-----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, GZmbGpJkjiTCgFcY0UwgYVzTqRkt7ctm0i2tVR2jE8uCN3YygdIqD8qDrOfBOVTK T3aNjNqkeASxOOsOun9KdQ== 0001056404-02-001237.txt : 20021003 0001056404-02-001237.hdr.sgml : 20021003 20021003132941 ACCESSION NUMBER: 0001056404-02-001237 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020926 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021003 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STRUCTURED ASSET SEC CORP PASS THR CERT SER 2002 BC3 CENTRAL INDEX KEY: 0001174614 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-82904-09 FILM NUMBER: 02780728 BUSINESS ADDRESS: STREET 1: 3 WORLD FINANCIAL CENTER CITY: NEW YORK STATE: NY ZIP: 10285 8-K 1 arc02bc3.txt SEPTEMBER 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 25, 2002 AMORTIZING RESIDENTIAL COLLATERAL TRUST Mortgage Pass-Through Certificates, Series 2002-BC3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-82904-09 Pooling and Servicing Agreement) (Commission (State or other File Number) Pending jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On September 25, 2002 a distribution was made to holders of AMORTIZING RESIDENTIAL COLLATERAL TRUST, Mortgage Pass-Through Certificates, Series 2002-BC3 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-BC3 Trust, relating to the September 25, 2002 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMORTIZING RESIDENTIAL COLLATERAL TRUST Mortgage Pass-Through Certificates, Series 2002-BC3 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 9/25/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-BC3 Trust, relating to the September 25, 2002 distribution. EX-99.1
Amortizing Residential Collateral Mortgage Trus Mortgage Pass-Through Certificates Record Date: 8/31/02 Distribution Date: 9/25/02 ARC Series: 2002-BC3 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A 86358RN60 SEN 2.14000% 698,365,395.42 1,245,418.27 9,606,117.49 AIO 86358RN78 SEN 6.00000% 0.00 1,307,843.65 0.00 M1 86358RN94 SUB 2.51000% 23,779,000.00 49,737.74 0.00 M2 86358RP27 SUB 2.91000% 23,779,000.00 57,664.07 0.00 B-1 86358RN86 SUB 3.61000% 19,815,000.00 59,610.12 0.00 B-2 86358RN52 SUB 7.00000% 42,411,685.31 247,401.49 2,072,615.20 X ARC02BC3X SEN 0.00000% 1,982,533.00 0.00 0.00 R-I ARC02B3R1 RES 0.00000% 0.00 0.00 0.00 R-II ARC02B3R2 RES 0.00000% 0.00 0.00 0.00 R-III ARC02B3R3 RES 0.00000% 0.00 0.00 0.00 Totals 810,132,613.73 2,967,675.34 11,678,732.69
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 688,759,277.93 10,851,535.76 0.00 AIO 0.00 0.00 1,307,843.65 0.00 M1 0.00 23,779,000.00 49,737.74 0.00 M2 0.00 23,779,000.00 57,664.07 0.00 B-1 0.00 19,815,000.00 59,610.12 0.00 B-2 0.00 40,339,070.10 2,320,016.69 0.00 X 0.00 1,982,533.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 Totals 0.00 798,453,881.03 14,646,408.03 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A 723,277,000.00 698,365,395.42 0.00 9,606,117.49 0.00 0.00 AIO 0.00 0.00 0.00 0.00 0.00 0.00 M1 23,779,000.00 23,779,000.00 0.00 0.00 0.00 0.00 M2 23,779,000.00 23,779,000.00 0.00 0.00 0.00 0.00 B-1 19,815,000.00 19,815,000.00 0.00 0.00 0.00 0.00 B-2 47,665,000.00 42,411,685.31 0.00 2,072,615.20 0.00 0.00 X 1,982,533.00 1,982,533.00 0.00 0.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 0.00 Totals 840,297,533.00 810,132,613.73 0.00 11,678,732.69 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A 9,606,117.49 688,759,277.93 0.95227593 9,606,117.49 AIO 0.00 0.00 0.00000000 0.00 M1 0.00 23,779,000.00 1.00000000 0.00 M2 0.00 23,779,000.00 1.00000000 0.00 B-1 0.00 19,815,000.00 1.00000000 0.00 B-2 2,072,615.20 40,339,070.10 0.84630379 2,072,615.20 X 0.00 1,982,533.00 1.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 Totals 11,678,732.69 798,453,881.03 0.95020377 11,678,732.69
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 723,277,000.00 965.55731127 0.00000000 13.28138112 0.00000000 AIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 23,779,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 23,779,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 19,815,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 47,665,000.00 889.78674730 0.00000000 43.48295815 0.00000000 X 1,982,533.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 13.28138112 952.27593015 0.95227593 13.28138112 AIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 43.48295815 846.30378894 0.84630379 43.48295815 X 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A 723,277,000.00 2.14000% 698,365,395.42 1,245,418.29 0.00 0.00 AIO 0.00 6.00000% 261,568,735.00 1,307,843.68 0.00 0.00 M1 23,779,000.00 2.51000% 23,779,000.00 49,737.74 0.00 0.00 M2 23,779,000.00 2.91000% 23,779,000.00 57,664.07 0.00 0.00 B-1 19,815,000.00 3.61000% 19,815,000.00 59,610.13 0.00 0.00 B-2 47,665,000.00 7.00000% 42,411,685.31 247,401.50 0.00 0.00 X 1,982,533.00 0.00000% 1,982,533.00 0.00 0.00 0.00 R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 R-III 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 840,297,533.00 2,967,675.41 0.00 0.00
Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A 0.02 0.00 1,245,418.27 0.00 688,759,277.93 AIO 0.02 0.00 1,307,843.65 0.00 261,568,735.00 M1 0.00 0.00 49,737.74 0.00 23,779,000.00 M2 0.00 0.00 57,664.07 0.00 23,779,000.00 B-1 0.00 0.00 59,610.12 0.00 19,815,000.00 B-2 0.00 0.00 247,401.49 0.00 40,339,070.10 X 0.00 0.00 0.00 0.00 1,982,533.00 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 Totals 0.04 0.00 2,967,675.34 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A 723,277,000.00 2.14000% 965.55731127 1.72191054 0.00000000 0.00000000 AIO 0.00 6.00000% 1000.00000000 5.00000002 0.00000000 0.00000000 M1 23,779,000.00 2.51000% 1000.00000000 2.09166660 0.00000000 0.00000000 M2 23,779,000.00 2.91000% 1000.00000000 2.42499979 0.00000000 0.00000000 B-1 19,815,000.00 3.61000% 1000.00000000 3.00833359 0.00000000 0.00000000 B-2 47,665,000.00 7.00000% 889.78674730 5.19042274 0.00000000 0.00000000 X 1,982,533.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination
Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A 0.00000003 0.00000000 1.72191051 0.00000000 952.27593015 AIO 0.00000008 0.00000000 4.99999990 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.09166660 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.42499979 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 3.00833308 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 5.19042253 0.00000000 846.30378894 X 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 15,136,512.34 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 177,237.93 Realized Losses 0.00 Prepayment Penalties 205,963.63 Total Deposits 15,519,713.90 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 873,305.87 Payment of Interest and Principal 14,646,408.03 Total Withdrawals (Pool Distribution Amount) 15,519,713.90 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 860,510.56 Credit Risk Manager Fee 9,596.51 Securities Administrator Fee 3,198.80 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 873,305.87
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Class B-2 Reserve Fund 776,218.63 34,014.14 0.00 742,204.49 Basis Risk Reserve Fund 1,000.00 0.00 0.00 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 17 0 0 17 1,992,707.38 0.00 0.00 1,992,707.38 30 Days 88 0 0 0 88 13,437,485.42 0.00 0.00 0.00 13,437,485.42 60 Days 28 0 17 0 45 3,681,417.01 0.00 1,919,874.80 0.00 5,601,291.81 90 Days 11 0 7 0 18 2,555,574.57 0.00 1,418,337.28 0.00 3,973,911.85 120 Days 0 0 1 0 1 0.00 0.00 83,965.70 0.00 83,965.70 150 Days 2 0 5 0 7 89,430.61 0.00 296,974.23 0.00 386,404.84 180+ Days 0 1 0 1 2 0.00 53,327.12 0.00 83,650.98 136,978.10 Totals 129 18 30 1 178 19,763,907.61 2,046,034.50 3,719,152.01 83,650.98 25,612,745.10 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.314524% 0.000000% 0.000000% 0.314524% 0.262690% 0.000000% 0.000000% 0.262690% 30 Days 1.628122% 0.000000% 0.000000% 0.000000% 1.628122% 1.771407% 0.000000% 0.000000% 0.000000% 1.771407% 60 Days 0.518039% 0.000000% 0.314524% 0.000000% 0.832562% 0.485306% 0.000000% 0.253089% 0.000000% 0.738395% 90 Days 0.203515% 0.000000% 0.129510% 0.000000% 0.333025% 0.336891% 0.000000% 0.186973% 0.000000% 0.523864% 120 Days 0.000000% 0.000000% 0.018501% 0.000000% 0.018501% 0.000000% 0.000000% 0.011069% 0.000000% 0.011069% 150 Days 0.037003% 0.000000% 0.092507% 0.000000% 0.129510% 0.011789% 0.000000% 0.039149% 0.000000% 0.050938% 180+ Days 0.000000% 0.018501% 0.000000% 0.018501% 0.037003% 0.000000% 0.007030% 0.000000% 0.011027% 0.018057% Totals 2.386679% 0.333025% 0.555042% 0.018501% 3.293247% 2.605393% 0.269720% 0.490280% 0.011027% 3.376420%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 177,237.93
COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 8.868252% Weighted Average Net Coupon 7.523215% Weighted Average Pass-Through Rate 7.518215% Weighted Average Maturity(Stepdown Calculation ) 338 Beginning Scheduled Collateral Loan Count 5,472 Number Of Loans Paid In Full 67 Ending Scheduled Collateral Loan Count 5,405 Beginning Scheduled Collateral Balance 767,720,928.42 Ending Scheduled Collateral Balance 758,114,810.93 Ending Actual Collateral Balance at 31-Aug-2002 758,576,931.20 Monthly P &I Constant 6,198,706.47 Special Servicing Fee 0.00 Prepayment Penalties 205,963.63 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 758,114,810.93 Scheduled Principal 525,087.72 Unscheduled Principal 9,081,029.77 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,982,533.00 Overcollateralized Amount 1,982,533.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 2,080,038.93
Miscellaneous Reporting LIBOR Rate Used 1.81000
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