8-K 1 arc02bc3.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-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 November 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 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-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: 12/3/02 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 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-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.~~14375~~16000% ~~688~~677,~~759~~599,~~277~~270.9394 1,~~230~~260,~~439~~334.7464 1113,~~160~~369,~~006~~934.9980 AIO 86358RN78 SEN 6.00000% 0.00 1,307,843.6768 0.00 M1 86358RN94 SUB 2.~~51375~~53000% 23,779,000.00 4951,~~812~~805.0519 0.00 M2 86358RP27 SUB 2.~~91375~~93000% 23,779,000.00 5759,~~738~~995.3874 0.00 B-1 86358RN86 SUB 3.~~61375~~63000% 19,815,000.00 5961,~~672~~938.0539 0.00 B-2 86358RN52 SUB 7.00000% 4038,~~339~~368,~~070~~228.1088 ~~235~~223,~~311~~814.2467 1,~~970~~976,~~841~~064.2296 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 ~~798~~785,~~453~~323,~~881~~032.0382 2,~~940~~965,~~817~~732.1331 1315,~~130~~345,~~848~~999.2176

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~677~~664,~~599~~229,~~270~~336.9414 1214,~~390~~630,~~446~~269.7344 0.00 AIO 0.00 0.00 1,307,843.6768 0.00 M1 0.00 23,779,000.00 4951,~~812~~805.0519 0.00 M2 0.00 23,779,000.00 5759,~~738~~995.3874 0.00 B-1 0.00 19,815,000.00 5961,~~672~~938.0539 0.00 B-2 0.00 3836,~~368~~392,~~228~~163.8891 2,~~206~~199,~~152~~879.4663 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 ~~785~~769,~~323~~977,~~032~~033.8205 1618,~~071~~311,~~665~~732.3407 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 ~~688~~677,~~759~~599,~~277~~270.9394 0.00 1113,~~160~~369,~~006~~934.9980 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 4038,~~339~~368,~~070~~228.1088 0.00 1,~~970~~976,~~841~~064.2296 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 ~~798~~785,~~453~~323,~~881~~032.0382 0.00 1315,~~130~~345,~~848~~999.2176 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 1113,~~160~~369,~~006~~934.9980 ~~677~~664,~~599~~229,~~270~~336.9414 0.~~93684615~~91836093 1113,~~160~~369,~~006~~934.9980 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,~~970~~976,~~841~~064.2296 3836,~~368~~392,~~228~~163.8891 0.~~80495602~~76349867 1,~~970~~976,~~841~~064.2296 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 1315,~~130~~345,~~848~~999.2176 ~~785~~769,~~323~~977,~~032~~033.8205 0.~~93457734~~91631476 1315,~~130~~345,~~848~~999.2176

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 723,277,000.00 ~~952~~936.~~27593015~~84614738 0.00000000 1518.~~42978277~~48522046 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 ~~846~~804.~~30378894~~95602392 0.00000000 41.~~34776503~~45735781 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 1518.~~42978277~~48522046 ~~936~~918.~~84614738~~36092692 0.~~93684615~~91836093 1518.~~42978277~~48522046 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 41.~~34776503~~45735781 ~~804~~763.~~95602392~~49866590 0.~~80495602~~76349867 41.~~34776503~~45735781 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.~~14375~~16000% ~~688~~677,~~759~~599,~~277~~270.9394 1,~~230~~260,~~439~~334.7564 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.~~51375~~53000% 23,779,000.00 4951,~~812~~805.0519 0.00 0.00 M2 23,779,000.00 2.~~91375~~93000% 23,779,000.00 5759,~~738~~995.3874 0.00 0.00 B-1 19,815,000.00 3.~~61375~~63000% 19,815,000.00 5961,~~672~~938.0539 0.00 0.00 B-2 47,665,000.00 7.00000% 4038,~~339~~368,~~070~~228.1088 ~~235~~223,~~311~~814.2467 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,~~940~~965,~~817~~732.1531 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 1,~~230~~260,~~439~~334.7464 0.00 ~~677~~664,~~599~~229,~~270~~336.9414 AIO 0.0100 0.00 1,307,843.6768 0.00 ~~261~~214,~~568~~010,~~735~~783.00 M1 0.00 0.00 4951,~~812~~805.0519 0.00 23,779,000.00 M2 0.00 0.00 5759,~~738~~995.3874 0.00 23,779,000.00 B-1 0.00 0.00 5961,~~672~~938.0539 0.00 19,815,000.00 B-2 0.00 0.00 ~~235~~223,~~311~~814.2467 0.00 3836,~~368~~392,~~228~~163.8891 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 0.0200 0.00 2,~~940~~965,~~817~~732.1331 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.~~14375~~16000% ~~952~~936.~~27593015~~84614738 1.~~70120127~~74253383 0.00000000 0.00000000 AIO 0.00 6.00000% 1000.00000000 5.00000002 0.00000000 0.00000000 M1 23,779,000.00 2.~~51375~~53000% 1000.00000000 2.~~09479162~~17861096 0.00000000 0.00000000 M2 23,779,000.00 2.~~91375~~93000% 1000.00000000 2.~~42812482~~52305564 0.00000000 0.00000000 B-1 19,815,000.00 3.~~61375~~63000% 1000.00000000 3.~~01145849~~12583346 0.00000000 0.00000000 B-2 47,665,000.00 7.00000% ~~846~~804.~~30378894~~95602392 4.~~93677205~~69557684 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.~~00000001~~00000000 0.00000000 1.~~70120125~~74253383 0.00000000 ~~936~~918.~~84614738~~36092692 AIO 0.~~00000004~~00000000 0.00000000 45.~~99999998~~00000002 0.00000000 ~~1000~~818.~~00000000~~18181749 M1 0.00000000 0.00000000 2.~~09479162~~17861096 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~42812482~~52305564 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 3.~~01145849~~12583346 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 4.~~93677205~~69557684 0.00000000 ~~804~~763.~~95602392~~49866590 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 1618,~~590~~692,~~570~~032.4702 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~204~~225,~~653~~829.5337 Realized Losses 0.00 Prepayment Penalties ~~139~~244,~~045~~581.7763 Total Deposits 1619,~~934~~162,~~269~~443.7702 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~862~~850,~~604~~710.4395 Payment of Interest and Principal 1618,~~071~~311,~~665~~732.3407 Total Withdrawals (Pool Distribution Amount) 1619,~~934~~162,~~269~~443.7702 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~849~~838,~~969~~261.2273 Credit Risk Manager Fee 9,~~476~~336.4494 Securities Administrator Fee 3,~~158~~112.7728 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~862~~850,~~604~~710.4395

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Class B-2 Reserve Fund ~~742~~705,~~204~~933.4973 3634,~~270~~489.7672 0.00 ~~705~~671,~~933~~444.7301 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 1315 01 0 1316 1,~~391~~528,~~313~~417.5084 081,028.0015 0.00 1,~~391~~609,~~313~~445.5099 30 Days 9684 0 1 0 085 ~~97 11~~10,~~775~~292,~~826~~758.9126 ~~154,266.41~~ 0.00 101,063.68 0.00 1110,~~930~~393,~~093~~821.3294 60 Days 20 02 2117 10 4239 23,~~192~~068,~~062~~704.3110 0272,851.0028 42,~~489~~090,~~599~~144.8095 ~~41,104~~0.0700 65,~~722~~431,~~766~~700.1833 90 Days 62 1 2734 01 3438 ~~479~~126,~~811~~540.9067 69207,~~873~~617.7630 36,~~761~~086,~~253~~398.5426 041,104.0007 46,~~310~~461,~~939~~660.2030 120 Days 04 02 1523 10 1629 0314,418.00 0452,068.0018 3,~~436~~128,~~631~~279.8529 ~~59,500~~0.00 3,~~496~~894,~~131~~765.8547 150 Days 0 0 113 0 1 14 0.00 0.00 833,~~965~~133,068.7021 059,500.00 833,~~965~~192,568.7021 180+ Days 2 1 5 10 98 89,430.61 53,~~327~~309.1297 ~~296~~286,~~974~~814.2393 0.00 ~~439~~429,~~731~~555.9651 Totals ~~124~~112 1621 6994 32 ~~212~~229 1413,~~537~~891,~~131~~851.7364 12,~~668~~514,~~780~~264.7957 1214,~~068~~906,~~425~~797.1247 100,604.07 2831,~~374~~413,~~941~~517.7175 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.~~244361~~287026% 0.~~000000~~019135% 0.000000% 0.~~244361~~306162% 0.~~186146~~208209% 0.~~000000~~011038% 0.000000% 0.~~186146~~219248% 30 Days 1.~~804511~~607348% 0.~~018797~~000000% 0.~~000000~~019135% 0.000000% 1.~~823308~~626483% 1.~~575504~~402136% 0.~~020640~~000000% 0.~~000000~~013767% 0.000000% 1.~~596143~~415903% 60 Days 0.~~375940~~382702% 0.~~000000~~038270% 0.~~394737~~325297% 0.~~018797~~000000% 0.~~789474~~746269% 0.~~293279~~418036% 0.~~000000~~037169% 0.~~600670~~284731% 0.~~005499~~000000% 0.~~899448~~739936% 90 Days 0.~~112782~~038270% 0.~~018797~~019135% 0.~~507519~~650593% 0.~~000000~~019135% 0.~~639098~~727134% 0.~~064195~~017238% 0.~~009349~~028283% 0.~~503223~~829123% 0.~~000000~~005599% 0.~~576766~~880243% 120 Days 0.~~000000~~076540% 0.~~000000~~038270% 0.~~281955~~440107% 0.~~018797~~000000% 0.~~300752~~554918% 0.~~000000~~042832% 0.~~000000~~061583% 0.~~459792~~426151% 0.~~007961~~000000% 0.~~467752~~530566% 150 Days 0.000000% 0.000000% 0.~~018797~~248756% 0.~~000000~~019135% 0.~~018797~~267891% 0.000000% 0.000000% 0.~~011234~~426804% 0.~~000000~~008105% 0.~~011234~~434909% 180+ Days 0.~~037594~~038270% 0.~~018797~~019135% 0.~~093985~~095675% 0.~~018797~~000000% 0.~~169173~~153081% 0.~~011965~~012183% 0.~~007135~~007262% 0.~~039733~~039072% 0.000000% 0.~~058832~~058516% Totals 2.~~330827~~143131% 0.~~300752~~401837% 1.~~296992~~798699% 0.~~056391~~038270% 34.~~984962~~381936% 1.~~944942~~892424% 0.~~223268~~342507% 12.~~614651~~030686% 0.~~013460~~013705% 34.~~796321~~279322%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~204~~225,~~653~~829.5337

COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 8.~~862425~~857463% Weighted Average Net Coupon 7.~~517031~~510776% Weighted Average Pass-Through Rate 7.~~512031~~505776% Weighted Average Maturity(Stepdown Calculation ) ~~337~~336 Beginning Scheduled Collateral Loan Count 5,~~405~~320 Number Of Loans Paid In Full 8594 Ending Scheduled Collateral Loan Count 5,~~320~~226 Beginning Scheduled Collateral Balance ~~758~~746,~~114~~954,~~810~~803.9394 Ending Scheduled Collateral Balance ~~746~~733,~~954~~584,~~803~~869.9414 Ending Actual Collateral Balance at 3031-~~Sep~~Oct-2002 ~~747~~734,~~432~~077,~~557~~013.7327 Monthly P &I Constant 6,~~122~~034,~~851~~265.3081 Special Servicing Fee 0.00 Prepayment Penalties ~~139~~244,~~045~~581.7763 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~746~~733,~~954~~584,~~803~~869.9414 Scheduled Principal ~~523~~520,~~904~~828.9889 Unscheduled Principal 1012,~~636~~849,~~102~~105.0191 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 21,~~030~~920,~~835~~808.9328

Miscellaneous Reporting LIBOR Rate Used 1.~~81375%~~83

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