Registration No. 333-31252
Rule 424(b)(3)
Supplement to Prospectus Supplement Dated July 3, 1998
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1998-6
Norwest Bank Minnesota, National Association,
Master Servicer
On July 7, 1998, Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1998-6, Class A1, A2, AX1, B1, B2, B3 and R
(the "Offered Certificates") were issued in an approximate original aggregate
principal amount of $132,556,100. The Offered Certificates represented
beneficial interests in a trust fund consisting primarily of a pool of fixed
rate, fully amortizing and balloon, conventional, first and second 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 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, 2000
<PAGE>
The table set forth under the heading "The Servicers" on page S-33 of
the Prospectus Supplement is hereby updated, in its entirety, as follows:
<TABLE>
<CAPTION>
Delinquencies and Foreclosures
(Dollars in Millions)
As of December 31,
1999(3)
-------
<S> <C>
Total balance of mortgage loans serviced.......................... $3,870
Percentage of mortgage loans delinquent by
period of delinquency(1)(2)
30 to 59 days................................................... 4.03%
60 to 89 days................................................... 1.19
90 days or more................................................. 0.30
----------------
Total percentage of mortgage loans
delinquent(1)(2)................................................ 5.52%
In foreclosure (excluding Bankruptcies)........................... 1.11
In bankruptcy..................................................... 1.15
----------------
Total(2).......................................................... 7.78%
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(1) Delinquency information is for conventional 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.
</TABLE>
The information contained in the tables entitled "Mortgage Rates" and
"Cut-off Date Scheduled Principal Balances" under the heading "Description of
the Mortgage Pools" on pages S-26 and S-29, respectively, of the Prospectus
Supplement is hereby updated to indicate, as of December 31, 1999, the
Mortgage Loan Rates and Mortgage Loan Balances of only those Mortgage Loans
serviced by Aurora Loan Services Inc.:
<PAGE>
<TABLE>
<CAPTION>
Mortgage Rates
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>
7.001 to 7.500....................... 3 $ 287,663.25 0.41%
7.501 to 8.000....................... 17 2,110,547.65 2.98
8.001 to 8.500....................... 55 7,397,073.38 10.45
8.501 to 9.000....................... 79 7,611,241.12 10.75
9.001 to 9.500....................... 70 6,989,714.43 9.88
9.501 to 10.000....................... 149 14,321,477.50 20.24
10.001 to 10.500....................... 100 6,607,856.25 9.34
10.501 to 11.000....................... 159 11,218,936.93 15.85
11.001 to 11.500....................... 81 4,746,400.42 6.71
11.501 to 12.000....................... 67 3,485,456.87 4.92
12.001 to 12.500....................... 61 3,057,208.80 4.32
12.501 to 13.000....................... 48 2,273,494.19 3.21
13.001 to 13.500....................... 12 358,704.94 0.51
13.501 to 14.000....................... 8 231,735.34 0.33
>14.000 ............................... 2 75,080.38 0.11
----- -------------- ------
Total..................... 911 $70,772,591.44 100%
===== ============== ======
The weighted average Mortgage Rate is approximately 10.15%.
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date Scheduled Principal Balances
Percentage of
Mortgage Loans
Aggregate by Aggregate
Range of Number of Scheduled Scheduled
Scheduled Principal Balances ($) Mortgage Loans Principal Balance Principal Balance
- ---------------------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1 to 50,000.00............... 357 $11,840,036.12 16.73%
50,000.01 to 100,000.00............... 335 23,790,949.39 33.62
100,000.01 to 150,000.00............... 128 15,460,910.30 21.85
150,000.01 to 200,000.00............... 47 7,962,781.83 11.25
200,000.01 to 250,000.00............... 19 4,195,268.21 5.93
250,000.01 to 300,000.00............... 15 4,231,810.81 5.98
300,000.01 to 350,000.00............... 9 2,908,899.09 4.11
350,000.01 to 400,000.00............... 1 381,935.68 0.54
----- -------------- ------
Total 911 $70,772,591.44 100.00%
===== ============== ======
The average Cut-off Date Scheduled Principal Balance is approximately $77,686.71.
</TABLE>
