8-K 1 arc02bc3.txt DECEMBER 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): December 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 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 December 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 December 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: 12/31/02 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 December 26, 2002 distribution. EX-99.1

Amortizing Residential Collateral ~~Mortgage~~Trust ~~Trus~~ Mortgage Pass-Through Certificates Record Date: ~~10/31/02~~ 11/2530/02 Distribution Date: 12/26/02 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 21.~~16000~~71000% ~~677~~664,~~599~~229,~~270~~336.9414 1978,~~260,334~~077.6469 1314,~~369~~312,~~934~~443.8010 AIO 86358RN78 SEN 6.00000% 0.00 1,~~307~~070,~~843~~053.6891 0.00 M1 86358RN94 SUB 2.~~53000~~08000% 23,779,000.00 5142,~~805~~590.1983 0.00 M2 86358RP27 SUB 2.~~93000~~48000% 23,779,000.00 5950,~~995~~781.7438 0.00 B-1 86358RN86 SUB 3.~~63000~~18000% 19,815,000.00 6154,~~938~~260.3907 0.00 B-2 86358RN52 SUB 7.00000% 3836,~~368~~392,~~228~~163.8891 ~~223~~212,~~814~~287.6762 12,~~976~~534,~~064~~614.9649 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 ~~785~~769,~~323~~977,~~032~~033.8205 2,~~965~~408,~~732~~051.3150 1516,~~345~~847,~~999~~057.7659

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~664~~649,~~229~~916,~~336~~893.1404 1415,~~630~~290,~~269~~520.4479 0.00 AIO 0.00 0.00 1,~~307~~070,~~843~~053.6891 0.00 M1 0.00 23,779,000.00 5142,~~805~~590.1983 0.00 M2 0.00 23,779,000.00 5950,~~995~~781.7438 0.00 B-1 0.00 19,815,000.00 6154,~~938~~260.3907 0.00 B-2 0.00 3633,~~392~~857,~~163~~549.9142 2,~~199~~746,~~879~~902.6311 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 ~~769~~753,~~977~~129,~~033~~975.0546 1819,~~311~~255,~~732~~109.0709 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 ~~677~~664,~~599~~229,~~270~~336.9414 0.00 1314,~~369~~312,~~934~~443.8010 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 3836,~~368~~392,~~228~~163.8891 0.00 12,~~976~~534,~~064~~614.9649 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 ~~785~~769,~~323~~977,~~032~~033.8205 0.00 1516,~~345~~847,~~999~~057.7659 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 1314,~~369~~312,~~934~~443.8010 ~~664~~649,~~229~~916,~~336~~893.1404 0.~~91836093~~89857260 1314,~~369~~312,~~934~~443.8010 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 12,~~976~~534,~~064~~614.9649 3633,~~392~~857,~~163~~549.9142 0.~~76349867~~71032308 12,~~976~~534,~~064~~614.9649 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 1516,~~345~~847,~~999~~057.7659 ~~769~~753,~~977~~129,~~033~~975.0546 0.~~91631476~~89626584 1516,~~345~~847,~~999~~057.7659

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 723,277,000.00 ~~936~~918.~~84614738~~36092692 0.00000000 1819.~~48522046~~78832881 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 ~~804~~763.~~95602392~~49866590 0.00000000 4153.~~45735781~~17558985 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 1819.~~48522046~~78832881 ~~918~~898.~~36092692~~57259811 0.~~91836093~~89857260 1819.~~48522046~~78832881 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 4153.~~45735781~~17558985 ~~763~~710.~~49866590~~32307605 0.~~76349867~~71032308 4153.~~45735781~~17558985 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 21.~~16000~~71000% ~~677~~664,~~599~~229,~~270~~336.9414 1978,~~260,334~~077.6470 0.00 0.00 AIO 0.00 6.00000% ~~261~~214,~~568~~010,~~735~~783.00 1,~~307~~070,~~843~~053.6892 0.00 0.00 M1 23,779,000.00 2.~~53000~~08000% 23,779,000.00 5142,~~805~~590.1983 0.00 0.00 M2 23,779,000.00 2.~~93000~~48000% 23,779,000.00 5950,~~995~~781.7438 0.00 0.00 B-1 19,815,000.00 3.~~63000~~18000% 19,815,000.00 6154,~~938~~260.3907 0.00 0.00 B-2 47,665,000.00 7.00000% 3836,~~368~~392,~~228~~163.8891 ~~223~~212,~~814~~287.6762 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,~~965~~408,~~732~~051.3152 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 0.00 0.00 1978,~~260,334~~077.6469 0.00 ~~664~~649,~~229~~916,~~336~~893.1404 AIO 0.00 0.00 1,~~307~~070,~~843~~053.6891 0.00 214,010,783.00 M1 0.00 0.00 5142,~~805~~590.1983 0.00 23,779,000.00 M2 0.00 0.00 5950,~~995~~781.7438 0.00 23,779,000.00 B-1 0.00 0.00 6154,~~938~~260.3907 0.00 19,815,000.00 B-2 0.00 0.00 ~~223~~212,~~814~~287.6762 0.00 3633,~~392~~857,~~163~~549.9142 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 0.00 0.00 2,~~965~~408,~~732~~051.3150 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 21.~~16000~~71000% ~~936~~918.~~84614738~~36092692 1.~~74253383~~35228647 0.00000000 0.00000000 AIO 0.00 6.00000% ~~1000~~818.~~00000000~~18181749 54.~~00000002~~09090911 0.00000000 0.00000000 M1 23,779,000.00 2.~~53000~~08000% 1000.00000000 21.~~17861096~~79111106 0.00000000 0.00000000 M2 23,779,000.00 2.~~93000~~48000% 1000.00000000 2.~~52305564~~13555574 0.00000000 0.00000000 B-1 19,815,000.00 3.~~63000~~18000% 1000.00000000 32.~~12583346~~73833308 0.00000000 0.00000000 B-2 47,665,000.00 7.00000% ~~804~~763.~~95602392~~49866590 4.~~69557684~~45374216 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 0.00000000 1.~~74253383~~35228645 0.00000000 ~~918~~898.~~36092692~~57259811 AIO 0.00000000 0.00000000 54.~~00000002~~09090907 0.00000000 818.18181749 M1 0.00000000 0.00000000 21.~~17861096~~79111106 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~52305564~~13555574 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 32.~~12583346~~73833308 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 4.~~69557684~~45374216 0.00000000 ~~763~~710.~~49866590~~32307605 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 1819,~~692~~088,~~032~~265.0205 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~225~~667,~~829~~593.3768 Realized Losses 0.00 Prepayment Penalties ~~244~~335,~~581~~686.6369 Total Deposits 1920,~~162~~091,~~443~~545.0242 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~850~~836,~~710~~436.9533 Payment of Interest and Principal 1819,~~311~~255,~~732~~109.0709 Total Withdrawals (Pool Distribution Amount) 1920,~~162~~091,~~443~~545.0242 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~838~~824,~~261~~209.7395 Credit Risk Manager Fee 9,~~336~~169.9481 Securities Administrator Fee 3,~~112~~056.2857 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~850~~836,~~710~~436.9533

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Class B-2 Reserve Fund ~~705~~671,~~933~~444.7301 34,~~489~~581.7214 0.00 ~~671~~636,~~444~~862.0187 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 158 10 0 168 1793,~~528,417~~621.8425 ~~81,028~~0.1500 0.00 1793,~~609,445~~621.9925 30 Days 84110 0 1 0 850 111 10,~~292~~921,~~758~~356.2612 52,066.38 0.00 ~~101,063.68~~ 0.00 10,~~393~~973,~~821~~422.9450 60 Days 2019 21 1723 0 3943 32,~~068~~109,~~704~~498.1087 ~~272~~118,~~851~~528.2859 24,~~090~~218,~~144~~045.9519 0.00 56,~~431~~446,~~700~~072.3365 90 Days 7 2 122 340 131 ~~38 126~~1,~~540~~297,802.6753 ~~207~~391,~~617~~578.3008 62,~~086~~467,~~398~~223.2638 ~~41,104~~0.0700 64,~~461~~156,~~660~~603.3099 120 Days 41 23 2326 05 2935 ~~314~~90,~~418~~911.0085 ~~452~~268,~~068~~743.1845 35,~~128~~137,~~279~~664.2902 0515,571.0014 36,~~894~~012,~~765~~890.4746 150 Days 03 03 1320 12 1428 0125,683.0045 0607,174.0015 32,~~133~~745,~~068~~794.2111 59243,~~500~~795.0073 3,~~192~~722,~~568~~447.2144 180+ Days 2 14 511 02 819 89,430.61 53250,~~309~~122.9781 ~~286~~2,~~814~~557,033.9391 0528,000.00 ~~429~~3,~~555~~424,587.5133 Totals ~~112~~142 2122 94102 29 ~~229~~275 1314,~~891~~634,~~851~~683.6443 2,~~514~~481,~~264~~834.5771 1417,~~906~~125,~~797~~760.4761 ~~100~~1,~~604~~287,366.0787 3135,~~413~~529,~~517~~645.7562 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.~~287026~~155642% 0.~~019135~~000000% 0.000000% 0.~~306162~~155642% 0.~~208209~~110256% 0.~~011038~~000000% 0.000000% 0.~~219248~~110256% 30 Days 12.~~607348~~140078% 0.~~000000~~019455% 0.~~019135~~000000% 0.000000% 12.~~626483~~159533% 1.~~402136~~517279% 0.~~000000~~007233% 0.~~013767~~000000% 0.000000% 1.~~415903~~524512% 60 Days 0.~~382702~~369650% 0.~~038270~~019455% 0.~~325297~~447471% 0.000000% 0.~~746269~~836576% 0.~~418036~~293068% 0.~~037169~~016467% 0.~~284731~~586003% 0.000000% 0.~~739936~~895538% 90 Days 0.~~038270~~136187% 0.~~019135~~038911% 0.~~650593~~428016% 0.~~019135~~000000% 0.~~727134~~603113% 0.~~017238~~180301% 0.~~028283~~054401% 0.~~829123~~342766% 0.~~005599~~000000% 0.~~880243~~577467% 120 Days 0.~~076540~~019455% 0.~~038270~~058366% 0.~~440107~~505837% 0.~~000000~~097276% 0.~~554918~~680934% 0.~~042832~~012630% 0.~~061583~~037336% 0.~~426151~~713764% 0.~~000000~~071627% 0.~~530566~~835357% 150 Days 0.~~000000~~058366% 0.~~000000~~058366% 0.~~248756~~389105% 0.~~019135~~038911% 0.~~267891~~544747% 0.~~000000~~017461% 0.~~000000~~084353% 0.~~426804~~381467% 0.~~008105~~033870% 0.~~434909~~517151% 180+ Days 0.~~038270~~038911% 0.~~019135~~077821% 0.~~095675~~214008% 0.~~000000~~038911% 0.~~153081~~369650% 0.~~012183~~012424% 0.~~007262~~034749% 0.~~039072~~355243% 0.~~000000~~073354% 0.~~058516~~475770% Totals 2.~~143131~~762646% 0.~~401837~~428016% 1.~~798699~~984436% 0.~~038270~~175097% 45.~~381936~~350195% 12.~~892424~~033163% 0.~~342507~~344796% 2.~~030686~~379243% 0.~~013705~~178851% 4.~~279322~~936052%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~225~~667,~~829~~593.3768

COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 8.~~857463~~847785% Weighted Average Net Coupon 7.~~510776~~499541% Weighted Average Pass-Through Rate 7.~~505776~~494541% Weighted Average Maturity(Stepdown Calculation ) ~~336~~335 Beginning Scheduled Collateral Loan Count 5,~~320~~226 Number Of Loans Paid In Full 9486 Ending Scheduled Collateral Loan Count 5,~~226~~140 Beginning Scheduled Collateral Balance ~~746~~733,~~954~~584,~~803~~869.9414 Ending Scheduled Collateral Balance ~~733~~719,~~584~~272,~~869~~426.1404 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2002 ~~734~~719,~~077~~798,~~013~~815.2724 Monthly P &I Constant 65,~~034~~926,~~265~~111.8140 Special Servicing Fee 0.00 Prepayment Penalties ~~244~~335,~~581~~686.6369 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~733~~719,~~584~~272,~~869~~426.1404 Scheduled Principal ~~520~~517,~~828~~276.8990 Unscheduled Principal 1213,~~849~~795,~~105~~166.9120 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 12,~~920~~376,~~808~~634.2829

Miscellaneous Reporting LIBOR Rate Used 10.83000000%

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