EX-99 6 ex99-3.txt EXHIBIT 99.3 Exhibit 99.3 December 1, 2004 Colonial Savings, F.A. 2626 West Freeway Fort Worth, Texas 76702 Attention: F. Allen Maulsby Reference is made to that certain Correspondent Servicing Agreement, dated as of June 26, 2002 (the "Servicing Agreement") annexed as Exhibit C, by and between the Colonial Savings, F.A. (the "Servicer"), Lehman Brothers Bank, FSB (the "Bank") and Aurora Loan Services Inc. (the "Master Servicer"). This notice constitutes a "Transfer Notice" as contemplated by Section 7.01 of the Servicing Agreement. Capitalized terms used herein without definition and defined in the Servicing Agreement are used herein as defined therein. Reference is also made to that certain Assignment and Assumption Agreement, dated as of December 1, 2004 (the "Assignment") annexed as Exhibit A, by and between the Bank and Lehman Brothers Holdings Inc. (the "Owner") pursuant to which the Owner acquired from the Bank all of the Bank's right, title and interest in and to certain of the Mortgage Loans currently serviced under the Servicing Agreement and assumed for the benefit of the Servicer and the Bank the rights and obligations of the Bank as owner of such Mortgage Loans pursuant to the Servicing Agreement. Exhibits D-1 and D-2 hereto shall supercede Exhibits C-1 and C-2 to the Servicing Agreement. The Servicer is hereby notified that the Owner has effected a Reconstitution with respect to the mortgage loans listed on the attached schedule (the "Mortgage Loans"). The Servicer is hereby advised of the following with respect to such Reconstitution and the related Mortgage Loans: EFFECTIVE DATE OF RECONSTITUTION: December 1, 2004 CUT-OFF DATE: December 1, 2004 NEW OWNER: Wells Fargo Bank, National Association, as trustee for the Structured Asset Securities Corporation, Series 2004-20 Certificateholders MASTER SERVICER: Aurora Loan Services Inc. The Servicer is also hereby advised that a REMIC election has been made with respect to the Mortgage Loans subject to the Reconstitution. By countersigning this notice and returning it to the Master Servicer named above, the Servicer hereby acknowledges and agrees that, from and after the Effective Date, the Servicer shall service the Mortgage Loans in accordance with the terms of the Servicing Agreement for the benefit of the New Owner named above, as the Owner of the Mortgage Loans. From and after the Effective Date, the New Owner named above shall have the same rights under the Servicing Agreement as the Initial Owner named therein with respect to the Mortgage Loans. 1 In addition to the terms and conditions set forth in the Servicing Agreement, the Servicer hereby acknowledges and agrees that on or before the last day of February of each year, beginning with February 28, 2005, the Servicer, at its own expense, will deliver to the Owner and the Master Servicer a Servicing Officer's certificate stating, as to each signer thereof, that (i) a review of the activities of the Servicer during such preceding fiscal year and of performance under this Agreement has been made under such officers' supervision and (ii) to the best of such officers' knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement for such year, or, if there has been a default in the fulfillment of all such obligations, specifying each such default known to such officer and the nature and status thereof including the steps being taken by the Servicer to remedy such default. For so long as a certificate under the Sarbanes-Oxley Act of 2002, as amended, ("Sarbanes-Oxley") is required to be given on behalf of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-20 (the "Trust Fund,") no later than March 15th of each year (or if not a Business Day, the immediately preceding Business Day), or at any other time that the Master Servicer, Structured Asset Securities Corporation (the "Depositor") or Wells Fargo Bank, National Association (the "Trustee") provides a certification pursuant to Sarbanes-Oxley and upon thirty (30) days written request of such parties, an officer of the Servicer shall execute and deliver an Officer's Certificate to the Master Servicer, the Trustee and the Depositor for the benefit of the Trust Fund and the Master Servicer, the Trustee and the Depositor and their officers, directors and affiliates, in the form of Exhibit B hereto. [SIGNATURE PAGE IMMEDIATELY FOLLOWS] 2 LEHMAN BROTHERS HOLDINGS INC., as Owner By: ------------------------------------ Name: Ellen Kiernan Title: Authorized Signatory Acknowledged by: COLONIAL SAVINGS, F.A., as Servicer By: -------------------------- Name: Title: EXHIBIT A Assignment Agreement INTENTIONALLY OMITTED A-1 EXHIBIT B Structured Asset Securities Corporation 745 Seventh Avenue, 7th Floor New York, New York 10019 Aurora Loan Services Inc. 327 Inverness Drive South Englewood, CO 80112 Mail Stop Code - 3195 Re: Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-20 Reference is made to the Transfer Notice, dated as of December 1, 2004 (the "Notice"), by and among Lehman Brothers Holdings Inc., as owner and Colonial Savings, F.A., as servicer (the "Servicer"). I, [identify the certifying individual], a [title] of the Servicer, hereby certify to Wells Fargo Bank, National Association, as trustee (the "Trustee"), Aurora Loan Services Inc., as master servicer (the "Master Servicer") and Structured Asset Securities Corporation, as depositor (the "Depositor"), and their respective officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that: 1. I have reviewed the information required to be delivered to the Master Servicer pursuant to the Servicing Agreement (the "Servicing Information"); 2. Based on my knowledge, the Servicing Information does not contain any material untrue information or omit to state information necessary to make the Servicing Information, in light of the circumstances under which such information was provided, not misleading as of the date of this certification; 3. Based on my knowledge, the Servicing Information has been provided to the Master Servicer when and as required under the Servicing Agreement; 4. I am responsible for reviewing the activities performed by the Servicer under the Servicing Agreement, and based upon the review required thereunder, and except as disclosed in writing to you on or prior to the date of this certification ( a copy of which disclosure is attached hereto), the Servicer has, as of the date of this certification, fulfilled its obligations under this Servicing Agreement; and 5. I have disclosed to the accountants conducting the annual review required under Section 6.05 of the Servicing Agreement all significant deficiencies relating to the Servicer's compliance with the Servicing Agreement. COLONIAL SAVINGS, F.A. Name: ---------------------------- B-1 Title: ---------------------------- Date: ---------------------------- B-2 EXHIBIT C Servicing Agreement SEE EXHIBIT 99.6 C-1 EXHIBIT D-1 FORM OF MONTHLY REMITTANCE ADVICE
FIELD NAME DESCRIPTION FORMAT ---------------- -------------------------------------------------------------- --------------------- INVNUM INVESTOR LOAN NUMBER Number no decimals SERVNUM SERVICER LOAN NUMBER, REQUIRED Number no decimals BEGSCHEDBAL BEGINNING SCHEDULED BALANCE FOR SCHED/SCHED Number two decimals BEGINNING TRAIL BALANCE FOR ACTUAL/ACTUAL, REQUIRED SCHEDPRIN SCHEDULED PRINCIPAL AMOUNT FOR SCHEDULED/SCHEDULED Number two decimals ACTUAL PRINCIPAL COLLECTED FOR ACTUAL/ACTUAL, REQUIRED, .00 IF NO COLLECTIONS CURT1 CURTAILMENT 1 AMOUNT, .00 IF NOT APPLICABLE Number two decimals CURT1DATE CURTAILMENT 1 DATE, BLANK IF NOT APPLICABLE DD-MMM-YY CURT1ADJ CURTAILMENT 1 ADJUSTMENT, .00 IF NOT APPLICABLE Number two decimals CURT2 CURTAILMENT 2 AMOUNT, .00 IF NOT APPLICABLE Number two decimals CURT2DATE CURTAILMENT 2 DATE, BLANK IF NOT APPLICABLE DD-MMM-YY CURT2ADJ CURTAILMENT 2 ADJUSTMENT, .00 IF NOT APPLICABLE Number two decimals LIQPRIN PAYOFF, LIQUIDATION PRINCIPAL, .00 IF NOT APPLICABLE Number two decimals OTHPRIN OTHER PRINCIPAL, .00 IF NOT APPLICABLE Number two decimals PRINREMIT TOTAL PRINCIPAL REMITTANCE AMOUNT, .00 IF NOT APPLICABLE Number two decimals INTREMIT NET INTEREST REMIT, INCLUDE PAYOFF INTEREST, Number two decimals .00 IF NOT APPLICABLE TOTREMIT TOTAL REMITTANCE AMOUNT, .00 IF NOT APPLICABLE Number two decimals ENDSCHEDBAL ENDING SCHEDULED BALANCE FOR SCHEDULED/SCHEDULED Number two decimals ENDING TRIAL BALANCE FOR ACTUAL/ACTUAL .00 IF PAIDOFF, LIQUIDATED OR FULL CHARGEOFF ENDACTBAL ENDING TRIAL BALANCE Number two decimals .00 IF PAIDOFF, LIQUIDATED OR FULL CHARGEOFF ENDDUEDATE ENDING ACTUAL DUE DATE, NOT LAST PAID INSTALLMENT DD-MMM-YY ACTCODE 60 IF PAIDOFF, BLANK IF NOT APPLICABLE Number no decimals ACTDATE ACTUAL PAYOFF DATE, BLANK IF NOT APPLICABLE DD-MMM-YY INTRATE INTEREST RATE, REQUIRED Number seven decimals Example .0700000 for 7.00% SFRATE SERVICE FEE RATE, REQUIRED Number seven decimals
D-1-1 PTRATE PASS THRU RATE, REQUIRED Example .0025000 for .25% Number seven decimals PIPMT P&I CONSTANT, REQUIRED Example .0675000 for 6.75% Number two decimals .00 IF PAIDOFF
D-1-2 EXHIBIT D-2 STANDARD LAYOUT FOR MONTHLY DEFAULTED LOAN REPORT
FIELD NAME DESCRIPTION ------------------------------------------ ----------------------------------------------------------------------- % of MI Coverage % of MI Coverage Actual MI Claim Filed Date The date the Claim to the MI Company was filed Actual Bankruptcy Start Date (filing date) Actual Bankruptcy Start Date (filing date) Actual Claim Amount Filed The amount claimed to the MI company on the MI claim Actual Discharge Date Date Bankruptcy was Discharged Actual Due Date Next Payment Due Date Actual Eviction Complete Date Actual Eviction Complete Date Actual Eviction Start Date Actual Eviction Start Date Actual First Legal Date Actual First Legal Date Actual Notice of Intent Date Actual Notice of Intent Date (breach letter date) (breach letter date) Actual Payment Plan End Date The date the Last Pre-petition payment is due from the Trustee in a chapter 13 BK Actual Payment Plan Start Date The date the First Pre-petition payment is due from the Trustee in a chapter 13 BK Actual Redemption End Date Actual Redemption End Date Actual REO Start Date The date the account was received by the REO Deaprtment Appraisal, BPO Costs Total expenses incurred for the purpose of BPO's or Appraisals. Bankruptcy Chapter Bankruptcy Chapter 7,11,13 BK Atty Fees & Costs BK Atty Fees & Costs BK Flag (Man Code) A code that identifies the account as an active Bankruptcy. Bnk Case # (7 digit only) Bnk Case # (7 digit only) City City Claim Amount Paid MI Claim Amount Claim Funds Received Date The date the MI Claim funds were received from the MI Company Confirmation Hearing Date Confirmation Hearing Date Current Interest Rate Current Interest Rate Current Loan Amount Unpaid Principal Balance Current P&I Payment Amount Current P&I Payment Amount Date Bid Instructions Sent Date Bid Instructions Sent to Attorney Date F/C Sale Scheduled The date the Foreclosure sale is scheduled to occur. Date Filed Relief/Dismissal The date the motion for Relief or Dismissal was filed with the BK Court Date Loan Reinstated Date Loan Reinstated
D-2-1 Date POC Filed Date proof of claim filed Date Relief/Dismissal Granted The date the BK court granted the motion for Relief or Dismissal Date REO Offer Accepted Date REO Offer Accepted Date REO Offer Received Date REO Offer Received Deal Identifier by Loan Security Name/Cross reference Investor ID (Servicer to Cross reference) Delinquency Status (Man Code) 30, 60, 90, BK, FC, REO, Claims or a code that can be decoded to determine the current status of the account. Loss Mit Denial Date Loss Mit Denial Date Eviction Atty Fees & Costs Eviction Atty Fees & Costs F/B 1st Due (if applicable) F/B 1st Due (if applicable) F/B Last Due (if applicable) F/B Last Due (if applicable) FC Atty Fees & Costs FC Atty Fees & Costs FC Flag A code that identifies the account as an active Foreclosure. FC Start Date (referral date) FC Start Date (referral date) FC Suspended Date FC Suspended Date FC Valuation Amount The value of the property as determined for the purpose of foreclosure. FC Valuation Date The date the property value was determined for the purpose of foreclosure. FC Valuation Source The type of valuation that was used to determine the Fc Valuation amount. FHA 27011A Transmitted Date FHA 27011A Transmitted Date FHA 27011B Transmitted Date FHA 27011B Transmitted Date FHA Case # FHA Case # FHA Part A Funds Received Date FHA Part A Funds Received Date First Payment Date First Payment Date Foreclosure Actual Sale Date Date F/C Sale Held VA Gaurantee % VA Gaurantee % Interest Advances Interest Advances Investor Loan Number Investor Loan Number INVESTOR/SECURITY BILLING SENT DATE Date claim submitted to investor Liquidation Status Type of PIF, S/S, 3rd Party etc. VA Loan Gaurantee Certificate Number VA Loan Gaurantee Certificate Number Loan Number Servicer Loan Number Loan Term Loan Term Loan Type Loan Type Loss Mit Approval Date Loss Mit Approval Date Loss Mit Flag (Man Code) A code that identifies the account as an active Loss Mit account. Loss Mit Removal Date The date the Loss Mit Department determined that Loss Mit Options were no longer a viable option. Loss Mit Start Date Loss Mit Set-up Date Loss Mit Type S/S, Forbearance, Repay, Mod,etc.
D-2-2 Loss Mit Workstation Status Completed, Removed, Active MI Certificate Number MI Certificate Number MI Cost Price percentage, lender paid only MI Coverage Y/N MI Coverage Y/N Monthly MIP Cost The monthly fee paid to HUD to maintain coverage on the account. Next Payment Adjustment Date Next Payment Adjustment Date Next Rate Adjustment Date Next Rate Adjustment Date Occupancy Status Occupancy Status Occupancy Status Date The date the occupancy status reported was determined. Original Loan Amount Original Loan Amount Original Value Amount The value of the property as determined at the origination of the account. Origination Date The date the closing occurred to originate the loan. ORIGINATION VALUE DATE The date the original Value Amount was determined. ORIGINATION VALUE SOURCE The type of valuation that was used to determine the Original Value amount. Other Advance Expenses Total Advances minus all other/detail and total Ownership Code Paid in Full Date Date loan liquidated from system UPB removed Paid Off Code Part B Funds Received Date FHA/VA Only Partial Prepayment Amount Collected Post Petition Due Date Prepayment Expiration Date Term Prepayment Flag Prepayment Premium Collected Prepayment Waived Product Type Property Condition PROPERTY PRESERVATION FEES Property Type Realized Gain or Loss Reason for Default Reason Suspended Relief/Dismissal Hearing Date REO Repaired Value REO Value(As-is) REO Actual Closing Date REO Flag (Man Code) REO List Date
D-2-3 REO List Price REO Net Sales proceeds REO Sales Price REO Scheduled Close Date REO Value Date REO VALUE SOURCE Repay First Due Date Repay Last Due Date Repay Next Due Date Repay Plan Broken Date Repay Plan Created Date SBO LOAN NUMBER Scheduled Balance Scheduled Due Date Servicing Fee State Street Address T&I Advances Title Approval Letter Received Date Title Package to HUD Date Title Package to VA Date VA Claim Funds Received Date VA Claim Submitted Date VA FIRST FUNDS RECEIVED AMOUNT VA FIRST FUNDS RECEIVED DATE VA NOE Submitted Date ZIP CODE FNMA ACTION CODE FNMA DELINQUENCY REASON CODE D-2-4