8-K 1 arc02bc3.txt AUGUST 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): August 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 (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 August 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 August 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: 8/28/02 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 August 26, 2002 distribution. EX-99.1

Amortizing Residential Collateral Mortgage ~~Trust~~Trus Mortgage Pass-Through Certificates Record Date: 67/3031/02 Distribution Date: 78/2526/02 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.~~17000~~16688% ~~718~~713,~~944~~627,~~637~~660.2899 1,~~300~~374,~~091~~529.5531 515,~~316~~262,~~976~~265.2957 AIO 86358RN78 SEN 6.00000% 0.00 1,307,843.6765 0.00 M1 86358RN94 SUB 2.~~54000~~53688% 23,779,000.00 5053,~~332~~621.2275 0.00 M2 86358RP27 SUB 2.~~94000~~93688% 23,779,000.00 5862,~~258~~076.5550 0.00 B-1 86358RN86 SUB 3.~~64000~~63688% 19,815,000.00 6064,~~105~~057.5058 0.00 B-2 86358RN52 SUB 7.00000% 4544,~~638~~355,~~187~~350.1238 ~~266~~258,~~222~~739.7654 1,~~282~~943,~~836~~665.7407 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 ~~833~~827,~~938~~338,~~357~~544.4037 3,~~042~~120,~~854~~868.2533 617,~~599~~205,~~813~~930.0364

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~713~~698,~~627~~365,~~660~~395.9942 616,~~617~~636,~~067~~794.8488 0.00 AIO 0.00 0.00 1,307,843.6765 0.00 M1 0.00 23,779,000.00 5053,~~332~~621.2275 0.00 M2 0.00 23,779,000.00 5862,~~258~~076.5550 0.00 B-1 0.00 19,815,000.00 6064,~~105~~057.5058 0.00 B-2 0.00 4442,~~355~~411,~~350~~685.3831 12,~~549~~202,~~059~~404.5061 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 ~~827~~810,~~338~~132,~~544~~613.3773 920,~~642~~326,~~667~~798.2897 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 ~~718~~713,~~944~~627,~~637~~660.2899 0.00 515,~~316~~262,~~976~~265.2957 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 4544,~~638~~355,~~187~~350.1238 0.00 1,~~282~~943,~~836~~665.7407 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 ~~833~~827,~~938~~338,~~357~~544.4037 0.00 617,~~599~~205,~~813~~930.0364 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 515,~~316~~262,~~976~~265.2957 ~~713~~698,~~627~~365,~~660~~395.9942 0.~~98665886~~96555731 515,~~316~~262,~~976~~265.2957 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 1,~~282~~943,~~836~~665.7407 4442,~~355~~411,~~350~~685.3831 0.~~93056436~~88978675 1,~~282~~943,~~836~~665.7407 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 617,~~599~~205,~~813~~930.0364 ~~827~~810,~~338~~132,~~544~~613.3773 0.~~98457810~~96410210 617,~~599~~205,~~813~~930.0364

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 723,277,000.00 ~~994~~986.~~01009196~~65886098 0.00000000 721.~~35123098~~10154971 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 ~~957~~930.~~47796329~~56436337 0.00000000 2640.~~91359992~~77761607 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 721.~~35123098~~10154971 ~~986~~965.~~65886098~~55731127 0.~~98665886~~96555731 721.~~35123098~~10154971 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 2640.~~91359992~~77761607 ~~930~~889.~~56436337~~78674730 0.~~93056436~~88978675 2640.~~91359992~~77761607 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.~~17000~~16688% ~~718~~713,~~944~~627,~~637~~660.2899 1,~~300~~374,~~091~~529.5534 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.~~54000~~53688% 23,779,000.00 5053,~~332~~621.2275 0.00 0.00 M2 23,779,000.00 2.~~94000~~93688% 23,779,000.00 5862,~~258~~076.5551 0.00 0.00 B-1 19,815,000.00 3.~~64000~~63688% 19,815,000.00 6064,~~105~~057.5058 0.00 0.00 B-2 47,665,000.00 7.00000% 4544,~~638~~355,~~187~~350.1238 ~~266~~258,~~222~~739.7654 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 3,~~042~~120,~~854~~868.2640 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 0.0003 0.00 1,~~300~~374,~~091~~529.5531 0.00 ~~713~~698,~~627~~365,~~660~~395.9942 AIO 0.0003 0.00 1,307,843.6765 0.00 261,568,735.00 M1 0.00 0.00 5053,~~332~~621.2275 0.00 23,779,000.00 M2 0.00 0.00 5862,~~258~~076.5550 0.00 23,779,000.00 B-1 0.00 0.00 6064,~~105~~057.5058 0.00 19,815,000.00 B-2 0.00 0.00 ~~266~~258,~~222~~739.7654 0.00 4442,~~355~~411,~~350~~685.3831 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 0.0006 0.00 3,~~042~~120,~~854~~868.2533 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.~~17000~~16688% ~~994~~986.~~01009196~~65886098 1.~~79750158~~90041898 0.00000000 0.00000000 AIO 0.00 6.00000% 1000.00000000 5.00000002 0.00000000 0.00000000 M1 23,779,000.00 2.~~54000~~53688% 1000.00000000 2.~~11666681~~25500442 0.00000000 0.00000000 M2 23,779,000.00 2.~~94000~~93688% 1000.00000000 2.~~45000000~~61056016 0.00000000 0.00000000 B-1 19,815,000.00 3.~~64000~~63688% 1000.00000000 3.~~03333333~~23278224 0.00000000 0.00000000 B-2 47,665,000.00 7.00000% ~~957~~930.~~47796329~~56436337 5.~~58528816~~42829204 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~~00000004 0.00000000 1.~~79750158~~90041894 0.00000000 ~~986~~965.~~65886098~~55731127 AIO 0.~~00000000~~00000011 0.00000000 4.~~99999998~~99999990 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.~~11666681~~25500442 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~45000000~~61055974 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 3.~~03333333~~23278224 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 5.~~58528816~~42829204 0.00000000 ~~930~~889.~~56436337~~78674730 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 1020,~~394~~964,~~188~~961.9806 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 76118,~~486~~828.0692 Realized Losses 0.00 Prepayment Penalties 62128,~~976~~860.4119 Total Deposits 1021,~~533~~212,~~651~~650.4517 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~890~~885,~~984~~851.1720 Payment of Interest and Principal 920,~~642~~326,~~667~~798.2897 Total Withdrawals (Pool Distribution Amount) 1021,~~533~~212,~~651~~650.4517 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~877~~872,~~845~~801.8047 Credit Risk Manager Fee 9,~~853~~787.7529 Securities Administrator Fee 3,~~284~~262.6244 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~890~~885,~~984~~851.1720

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Class B-2 Reserve Fund ~~111~~798,~~218~~668.3327 22,449.64 0.00 ~~687~~776,~~449~~218.9463 ~~798,668.27~~ 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 26 0 0 26 ~~156~~653,~~364~~826.4560 0.00 0.00 ~~156~~653,~~364~~826.4560 30 Days 4875 0 0 0 4875 89,~~009~~709,~~434~~486.5416 0.00 0.00 0.00 89,~~009~~709,~~434~~486.5416 60 Days 825 0 0 0 825 ~~918~~5,~~307~~106,051.1192 0.00 0.00 0.00 ~~918~~5,~~307~~106,051.1192 90 Days 81 0 01 0 82 ~~492~~46,~~870~~501.7901 0.00 083,965.0070 0.00 ~~492~~130,~~870~~466.7971 120 Days 07 0 0 0 07 0386,404.0084 0.00 0.00 0.00 0386,404.0084 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 31 01 0 01 3 ~~211~~74,~~043~~015.6714 053,344.0010 0.00 083,650.0098 211,~~043~~010.6722 Totals 67109 27 01 01 69118 915,~~631~~322,~~656~~459.1107 ~~156~~707,~~364~~170.4570 083,965.0070 083,650.0098 916,~~788~~197,~~020~~246.5645 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.~~035765~~109649% 0.000000% 0.000000% 0.~~035765~~109649% 0.~~019959~~085117% 0.000000% 0.000000% 0.~~019959~~085117% 30 Days 01.~~858369~~370614% 0.000000% 0.000000% 0.000000% 01.~~858369~~370614% 1.~~022358~~264002% 0.000000% 0.000000% 0.000000% 1.~~022358~~264002% 60 Days 0.~~143062~~456871% 0.000000% 0.000000% 0.000000% 0.~~143062~~456871% 0.~~117217~~664717% 0.000000% 0.000000% 0.000000% 0.~~117217~~664717% 90 Days 0.~~143062~~018275% 0.000000% 0.~~000000~~018275% 0.000000% 0.~~143062~~036550% 0.~~062912~~006054% 0.000000% 0.~~000000~~010931% 0.000000% 0.~~062912~~016984% 120 Days 0.~~000000~~127924% 0.000000% 0.000000% 0.000000% 0.~~000000~~127924% 0.~~000000~~050303% 0.000000% 0.000000% 0.000000% 0.~~000000~~050303% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.~~053648~~018275% 0.~~000000~~018275% 0.000000% 0.~~000000~~018275% 0.~~053648~~054825% 0.~~026939~~009635% 0.~~000000~~006944% 0.000000% 0.~~000000~~010890% 0.~~026939~~027470% Totals 1.~~198140~~991959% 0.~~035765~~127924% 0.~~000000~~018275% 0.~~000000~~018275% 12.~~233906~~156433% 1.~~229426~~994712% 0.~~019959~~092061% 0.~~000000~~010931% 0.~~000000~~010890% 12.~~249385~~108593%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 76118,~~486~~828.0692

COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 8.~~891763~~887662% Weighted Average Net Coupon 7.~~555451~~550006% Weighted Average Pass-Through Rate 7.~~535451~~545006% Weighted Average Maturity(Stepdown Calculation ) ~~340~~339 Beginning Scheduled Collateral Loan Count 5,~~629~~592 Number Of Loans Paid In Full 37120 Ending Scheduled Collateral Loan Count 5,~~592~~472 Beginning Scheduled Collateral Balance ~~788~~782,~~300~~983,~~170~~193.2899 Ending Scheduled Collateral Balance ~~782~~767,~~983~~720,~~193~~928.9942 Ending Actual Collateral Balance at 3031-~~Jun~~Jul-2002 ~~783~~768,~~427~~154,~~347~~116.8436 Monthly P &I Constant 6,~~368~~327,~~337~~780.2847 Special Servicing Fee 0.00 Prepayment Penalties 62128,~~976~~860.4119 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~782~~767,~~983~~720,~~193~~928.9942 Scheduled Principal ~~527~~528,~~188~~705.6366 Unscheduled Principal 414,~~789~~733,~~787~~559.6691 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,~~173~~051,~~533~~094.0379

Miscellaneous Reporting LIBOR Rate Used 1.8483688%

Filing Compare · STRUCTURED ASSET SEC CORP PASS THR CERT SER 2002 BC3