Registration No. 333-31252
Rule 424(b)(3)
Supplement to Prospectus Supplement Dated April 27, 1998
Structured Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1998-4
Norwest Bank Minnesota, National Association,
Master Servicer
On April 30, 1998, Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1998-4, Class A-1, A-2, M-1, M-2 and B (the
"Offered Certificates") were issued in an approximate original aggregate
principal amount of $744,099,000. 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 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-49 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%
----------
(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 Rate" and
"Cut-Off Date Scheduled Principal Balances" under the heading "Description of
the Mortgage Pools" on pages S-34 and S-38, 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 Rate (1)
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>
<=7.000 ............... 2 $ 251,980.79 0.09%
7.001 to 7.500............... 14 2,205,778.50 0.78
7.501 to 8.000............... 60 8,318,765.05 2.96
8.001 to 8.500............... 172 24,582,216.03 8.73
8.501 to 9.000............... 300 37,391,484.79 13.29
9.001 to 9.500............... 351 40,963,758.76 14.56
9.501 to 10.000............... 428 43,962,188.74 15.62
10.001 to 10.500............... 309 28,253,121.79 10.04
10.501 to 11.000............... 289 26,300,194.41 9.35
11.001 to 11.500............... 194 17,330,928.06 6.16
11.501 to 12.000............... 216 20,540,340.25 7.30
12.001 to 12.500............... 186 18,091,558.87 6.43
12.501 to 13.000............... 106 10,080,704.52 3.58
13.001 to 13.500............... 27 2,012,416.60 0.72
13.501 to 14.000............... 13 791,037.74 0.28
>14.000 ............... 5 353,912.24 0.13
----- --------------- ------
Total..................... 2,672 $281,430,387.15 100.00%
===== =============== ======
- ---------
(1) Reflects current Mortgage Rates of Adjustable Rate Mortgage Loans.
</TABLE>
The weighted average Mortgage Rate is approximately 10.12% per annum.
<PAGE>
<TABLE>
<CAPTION>
Cut-Off Date Scheduled Principal Balances
Percentage of
Mortgage Loans
Aggregate by Aggregate
Range of Number1 of Scheduled Scheduled
Scheduled Principal Balances ($) Mortgage Loans Principal Balance Principal Balance
- ---------------------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1 to 50,000.00............... 521 $ 19,139,792.45 6.80%
50,000.01 to 100,000.00............... 1052 77,414,130.28 27.51
100,000.01 to 150,000.00............... 622 75,893,197.85 26.97
150,000.01 to 200,000.00............... 234 40,366,229.87 14.34
200,000.01 to 250,000.00............... 132 29,501,763.08 10.48
250,000.01 to 300,000.00............... 44 12,029,751.74 4.27
300,000.01 to 350,000.00............... 34 11,211,566.08 3.98
350,000.01 to 400,000.00............... 10 3,765,915.19 1.34
400,000.01 to 450,000.00............... 6 2,570,386.61 0.91
450,000.01 to 500,000.00............... 8 3,806,052.42 1.35
Greater than 500,000.00............... 9 5,731,601.56 2.04
----- --------------- ------
Total 2,672 $281,430,387.15 100.00%
===== =============== ======
</TABLE>
The average Cut-off Date Scheduled Principal Balance
is approximately $105,325.74.
