 0.00 $ 822,400.09
A2 19,044,531.78 8.13363000% $ 129,084.31 $ 0.00 $ 129,084.31
TOTAL 19,044,531.78 $ 129,084.31 $ 0.00 $ 129,084.31
V. Interest to Certificateholders
TRANCH_COMPONENT Beg. Balance Rate Schduled Int Shortfall Disbrsed Int
TOTAL 0.00 $ 0.00 $ 0.00 $ 0.00
B1 1,810,063.81 0.00000000% $ 12,727.92 $ 0.00 $ 12,727.92
B2 723,627.92 0.00000000% $ 5,088.37 $ 0.00 $ 5,088.37
B3 723,627.92 0.00000000% $ 5,088.37 $ 0.00 $ 5,088.37
B4 434,375.56 0.00000000% $ 3,054.42 $ 0.00 $ 3,054.42
B5 289,252.35 0.00000000% $ 2,033.95 $ 0.00 $ 2,033.95
B6 362,124.63 0.00000000% $ 2,546.37 $ 0.00 $ 2,546.37
TOTAL 4,343,072.19 $ 30,539.40 $ 0.00 $ 30,539.40
11
</TABLE>
<PAGE>
<TABLE>
Creation Date : Wed Nov 20, 1996 09:32 PM SASC 1996-A PAGE No. 002
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 7 Beginning Date : 10/01/1996 End Date : 10/31/1996
Determination Date : 11/13/1996 Remittance Date : 11/25/1996
VI. Principal to Certificateholders
<S> <C> <C> <C> <C>
A1 116,229,690.13 1,446,256.83 114,783,433.30 0.9553519357
R1 100.00 0.00 100.00 1.0000000000
R2 100.00 0.00 100.00 1.0000000000
TOTAL 116,229,890.13 1,446,256.83 114,783,633.30
A2 19,044,531.78 92,454.14 18,952,077.64 0.8990549165
TOTAL 19,044,531.78 92,454.14 18,952,077.64
VII. Principal to Certificateholders
TRANCH_COMPONENT Beg. Balance Schduled Principal Ending Principal Cert. Factor
TOTAL 0.00 0.00 0.00
B1 1,810,063.81 1,910.85 1,808,152.96 0.9929450632
B2 723,627.92 763.93 722,863.99 0.9929450412
B3 723,627.92 763.93 722,863.99 0.9929450412
B4 434,375.56 458.56 433,917.00 0.9929450801
B5 289,252.35 305.36 288,946.99 0.9929449828
B6 362,124.63 382.29 361,742.34 0.9929450685
TOTAL 4,343,072.19 4,584.92 4,338,487.27
VIII. Single Certificate Interest Distribution
TRANCH Orig. Balance Sched. Interest Certificate Value Int.Dist / Cert.
A1 120,147,800.00 822,398.67 1,000.00 $ 6.8448916251
R1 100.00 0.71 1,000.00 $ 7.1000000000
R2 100.00 0.71 1,000.00 $ 7.1000000000
TOTAL 120,148,000.00 822,400.09
A2 21,080,000.00 129,084.31 1,000.00 $ 6.1235441176
TOTAL 21,080,000.00 129,084.31
IX. Single Certificate Interest Distribution
TRANCH_COMPONENT Orig. Balance Sched. Interest Certificate Value Int.Dist / Cert.
TOTAL 0.00 0.00
B1 1,821,000.00 12,727.92 1,000.00 $ 6.9895222405
B2 728,000.00 5,088.37 1,000.00 $ 6.9895192308
B3 728,000.00 5,088.37 1,000.00 $ 6.9895192308
B4 437,000.00 3,054.42 1,000.00 $ 6.9895194508
B5 291,000.00 2,033.95 1,000.00 $ 6.9895189003
B6 364,312.54 2,546.37 1,000.00 $ 6.9895205913
TOTAL 4,369,312.54 30,539.40
12
</TABLE>
<PAGE>
<TABLE>
Creation Date : Wed Nov 20, 1996 09:32 PM SASC 1996-A PAGE No. 003
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 7 Beginning Date : 10/01/1996 End Date : 10/31/1996
Determination Date : 11/13/1996 Remittance Date : 11/25/1996
X. Single Certificate Principal Distribution
<S> <C> <C> <C> <C>
TRANCH Orig. Balance Sched. Principal Certificate Value Pr.Dist / Cert.
A1 120,147,800.00 1,446,256.83 1,000.00 $ 12.0373142912
R1 100.00 0.00 1,000.00 $ 0.0000000000
R2 100.00 0.00 1,000.00 $ 0.0000000000
TOTAL 120,148,000.00 1,446,256.83
A2 21,080,000.00 92,454.14 1,000.00 $ 4.3858700190
TOTAL 21,080,000.00 92,454.14
XI. Single Certificate Principal Distribution
TRANCH_COMPONENT Orig. Balance Sched. Principal Certificate Value Pr.Dist / Cert.
TOTAL 0.00 0.00
B1 1,821,000.00 1,910.85 1,000.00 $ 1.0493410214
B2 728,000.00 763.93 1,000.00 $ 1.0493543956
B3 728,000.00 763.93 1,000.00 $ 1.0493543956
B4 437,000.00 458.56 1,000.00 $ 1.0493363844
B5 291,000.00 305.36 1,000.00 $ 1.0493470790
B6 364,312.54 382.29 1,000.00 $ 1.0493462564
TOTAL 4,369,312.54 4,584.92
XII. Percentage Distribution
CLASS Scheduled Percenta Beginning Balance Prepayment Percent
A 96.9126827087% 116,229,890.13 100.0000000000%
SUBORD 3.0873172913% 3,702,699.58 0.0000000000%
A 96.7468848346% 19,044,531.78 100.0000000000%
SUBORD 3.2531151654% 640,372.61 0.0000000000%
XIII. Servicing Fee
GRP Amount
MORTGAGE GROUP ONE 27,159.66
MORTGAGE GROUP TWO 4,606.62
TOTAL 31,766.28
XIV. Delinquency Information for Due Period
PERIOD Number of Principal Balance
30 DAYS 39 5,061,085.00
60 DAYS 3 282,695.62
90+ DAYS 4 623,432.31
TOTAL 46 5,967,212.93
FORECLOSR 1 121,659.34
TOTAL 1 121,659.34
REO 0 0.00
TOTAL 0 0.00
13
</TABLE>
<PAGE>
Creation Date : Wed Nov 20, 1996 09:32 PM SASC 1996-A PAGE No. 004
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 7 Beginning Date : 10/01/1996 End Date : 10/31/1996
Determination Date : 11/13/1996 Remittance Date : 11/25/1996
XV. Realized Losses
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO
Current Amount 0.00 0.00
Total Amount 0.00 0.00
XVI. Book Value REO
GRP Principal Amount
MORTGAGE GROUP ONE 0.00
MORTGAGE GROUP TWO 0.00
XVII. Covered Loss Amount Information
GROUP0 POOL TOTAL
Special Hazard 728,000.00
Remaining Amt 728,000.00
Bankrupcy 100,000.00
Remaining Amt 100,000.00
Fraud Loss 1,455,973.00
Remaining Amt 1,455,973.00
XVIII. Number of Loans
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO
Beginning Loan Number 1065 181
Loans Paid Off 13 0
Ending Loan Number 1052 181
XIX. Residual Payment
Amount 2.22 0.00
XX. Mortgage Loan Substitutions
Deleted Loans 0.00 0.00
Substituted Loans 0.00 0.00
14
<PAGE>
Exhibit 99.3
Monthly Certificateholder Statement on December 26, 1996
15
<PAGE>
<TABLE>
Creation Date : Thu Dec 12, 1996 11:06 AM SASC 1996-A PAGE No. 001
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 8 Beginning Date : 11/01/1996 End Date : 11/30/1996
Determination Date : 12/13/1996 Remittance Date : 12/26/1996
STRUCTURED ASSET SECURITIES CORPORATION, Series 1996-A
I. Cash Received
<S> <C> <C> <C>
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
Scheduled Prin 78,573.12 67,023.71 145,596.83
Prepayment Prin 36,718.41 18,048.86 54,767.27
Payoff Prin 999,039.04 0.00 999,039.04
Liquidation Proceeds 0.00 0.00 0.00
Insurance Proceeds 0.00 0.00 0.00
Scheduled Int 837,932.87 132,797.14 970,730.01
TOTAL 1,952,263.44 217,869.71 2,170,133.15
II. Pool Balance
Beginning Balance 118,483,907.26 19,590,290.95 138,074,198.21
Scheduled Prin 78,573.12 67,023.71 145,596.83
Prepay Prin 36,718.41 18,048.86 54,767.27
Payoff Prin 999,039.04 0.00 999,039.04
Other 0.00 0.00 0.00
Ending Balance 117,369,576.69 19,505,218.38 136,874,795.07
III. Servicing Advances
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
Current Advances 0.00 0.00 0.00
IV. Interest to Certificateholders
TRANCH_COMPONENT Beg. Balance Rate Schduled Int Shortfall Disbrsed Int
A1 114,783,433.30 8.48653000% $ 811,760.88 $ 0.00 $ 811,760.88
R1 100.00 8.48653000% $ 0.71 $ 0.00 $ 0.71
R2 100.00 8.48653000% $ 0.71 $ 0.00 $ 0.71
TOTAL 114,783,633.30 $ 811,762.30 $ 0.00 $ 811,762.30
A2 18,952,077.64 8.13446000% $ 128,470.76 $ 0.00 $ 128,470.76
TOTAL 18,952,077.64 $ 128,470.76 $ 0.00 $ 128,470.76
V. Interest to Certificateholders
TRANCH_COMPONENT Beg. Balance Rate Schduled Int Shortfall Disbrsed Int
TOTAL 0.00 $ 0.00 $ 0.00 $ 0.00
B1 1,808,152.96 0.00000000% $ 12,709.41 $ 0.00 $ 12,709.41
B2 722,863.99 0.00000000% $ 5,080.98 $ 0.00 $ 5,080.98
B3 722,863.99 0.00000000% $ 5,080.98 $ 0.00 $ 5,080.98
B4 433,917.00 0.00000000% $ 3,049.98 $ 0.00 $ 3,049.98
B5 288,946.99 0.00000000% $ 2,030.99 $ 0.00 $ 2,030.99
B6 361,742.34 0.00000000% $ 2,542.66 $ 0.00 $ 2,542.66
TOTAL 4,338,487.27 $ 30,495.00 $ 0.00 $ 30,495.00
16
</TABLE>
<PAGE>
<TABLE>
Creation Date : Thu Dec 12, 1996 11:06 AM SASC 1996-A PAGE No. 002
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 8 Beginning Date : 11/01/1996 End Date : 11/30/1996
Determination Date : 12/13/1996 Remittance Date : 12/26/1996
VI. Principal to Certificateholders
<S> <C> <C> <C> <C>
TRANCH_COMPONENT Beg. Balance Schduled Principal Ending Principal Cert. Factor
A1 114,783,433.30 1,111,876.72 113,671,556.58 0.9460976945
R1 100.00 0.00 100.00 1.0000000000
R2 100.00 0.00 100.00 1.0000000000
TOTAL 114,783,633.30 1,111,876.72 113,671,756.58
A2 18,952,077.64 82,889.07 18,869,188.57 0.8951227974
TOTAL 18,952,077.64 82,889.07 18,869,188.57
VII. Principal to Certificateholders
TRANCH_COMPONENT Beg. Balance Schduled Principal Ending Principal Cert. Factor
TOTAL 0.00 0.00 0.00
B1 1,808,152.96 1,932.72 1,806,220.24 0.9918837122
B2 722,863.99 772.66 722,091.33 0.9918836951
B3 722,863.99 772.66 722,091.33 0.9918836951
B4 433,917.00 463.80 433,453.20 0.9918837529
B5 288,946.99 308.85 288,638.14 0.9918836426
B6 361,742.34 386.66 361,355.68 0.9918837271
TOTAL 4,338,487.27 4,637.35 4,333,849.92
VIII. Single Certificate Interest Distribution
TRANCH Orig. Balance Sched. Interest Certificate Value Int.Dist / Cert.
A1 120,147,800.00 811,760.88 1,000.00 $ 6.7563524259
R1 100.00 0.71 1,000.00 $ 7.1000000000
R2 100.00 0.71 1,000.00 $ 7.1000000000
TOTAL 120,148,000.00 811,762.30
A2 21,080,000.00 128,470.76 1,000.00 $ 6.0944383302
TOTAL 21,080,000.00 128,470.76
IX. Single Certificate Interest Distribution
TRANCH_COMPONENT Orig. Balance Sched. Interest Certificate Value Int.Dist / Cert.
TOTAL 0.00 0.00
B1 1,821,000.00 12,709.41 1,000.00 $ 6.9793574959
B2 728,000.00 5,080.98 1,000.00 $ 6.9793681319
B3 728,000.00 5,080.98 1,000.00 $ 6.9793681319
B4 437,000.00 3,049.98 1,000.00 $ 6.9793592677
B5 291,000.00 2,030.99 1,000.00 $ 6.9793470790
B6 364,312.54 2,542.66 1,000.00 $ 6.9793370275
TOTAL 4,369,312.54 30,495.00
17
</TABLE>
<PAGE>
<TABLE>
Creation Date : Thu Dec 12, 1996 11:06 AM SASC 1996-A PAGE No. 003
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 8 Beginning Date : 11/01/1996 End Date : 11/30/1996
Determination Date : 12/13/1996 Remittance Date : 12/26/1996
X. Single Certificate Principal Distribution
<S> <C> <C> <C> <C>
TRANCH Orig. Balance Sched. Principal Certificate Value Pr.Dist / Cert.
A1 120,147,800.00 1,111,876.72 1,000.00 $ 9.2542411929
R1 100.00 0.00 1,000.00 $ 0.0000000000
R2 100.00 0.00 1,000.00 $ 0.0000000000
TOTAL 120,148,000.00 1,111,876.72
A2 21,080,000.00 82,889.07 1,000.00 $ 3.9321190702
TOTAL 21,080,000.00 82,889.07
XI. Single Certificate Principal Distribution
TRANCH_COMPONENT Orig. Balance Sched. Principal Certificate Value Pr.Dist / Cert.
TOTAL 0.00 0.00
B1 1,821,000.00 1,932.72 1,000.00 $ 1.0613509061
B2 728,000.00 772.66 1,000.00 $ 1.0613461538
B3 728,000.00 772.66 1,000.00 $ 1.0613461538
B4 437,000.00 463.80 1,000.00 $ 1.0613272311
B5 291,000.00 308.85 1,000.00 $ 1.0613402062
B6 364,312.54 386.66 1,000.00 $ 1.0613414515
TOTAL 4,369,312.54 4,637.35
XII. Percentage Distribution
CLASS Scheduled Percenta Beginning Balance Prepayment Percent
A 96.8769818235% 114,783,633.30 100.0000000000%
SUBORD 3.1230181765% 3,700,273.96 0.0000000000%
A 96.7421958580% 18,952,077.64 100.0000000000%
SUBORD 3.2578041420% 638,213.31 0.0000000000%
XIII. Servicing Fee
GRP Amount
MORTGAGE GROUP ONE 22,470.32
MORTGAGE GROUP TWO 3,506.36
TOTAL 25,976.68
XIV. Delinquency Information for Due Period
PERIOD Number of Principal Balance
30 DAYS 44 5,628,989.60
60 DAYS 11 1,537,957.06
90+ DAYS 3 498,672.41
TOTAL 58 7,665,619.07
FORECLOSR 1 121,659.34
TOTAL 1 121,659.34
REO 0 0.00
TOTAL 0 0.00
18
</TABLE>
<PAGE>
Creation Date : Thu Dec 12, 1996 11:06 AM SASC 1996-A PAGE No. 004
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 8 Beginning Date : 11/01/1996 End Date : 11/30/1996
Determination Date : 12/13/1996 Remittance Date : 12/26/1996
XV. Realized Losses
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO
Current Amount 0.00 0.00
Total Amount 0.00 0.00
XVI. Book Value REO
GRP Principal Amount
MORTGAGE GROUP ONE 0.00
MORTGAGE GROUP TWO 0.00
XVII. Covered Loss Amount Information
GROUP0 POOL TOTAL
Special Hazard 728,000.00
Remaining Amt 728,000.00
Bankrupcy 100,000.00
Remaining Amt 100,000.00
Fraud Loss 1,455,973.00
Remaining Amt 1,455,973.00
XVIII. Number of Loans
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO
Beginning Loan Number 1052 181
Loans Paid Off 10 0
Ending Loan Number 1042 181
XIX. Residual Payment
Amount 1.83 0.12
XX. Mortgage Loan Substitutions
Deleted Loans 0.00 0.00
Substituted Loans 0.00 0.00
19
<PAGE>
Exhibit 99.4
Monthly Certificateholder Statement on January 27, 1996
20
<PAGE>
<TABLE>
Creation Date : Wed Jan 15, 1997 03:42 PM SASC 1996-A PAGE No. 001
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 9 Beginning Date : 12/01/1996 End Date : 12/31/1996
Determination Date : 01/14/1997 Remittance Date : 01/27/1997
STRUCTURED ASSET SECURITIES CORPORATION, Series 1996-A
I. Cash Received
<S> <C> <C> <C>
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
Scheduled Prin 78,788.65 67,614.52 146,403.17
Prepayment Prin 105,171.76 18,421.22 123,592.98
Payoff Prin 2,172,112.49 48,051.49 2,220,163.98
Liquidation Proceeds 0.00 0.00 0.00
Insurance Proceeds 0.00 0.00 0.00
Scheduled Int 830,025.46 132,223.97 962,249.43
TOTAL 3,186,098.36 266,311.20 3,452,409.56
II. Pool Balance
Beginning Balance 117,369,576.69 19,505,218.38 136,874,795.07
Scheduled Prin 78,788.65 67,614.52 146,403.17
Prepay Prin 105,171.76 18,421.22 123,592.98
Payoff Prin 2,172,112.49 48,051.49 2,220,163.98
Other 0.00 0.00 0.00
Ending Balance 115,013,503.79 19,371,131.15 134,384,634.94
III. Servicing Advances
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
Current Advances 0.00 0.00 0.00
IV. Interest to Certificateholders
TRANCH_COMPONENT Beg. Balance Rate Schduled Int Shortfall Disbrsed Int
A1 113,671,556.58 8.48626000% $ 803,871.99 $ 0.00 $ 803,871.99
R1 100.00 8.48626000% $ 0.71 $ 0.00 $ 0.71
R2 100.00 8.48626000% $ 0.71 $ 0.00 $ 0.71
TOTAL 113,671,756.58 $ 803,873.41 $ 0.00 $ 803,873.41
A2 18,869,188.57 8.13468000% $ 127,912.34 $ 0.00 $ 127,912.34
TOTAL 18,869,188.57 $ 127,912.34 $ 0.00 $ 127,912.34
V. Interest to Certificateholders
TRANCH_COMPONENT Beg. Balance Rate Schduled Int Shortfall Disbrsed Int
TOTAL 0.00 $ 0.00 $ 0.00 $ 0.00
B1 1,806,220.24 0.00000000% $ 12,695.72 $ 0.00 $ 12,695.72
B2 722,091.33 0.00000000% $ 5,075.50 $ 0.00 $ 5,075.50
B3 722,091.33 0.00000000% $ 5,075.50 $ 0.00 $ 5,075.50
B4 433,453.20 0.00000000% $ 3,046.70 $ 0.00 $ 3,046.70
B5 288,638.14 0.00000000% $ 2,028.81 $ 0.00 $ 2,028.81
B6 361,355.68 0.00000000% $ 2,539.93 $ 0.00 $ 2,539.93
TOTAL 4,333,849.92 $ 30,462.16 $ 0.00 $ 30,462.16
21
</TABLE>
<PAGE>
<TABLE>
Creation Date : Wed Jan 15, 1997 03:42 PM SASC 1996-A PAGE No. 002
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 9 Beginning Date : 12/01/1996 End Date : 12/31/1996
Determination Date : 01/14/1997 Remittance Date : 01/27/1997
VI. Principal to Certificateholders
<S> <C> <C> <C> <C>
TRANCH_COMPONENT Beg. Balance Schduled Principal Ending Principal Cert. Factor
A1 113,671,556.58 2,353,590.60 111,317,965.98 0.9265085668
R1 100.00 0.00 100.00 1.0000000000
R2 100.00 0.00 100.00 1.0000000000
TOTAL 113,671,756.58 2,353,590.60 111,318,165.98
A2 18,869,188.57 131,882.44 18,737,306.13 0.8888665147
TOTAL 18,869,188.57 131,882.44 18,737,306.13
VII. Principal to Certificateholders
TRANCH_COMPONENT Beg. Balance Schduled Principal Ending Principal Cert. Factor
TOTAL 0.00 0.00 0.00
B1 1,806,220.24 1,953.46 1,804,266.78 0.9908109720
B2 722,091.33 780.94 721,310.39 0.9908109753
B3 722,091.33 780.94 721,310.39 0.9908109753
B4 433,453.20 468.78 432,984.42 0.9908110297
B5 288,638.14 312.16 288,325.98 0.9908109278
B6 361,355.68 390.81 360,964.87 0.9908109943
TOTAL 4,333,849.92 4,687.09 4,329,162.83
VIII. Single Certificate Interest Distribution
TRANCH Orig. Balance Sched. Interest Certificate Value Int.Dist / Cert.
A1 120,147,800.00 803,871.99 1,000.00 $ 6.6906925470
R1 100.00 0.71 1,000.00 $ 7.1000000000
R2 100.00 0.71 1,000.00 $ 7.1000000000
TOTAL 120,148,000.00 803,873.41
A2 21,080,000.00 127,912.34 1,000.00 $ 6.0679478178
TOTAL 21,080,000.00 127,912.34
IX. Single Certificate Interest Distribution
TRANCH_COMPONENT Orig. Balance Sched. Interest Certificate Value Int.Dist / Cert.
TOTAL 0.00 0.00
B1 1,821,000.00 12,695.72 1,000.00 $ 6.9718396485
B2 728,000.00 5,075.50 1,000.00 $ 6.9718406593
B3 728,000.00 5,075.50 1,000.00 $ 6.9718406593
B4 437,000.00 3,046.70 1,000.00 $ 6.9718535469
B5 291,000.00 2,028.81 1,000.00 $ 6.9718556700
B6 364,312.54 2,539.93 1,000.00 $ 6.9718434617
TOTAL 4,369,312.54 30,462.16
22
</TABLE>
<PAGE>
<TABLE>
Creation Date : Wed Jan 15, 1997 03:42 PM SASC 1996-A PAGE No. 003
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 9 Beginning Date : 12/01/1996 End Date : 12/31/1996
Determination Date : 01/14/1997 Remittance Date : 01/27/1997
X. Single Certificate Principal Distribution
<S> <C> <C> <C> <C>
TRANCH Orig. Balance Sched. Principal Certificate Value Pr.Dist / Cert.
A1 120,147,800.00 2,353,590.60 1,000.00 $ 19.5891277244
R1 100.00 0.00 1,000.00 $ 0.0000000000
R2 100.00 0.00 1,000.00 $ 0.0000000000
TOTAL 120,148,000.00 2,353,590.60
A2 21,080,000.00 131,882.44 1,000.00 $ 6.2562827324
TOTAL 21,080,000.00 131,882.44
XI. Single Certificate Principal Distribution
TRANCH_COMPONENT Orig. Balance Sched. Principal Certificate Value Pr.Dist / Cert.
TOTAL 0.00 0.00
B1 1,821,000.00 1,953.46 1,000.00 $ 1.0727402530
B2 728,000.00 780.94 1,000.00 $ 1.0727197802
B3 728,000.00 780.94 1,000.00 $ 1.0727197802
B4 437,000.00 468.78 1,000.00 $ 1.0727231121
B5 291,000.00 312.16 1,000.00 $ 1.0727147766
B6 364,312.54 390.81 1,000.00 $ 1.0727327700
TOTAL 4,369,312.54 4,687.09
XII. Percentage Distribution
CLASS Scheduled Percenta Beginning Balance Prepayment Percent
A 96.8494219590% 113,671,756.58 100.0000000000%
SUBORD 3.1505780410% 3,697,820.11 0.0000000000%
A 96.7391812919% 18,869,188.57 100.0000000000%
SUBORD 3.2608187081% 636,029.81 0.0000000000%
XIII. Servicing Fee
GRP Amount
MORTGAGE GROUP ONE 26,389.75
MORTGAGE GROUP TWO 4,509.11
TOTAL 30,898.86
XIV. Delinquency Information for Due Period
PERIOD Number of Principal Balance
30 DAYS 48 5,673,547.03
60 DAYS 7 1,250,757.45
90+ DAYS 5 718,179.70
TOTAL 60 7,642,484.18
FORECLOSR 1 121,659.34
TOTAL 1 121,659.34
REO 0 0.00
TOTAL 0 0.00
23
</TABLE>
<PAGE>
Creation Date : Wed Jan 15, 1997 03:42 PM SASC 1996-A PAGE No. 004
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 9 Beginning Date : 12/01/1996 End Date : 12/31/1996
Determination Date : 01/14/1997 Remittance Date : 01/27/1997
XV. Realized Losses
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO
Current Amount 0.00 0.00
Total Amount 0.00 0.00
XVI. Book Value REO
GRP Principal Amount
MORTGAGE GROUP ONE 0.00
MORTGAGE GROUP TWO 0.00
XVII. Covered Loss Amount Information
GROUP0 POOL TOTAL
Special Hazard 728,000.00
Remaining Amt 728,000.00
Bankrupcy 100,000.00
Remaining Amt 100,000.00
Fraud Loss 1,455,973.00
Remaining Amt 1,455,973.00
XVIII. Number of Loans
GRP MORTGAGE GROUP ONE MORTGAGE GROUP TWO
Beginning Loan Number 1042 181
Loans Paid Off 17 1
Ending Loan Number 1025 180
XIX. Residual Payment
Amount 1.48 0.04
XX. Mortgage Loan Substitutions
Deleted Loans 0.00 0.00
Substituted Loans 0.00 0.00
24
