8-K 1 usbb35310252003.txt 8-K 1 none CT.INFORMATION.DELIVERY@USBANK.COM 0001043308 wjugu75* 10/25/03 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: 10/25/03 (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: 10/25/03 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: October 25, 2003 Payment Summary Pass-Thru Int Org Beg Prin Class CUSIP Rate Type Balance Balance Distb. Amt ---------------------------------------------------------------------------------------------- 1-A1 86359AD75 0.06 Fixed 164,495,000 162,377,093.08 155,735.26 1-AX 86359AD83 0.06 Fixed 2,361,849 2,271,787.32 N/A 1-PAX 86359AD91 0.06 Fixed 8,998,800 8,870,291.88 N/A 1-AP 86359AE25 N/A N/A 1,239,706 1,235,311.64 1,204.85 2-A1 86359AE33 0.03 Fixed 32,372,000 31,418,957.64 348,469.75 2-A2 86359AE41 0.05 Fixed 23,541,000 23,255,568.08 141,334.90 2-A3 86359AE58 0.05 Fixed 14,250,000 7,920,163.13 8,216.00 2-A4 86359AE66 0.05 Fixed 98,336,000 87,728,736.27 697,994.08 2-A5 86359AE74 0.05 Fixed 8,992,222 8,727,488.23 N/A 2-AP 86359AE82 N/A N/A 75,065 74,152.18 306.78 3-A1 86359AF81 0.05 Fixed 54,375,000 53,734,913.12 717,103.14 3-PAX 86359AF99 0.05 Fixed 5,082,421 5,023,073.77 N/A 3-AP 86359AG23 N/A N/A 321,998 318,192.45 1,298.15 AX(2-3) 86359AE90 0.05 Fixed 21,879,739 18,811,710.05 N/A B1(1-3) 86359AF24 0.05 Variable 6,672,000 6,641,608.02 10,240.62 B2(1-3) 86359AF32 0.05 Variable 1,034,000 1,029,289.97 1,587.05 2B1 86359AF40 0.05 Fixed 1,367,000 1,351,800.37 5,127.68 2B2 86359AF57 0.05 Fixed 256,000 253,153.54 960.27 B3 86359AF65 0.05 Variable 1,060,000 1,053,491.20 2,194.30 B4(1-3) 86359AB36 0.05 Variable 460,000 457,904.63 706.04 B5(1-3) 86359AB44 0.05 Variable 230,000 228,952.31 353.02 B6(1-3) 86359AB51 0.05 Variable 465,078 462,959.50 713.83 2B4 86359AB69 0.05 Fixed 170,000 168,109.78 637.68 2B5 86359AB77 0.05 Fixed 85,000 84,054.89 318.84 2B6 86359AB85 0.05 Fixed 173,431 171,502.85 650.48 R 86359AF73 0.06 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 400,978,378 379,965,915 2,095,152.72 Component Classes: AX(2) N/A 5.00% Fixed 21,621,024 18,556,445.04 N/A AX(3) N/A 5.00% Fixed 258,715 255,265.01 N/A B3(1-3) N/A 5.38% Variable 804,000 800,337.66 1,234.03 B3(2) N/A 4.50% Fixed 256,000 253,153.54 960.27

Interest Total Realized Ending Distribution Distribution Loss Balance 744,228.34 899,963.60 0.00 162,221,357.82 10,412.36 10,412.36 N/A 2,269,775.30 40,655.50 40,655.50 N/A 8,862,983.39 N/A 1,204.85 0.00 1,234,106.79 85,093.01 433,562.76 0.00 31,070,487.89 87,208.38 228,543.28 0.00 23,114,233.18 29,700.61 37,916.61 0.00 7,911,947.13 328,982.76 1,026,976.84 0.00 87,030,742.18 32,728.08 32,728.08 N/A 8,630,691.08 N/A 306.78 0.00 73,845.40 223,895.47 940,998.61 0.00 53,017,809.98 20,929.47 20,929.47 N/A 4,974,414.32 N/A 1,298.15 0.00 316,894.30 78,382.13 78,382.13 N/A 18,583,953.00 29,758.21 39,998.83 0.00 6,631,367.40 4,611.81 6,198.86 0.00 1,027,702.92 5,069.25 10,196.93 0.00 1,346,672.69 949.33 1,909.60 0.00 252,193.28 4,535.30 6,729.60 0.00 1,051,296.90 2,051.68 2,757.72 0.00 457,198.59 1,025.84 1,378.86 0.00 228,599.30 2,074.32 2,788.15 0.00 462,245.67 630.41 1,268.09 0.00 167,472.10 315.21 634.05 0.00 83,736.05 643.14 1,293.62 0.00 170,852.37 0.11 0.11 0.00 0.00 4,469.91 4,469.91 N/A N/A 0.00 0.00 N/A N/A 1,738,350.63 3,833,503.35 0.00 377,870,762 77,318.52 77,318.52 N/A 18353187.37 1,063.60 1,063.60 N/A 230765.6325 3,585.97 4,820.00 0.00 799,103.63 949.33 1,909.59 0.00 252,193.28 Distributions Amount Per $1,000 Beginning Principal Interest Realized Ending Class Balance Distribution Distribution Loss Balance 1-A1 987.12479457 0.94674768 5.47106963 0.00000000 986.17804689 1-AX 961.86814768 N/A 4.40856295 N/A 961.01626133 1-PAX 985.71941623 N/A 4.51788016 N/A 984.90725366 1-AP 996.45532086 0.97188366 0.97188366 0.00000000 995.48343720 2-A1 970.55967009 10.76454189 13.39314099 0.00000000 959.79512820 2-A2 987.87511491 6.00377639 9.70830806 0.00000000 981.87133852 2-A3 555.80092128 0.57656155 2.66081488 0.00000000 555.22435974 2-A4 892.13244656 7.09805242 10.44354909 0.00000000 885.03439414 2-A5 970.55969407 N/A 3.63959876 N/A 959.79515192 2-AP 987.83960568 4.08685806 4.08685806 0.00000000 983.75274762 3-A1 988.22828729 13.18810377 17.30572161 0.00000000 975.04018353 3-PAX 988.32303935 N/A 4.11801187 N/A 978.74897065 3-AP 988.18144833 4.03154678 4.03154678 0.00000000 984.14990155 AX(2-3) 859.77762578 N/A 3.58240699 N/A 849.36813017 B1(1-3) 995.44484643 1.53486486 5.99502823 0.00000000 993.90998157 B2(1-3) 995.44484643 1.53486486 5.99502927 0.00000000 993.90998157 2B1 988.88103140 3.75104791 7.45935077 0.00000000 985.12998348 2B2 988.88103140 3.75104791 7.45936823 0.00000000 985.12998348 B3 993.85962317 2.07009397 6.34867607 0.00000000 991.78952920 B4(1-3) 995.44484643 1.53486486 5.99503877 0.00000000 993.90998157 B5(1-3) 995.44484643 1.53486486 5.99503877 0.00000000 993.90998157 B6(1-3) 995.44484643 1.53486486 5.99501993 0.00000000 993.90998157 2B4 988.88103140 3.75104791 7.45934203 0.00000000 985.12998348 2B5 988.88103140 3.75104791 7.45940086 0.00000000 985.12998348 2B6 988.88233772 3.75067352 7.45900710 0.00000000 985.13166419 R 0.00000000 0.00000000 1.08763532 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) 858.25930539 N/A 3.576080393 N/A 848.85837833 AX(3) 986.66490153 N/A 4.11108749 N/A 891.96850795 B3(1-3) 995.44484643 1.53486486 4.460163229 0.00000000 993.90998157 B3(2) 988.88103140 3.75104791 3.708303868 0.00000000 985.12998348 Principal Detail Beginning Scheduled Principal Realized Total Prin. Loss Ending Cumulative Class Balance Principal Prepayment Losses Payable Recovery Balance Realized Loss 1-A1 162,377,093.08 135,320.58 20,414.68 0.00 155,735.26 0.00 162,221,357.82 0.00 1-AX 2,271,787.32 N/A N/A N/A N/A N/A 2,269,775.30 N/A 1-PAX 8,870,291.88 N/A N/A N/A N/A N/A 8,862,983.39 N/A 1-AP 1,235,311.64 1,087.91 116.94 0.00 1,204.85 0.00 1,234,106.79 0.00 2-A1 31,418,957.64 348,469.75 0.00 0.00 348,469.75 0.00 31,070,487.89 0.00 2-A2 23,255,568.08 141,334.90 0.00 0.00 141,334.90 0.00 23,114,233.18 0.00 2-A3 7,920,163.13 8,216.00 0.00 0.00 8,216.00 0.00 7,911,947.13 0.00 2-A4 87,728,736.27 72,189.89 625,804.19 0.00 697,994.08 0.00 87,030,742.18 0.00 2-A5 8,727,488.23 N/A N/A N/A N/A N/A 8,630,691.08 N/A 2-AP 74,152.18 298.87 7.91 0.00 306.78 0.00 73,845.40 0.00 3-A1 53,734,913.12 199,153.36 517,949.78 0.00 717,103.14 0.00 53,017,809.98 0.00 3-PAX 5,023,073.77 N/A N/A N/A N/A N/A 4,974,414.32 N/A 3-AP 318,192.45 1,237.97 60.18 0.00 1,298.15 0.00 316,894.30 0.00 AX(2-3) 18,811,710.05 N/A N/A N/A N/A N/A 18,583,953.00 N/A B1(1-3) 6,641,608.02 10,240.62 0.00 0.00 10,240.62 0.00 6,631,367.40 0.00 B2(1-3) 1,029,289.97 1,587.05 0.00 0.00 1,587.05 0.00 1,027,702.92 0.00 2B1 1,351,800.37 5,127.68 0.00 0.00 5,127.68 0.00 1,346,672.69 0.00 2B2 253,153.54 960.27 0.00 0.00 960.27 0.00 252,193.28 0.00 B3 1,053,491.20 2,194.30 0.00 0.00 2,194.30 0.00 1,051,296.90 0.00 B4(1-3) 457,904.63 706.04 0.00 0.00 706.04 0.00 457,198.59 0.00 B5(1-3) 228,952.31 353.02 0.00 0.00 353.02 0.00 228,599.30 0.00 B6(1-3) 462,959.50 713.83 0.00 0.00 713.83 0.00 462,245.67 0.00 2B4 168,109.78 637.68 0.00 0.00 637.68 0.00 167,472.10 0.00 2B5 84,054.89 318.84 0.00 0.00 318.84 0.00 83,736.05 0.00 2B6 171,502.85 650.48 0.00 0.00 650.48 0.00 170,852.37 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 379,965,914.65 930,799.04 1,164,353.68 0.00 2,095,152.720.00 377,870,761.92 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) 18,556,445.04 N/A N/A N/A N/A N/A 18,353,187.37 N/A AX(3) 255,265.01 N/A N/A N/A N/A N/A 230,765.63 N/A B3(1-3) 800,337.66 1,234.03 0.00 0.00 1,234.03 0.00 799,103.63 0.00 B3(2) 253,153.54 960.27 0.00 0.00 960.27 0.00 252,193.28 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 744,228.34 0.00 0.00 0.00 744,228.34 0.00 0.00 1-AX 10,412.36 0.00 0.00 0.00 10,412.36 0.00 0.00 1-PAX 40,655.50 0.00 0.00 0.00 40,655.50 0.00 0.00 1-AP N/A N/A N/A N/A N/A N/A N/A 2-A1 85,093.01 0.00 0.00 0.00 85,093.01 0.00 0.00 2-A2 87,208.38 0.00 0.00 0.00 87,208.38 0.00 0.00 2-A3 29,700.61 0.00 0.00 0.00 29,700.61 0.00 0.00 2-A4 328,982.76 0.00 0.00 0.00 328,982.76 0.00 0.00 2-A5 32,728.08 0.00 0.00 0.00 32,728.08 0.00 0.00 2-AP N/A N/A N/A N/A N/A N/A N/A 3-A1 223,895.47 0.00 0.00 0.00 223,895.47 0.00 0.00 3-PAX 20,929.47 0.00 0.00 0.00 20,929.47 0.00 0.00 3-AP N/A N/A N/A N/A N/A N/A N/A AX(2-3) 78,382.13 0.00 0.00 0.00 78,382.13 0.00 0.00 B1(1-3) 29,758.21 0.00 0.00 0.00 29,758.21 0.00 0.00 B2(1-3) 4,611.81 0.00 0.00 0.00 4,611.81 0.00 0.00 2B1 5,069.25 0.00 0.00 0.00 5,069.25 0.00 0.00 2B2 949.33 0.00 0.00 0.00 949.33 0.00 0.00 B3 4,535.30 0.00 0.00 0.00 4,535.30 0.00 0.00 B4(1-3) 2,051.68 0.00 0.00 0.00 2,051.68 0.00 0.00 B5(1-3) 1,025.84 0.00 0.00 0.00 1,025.84 0.00 0.00 B6(1-3) 2,074.32 0.00 0.00 0.00 2,074.32 0.00 0.00 2B4 630.41 0.00 0.00 0.00 630.41 0.00 0.00 2B5 315.21 0.00 0.00 0.00 315.21 0.00 0.00 2B6 643.14 0.00 0.00 0.00 643.14 0.00 0.00 R 0.00 0.00 0.00 0.00 0.11 0.00 0.00 P N/A N/A N/A N/A 4,469.91 N/A N/A E N/A N/A N/A N/A 0.00 N/A N/A 1,733,880.61 0.00 0.00 0.00 1,738,350.63 0.00 0.00 Component Classes AX(2) 77,318.52 0.00 0.00 0.00 77,318.52 0.00 0.00 AX(3) 1,063.60 0.00 0.00 0.00 1,063.60 0.00 0.00 B3(1-3) 3,585.97 0.00 0.00 0.00 3,585.97 0.00 0.00 B3(2) 949.33 0.00 0.00 0.00 949.33 0.00 0.00

Trustee Report to Certificateholders Delinquency Statisticse: Pool 1 1 Mont 2 Months 3+ Months Foreclo.Bankrupy REO Total # of Loans 2 1 0 0 0 0 3 Schedule Prin Bal 644,075.38 533,932.140. 0. 0. 0. 1,178007.52 Pool 2 # of Loans 2 0 0 0 0 0 2 Schedule Prin Bal 1,053,391.85 0. 0. 0. 0. 0. 1,053,391.85 Pool 3 # of Loans 2 0 0 0 0 0 2 Schedule Principal Balance 1,022,520.29 0. 0. 0. 0. 0. 1,022,520.29 Total # of Loans 6 1 0 0 0 0 7 Schedule Principal Balance 2,719,987.52 533,932.140. 0. 0. 0. 3,253,919.66 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 2,927,834.16 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 708,884.08 906,987.28 412,269.21 2,028,140.57 N/A N/A N/A N/A Report to Certificateholders Collateral Information: Beginning Aggr. Princ. Pool 1 Pool 2 Pool 3 Total Sched. Princ 170,860,666.31 152,679,352.11 56,425,896.77 379,965,915.19 Unsch. Princ. 142,448.99 579,164.70 209,185.42 930,799.11 Liquidation Proceeds 20,531.62 625,812.10 518,009.96 1,164,353.68 Insurance Proceeds 0.00 0.00 0.00 0.00 Ending Aggr. Principal Balance 170,697,685.70 151,474,375.31 55,698,701.39 377,870,762 Ending Non-AP Pool Balance 169,463,579.03 151,400,529.98 55,381,808.06 376,245,917.07 Loan Count Beginning 370 348 143 861 Payoffs 0 1 2 3 Ending 370 347 141 858 Master Servicing and Servicing Fees: Master Servicing Fees 75.99 Other Servicing Fees 79,083.57 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

STRUCTURED ASSET SECURITIES CORP SERIES 2003-20 8-K