Registration No. 333-31252
Rule 424(b)(3)
Supplement to Prospectus Supplement Dated August 27, 1999
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1999-ALS3
Aurora Loan Services Inc.,
Master Servicer
On August 30, 1999, Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1999-ALS3, Class 1-CB, 1-PO, 2-NC, 2-PO, B1,
B2, B3 and R (the "Offered Certificates") were issued in an approximate
original aggregate principal amount of $247,020,788. The Offered Certificates
represented beneficial interests in a trust fund consisting primarily of two
pools of fixed 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, Aurora Loan Services Inc., as master
servicer, and U.S. Bank National Association, as trustee. Lehman Brothers
Inc., the underwriter, is an affiliate of the depositor and of Aurora Loan
Services Inc., the master servicer.
This supplement to the above-referenced Prospectus Supplement and the
related prospectus dated January 15, 1999 (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
The table set forth under the heading The Master Servicer on page
S-46 of the Prospectus Supplement is hereby updated, in its entirety, as
follows:
Delinquencies and Foreclosures
(Dollars in Millions)
<TABLE>
<CAPTION>
<S> <C>
As of December 31,
1999(3)
-------
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%
----------
(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 -
Pool 1," "Cut-off Date Scheduled Principal Balances - Pool 1," "Mortgage Rates
- - Pool 2" and "Cut-off Date Scheduled Principal Balances - Pool 2" under the
heading "Description of the Mortgage Pools" on pages S-34, S-36, S-39 and
S-40, 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.:
Mortgage Rates - Pool 1
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Aggregate Percent of Mortgage
Scheduled Loans by Aggregate
Range of Number of Principal Scheduled Principal
Mortgage Rates (%) Mortgage Loans Balance Balance
- ------------------------------- -------------- ------------ -------------------
7.001 to 7.500 1 $308,318.01 46.35%
8.001 to 8.500 1 $356,866.33 53.65%
-------------- ------------ -------------------
Total............ 2 $665,184.34 100.00%
============== ============ ===================
The weighted average Mortgage Rate is approximately 7.84% per annum.
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date Scheduled Principal Balances - Pool 1
<S> <C> <C> <C>
Aggregate Percent of Mortgage
Scheduled Loans by Aggregate
Range of Number of Principal Scheduled Principal
Scheduled Principal Balances Mortgage Loans Balance Balance
- ---------------------------------- -------------- ------------ -------------------
300,000.01 to 350,000.00........ 1 $308,318.01 46.35%
350,000.01 to 400,000.00........ 1 $356,866.33 53.65%
-------------- ------------ -------------------
Total.............. 2 $665,184.34 100.00%
============== ============ ===================
The average Cut-off Date Scheduled Principal Balance is approximately $332,592.17.
</TABLE>
<TABLE>
<CAPTION>
Mortgage Rates - Pool 2
<S> <C> <C> <C>
Aggregate Percent of Mortgage
Scheduled Loans by Aggregate
Range of Principal Scheduled Principal
Mortgage Rates (%) Number of Mortgage Loans Balance Balance
- ---------------------------------- ------------------------ -------------- --------------------
7.001 to 7.500 12 $3,763,159.29 13.50%
7.501 to 8.000 21 $12,116,399.21 43.47%
8.001 to 8.500 23 $5,763,349.54 20.67%
8.501 to 9.000 9 $6,233,174.57 22.36%
------------------------ -------------- --------------------
Total.............. 65 $27,876,082.61 100.00%
======================== ============== ====================
The weighted average Mortgage Rate is approximately 8.06% per annum.
</TABLE>
<TABLE>
<CAPTION>
Cut-off Date Scheduled Principal Balances - Pool 2
<S> <C> <C> <C>
Aggregate Percentage of
Scheduled Mortgage Loans by
Range of Number of Principal Aggregate Principal
Scheduled Principal Balances ($) Mortgage Loans Balance Balance
- ------------------------------------------- -------------- -------------- -------------------
50,000.01 to 100,000.00............... 15 $1,388,400.03 4.98%
100,000.01 to 150,000.00............... 3 $382,000.00 1.37%
150,000.01 to 200,000.00............... 4 $738,267.29 2.65%
200,000.01 to 250,000.00............... 3 $723,664.54 2.60%
250,000.01 to 300,000.00............... 9 $2,507,920.46 9.00%
300,000.01 to 350,000.00............... 2 $628,485.00 2.25%
350,000.01 to 400,000.00............... 4 $1,502,475.01 5.39%
400,000.01 to 450,000.00............... 3 $1,238,119.09 4.44%
450,000.01 to 500,000.00............... 4 $1,889,650.00 6.78%
>500,000.00................................ 18 $16,877,101.19 60.54%
-------------- -------------- -------------------
Total............... 65 $27,876,082.61 100.00%
============== ============== ===================
The average Cut-off Date Scheduled Principal Balance is approximately $428,862.81.
</TABLE>
