8-K 1 arc02bc1.txt NOVEMBER 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): November 25, 2002 AMORTIZING RESIDENTIAL COLLATERAL TRUST Mortgage Pass-Through Certificates, Series 2002-BC1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-82146-03 Pooling and Servicing Agreement) (Commission 75-3040239 (State or other File Number) 75-3040286 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 November 25, 2002 a distribution was made to holders of AMORTIZING RESIDENTIAL COLLATERAL TRUST, Mortgage Pass-Through Certificates, Series 2002-BC1 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-BC1 Trust, relating to the November 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-BC1 Trust By: Wells Fargo Bank Minnesota, NA, as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 12/3/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-BC1 Trust, relating to the November 25, 2002 distribution.

Amortizing Residential Collateral Mortgage Trus Mortgage Pass-Through Certificates Record Date: 910/3031/02 ~~Distribution Date: 10~~11/25/02 Distribution Date: ARC Series: 2002-BC1 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 86358RYG6 SEN 2.~~15375~~17000% 1,~~280~~242,~~271~~370,~~704~~975.265 2,~~297~~321,~~820~~508.9721 3746,~~900~~686,~~728~~095.7320 A-IO 86358RYH4 SEN 6.00000% 0.00 2,115,397.6061 0.00 M1 86358RYJ0 SUB 2.~~66375~~68000% 50,926,000.00 ~~113~~117,~~045~~525.1189 0.00 M2 86358RYK7 SUB 2.~~91375~~93000% 39,174,000.00 9598,~~119~~838.3718 0.00 B 86358RYL5 SUB 3.~~86375~~88000% 35,256,000.00 ~~113~~117,~~516~~794.9721 0.00 X ARC02B15X SUB 0.00000% 7,836,195.67 43,~~263~~899,~~914~~386.7679 0.00 P ARC02B15P SEN 0.00000% 0.00 ~~686~~1,~~899~~178,707.9739 0.00 R1 ARC02B1R1 SEN 0.00000% 0.00 0.00 0.00 R2 ARC02B1R2 SEN 0.00000% 0.00 0.00 0.00 R3 ARC02B1R3 SEN 0.00000% 0.00 0.00 0.00 Totals 1,~~413~~375,~~463~~563,~~899~~171.932 9,~~685~~849,~~714~~158.7528 3746,~~900~~686,~~728~~095.7320

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 1,~~242~~195,~~370~~684,~~975~~880.5333 4049,~~198~~007,~~549~~603.7041 0.00 A-IO 0.00 0.00 2,115,397.6061 0.00 M1 0.00 50,926,000.00 ~~113~~117,~~045~~525.1189 0.00 M2 0.00 39,174,000.00 9598,~~119~~838.3718 0.00 B 0.00 35,256,000.00 ~~113~~117,~~516~~794.9721 0.00 X 0.00 7,836,195.67 43,~~263~~899,~~914~~386.7679 0.00 P 0.00 0.00 ~~686~~1,~~899~~178,707.9739 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 Totals 0.00 1,~~375~~328,~~563~~877,~~171~~076.2000 4756,~~586~~535,~~443~~253.48 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 1,433,769,000.000 1,~~280~~242,~~271~~370,~~704~~975.2653 0.00 3746,~~900~~686,~~728~~095.7320 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M1 50,926,000.00 50,926,000.00 0.00 0.00 0.00 0.00 M2 39,174,000.00 39,174,000.00 0.00 0.00 0.00 0.00 B 35,256,000.00 35,256,000.00 0.00 0.00 0.00 0.00 X 7,836,195.67 7,836,195.67 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,566,961,195.676 1,~~413~~375,~~463~~563,~~899~~171.9320 0.00 3746,~~900~~686,~~728~~095.7320 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 3746,~~900~~686,~~728~~095.7320 1,~~242~~195,~~370~~684,~~975~~880.5333 0.~~86650707~~83394527 3746,~~900~~686,~~728~~095.7320 A-IO 0.00 0.00 0.00000000 0.00 M1 0.00 50,926,000.00 1.00000000 0.00 M2 0.00 39,174,000.00 1.00000000 0.00 B 0.00 35,256,000.00 1.00000000 0.00 X 0.00 7,836,195.67 1.00000000 0.00 P 0.00 0.00 0.00000000 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 R3 0.00 0.00 0.00000000 0.00 Totals 3746,~~900~~686,~~728~~095.7320 1,~~375~~328,~~563~~877,~~171~~076.2000 0.~~87785401~~84805998 3746,~~900~~686,~~728~~095.7320

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 1,433,769,000.00 ~~892~~866.~~94140427~~50707020 0.00000000 2632.~~43433407~~56179705 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 50,926,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 39,174,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 35,256,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 7,836,195.67 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R3 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 2632.~~43433407~~56179705 ~~866~~833.~~50707020~~94527314 0.~~86650707~~83394527 2632.~~43433407~~56179705 A-IO 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 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 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 1,433,769,000.000 2.~~15375~~17000% 1,~~280~~242,~~271~~370,~~704~~975.2653 2,~~297~~321,~~820~~508.9921 0.00 0.00 A-IO 0.00 6.00000% 423,079,522.92 2,115,397.61 0.00 0.00 M1 50,926,000.00 2.~~66375~~68000% 50,926,000.00 ~~113~~117,~~045~~525.1189 0.00 0.00 M2 39,174,000.00 2.~~91375~~93000% 39,174,000.00 9598,~~119~~838.3718 0.00 0.00 B 35,256,000.00 3.~~86375~~88000% 35,256,000.00 ~~113~~117,~~516~~794.9821 0.00 0.00 X 7,836,195.67 0.00000% 7,836,195.67 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 R3 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,566,961,195.676 4,~~734~~771,~~900~~064.0610 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 0.0100 0.00 2,~~297~~321,~~820~~508.9721 0.00 1,~~242~~195,~~370~~684,~~975~~880.5333 A-IO 0.0100 0.00 2,115,397.6061 0.00 423,079,522.92 M1 0.00 0.00 ~~113~~117,~~045~~525.1189 0.00 50,926,000.00 M2 0.00 0.00 9598,~~119~~838.3718 0.00 39,174,000.00 B 0.00 0.00 ~~113~~117,~~516~~794.9721 0.00 35,256,000.00 X 0.00 0.00 43,~~263~~899,~~914~~386.7679 0.00 7,836,195.67 P 0.00 0.00 ~~686~~1,~~899~~178,707.9739 0.00 0.01 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 Totals 0.0200 0.00 9,~~685~~849,~~714~~158.7528 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 1,433,769,000.00 2.~~15375~~17000% ~~892~~866.~~94140427~~50707020 1.~~60264379~~61916474 0.00000000 0.00000000 A-IO 0.00 6.00000% 818.18181818 4.09090908 0.00000000 0.00000000 M1 50,926,000.00 2.~~66375~~68000% 1000.00000000 2.~~21979166~~30777776 0.00000000 0.00000000 M2 39,174,000.00 2.~~91375~~93000% 1000.00000000 2.~~42812503~~52305560 0.00000000 0.00000000 B 35,256,000.00 3.~~86375~~88000% 1000.00000000 3.~~21979181~~34111102 0.00000000 0.00000000 X 7,836,195.67 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R3 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.~~00000001~~00000000 0.00000000 1.~~60264378~~61916474 0.00000000 ~~866~~833.~~50707020~~94527314 A-IO 0.~~00000002~~00000000 0.00000000 4.~~09090906~~09090908 0.00000000 818.18181818 M1 0.00000000 0.00000000 2.~~21979166~~30777776 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~42812503~~52305560 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.~~21979152~~34111102 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~544~~497.~~13071592~~61222846 0.00000000 1000.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 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 4756,~~850~~379,~~557~~033.3619 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~756~~1,~~735~~899,919.0602 Realized Losses 0(81,757.0074) Prepayment Penalties ~~686,899~~0.9700 Total Deposits 4958,~~294~~197,~~192~~194.3947 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 1,~~707~~661,~~748~~940.9199 Payment of Interest and Principal 4756,~~586~~535,~~443~~253.48 Total Withdrawals (Pool Distribution Amount) 4958,~~294~~197,~~192~~194.3947 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 1,~~684~~639,~~780~~588.1211 Credit Risk Manager's Fee 17,~~668~~194.3054 Security Administrator Fee 5,~~300~~158.4934 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 1,~~707~~661,~~748~~940.9199

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 2826 0 0 2826 3,~~634~~413,~~481~~128.5212 0.00 0.00 3,~~634~~413,~~481~~128.5212 30 Days ~~330~~1,356 611 0 0 ~~336~~1,367 36152,~~716~~880,~~366~~774.8272 ~~430~~1,~~930~~163,468.9944 0.00 0.00 37154,~~147~~044,~~297~~243.8116 60 Days ~~102~~315 46 490 0 ~~155~~321 1235,~~528~~568,~~306~~107.0068 ~~812~~393,~~596~~566.0849 ~~6,506,445~~0.2800 0.00 1935,~~847~~961,~~347~~674.3617 90 Days 2784 87 6443 01 99135 211,~~342~~024,~~345~~065.8524 ~~730~~774,~~800~~644.5035 84,~~530~~500,~~528~~706.8279 0129,144.0043 1116,~~603~~428,~~675~~560.1781 120 Days 1020 139 4792 21 72122 ~~784~~2,~~933~~587,297.2049 1,~~672~~134,~~465~~217.5835 612,~~471~~077,~~927~~394.0931 99153,~~406~~242.3477 915,~~028~~952,~~732~~151.2192 150 Days 1411 1012 4564 42 7389 1,~~145~~056,~~117~~949.8856 1,~~113~~438,~~412~~257.7010 58,~~938~~094,~~416~~313.6751 ~~213~~140,~~145~~708.1430 810,~~410~~730,~~092~~228.3947 180+ Days 219 2958 59142 2240 ~~131~~249 1547,~~212,993~~071.0159 36,~~947~~438,~~718~~757.9527 615,~~378~~505,~~686~~829.0120 24,~~699~~246,~~903~~274.7610 1426,~~239~~737,~~301~~932.7316 Totals ~~504~~1,795 98129 ~~264~~341 2844 ~~894~~2,309 54203,~~730~~664,~~062~~266.7628 1214,~~342~~756,~~406~~039.3212 3340,~~826~~178,~~003~~243.8781 34,~~012~~669,~~455~~369.2460 ~~103~~263,~~910~~267,~~928~~918.1981 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.~~261072~~249616% 0.000000% 0.000000% 0.~~261072~~249616% 0.~~264039~~256662% 0.000000% 0.000000% 0.~~264039~~256662% 30 Days 313.~~076923~~018433% 0.~~055944~~105607% 0.000000% 0.000000% 313.~~132867~~124040% 211.~~667380~~496408% 0.~~031306~~087491% 0.000000% 0.000000% 211.~~698687~~583900% 60 Days 03.~~951049~~024194% 0.~~037296~~057604% 0.~~456876~~000000% 0.000000% 13.~~445221~~081797% 02.~~910160~~674669% 0.~~059034~~029596% 0.~~472682~~000000% 0.000000% 12.~~441875~~704265% 90 Days 0.~~251748~~806452% 0.~~074592~~067204% 0.~~596737~~412826% 0.~~000000~~009601% 01.~~923077~~296083% 0.~~170167~~828993% 0.~~053091~~058252% 0.~~619728~~338447% 0.~~000000~~009711% 01.~~842987~~235404% 120 Days 0.~~093240~~192012% 0.~~121212~~086406% 0.~~438228~~883257% 0.~~018648~~009601% 01.~~671329~~171275% 0.~~057024~~194561% 0.~~121502~~085291% 0.~~470174~~908202% 0.~~007222~~011524% 01.~~655922~~199578% 150 Days 0.~~130536~~105607% 0.~~093240~~115207% 0.~~419580~~614439% 0.~~037296~~019201% 0.~~680653~~854455% 0.~~083191~~079481% 0.~~080887~~108155% 0.~~431416~~608680% 0.~~015485~~010581% 0.~~610979~~806897% 180+ Days 0.~~195804~~086406% 0.~~270396~~556836% 01.~~550117~~363287% 0.~~205128~~384025% 12.~~221445~~390553% 0.~~088122~~041139% 0.~~286795~~484185% 01.~~463400~~166015% 0.~~196143~~319314% 12.~~034461~~010653% Totals 417.~~699301~~233103% 01.~~913753~~238479% 23.~~461538~~273810% 0.~~261072~~422427% 822.~~335664~~167819% 315.~~976044~~315252% 01.~~896654~~109632% 23.~~457400~~021345% 0.~~218850~~351130% 719.~~548948~~797359%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~756~~1,~~735~~899,919.0602

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 9.~~093674~~086369% Weighted Average Net Coupon 7.~~663333~~659264% Weighted Average Pass-Through Rate 7.~~658833~~654764% Weighted Average Maturity(Stepdown Calculation ) ~~341~~340 Beginning Scheduled Collateral Loan Count 10,~~973~~725 Number Of Loans Paid In Full ~~248~~309 Ending Scheduled Collateral Loan Count 10,~~725~~416 Beginning Scheduled Collateral Balance 1,~~413~~375,~~463~~563,~~899~~171.9320 Ending Scheduled Collateral Balance 1,~~375~~328,~~563~~877,~~171~~076.2000 Ending Actual Collateral Balance at 3031-~~Sep~~Oct-2002 1,~~376~~329,~~495~~813,~~429~~359.8835 Monthly P &I Constant 11,~~600~~290,~~729~~336.5764 Special Servicing Fee 0.00 Prepayment Penalties ~~686,899~~0.9700 Realized Loss Amount 081,757.0074 Cumulative Realized Loss 61142,~~158~~915.1993 Ending Scheduled Balance for Premium Loans 1,~~375~~328,~~563~~877,~~171~~076.2000 Scheduled Principal ~~890~~874,~~203~~607.1262 Unscheduled Principal 3745,~~010~~811,~~525~~487.6158 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 7,836,195.67 Overcollateralized Amount 7,836,195.67 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 081,757.0074 Excess Cash Amount 43,~~267~~982,~~877~~723.4887

Funds Remaining in the Pre Funding ~~Account~~Accoun 0 Subsequent Mortgage Loans 0 Remaining Funds in the Capitalized ~~Interest~~Intere ~~Account~~ 0 TAGSS Interest ~~560878~~567302.8218 TAGSS Principal ~~9516360~~11722246.2794 TAGSS FSA Premium ~~16072~~15597.9513

Miscellaneous Reporting Rolling 3 Month Delinquency Rate 0.~~038152~~054722% Senior Enhancement Percentage 0.~~096827~~100229%

Filing Compare · STRUCTURED ASSET SEC CORP MORT PASS THR CERT SER 2002-BC1