Registration No. 333-68513
Rule 424(b)(3)
Supplement to Prospectus Supplement Dated February 3, 1998
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1998-1
Norwest Bank Minnesota, National Association,
Master Servicer
On February 5, 1998, Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1998-1, Class A1, A2, R1 and R2 (the
"Offered Certificates") were issued in an approximate original aggregate
principal amount of $340,043,200. The Offered Certificates represented
beneficial interests in a trust fund consisting primarily of a pool of
adjustable rate, fully amortizing, 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 following table updates the information regarding Aurora Loan
Services Inc. provided under the heading "The Servicer" on page S-41 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>
- -------------------------
(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 "Scheduled Principal
Balances" and "Current Mortgage Rates" under the heading "Description of the
Mortgage Pools" on pages S-33 and S-30, 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.:
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............................. 2205 $56,175,932.22 56.92%
50,000.01 to 100,000.00............................. 509 32,976,242.48 33.41
100,000.01 to 150,000.00............................. 58 6,849,370.89 6.94
150,000.01 to 200,000.00............................. 15 2,479,698.57 2.51
200,000.01 to 250,000.00............................. 1 207,957.71 0.21
---- -------------- -------
Total........................................... 2788 $98,689,201.87 100.00%
==== ============== =======
</TABLE>
The average Scheduled Principal Balance is approximately $72,131.97.
CURRENT MORTGAGE RATES
<TABLE>
<CAPTION>
PERCENTAGE OF
MORTGAGE LOANS
AGGREGATE BY AGGREGATE
RANGE OF NUMBER OF SCHEDULED SCHEDULED
CURRENT MORTGAGE RATES(%) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
7.001 to 7.500..................................... 16 $ 1,015,886.14 1.03%
7.501 to 8.000..................................... 231 11,768,874.71 11.93
8.001 to 8.500..................................... 359 14,945,184.95 15.14
8.501 to 9.000..................................... 630 26,496,606.40 26.85
9.001 to 9.500..................................... 267 9,638,674.64 9.77
9.501 to 10.000..................................... 587 18,622,203.39 18.87
10.001 to 10.500..................................... 164 4,437,004.40 4.50
10.501 to 11.000..................................... 216 5,676,365.29 5.75
11.001 to 11.500..................................... 84 1,749,268.76 1.77
11.501 to 12.000..................................... 119 2,314,381.73 2.35
12.001 to 12.500..................................... 62 1,123,874.98 1.14
12.501 to 13.000..................................... 37 611,275.67 0.62
13.001 to 13.500..................................... 12 222,642.25 0.23
13.501 to 14.000..................................... 4 66,958.56 0.07
---- -------------- -------
Total........................................... 2788 $98,689,201.87 100.00%
==== ============== =======
</TABLE>
The weighted average Current Mortgage Rate is approximately 7.484% per annum.
