8-K 1 usbb35309252003.txt 8-K 1 none CT.INFORMATION.DELIVERY@USBANK.COM 0001043308 wjugu75* 09/25/03 1 8-K Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-20 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report: 09/25/03 (Date of earliest event reported) Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-20 (Exact name of registrant as specified in governing instruments) North Carolina (State or other Jurisdiction of Incorporation) c/o US Bank NA Corporate Trust Department 1 Federal Street, 3rd Floor Boston, MA 02110 (Address of Principal Executive Offices) (Zip Code) (704) 374-6828 (Registrant's telephone number, including area code) Commission File Number 333-102489-16 56-1643598 (I.R.S. Employer Identification No.) Not Applicable (Former name, former address and former fiscal year if changed since last report) Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-20 FORM 8-K INDEX ITEM DESCRIPTION PAGE NUMBER Item 5. Other Event 3 Item 7. Financial Statements and Exhibits 3 Signatures 3 Exhibit A Trustee's Report to Bondholders 4 Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-20 FORM 8-K ITEMS AND SIGNATURES ITEMS Item 5. Other Events See Exhibit A, the Trustee's Report to Bondholders attached hereto. Item 7. Financial Statements and Exhibits See Exhibit A, the Trustee's Report to Bondholders attached hereto. SIGNATURES Pursuant to the requirement of the Securities Exchange Act of 1934, the registrar has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-20 (Registrant) Date: 09/25/03 By: Name: Diana Kenneally Title: Assistant Vice President US Bank as Trustee Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-20 Report to Certificateholders for Payment Date: Septmeber 25, 2003 Payment Summary Pass-Thru Int Org Beg Prin Class CUSIP Rate Type Balance Balance Distb. Amt ---------------------------------------------------------------------------------------------- 1-A1 86359AD75 0.055000 Fixed 164,495,000 162,783,940.58 406,847.49 1-AX 86359AD83 0.055000 Fixed 2,361,849 2,307,712.20 N/A 1-PAX 86359AD91 0.055000 Fixed 8,998,800 8,876,989.87 N/A 1-AP 86359AE25 N/A N/A 1,239,706 1,236,592.13 1,280.49 2-A1 86359AE33 0.032500 Fixed 32,372,000 31,752,146.54 333,188.90 2-A2 86359AE41 0.045000 Fixed 23,541,000 23,374,014.67 118,446.59 2-A3 86359AE58 0.045000 Fixed 14,250,000 9,805,066.86 1,884,903.73 2-A4 86359AE66 0.045000 Fixed 98,336,000 91,003,481.09 3,274,744.82 2-A5 86359AE74 0.045000 Fixed 8,992,222 8,820,040.71 N/A 2-AP 86359AE82 N/A N/A 75,065 74,457.80 305.62 3-A1 86359AF81 0.050000 Fixed 54,375,000 53,948,465.30 213,552.18 3-PAX 86359AF99 0.050000 Fixed 5,082,421 5,042,861.75 N/A 3-AP 86359AG23 N/A N/A 321,998 319,460.21 1,267.76 AX(2-3) 86359AE90 0.050000 Fixed 21,879,739 19,787,919.32 N/A B1(1-3) 86359AF24 0.053764 Variable 6,672,000 6,651,793.57 10,185.56 B2(1-3) 86359AF32 0.053764 Variable 1,034,000 1,030,868.49 1,578.52 2B1 86359AF40 0.045000 Fixed 1,367,000 1,356,896.89 5,096.52 2B2 86359AF57 0.045000 Fixed 256,000 254,107.98 954.43 B3 86359AF65 0.051655 Variable 1,060,000 1,055,673.03 2,181.83 B4(1-3) 86359AB36 0.053764 Variable 460,000 458,606.87 702.24 B5(1-3) 86359AB44 0.053764 Variable 230,000 229,303.44 351.12 B6(1-3) 86359AB51 0.053764 Variable 465,078 463,669.49 709.99 2B4 86359AB69 0.045000 Fixed 170,000 168,743.58 633.80 2B5 86359AB77 0.045000 Fixed 85,000 84,371.79 316.90 2B6 86359AB85 0.045000 Fixed 173,431 172,149.35 646.50 R 86359AF73 0.055000 Fixed 100 0.00 0.00 P N/A N/A N/A N/A N/A N/A E N/A N/A N/A N/A N/A N/A 400,978,378 386,223,810 6,257,895.01 Component Classes: AX(2) N/A 0.050000 Fixed 21,621,024 19,531,386.78 N/A AX(3) N/A 0.050000 Fixed 258,715 256,532.54 N/A B3(1-3) N/A 0.053764 Variable 804,000 801,565.05 1,227.40 B3(2) N/A 0.045000 Fixed 256,000 254,107.98 954.43

Interest Total Realized Ending Distribution Distribution Loss Balance 746,093.06 1,152,940.55 0.00 162,377,093.08 10,577.01 10,577.01 N/A 2,271,815.21 40,686.20 40,686.20 N/A 8,870,300.09 N/A 1,280.49 0.00 1,235,311.64 85,995.40 419,184.30 0.00 31,418,957.64 87,652.56 206,099.15 0.00 23,255,568.08 36,769.00 1,921,672.73 0.00 7,920,163.13 341,263.05 3,616,007.87 0.00 87,728,736.27 33,075.15 33,075.15 N/A 8,727,488.23 N/A 305.62 0.00 74,152.18 224,785.27 438,337.45 0.00 53,734,913.12 21,011.92 21,011.92 N/A 5,023,104.44 N/A 1,267.76 0.00 318,192.45 82,449.66 82,449.66 N/A 18,811,856.72 29,802.38 39,987.94 0.00 6,641,608.02 4,618.65 6,197.17 0.00 1,029,289.97 5,088.36 10,184.88 0.00 1,351,800.37 952.90 1,907.33 0.00 253,153.54 4,544.20 6,726.03 0.00 1,053,491.20 2,054.72 2,756.96 0.00 457,904.63 1,027.36 1,378.48 0.00 228,952.31 2,077.40 2,787.39 0.00 462,959.50 632.79 1,266.59 0.00 168,109.78 316.39 633.29 0.00 84,054.89 645.56 1,292.06 0.00 171,502.85 0.01 0.01 0.00 0.00 0.00 0.00 N/A N/A 0.00 0.00 N/A N/A 1,762,118.99 8,020,014.00 0.00 379,965,915 Component Classes 81,380.78 81,380.78 N/A 18556592.17 1,068.89 1,068.89 N/A 255264.5511 3,591.29 4,818.69 0.00 800,337.66 952.90 1,907.34 0.00 253,153.54 Distributions Amount Per $1,000 Beginning Principal Interest Realized Ending Class Balance Distribution Distribution Loss Balance 1-A1 989.59810680 2.47331222 7.00897021 0.00000000 987.12479457 1-AX 977.07863743 N/A 4.47827528 N/A 961.87995326 1-PAX 986.46373668 N/A 4.52129173 N/A 985.72032824 1-AP 997.48821898 1.03289812 1.03289812 0.00000000 996.45532086 2-A1 980.85217287 10.29250278 12.94897751 0.00000000 970.55967009 2-A2 992.90661697 5.03150206 8.75490209 0.00000000 987.87511491 2-A3 688.07486739 132.27394611 134.85422681 0.00000000 555.80092128 2-A4 925.43403318 33.30158662 36.77196420 0.00000000 892.13244656 2-A5 980.85219710 N/A 3.67819544 N/A 970.55969407 2-AP 991.91101046 4.07140478 4.07140478 0.00000000 987.83960568 3-A1 992.15568369 3.92739640 8.06137837 0.00000000 988.22828729 3-PAX 992.21645550 N/A 4.13423445 N/A 988.32907343 3-AP 992.11861564 3.93716731 3.93716731 0.00000000 988.18144833 AX(2-3) 904.39466942 N/A 3.76831095 N/A 859.78432913 B1(1-3) 996.97145869 1.52661226 5.99339583 0.00000000 995.44484643 B2(1-3) 996.97145869 1.52661226 5.99339176 0.00000000 995.44484643 2B1 992.60928397 3.72825257 7.45053494 0.00000000 988.88103140 2B2 992.60928397 3.72825257 7.45051820 0.00000000 988.88103140 B3 995.91795234 2.05832917 6.34530891 0.00000000 993.85962317 B4(1-3) 996.97145869 1.52661226 5.99339487 0.00000000 995.44484643 B5(1-3) 996.97145869 1.52661226 5.99339487 0.00000000 995.44484643 B6(1-3) 996.97145869 1.52661226 5.99338988 0.00000000 995.44484643 2B4 992.60928397 3.72825257 7.45054669 0.00000000 988.88103140 2B5 992.60928397 3.72825257 7.45048786 0.00000000 988.88103140 2B6 992.61004588 3.72770817 7.44999542 0.00000000 988.88233772 R 0.00000000 0.00000000 0.06377793 0.00000000 0.00000000 P N/A N/A N/A N/A N/A E N/A N/A N/A N/A N/A Component Classes AX(2) 903.35160721 N/A 3.763965111 N/A 858.26611018 AX(3) 991.56423091 N/A 4.1315347 N/A 986.66312795 B3(1-3) 996.97145869 1.52661226 4.466783112 0.00000000 995.44484643 B3(2) 992.60928397 3.72825257 3.722284815 0.00000000 988.88103140 Principal Detail Beginning Scheduled Principal Realized Total Prin. Loss Ending Cumulative Class Balance Principal Prepayment Losses Payable Recovery Balance Realized Loss 1-A1 162,783,940.58 134,812.71 272,034.78 0.00 406,847.49 0.00 162,377,093.08 0.00 1-AX 2,307,712.20 N/A N/A N/A N/A N/A 2,271,815.21 N/A 1-PAX 8,876,989.87 N/A N/A N/A N/A N/A 8,870,300.09 N/A 1-AP 1,236,592.13 1,082.32 198.17 0.00 1,280.49 0.00 1,235,311.64 0.00 2-A1 31,752,146.54 333,188.90 0.00 0.00 333,188.90 0.00 31,418,957.64 0.00 2-A2 23,374,014.67 118,446.59 0.00 0.00 118,446.59 0.00 23,255,568.08 0.00 2-A3 9,805,066.86 134,057.17 1,750,846.56 0.00 1,884,903.730.00 7,920,163.13 0.00 2-A4 91,003,481.09 0.00 3,274,744.82 0.00 3,274,744.820.00 87,728,736.27 0.00 2-A5 8,820,040.71 N/A N/A N/A N/A N/A 8,727,488.23 N/A 2-AP 74,457.80 297.71 7.91 0.00 305.62 0.00 74,152.18 0.00 3-A1 53,948,465.30 198,145.18 15,407.00 0.00 213,552.18 0.00 53,734,913.12 0.00 3-PAX 5,042,861.75 N/A N/A N/A N/A N/A 5,023,104.44 N/A 3-AP 319,460.21 1,232.69 35.07 0.00 1,267.76 0.00 318,192.45 0.00 AX(2-3) 19,787,919.32 N/A N/A N/A N/A N/A 18,811,856.72 N/A B1(1-3) 6,651,793.57 10,185.56 0.00 0.00 10,185.56 0.00 6,641,608.02 0.00 B2(1-3) 1,030,868.49 1,578.52 0.00 0.00 1,578.52 0.00 1,029,289.97 0.00 2B1 1,356,896.89 5,096.52 0.00 0.00 5,096.52 0.00 1,351,800.37 0.00 2B2 254,107.98 954.43 0.00 0.00 954.43 0.00 253,153.54 0.00 B3 1,055,673.03 2,181.83 0.00 0.00 2,181.83 0.00 1,053,491.20 0.00 B4(1-3) 458,606.87 702.24 0.00 0.00 702.24 0.00 457,904.63 0.00 B5(1-3) 229,303.44 351.12 0.00 0.00 351.12 0.00 228,952.31 0.00 B6(1-3) 463,669.49 709.99 0.00 0.00 709.99 0.00 462,959.50 0.00 2B4 168,743.58 633.80 0.00 0.00 633.80 0.00 168,109.78 0.00 2B5 84,371.79 316.90 0.00 0.00 316.90 0.00 84,054.89 0.00 2B6 172,149.35 646.50 0.00 0.00 646.50 0.00 171,502.85 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 386,223,809.65 944,620.70 5,313,274.31 0.00 6,257,895.010.00 379,965,914.65 0.00 * Classes 1-AX, 1-PAX, 3-PAX and AX(2-3) Ending Balances are approximated based on Ending Weighted Average Net Mortgage Rates of respective Mortgage Loan groups. Component Classes AX(2) 19,531,386.78 N/A N/A N/A N/A N/A 18,556,592.17 N/A AX(3) 256,532.54 N/A N/A N/A N/A N/A 255,264.55 N/A B3(1-3) 801,565.05 1,227.40 0.00 0.00 1,227.40 0.00 800,337.66 0.00 B3(2) 254,107.98 954.43 0.00 0.00 954.43 0.00 253,153.54 0.00

Interest Detail Accrued Net Prepayment Reimbursement Interest Cumulative Net to Cumulative NA Class Cert Int Int Shtfl Int Shtfl Prior Shtfl Distribution Prepay. Int. Shtfl Int. Shtfl. 1-A1 746,093.06 0.00 0.00 0.00 746,093.06 0.00 0.00 1-AX 10,577.01 0.00 0.00 0.00 10,577.01 0.00 0.00 1-PAX 40,686.20 0.00 0.00 0.00 40,686.20 0.00 0.00 1-AP N/A N/A N/A N/A N/A N/A N/A 2-A1 85,995.40 0.00 0.00 0.00 85,995.40 0.00 0.00 2-A2 87,652.56 0.00 0.00 0.00 87,652.56 0.00 0.00 2-A3 36,769.00 0.00 0.00 0.00 36,769.00 0.00 0.00 2-A4 341,263.05 0.00 0.00 0.00 341,263.05 0.00 0.00 2-A5 33,075.15 0.00 0.00 0.00 33,075.15 0.00 0.00 2-AP N/A N/A N/A N/A N/A N/A N/A 3-A1 224,785.27 0.00 0.00 0.00 224,785.27 0.00 0.00 3-PAX 21,011.92 0.00 0.00 0.00 21,011.92 0.00 0.00 3-AP N/A N/A N/A N/A N/A N/A N/A AX(2-3) 82,449.66 0.00 0.00 0.00 82,449.66 0.00 0.00 B1(1-3) 29,802.38 0.00 0.00 0.00 29,802.38 0.00 0.00 B2(1-3) 4,618.65 0.00 0.00 0.00 4,618.65 0.00 0.00 2B1 5,088.36 0.00 0.00 0.00 5,088.36 0.00 0.00 2B2 952.90 0.00 0.00 0.00 952.90 0.00 0.00 B3 4,544.20 0.00 0.00 0.00 4,544.20 0.00 0.00 B4(1-3) 2,054.72 0.00 0.00 0.00 2,054.72 0.00 0.00 B5(1-3) 1,027.36 0.00 0.00 0.00 1,027.36 0.00 0.00 B6(1-3) 2,077.40 0.00 0.00 0.00 2,077.40 0.00 0.00 2B4 632.79 0.00 0.00 0.00 632.79 0.00 0.00 2B5 316.39 0.00 0.00 0.00 316.39 0.00 0.00 2B6 645.56 0.00 0.00 0.00 645.56 0.00 0.00 R 0.00 0.00 0.00 0.00 0.01 0.00 0.00 P N/A N/A N/A N/A 0.00 N/A N/A E N/A N/A N/A N/A 0.00 N/A N/A 1,762,118.99 0.00 0.00 0.00 1,762,118.99 0.00 0.00 Component Classes AX(2) 81,380.78 0.00 0.00 0.00 81,380.78 0.00 0.00 AX(3) 1,068.89 0.00 0.00 0.00 1,068.89 0.00 0.00 B3(1-3) 3,591.29 0.00 0.00 0.00 3,591.29 0.00 0.00 B3(2) 952.90 0.00 0.00 0.00 952.90 0.00 0.00

Trustee Report to Certificateholders Delinquency Statisticse: Pool 1 1 Mont 2 Months3+ Months Foreclo.Bankrupy REO Total # of Loans 3 0 0 0 0 0 3 Schedule Prin Bal 1,342,124.25 0. 0. 0. 0. 0. 1,342,124.25 Pool 2 # of Loans 1 1 0 0 0 0 2 Schedule Prin Bal 632,445.80 426,443.55 0. 0. 0. 1,058,889.35 Pool 3 # of Loans 0 0 0 0 0 0 0 Schedule Principal Balance 0. 0. 0. 0. 0. 0. 0. Total # of Loans 4 0 0 0 0 0 0 Schedule Principal Balance 1,974,570.05 426,443.55 0. 0.0. 0. 0 2,401,013.60 Mortgage Pool Realized Losses Collateral Losses Bankruptcy Losses Current Month Since Cutoff Current Loss Limit Pool 1 0.00 0.00 0.00 See Note Pool 2 0.00 0.00 0.00 100,000.00 Pool 3 0.00 0.00 0.00 See Note Total 0.00 0.00 0.00 Note: Pool 1 and Pool 3 combined Loss Limit: Bankruptcy 100,000.00 Fraud Losses Special Hazard Losses Current Loss Limit Current Loss Limit 0.00 See Note 0.00 See Note 0.00 3,417,620.00 0.00 2,936,693.12 0.00 See Note 0.00 See Note 0.00 0.00 Fraud Special Hazard 4,612,000.00 5,578,202.00 Advance Information Pool 1 Pool 2 Pool 3 Total Aggreg. Advances Required N/A N/A N/A N/A Aggreg. Advances Made 697,967.94 868,309.00 361,858.64 1,928,135.58 N/A N/A N/A N/A Report to Certificateholders Collateral Information: Pool 1 Pool 2 Pool 3 Total Beginning Aggr. Princ. Bal. 171,274,802.06 158,299,544.46 56,649,463.77 386,223,810.29 Scheduled Prin. Princ. 141,902,.80 594,593.06 208,124.93 944,620.79 Unscheduled Prin. 272,232.95 5,025,599.29 15,442.07 5,313,274.31 Liquidation Proceeds 0.00 0.00 0.00 0.00 Insurance Proceeds 0.00 0.00 0.00 0.00 Ending Aggr. Principal Balance 170,860,666.31 152,679,352.11 56,425,896.77 379,965,915 Ending Non-AP Pool Balance 169,625,354.79 152,605,200.00 56,107,705.29 378,338,260.08 Loan Count Beginning 371 358 143 872 Payoffs 1 10 0 11 Ending 370 348 143 861 Master Servicing and Servicing Fees: Master Servicing Fees 79.30 Other Servicing Fees 82,526.72 Original Certificate Ratings S&P Fitch Class Rating Rating 1-A1 AAA AAA 1-AX AAA AAA 1-PAX AAA AAA 1-AP AAA AAA 2-A1 AAA AAA 2-AP AAA AAA 3-A1 AAA AAA 3-AP AAA AAA 3-PAX AAA AAA AX AAA AAA R AAA AAA B1(1-3) AA N/A 2B1 AA N/A B2(1-3) A N/A 2B2 A N/A B3 BBB N/A

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