Registration No. 333-68513
Rule 424(b)(3)
Supplement to Prospectus Supplement Dated October 28, 1997
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1997-2
Norwest Bank Minnesota, National Association,
Master Servicer
On October 31, 1997, Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1997-2, Class 1-A, 2-A1, 2-A2, 2-A3, 2-A4,
2-AP, 2-AX, B1, B2, B3 and R (the "Offered Certificates") were issued in an
approximate original aggregate principal amount of $145,571,500. The Offered
Certificates represented beneficial interests in a trust fund consisting
primarily of two pools of fixed rate, fully amortizing and balloon,
conventional, first lien residential mortgage loans (the "Mortgage Loans").
The Mortgage Loans were deposited by Structured Asset Securities Corporation
into the trust fund for the benefit of certificateholders pursuant to a trust
agreement by and among Structured Asset Securities Corporation, as depositor,
Norwest Bank Minnesota, National Association, as master servicer, and First
Union National Bank, as trustee. Lehman Brothers Inc., the underwriter, is an
affiliate of the depositor and of Aurora Services Inc., one of the servicers.
This supplement to the above-referenced Prospectus Supplement and the
related prospectus dated May 21, 1996 (together, the "Prospectus") supplements
and updates certain of the information set forth in the Prospectus.
Capitalized terms not defined herein have the meanings ascribed to them in the
Prospectus.
Underwriter:
LEHMAN BROTHERS
March 31, 1999
<PAGE>
The tables set forth under the heading "The Servicers" on page S-42 of
the Prospectus Supplement are hereby updated, in their entirety, as follows:
Aurora Loan Services Inc.
Delinquencies and Foreclosures
(Dollars in Million)
<TABLE>
<CAPTION>
<S> <C>
As of December 31, 1998 (3)
Total balance of mortgage loans serviced..................................... $6,096
Percentage of mortgage loans delinquent by period of delinquency (1) (2)
30 to 59 days............................................................ 3.21%
60 to 89 days............................................................ 0.92
90 days or more.......................................................... 0.42
----
Total percentage of mortgage loans delinquent (1) (2) ....................... 4.55%
In foreclosure (excluding bankruptcies).................................. 2.10
In bankruptcy............................................................ 0.61
----
Total (2).................................................................... 7.26%
</TABLE>
- -------------------------
(1) Delinquency information is for conventional and subprime loans only,
excluding bankruptcies.
(2) Percentages are based on the number of mortgage loans.
(3) A weighted average of the MBS method for conventional loans and the ABS
method for subprime loans is used in calculation of delinquency
percentage. Under the MBS methodology, a loan is considered delinquent if
any payment is past due one or more days. In contrast, under the ABS
methodology, a loan is considered delinquent if any payment is past due
30 days or more. The period of delinquency is based upon the number of
days that payments are contractually past due (assuming 30-day months).
Consequently, under the ABS methodology, a loan due on the first day of a
month is not 30 days delinquent until the first day of the next month.
<PAGE>
The information contained in the tables entitled "Cut-off Date Scheduled
Principal Balances - Pool 1," "Cut-off Date Scheduled Principal Balances -
Pool 2," "Mortgage Rates - Pool 1" and "Mortgage Rates - Pool 2" under the
heading "Description of the Mortgage Pools" on pages S-34, S-31, S-40 and
S-36, respectively, of the Prospectus Supplement is hereby updated to
indicate, as of December 31, 1998, the Mortgage Loan Balances and Mortgage
Rates of only those Mortgage Loans serviced by Aurora Loan Services Inc.:
Cut-off Date Scheduled Principal Balances - Pool 1
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Percentage of
Mortgage Loans
Aggregate by Aggregate
Range of Number of Scheduled Scheduled
Scheduled Principal Balance ($) Mortgage Loans Principal Balance Principal Balance
------------------------------- -------------- ----------------- -----------------
.01 to 50,000.00...................... 18 $ 200,833.04 2.05%
50,000.01 to 100,000.00............................ 15 1,135,223.19 11.60
100,000.01 to 150,000.00............................. 14 1,749,351.84 17.87
150,000.01 to 200,000.00............................. 13 2,271,444.53 23.20
200,000.01 to 250,000.00............................. 7 1,609,871.22 16.44
250,000.01 to 300,000.00............................. 4 1,099,738.87 11.23
300,000.01 to 350,000.00............................. 1 327,434.12 3.34
450,000.01 to 500,000.00............................. 3 1,395,943.90 14.26
--- ------------------ -------
Total........................................... 75 $ 100.00%
== = == =======
9,789,840.71
</TABLE>
The average Cut-off Date Scheduled Principal Balance is approximately
$130,531.21.
<PAGE>
Cut-off Date Scheduled Principal Balances - Pool 2
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Percentage of
Mortgage Loans
Aggregate by Aggregate
Range of Number of Scheduled Scheduled
Scheduled Principal Balance ($) Mortgage Loans Principal Balance Principal Balance
------------------------------- -------------- ----------------- -----------------
.01 to 50,000.00...................... 155 $ 4,263,828.99 13.43%
50,000.01 to 100,000.00............................ 86 5,979,921.67 18.84
100,000.01 to 150,000.00............................. 32 3,844,931.09 12.11
150,000.01 to 200,000.00............................. 16 2,854,674.09 8.99
200,000.01 to 250,000.00............................. 22 4,978,018.55 15.68
250,000.01 to 300,000.00............................. 11 2,983,182.86 9.40
300,000.01 to 350,000.00............................. 6 1,932,097.65 6.09
350,000.01 to 400,000.00............................. 1 367,240.69 1.16
400,000.01 to 450,000.00............................. 5 2,123,729.28 6.69
450,000.01 to 500,000.00............................. 3 1,402,604.07 4.42
500,000.01 to 550,000.00............................. 2 1,008,751.97 3.18
---- ------------------- ------
Total........................................... 339 $ 31,738,980.91 100.00%
=== = ================ =======
</TABLE>
The average Cut-off Date Scheduled Principal Balance is approximately
$93,625.31.
Mortgage Rates - Pool 1
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Percentage of
Mortgage Loans
Aggregate by Aggregate
Range of Number of Scheduled Scheduled
Mortgage Rates (%) Mortgage Loans Principal Balance Principal Balance
5.501 to 6.000..................................... 8 $ 10.56%
1,033,860.11
6.001 to 6.500...................................... 14 1,823,432.56 18.63
6.501 to 7.000..................................... 19 3,413,545.62 34.87
7.001 to 7.500..................................... 11 1,989,508.29 20.32
7.501 to 8.000..................................... 6 394,949.56 4.03
8.001 to 8.500..................................... 7 892,368.31 9.12
8.501 to 9.000..................................... 5 103,343.68 1.06
9.001 to 9.500..................................... 1 26,003.56 0.27
9.501 to 10.000...................................... 4 112,829.02 1.15
--- ---------------- ------
Total........................................... 75 $ 100.00%
== = == =======
9,789,840.71
</TABLE>
The weighted average Mortgage Rate is
approximately 6.992%.
Mortgage Rates - Pool 2
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Percentage of
Mortgage Loans
Aggregate by Aggregate
Range of Number of Scheduled Scheduled
Mortgage Rates (%) Mortgage Loans Principal Balance Principal Balance
6.001 to 6.500................................... 8 $ 955,182.81 3.01%
6.501 to 7.000................................... 30 7,050,768.11 22.21
7.001 to 7.500................................... 27 3,795,310.32 11.96
7.501 to 8.000................................... 42 5,675,776.67 17.88
8.001 to 8.500................................... 97 6,623,497.74 20.87
8.501 to 9.000................................... 56 3,371,838.69 10.62
9.001 to 9.500................................... 52 2,630,474.34 8.29
9.501 to 10.000.................................... 26 1,530,225.18 4.82
10.501 to 11.000..................................... 1 105,907.05 0.33
- ----------- ----
Total........................................... 339 $ 100.00%
=== = == =======
31,738,980.91
</TABLE>
The weighted average Mortgage Rate is
approximately 7.982%.
