8-K 1 arc02bc3.txt OCTOBER 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): October 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 October 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 October 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: 11/5/02 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 October 25, 2002 distribution. EX-99.1

Amortizing Residential Collateral Mortgage Trus Mortgage Pass-Through Certificates Record Date: 89/3130/02 Distribution Date: 910/25/02 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~~14375% ~~698~~688,~~365~~759,~~395~~277.4293 1,~~245~~230,~~418~~439.2774 911,~~606~~160,~~117~~006.4999 AIO 86358RN78 SEN 6.00000% 0.00 1,307,843.6567 0.00 M1 86358RN94 SUB 2.~~51000~~51375% 23,779,000.00 49,~~737~~812.7405 0.00 M2 86358RP27 SUB 2.~~91000~~91375% 23,779,000.00 57,~~664~~738.0738 0.00 B-1 86358RN86 SUB 3.~~61000~~61375% 19,815,000.00 59,~~610~~672.1205 0.00 B-2 86358RN52 SUB 7.00000% 4240,~~411~~339,~~685~~070.3110 ~~247~~235,~~401~~311.4924 21,~~072~~970,~~615~~841.2022 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~~798,~~132~~453,~~613~~881.7303 2,~~967~~940,~~675~~817.3413 1113,~~678~~130,~~732~~848.6921

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~688~~677,~~759~~599,~~277~~270.9394 1012,~~851~~390,~~535~~446.7673 0.00 AIO 0.00 0.00 1,307,843.6567 0.00 M1 0.00 23,779,000.00 49,~~737~~812.7405 0.00 M2 0.00 23,779,000.00 57,~~664~~738.0738 0.00 B-1 0.00 19,815,000.00 59,~~610~~672.1205 0.00 B-2 0.00 4038,~~339~~368,~~070~~228.1088 2,~~320~~206,~~016~~152.6946 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~~785,~~453~~323,~~881~~032.0382 1416,~~646~~071,~~408~~665.0334 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~~688,~~365~~759,~~395~~277.4293 0.00 911,~~606~~160,~~117~~006.4999 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 4240,~~411~~339,~~685~~070.3110 0.00 21,~~072~~970,~~615~~841.2022 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~~798,~~132~~453,~~613~~881.7303 0.00 1113,~~678~~130,~~732~~848.6921 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 911,~~606~~160,~~117~~006.4999 ~~688~~677,~~759~~599,~~277~~270.9394 0.~~95227593~~93684615 911,~~606~~160,~~117~~006.4999 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 21,~~072~~970,~~615~~841.2022 4038,~~339~~368,~~070~~228.1088 0.~~84630379~~80495602 21,~~072~~970,~~615~~841.2022 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 1113,~~678~~130,~~732~~848.6921 ~~798~~785,~~453~~323,~~881~~032.0382 0.~~95020377~~93457734 1113,~~678~~130,~~732~~848.6921

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~~952.~~55731127~~27593015 0.00000000 1315.~~28138112~~42978277 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~~846.~~78674730~~30378894 0.00000000 4341.~~48295815~~34776503 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 1315.~~28138112~~42978277 ~~952~~936.~~27593015~~84614738 0.~~95227593~~93684615 1315.~~28138112~~42978277 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 4341.~~48295815~~34776503 ~~846~~804.~~30378894~~95602392 0.~~84630379~~80495602 4341.~~48295815~~34776503 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~~14375% ~~698~~688,~~365~~759,~~395~~277.4293 1,~~245~~230,~~418~~439.2975 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~~51375% 23,779,000.00 49,~~737~~812.7405 0.00 0.00 M2 23,779,000.00 2.~~91000~~91375% 23,779,000.00 57,~~664~~738.0738 0.00 0.00 B-1 19,815,000.00 3.~~61000~~61375% 19,815,000.00 59,~~610~~672.1305 0.00 0.00 B-2 47,665,000.00 7.00000% 4240,~~411~~339,~~685~~070.3110 ~~247~~235,~~401~~311.5024 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~~940,~~675~~817.4115 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 0.0201 0.00 1,~~245~~230,~~418~~439.2774 0.00 ~~688~~677,~~759~~599,~~277~~270.9394 AIO 0.0201 0.00 1,307,843.6567 0.00 261,568,735.00 M1 0.00 0.00 49,~~737~~812.7405 0.00 23,779,000.00 M2 0.00 0.00 57,~~664~~738.0738 0.00 23,779,000.00 B-1 0.00 0.00 59,~~610~~672.1205 0.00 19,815,000.00 B-2 0.00 0.00 ~~247~~235,~~401~~311.4924 0.00 4038,~~339~~368,~~070~~228.1088 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 0.0402 0.00 2,~~967~~940,~~675~~817.3413 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~~14375% ~~965~~952.~~55731127~~27593015 1.~~72191054~~70120127 0.00000000 0.00000000 AIO 0.00 6.00000% 1000.00000000 5.00000002 0.00000000 0.00000000 M1 23,779,000.00 2.~~51000~~51375% 1000.00000000 2.~~09166660~~09479162 0.00000000 0.00000000 M2 23,779,000.00 2.~~91000~~91375% 1000.00000000 2.~~42499979~~42812482 0.00000000 0.00000000 B-1 19,815,000.00 3.~~61000~~61375% 1000.00000000 3.~~00833359~~01145849 0.00000000 0.00000000 B-2 47,665,000.00 7.00000% ~~889~~846.~~78674730~~30378894 54.~~19042274~~93677205 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~~00000001 0.00000000 1.~~72191051~~70120125 0.00000000 ~~952~~936.~~27593015~~84614738 AIO 0.~~00000008~~00000004 0.00000000 4.~~99999990~~99999998 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.~~09166660~~09479162 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~42499979~~42812482 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 3.~~00833308~~01145849 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 54.~~19042253~~93677205 0.00000000 ~~846~~804.~~30378894~~95602392 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 1516,~~136~~590,~~512~~570.3447 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~177~~204,~~237~~653.9353 Realized Losses 0.00 Prepayment Penalties ~~205~~139,~~963~~045.6377 Total Deposits 1516,~~519~~934,~~713~~269.9077 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~873~~862,~~305~~604.8743 Payment of Interest and Principal 1416,~~646~~071,~~408~~665.0334 Total Withdrawals (Pool Distribution Amount) 1516,~~519~~934,~~713~~269.9077 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~860~~849,~~510~~969.5622 Credit Risk Manager Fee 9,~~596~~476.5144 Securities Administrator Fee 3,~~198~~158.8077 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~873~~862,~~305~~604.8743

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Class B-2 Reserve Fund ~~776~~742,~~218~~204.6349 3436,~~014~~270.1476 0.00 ~~742~~705,~~204~~933.4973 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 1713 0 0 1713 1,~~992~~391,~~707~~313.3850 0.00 0.00 1,~~992~~391,~~707~~313.3850 30 Days 8896 01 0 0 8897 1311,~~437~~775,~~485~~826.4291 0154,266.0041 0.00 0.00 1311,~~437~~930,~~485~~093.4232 60 Days 2820 0 1721 01 4542 32,~~681~~192,~~417~~062.0131 0.00 14,~~919~~489,~~874~~599.80 041,104.0007 56,~~601~~722,~~291~~766.8118 90 Days 116 01 727 0 1834 2479,~~555,574~~811.5790 069,873.0076 13,~~418~~761,~~337~~253.2854 0.00 34,~~973~~310,~~911~~939.8520 120 Days 0 0 115 0 1 16 0.00 0.00 833,~~965~~436,631.7085 059,500.00 833,~~965~~496,131.7085 150 Days 20 0 51 0 71 ~~89,430~~0.6100 0.00 ~~296~~83,~~974~~965.2370 0.00 ~~386~~83,~~404~~965.8470 180+ Days 02 1 05 1 29 089,430.0061 53,327.12 296,974.23 0.00 83439,~~650~~731.9896 ~~136,978.10~~ Totals ~~129~~124 1816 3069 13 ~~178~~212 1914,~~763~~537,~~907~~131.6173 21,~~046~~668,~~034~~780.5079 312,~~719~~068,~~152~~425.0112 83100,~~650~~604.9807 2528,~~612~~374,~~745~~941.1071 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~~244361% 0.000000% 0.000000% 0.~~314524~~244361% 0.~~262690~~186146% 0.000000% 0.000000% 0.~~262690~~186146% 30 Days 1.~~628122~~804511% 0.~~000000~~018797% 0.000000% 0.000000% 1.~~628122~~823308% 1.~~771407~~575504% 0.~~000000~~020640% 0.000000% 0.000000% 1.~~771407~~596143% 60 Days 0.~~518039~~375940% 0.000000% 0.~~314524~~394737% 0.~~000000~~018797% 0.~~832562~~789474% 0.~~485306~~293279% 0.000000% 0.~~253089~~600670% 0.~~000000~~005499% 0.~~738395~~899448% 90 Days 0.~~203515~~112782% 0.~~000000~~018797% 0.~~129510~~507519% 0.000000% 0.~~333025~~639098% 0.~~336891~~064195% 0.~~000000~~009349% 0.~~186973~~503223% 0.000000% 0.~~523864~~576766% 120 Days 0.000000% 0.000000% 0.~~018501~~281955% 0.~~000000~~018797% 0.~~018501~~300752% 0.000000% 0.000000% 0.~~011069~~459792% 0.~~000000~~007961% 0.~~011069~~467752% 150 Days 0.~~037003~~000000% 0.000000% 0.~~092507~~018797% 0.000000% 0.~~129510~~018797% 0.~~011789~~000000% 0.000000% 0.~~039149~~011234% 0.000000% 0.~~050938~~011234% 180+ Days 0.~~000000~~037594% 0.~~018501~~018797% 0.~~000000~~093985% 0.~~018501~~018797% 0.~~037003~~169173% 0.~~000000~~011965% 0.~~007030~~007135% 0.~~000000~~039733% 0.~~011027~~000000% 0.~~018057~~058832% Totals 2.~~386679~~330827% 0.~~333025~~300752% 01.~~555042~~296992% 0.~~018501~~056391% 3.~~293247~~984962% 21.~~605393~~944942% 0.~~269720~~223268% 01.~~490280~~614651% 0.~~011027~~013460% 3.~~376420~~796321%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~177~~204,~~237~~653.9353

COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 8.~~868252~~862425% Weighted Average Net Coupon 7.~~523215~~517031% Weighted Average Pass-Through Rate 7.~~518215~~512031% Weighted Average Maturity(Stepdown Calculation ) ~~338~~337 Beginning Scheduled Collateral Loan Count 5,~~472~~405 Number Of Loans Paid In Full 6785 Ending Scheduled Collateral Loan Count 5,~~405~~320 Beginning Scheduled Collateral Balance ~~767~~758,~~720~~114,~~928~~810.4293 Ending Scheduled Collateral Balance ~~758~~746,~~114~~954,~~810~~803.9394 Ending Actual Collateral Balance at 3130-~~Aug~~Sep-2002 ~~758~~747,~~576~~432,~~931~~557.2073 Monthly P &I Constant 6,~~198~~122,~~706~~851.4730 Special Servicing Fee 0.00 Prepayment Penalties ~~205~~139,~~963~~045.6377 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~758~~746,~~114~~954,~~810~~803.9394 Scheduled Principal ~~525~~523,~~087~~904.7298 Unscheduled Principal 910,~~081~~636,~~029~~102.7701 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~~030,~~038~~835.93

Miscellaneous Reporting LIBOR Rate Used 1.~~81000~~81375%

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