Registration No. 333-68513
Rule 424(b)(3)
Supplement to Prospectus Supplement Dated March 26, 1998
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1998-3
Norwest Bank Minnesota, National Association,
Master Servicer
On March 30, 1998, Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1998-3, Class A-1, A-2, M-1, M-2 and B (the
"Offered Certificates") were issued in an approximate original aggregate
principal amount of $769,671,000. The Offered Certificates represented
beneficial interests in a trust fund consisting primarily of a pool of
adjustable and 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 March 18, 1998 (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 table set forth under the heading "The Servicers" and the subheading
"AURORA" on page S-49 of the Prospectus Supplement is hereby updated, in its
entirety, as follows:
AURORA LOAN SERVICES INC.
DELINQUENCIES AND FORECLOSURES
(DOLLARS IN MILLION)
<TABLE>
<CAPTION>
As of December 31, 1998(3)
--------------------------
<S> <C>
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>
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(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" and "Mortgage Rate" under the heading "Description of the
Mortgage Pools" on pages S-37 and S-34, 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
<TABLE>
<CAPTION>
PERCENTAGE OF
MORTGAGE LOANS
AGGREGATE BY AGGREGATE
RANGE OF NUMBER OF SCHEDULED SCHEDULED
SCHEDULED PRINCIPAL BALANCE($) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
.01 to 50,000.00........................... 312 $ 11,530,965.09 5.02%
50,000.01 to 100,000.00........................... 788 58,267,177.65 25.36
100,000.01 to 150,000.00........................... 499 61,006,067.65 26.55
150,000.01 to 200,000.00........................... 186 32,053,825.42 13.95
200,000.01 to 250,000.00........................... 97 21,800,058.17 9.49
250,000.01 to 300,000.00........................... 40 10,872,566.99 4.73
300,000.01 to 350,000.00........................... 33 10,654,944.42 4.64
350,000.01 to 400,000.00........................... 14 5,257,304.89 2.29
400,000.01 to 450,000.00........................... 12 5,066,183.15 2.20
450,000.01 to 500,000.00........................... 8 3,863,557.90 1.68
500,000.01 to 550,000.00........................... 2 1,075,230.43 0.47
550,000.01 to 600,000.00........................... 3 1,756,552.68 0.76
600,000.01 to 650,000.00........................... 2 1,286,207.58 0.56
700,000.01 to 750,000.00........................... 1 747,053.69 0.33
750,000.01 to 800,000.00........................... 1 791,254.52 0.34
850,000.01 to 900,000.00........................... 1 865,565.01 0.38
900,000.01 to 950,000.00........................... 1 941,647.57 0.41
950,000.01 to 1,000,000.00........................... 2 1,934,872.33 0.84
------ --------------- ------
Total........................................... 2,002 $229,771,035.14 100.00%
====== =============== =======
</TABLE>
The average Cut-off Date Scheduled Principal Balance is
approximately $114,770.75.
<PAGE>
MORTGAGE RATE(1)
<TABLE>
<CAPTION>
PERCENTAGE OF
MORTGAGE LOANS
AGGREGATE BY AGGREGATE
RANGE OF NUMBER OF SCHEDULED SCHEDULED
MORTGAGE RATES(%) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
6.501 to 7.000..................................... 1 $ 82,123.83 0.04%
7.001 to 7.500..................................... 10 1,325,378.16 0.58
7.501 to 8.000..................................... 38 6,467,142.69 2.81
8.001 to 8.500..................................... 126 18,029,445.40 7.85
8.501 to 9.000..................................... 239 34,423,762.19 14.98
9.001 to 9.500..................................... 301 38,581,792.54 16.79
9.501 to 10.000..................................... 402 43,214,961.85 18.81
10.001 to 10.500..................................... 322 32,896,663.96 14.32
10.501 to 11.000..................................... 246 26,197,982.30 11.40
11.001 to 11.500..................................... 154 15,485,826.76 6.74
11.501 to 12.000..................................... 89 8,139,350.07 3.54
12.001 to 12.500..................................... 35 2,498,432.06 1.09
12.501 to 13.000..................................... 20 1,407,246.41 0.61
13.001 to 13.500..................................... 15 851,963.31 0.37
14.001 to 14.500..................................... 4 168,963.61 0.07
------ --------------- -------
Total........................................... 2,002 $229,771,035.14 100.00%
====== =============== =======
</TABLE>
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(1) Reflects current Mortgage Rates of Adjustable Rate Mortgage Loans.
The weighted Mortgage Rate is approximately 9.85% per annum.
