Registration No. 333-68513
Rule 424(b)(3)
Supplement to Prospectus Supplement Dated January 28, 1998
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1998-2
Norwest Bank Minnesota, National Association,
Master Servicer
On January 30, 1998, Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1998-2, Class A, M-1, M-2 and B (the
"Offered Certificates") were issued in an approximate original aggregate
principal amount of $600,051,000. 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 Loan 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 following table updates the information regarding Aurora Loan
Services Inc. provided under the heading "The Servicer - Aurora" on page S-46
of the Prospectus Supplement:
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-35 and S-32, 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 PRINCIPAL BALANCES
<TABLE>
<CAPTION>
PERCENTAGE OF
MORTGAGE LOANS
RANGE OF NUMBER OF AGGREGATE BY AGGREGATE
PRINCIPAL BALANCES ($) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
---------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
.01 to 50,000.00............................. 189 $ 7,109,794.08 6.66%
50,000.01 to 100,000.00............................. 425 31,362,732.36 29.37
100,000.01 to 150,000.00............................. 223 24,181,971.45 25.46
150,000.01 to 200,000.00............................. 97 16,865,630.96 15.80
200,000.01 to 250,000.00............................. 40 9,048,167.14 8.47
250,000.01 to 300,000.00............................. 33 8,991,623.12 8.42
300,000.01 to 350,000.00............................. 6 1,911,708.12 1.79
350,000.01 to 400,000.00............................. 8 2,952,622.61 2.77
400,000.01 to 450,000.00............................. 1 416,151.38 0.39
450,000.01 to 500,000.00............................. 2 933,145.97 0.87
---- --------------- -------
Total........................................... 1024 $106,773,547.70 100.00%
==== =============== =======
</TABLE>
The average Cut-off Date Principal Balance is approximately $104,271.04
MORTGAGE RATES(1)
<TABLE>
<CAPTION>
PERCENTAGE OF
MORTGAGE LOANS
RANGE OF NUMBER OF AGGREGATE BY AGGREGATE
MORTGAGE RATES(%) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
6.501 to 7.000..................................... 1 $ 74,071.11 0.07%
7.001 to 7.500..................................... 7 1,001,520.02 0.94
7.501 to 8.000..................................... 42 5,388,218.85 5.05
8.001 to 8.500..................................... 80 9,207,260.17 8.62
8.501 to 9.000..................................... 153 18,919,568.82 17.72
9.001 to 9.500..................................... 110 12,903,049.45 12.08
9.501 to 10.000..................................... 176 18,997,952.41 17.79
10.001 to 10.500..................................... 127 12,068,684.37 11.30
10.501 to 11.000..................................... 163 15,552,608.22 14.57
11.001 to 11.500..................................... 67 5,998,458.48 5.62
11.501 to 12.000..................................... 44 3,038,705.95 2.85
12.001 to 12.500..................................... 28 1,734,712.67 1.62
12.501 to 13.000..................................... 14 1,004,851.10 0.94
13.001 to 13.500..................................... 6 682,166.23 0.64
14.001 to 14.500..................................... 5 150,874.90 0.14
15.001 to 15.500..................................... 1 50,844.95 0.05
---- --------------- -------
1024 $106,773,547.70 100.00%
==== =============== =======
</TABLE>
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(1) Reflects current Mortgage Rates of Adjustable Rate Mortgage Loans
The weighted average Mortgage Rate is approximately 7.48% per annum.
