-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MY2mGEY315w6xEjkrUIJjmW4CC6tEicdriEihpulPk38GUsRvScyQTqT6QfgbDkm 0qGT/DtvdLgkz/0tu8AjaQ== 0001056404-99-000812.txt : 19991228 0001056404-99-000812.hdr.sgml : 19991228 ACCESSION NUMBER: 0001056404-99-000812 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19991227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STRUCTURED ASSET SEC CORP MORT PASS THRO CERT SERIES 1998-4 CENTRAL INDEX KEY: 0001060907 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 742440850 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 333-47499-01 FILM NUMBER: 99780563 BUSINESS ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA N A STREET 2: 11000 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 4108842000 MAIL ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA NA STREET 2: 11000 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 10-K/A 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K/A Amendment No.1 (Mark One) / x / ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 or / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 333-47499-01 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 1998-4 Trust (Exact name of registrant as specified in its charter) New York 52-2101512, 52-2101513 52-2101515, 52-2101514 (State or other jurisdiction (I.R.S. Employer of incorporation or Identification No.) organization) c/o Norwest Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, Maryland 21044 (Address of principal executive offices) (ZIP Code) Registrant's telephone number, including area code: (410) 884-2000 Securities to be registered pursuant to Section 12(b) of the Act: NONE Securities to be registered pursuant to Section 12(g) of the Act: NONE Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report on Form 10-K (the "Original Form 10-K") filed on March 26, 1999, on behalf of Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 1998-4 Trust established Trust Agreement among STRUCTURED ASSET SECURITIES CORPORATION, as Depositor, NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Master Servicer, and FIRST UNION NATIONAL BANK, as Trustee pursuant to which the Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 1998-4 Trust registered under the Securities Act of 1933 (the "Certificates") were issued. Item 14 of the Original Form 10-K is amended to read in its entirety as follows: Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K. (a) Exhibits (99.1) Annual Independent Accountants' Servicing Reports concerning servicing activities for the year ended December 31, 1998. a) AURORA LOAN SRVCS INC b) OCWEN FEDERAL BANK FSB c) OPTION ONE (99.2) Report of Management as to Compliance with Minimum Servicing Standards for the year ended December 31, 1998. a) AURORA LOAN SRVCS INC b) OCWEN FEDERAL BANK FSB c) OPTION ONE (99.3) Annual Statements of Compliance under the Pooling and Servicing Agreements for the year ended December 31, 1998. a) AURORA LOAN SRVCS INC b) OCWEN FEDERAL BANK FSB c) OPTION ONE (99.4) Aggregate Statement of Principal and Interest Distributions to Certificate Holders. (b) On October 7, 1998, November 9, 1998, and December 8, 1998, reports on Form 8-K were filed by the Company in order to provide the statements for the monthly distributions to holders of the Certificates. No other reports on Form 8-K have been filed during the last quarter of the period covered by this report. (c) Not applicable. (d) Omitted. Filed herewith. Such document (i) is not filed herewith since such document was not received by the reporting person at least three business days prior to the due date covered by this report: and (ii) will be included in an amendment to this report on Form 10-K/A to be filed within 30 days of the Reporting Person's receipt of such document. Previously filed. SIGNATURE Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized: Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 1998-4 Trust Signed: First Union National Bank, as Trustee By: Robert Ashbaugh, Vice President By: /s/ Robert Ashbaugh, Vice President Dated: December 15, 1999 Exhibits Exhibit No. 99.1 Annual Independent Accountants' Servicing Reports concerning servicing activities for the year ended December 31, 1998. a) AURORA LOAN SRVCS INC b) OCWEN FEDERAL BANK FSB c) OPTION ONE 99.2 Report of Management as to Compliance with Minimum Servicing Standards for the year ended December 31, 1998. a) AURORA LOAN SRVCS INC b) OCWEN FEDERAL BANK FSB c) OPTION ONE 99.3 Annual Statements of Compliance under the Pooling and Servicing Agreements for the year ended December 31, 1998. a) AURORA LOAN SRVCS INC b) OCWEN FEDERAL BANK FSB c) OPTION ONE 99.4 Aggregate Statement of Principal and Interest Distributions to Certificate Holders. Filed herewith. Such document (i) is not filed herewith since such document was not received by the reporting person at least three business days prior to the due date covered by this report: and (ii) will be included in an amendment to this report on Form 10-K/A to be filed within 30 days of the Reporting Person's receipt of such document. Previously filed. EX-99.1(A) 2 ANNUAL INDEPENDANT ACCOUNTANT'S SERVICING REPORT (LOGO) ERNST & YOUNG LLP Suite 4300 370- 17th Street Denver, Colorado 80202-5663 Phone: 303 534 4300 Fax: 303 434 6750 Report on Management's Assertion on Compliance with Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers Report of Independent Accountants Board of Directors Aurora Loan Services Inc. We have examined management's assertion, included in the accompanying report titled Report of Management, that Aurora Loan Services Inc. (the "Company") complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") during the year ended November 30, 1998. Management is responsible for the Company's compliance with those requirements. Our responsibility is to express an opinion on management's assertions about the Company's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with specified requirements. In our opinion, management's assertion that the Company complied with the aforementioned requirements during the year ended November 30, 1998, is fairly stated, in all material respects. ERNST & YOUNG LLP February 12,1999 EX-99.1(B) 3 ANNUAL INDEPENDANT ACCOUNTANT'S SERVICING REPORT (LOGO) PricewaterhouseCoopers LLP 200 East Las Olas Boulevard Suite 1700 Ft. Lauderdale FL 33301 Telephone (954) 764 7111 Facsimile (954) 525 4433 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS To the Board of Directors of Ocwen Federal Bank FSB We have examined management's assertion about Ocwen Federal Bank FSB's ("the Bank") compliance with the minimum servicing standards in the Mortgage Bankers Association of America's (MBA's) Uniform Single Attestation Program for Mortgage Bankers, with respect to certain mortgage loan pools for which the trustee is Norwest Bank Minnesota, National Association, as of and for the year ended December 31, 1998, included in the accompanying management assertion. Management is responsible for the Bank's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Bank's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Bank's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Bank's compliance with the minimum servicing standards. In our opinion, management's assertion that, except as indicated in the accompanying management assertion, the Bank has complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 1998 is fairly stated, in all material respects. PricewaterhouseCoopers LLP July 14, 1999 EX-99.1(C) 4 ANNUAL INDEPENDANT ACCOUNTANT'S SERVICING REPORT (LOGO) Report of Independent Accountants PriceWaterhouseCoopers LLP 400 South Hope Street Los Angeles CA Telephone (213)236 3000 To Option One Mortgage Corporation We have examined management's assertion about Option One Mortgage Corporation's compliance with the minimum servicing standards identified in the Mortgage Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended April 30, 1999 included in the accompanying management assertion. Management is responsible for Option One Mortgage Corp compliance with those minimum servicing standards. Our responsibility is to express and opinion on management's assertion about the entity's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis evidence about Option One Mortgage Corporation's compliance with the minimum standards performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Option One Mortgage Corporation's compliance with the minimum servicing standards. In our opinion, management's assertion that Option One Mortgage Corporation complied with the aforementioned minimum servicing standards as of and for the year ended April 30, 1999 is fairly stated, in all material respects. PriceWaterhouseCoopers LLP EX-99.2(B) 5 REPORT OF MANAGEMENT (LOGO) OCWEN MANAGEMENT ASSERTION ON COMPLIANCE WITH USAP July 14, 1999 As of and for the year ended December 31, 1998, with respect to certain mortgage loan pools for which the trustee is Norwest Bank Minnesota, National Association, except as specifically noted below, Ocwen Federal Bank FSB (the "Bank") has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's (MBA's) Uniform Single Attestation Program for Mortgage Bankers ("USAP"). * Standard: Custodial bank accounts and related bank clearing account reconciliations shall be prepared within 45 calendar days after the cuttoff date and documented reconciling items shall be resolved within 90 calendar days of their original identification. The Bank's 1998 custodial account reconciliations were not prepared within 45 days after the cutoff date. However, these reconciliations and all subsequent reconciliations have subsequently been prepared through April 30, 1999. In addition, certain reconciling items which arose during the year ended December 31, 1998 were not specifically identified and/or were not cleared within 90 days of identification. Management has developed an action plan and has continued to follow the action plan to resolve all outstanding reconciling items. All significant reconciling items have been isolated and reviewed by the Company, and the Company believes these items will not have a material impact on the status of any custodial accounts. *Standard: Each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor. During 1998, certain investor custodial accounts did not indicate that they were "in trust for" accounts in the account title. However, as of the date of this assertion, the accounts were changed to include "in trust for" in the account titles. *Standard: Mortgage payments shall be deposited into the custodial bank accounts and related bank clearing accounts within two business days of receipt. Mortgage payments were credited to the investors in the Bank's internal servicing records within two business days of receipt. However, certain mortgage payments were not deposited into investors' custodial bank accounts within two business days of receipt. *Standard: Escrow funds held in trust for a mortgagor shall be returned to the mortgagor within thirty (30) calendar days of payoff of the mortgage loan. During 1998, escrow funds held in trust for certain mortgagors were not returned to the mortgagor within thirty days of the payoff of their mortgage loan. However, these escrow funds were returned within the required number of days as required by the Real Estate Settlement Procedures Act. As of and for this same period, the Bank had in effect a fidelity bond in the amount of $15,000,000 and an errors and omissions policy in the amount of $10,000,000. Christine A. Reich President Scott W. Anderson Vice President of Residential Assets Scott A. Johnson Supervisor of Investor Reporting EX-99.3(A) 6 ANNUAL STATEMENT OF COMPLIANCE LOGO) AURORA LOAN INC NATIONAL SERVICING CENTER 601 Fifth Avenue o P.O. Box 1706 Scottsbluff, NE 69363-1706 Fax: 308-630-6700 VIA AIRBORNE March 23, 1999 Norwest Bank Minnesota, N.A. Attn: Kimberly J. Wiggins Contracts and Compliance 11000 Broken Land Parkway Columbia, MD 21044 Re: Officer's Certificate Dear Master Servicer: The undersigned Officer certifies the following for the 1998 fiscal year: 1. I have reviewed the activities and performance of the Servicer during the preceding fiscal year under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to the best of this Officer's knowledge, the Servicer has fulfilled all of its duties, responsibilities or obligations under these Agreements throughout such year, or if there has been a default or failure of the servicer to perform any of such duties, responsibilities or obligations, a description of each default or failure and the nature and status thereof has been reported to Norwest Bank Minnesota, N.A.; 2. I have confirmed that the Servicer is currently an approved FNMA or FHLMC servicer in good standing; 3. I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance Policy and any other bonds required under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide are in full force and effect; 4. All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if applicable) and Primary Mortgage Insurance Policy (if applicable), with respect to each Mortgaged Property, have been paid and that all such insurance policies are in full force and effect; 5. All real estate taxes, governmental assessments and any other expenses accrued and due, that if not paid could result in a lien or encumbrance on any Mortgaged Property, have been paid, or if any such costs or expenses have not been paid with respect to any Mortgaged Property, the reason for the non-payment has been reported to Norwest Bank Minnesota, N.A.; 6. All Custodial Accounts have been reconciled and are properly funded; and 7. All annual reports of Foreclosure and Abandonment of Mortgaged Property required per section 6050J and 6050P of the Internal Revenue Code, respectively, have been prepared and filed. Certified/By: Regina Lashley Vice President EX-99.3(B) 7 ANNUAL STATEMENT OF COMPLIANCE Scott W. Anderson Vice President/Residential Assets OCWEN (LOGO) July 19, 1999 Telephone 561-682-8913 Facsimile 561-682-8186 Norwest Bank Minnesota, National Associate Diane Tenhoopen 11000 Broken Land Parkway Columbia, Maryland 21044 RE: Officer Certification Ocwen 1997-OFS3 Ocwen 1998-OFS1 Ocwen 1998-OFS2 Ocwen 1998-OFS3 Ocwen 1998-OFS4 Equicon 94-1 Equicon 94-2 Equicon 95-1 Equicon 95-2 Access 96-1 Access 96-2 Access 96-3 Dear Ms. Tenhoopen: Pursuant to the applicable sections of the above Servicing Agreements, I Scott W. Anderson as officer of Ocwen Federal Bank FSB (the "Bank") confirm that a review of the activities of the Bank ended December 31, 1998 and of performance under the Servicing Agreements has been made under my supervision. To the best of my knowledge, based on such review, the Bank has fulfilled all of its obligations under the Servicing Agreement throughout the period, other than as noted in the Management Assertion on Compliance with USAP. Sincerely, Scott W. Anderson Vice President Residential Assets SWA/dls The Forum 1675 Palm Beach Lakes Boulevard, West Palm Beach. FL 33401 EX-99.3(C) 8 ANNUAL STATEMENT OF COMPLIANCE Standard & Poor's, a division of the McGraw Hill Companies 25 Broadway, 15th Floor New York, New York 10004 Attention: Residential Mortgage Group Fitch Investors Service LP One State Street Plaza 30th Floor New York, New York 10004 Attention: Beth Cronin Pursuant to Section 3.20 of the Pooling and Servicing Agreement, dated and effective as of January 1, 1999, (the "Agreement") among Financial Asset Securities Corporation, as Depositor, Option One Mortgage Corporation, as Seller and Servicer, and Norwest Bank Minnesota, National Association, as Trustee, I certify that: 1. A review of the activities of the Servicer during the fiscal year ended April 30, 1999, and of performance under the aforementioned agreement has been made under my supervision. 2. To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Agreement during the fiscal year ended April 30, 1999, subject to any matters noted in the servicing report provided under Section 3.21 of the Agreement. William L. O'Neill Senior Vice President \ Chief Financial Officer Option One Mortgage Corporation -----END PRIVACY-ENHANCED MESSAGE-----