-----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, MXcWh2CD7wbnNPuXnABchL28zvVwBdUOmuZ+TOu8HF7sJM1otQX9DGu9WY37i06n pkISy651JkF0oEz5AOOfNw== 0001056404-03-000114.txt : 20030114 0001056404-03-000114.hdr.sgml : 20030114 20030109132209 ACCESSION NUMBER: 0001056404-03-000114 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021226 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030109 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: 03508872 BUSINESS ADDRESS: STREET 1: 3 WORLD FINANCIAL CENTER CITY: NEW YORK STATE: NY ZIP: 10285 8-K 1 arc02bc3.txt DECEMBER 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): December 26, 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 Pending (State or other File Number) IRS EIN jurisdiction 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 December 26, 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 December 26, 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: 12/31/02 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 December 26, 2002 distribution. EX-99.1
Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates Record Date: 11/30/02 Distribution Date: 12/26/02 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 1.71000% 664,229,336.14 978,077.69 14,312,443.10 AIO 86358RN78 SEN 6.00000% 0.00 1,070,053.91 0.00 M1 86358RN94 SUB 2.08000% 23,779,000.00 42,590.83 0.00 M2 86358RP27 SUB 2.48000% 23,779,000.00 50,781.38 0.00 B-1 86358RN86 SUB 3.18000% 19,815,000.00 54,260.07 0.00 B-2 86358RN52 SUB 7.00000% 36,392,163.91 212,287.62 2,534,614.49 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 769,977,033.05 2,408,051.50 16,847,057.59
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 649,916,893.04 15,290,520.79 0.00 AIO 0.00 0.00 1,070,053.91 0.00 M1 0.00 23,779,000.00 42,590.83 0.00 M2 0.00 23,779,000.00 50,781.38 0.00 B-1 0.00 19,815,000.00 54,260.07 0.00 B-2 0.00 33,857,549.42 2,746,902.11 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 0.00 753,129,975.46 19,255,109.09 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 723,277,000.00 664,229,336.14 0.00 14,312,443.10 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 36,392,163.91 0.00 2,534,614.49 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 840,297,533.00 769,977,033.05 0.00 16,847,057.59 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 14,312,443.10 649,916,893.04 0.89857260 14,312,443.10 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 2,534,614.49 33,857,549.42 0.71032308 2,534,614.49 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 16,847,057.59 753,129,975.46 0.89626584 16,847,057.59
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 723,277,000.00 918.36092692 0.00000000 19.78832881 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 47,665,000.00 763.49866590 0.00000000 53.17558985 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 19.78832881 898.57259811 0.89857260 19.78832881 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 53.17558985 710.32307605 0.71032308 53.17558985 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 1.71000% 664,229,336.14 978,077.70 0.00 0.00 AIO 0.00 6.00000% 214,010,783.00 1,070,053.92 0.00 0.00 M1 23,779,000.00 2.08000% 23,779,000.00 42,590.83 0.00 0.00 M2 23,779,000.00 2.48000% 23,779,000.00 50,781.38 0.00 0.00 B-1 19,815,000.00 3.18000% 19,815,000.00 54,260.07 0.00 0.00 B-2 47,665,000.00 7.00000% 36,392,163.91 212,287.62 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 2,408,051.52 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 0.00 0.00 978,077.69 0.00 649,916,893.04 AIO 0.00 0.00 1,070,053.91 0.00 214,010,783.00 M1 0.00 0.00 42,590.83 0.00 23,779,000.00 M2 0.00 0.00 50,781.38 0.00 23,779,000.00 B-1 0.00 0.00 54,260.07 0.00 19,815,000.00 B-2 0.00 0.00 212,287.62 0.00 33,857,549.42 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 0.00 0.00 2,408,051.50 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 1.71000% 918.36092692 1.35228647 0.00000000 0.00000000 AIO 0.00 6.00000% 818.18181749 4.09090911 0.00000000 0.00000000 M1 23,779,000.00 2.08000% 1000.00000000 1.79111106 0.00000000 0.00000000 M2 23,779,000.00 2.48000% 1000.00000000 2.13555574 0.00000000 0.00000000 B-1 19,815,000.00 3.18000% 1000.00000000 2.73833308 0.00000000 0.00000000 B-2 47,665,000.00 7.00000% 763.49866590 4.45374216 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 0.00000000 0.00000000 1.35228645 0.00000000 898.57259811 AIO 0.00000000 0.00000000 4.09090907 0.00000000 818.18181749 M1 0.00000000 0.00000000 1.79111106 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.13555574 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 2.73833308 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 4.45374216 0.00000000 710.32307605 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 19,088,265.05 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 667,593.68 Realized Losses 0.00 Prepayment Penalties 335,686.69 Total Deposits 20,091,545.42 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 836,436.33 Payment of Interest and Principal 19,255,109.09 Total Withdrawals (Pool Distribution Amount) 20,091,545.42 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 824,209.95 Credit Risk Manager Fee 9,169.81 Securities Administrator Fee 3,056.57 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 836,436.33
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Class B-2 Reserve Fund 671,444.01 34,581.14 0.00 636,862.87 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 8 0 0 8 793,621.25 0.00 0.00 793,621.25 30 Days 110 1 0 0 111 10,921,356.12 52,066.38 0.00 0.00 10,973,422.50 60 Days 19 1 23 0 43 2,109,498.87 118,528.59 4,218,045.19 0.00 6,446,072.65 90 Days 7 2 22 0 31 1,297,802.53 391,578.08 2,467,223.38 0.00 4,156,603.99 120 Days 1 3 26 5 35 90,911.85 268,743.45 5,137,664.02 515,571.14 6,012,890.46 150 Days 3 3 20 2 28 125,683.45 607,174.15 2,745,794.11 243,795.73 3,722,447.44 180+ Days 2 4 11 2 19 89,430.61 250,122.81 2,557,033.91 528,000.00 3,424,587.33 Totals 142 22 102 9 275 14,634,683.43 2,481,834.71 17,125,760.61 1,287,366.87 35,529,645.62 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 0.155642% 0.000000% 0.000000% 0.155642% 0.110256% 0.000000% 0.000000% 0.110256% 30 Days 2.140078% 0.019455% 0.000000% 0.000000% 2.159533% 1.517279% 0.007233% 0.000000% 0.000000% 1.524512% 60 Days 0.369650% 0.019455% 0.447471% 0.000000% 0.836576% 0.293068% 0.016467% 0.586003% 0.000000% 0.895538% 90 Days 0.136187% 0.038911% 0.428016% 0.000000% 0.603113% 0.180301% 0.054401% 0.342766% 0.000000% 0.577467% 120 Days 0.019455% 0.058366% 0.505837% 0.097276% 0.680934% 0.012630% 0.037336% 0.713764% 0.071627% 0.835357% 150 Days 0.058366% 0.058366% 0.389105% 0.038911% 0.544747% 0.017461% 0.084353% 0.381467% 0.033870% 0.517151% 180+ Days 0.038911% 0.077821% 0.214008% 0.038911% 0.369650% 0.012424% 0.034749% 0.355243% 0.073354% 0.475770% Totals 2.762646% 0.428016% 1.984436% 0.175097% 5.350195% 2.033163% 0.344796% 2.379243% 0.178851% 4.936052%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 667,593.68
COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 8.847785% Weighted Average Net Coupon 7.499541% Weighted Average Pass-Through Rate 7.494541% Weighted Average Maturity(Stepdown Calculation ) 335 Beginning Scheduled Collateral Loan Count 5,226 Number Of Loans Paid In Full 86 Ending Scheduled Collateral Loan Count 5,140 Beginning Scheduled Collateral Balance 733,584,869.14 Ending Scheduled Collateral Balance 719,272,426.04 Ending Actual Collateral Balance at 30-Nov-2002 719,798,815.24 Monthly P &I Constant 5,926,111.40 Special Servicing Fee 0.00 Prepayment Penalties 335,686.69 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 719,272,426.04 Scheduled Principal 517,276.90 Unscheduled Principal 13,795,166.20 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 2,376,634.29
Miscellaneous Reporting LIBOR Rate Used 0.000000%
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