8-K 1 usbb35408252003.txt 8-K 1 none CT.INFORMATION.DELIVERY@USBANK.COM 0001043308 wjugu75* 08/25/03 1 8-K Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-25XS 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: 08/25/03 (Date of earliest event reported) Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-25XS (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 333-102489-21 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 2003-25XS 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 2003-25XS 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 2003-25XS (Registrant) Date: 08/25/03 By: Name: Diana Kenneally Title: Assistant Vice President US Bank as Trustee Structured Asset Securities Corporation Mortgage Pass-Through Certificates Series 2003-25XS Report to Certificateholders for Payment Date: August 25, 2003 Payment Summary Pass-Thru Int Org Beg Prin Class CUSIP Rate Type Balance Balance Paid ---------------------------------------------------------------------------------------------- A1 86359AJ79 0.0165000 Variable 75,552,000.00 75,552,000.00 3,878,868.53 A2 86359AJ87 0.0269000 Variable 56,650,000.00 56,650,000.00 0.00 A3 86359AJ95 0.0340000 Variable 25,921,000.00 25,921,000.00 0.00 A4 86359AK28 0.0451000 Variable 54,207,000.00 54,207,000.00 0.00 A5 86359AK36 0.0525513 Variable 20,928,000.00 20,928,000.00 0.00 A6 86359AK44 0.0482000 Variable 25,917,000.00 25,917,000.00 0.00 A-IO ** 86359AK51 0.0500000 Fixed 95,687,294.00 95,687,294.00 0.00 M1 86359AK69 0.0185000 Variable 8,065,000.00 8,065,000.00 0.00 M2 86359AK77 0.0525513 Variable 3,418,000.00 3,418,000.00 0.00 M3 86359AK85 0.0525513 Variable 2,734,000.00 2,734,000.00 0.00 P 0.0000000 100.00 100.00 0.00 X 0.0000000 171.14 171.14 0.00 R 0.0000000 0.00 0.00 0.00 * Reflects the application of Net FunTotals: 273,392,271.14 273,392,271.14 3,878,868.53

Interest Total Ending Paid Paid Balance 103,884.00 3,982,752.53 71,673,131.47 126,990.42 126,990.42 56,650,000.00 73,442.83 73,442.83 25,921,000.00 203,727.98 203,727.98 54,207,000.00 98,012.80 98,012.80 20,928,000.00 104,099.95 104,099.95 25,917,000.00 398,697.06 398,697.06 95,687,294.00 10,775.74 10,775.74 8,065,000.00 16,862.13 16,862.13 3,418,000.00 14,809.17 14,809.17 2,734,000.00 0.00 0.00 100.00 444,655.63 444,655.63 171.14 0.00 0.00 0.00 1,595,957.70 5,474,826.23 269,513,402.61 Distributions Per Certificate Beginning Principal Interest Ending Class Certificate F Distribution Distribution Certificate Fac A1 1.0000000000 51.3403818562 1.3750000000 948.6596181438 A2 1.0000000000 0.0000000000 2.2416666667100 0.0000000000 A3 1.0000000000 0.0000000000 2.8333333333100 0.0000000000 A4 1.0000000000 0.0000000000 3.7583333333100 0.0000000000 A5 1.0000000000 0.0000000000 4.6833333333100 0.0000000000 A6 1.0000000000 0.0000000000 4.0166666667100 0.0000000000 A-IO 1.0000000000 0.0000000000 4.1666666667100 0.0000000000 M1 1.0000000000 0.0000000000 1.3361111111100 0.0000000000 M2 1.0000000000 0.0000000000 4.9333333333100 0.0000000000 M3 1.0000000000 0.0000000000 5.4166666667100 0.0000000000 P 1.0000000000 0.0000000000 0.0000000000100 0.0000000000 X N/A N/A N/A N/A R N/A N/A N/A N/A represents net payment per certificate Principal Detail Beginning Scheduled Unscheduled Ohter/Princ Total Prin Realized Ending Cumulative Class Balance Principal Principal Cash Adjus Dist Amount Losses Balance Realized Loss A1 75,552,000.0 197,300.75 3,681,567.78 0.00 3,878,868.530.00 71,673,131.47 0.00 A2 56,650,000.0 0.00 0.00 0.00 0.00 0.00 56,650,000.00 0.00 A3 25,921,000.0 0.00 0.00 0.00 0.00 0.00 25,921,000.00 0.00 A4 54,207,000.0 0.00 0.00 0.00 0.00 0.00 54,207,000.00 0.00 A5 20,928,000.0 0.00 0.00 0.00 0.00 0.00 20,928,000.00 0.00 A6 25,917,000.0 0.00 0.00 0.00 0.00 0.00 25,917,000.00 0.00 A-IO 95,687,294.0 0.00 0.00 0.00 0.00 0.00 95,687,294.00 0.00 M1 8,065,000.00 0.00 0.00 0.00 0.00 0.00 8,065,000.00 0.00 M2 3,418,000.00 0.00 0.00 0.00 0.00 0.00 3,418,000.00 0.00 M3 2,734,000.00 0.00 0.00 0.00 0.00 0.00 2,734,000.00 0.00 P 100.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 X 171.14 0.00 0.00 0.00 0.00 0.00 171.14 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Totals:273,392,271.14 197,300.75 3,681,567.78 0.00 3,878,868.530.00 269,513,402.61 0.00

Interest Detail Accrued Deferred Beg Unpaid Preyment Current Int Interest on Payments to Prepayments Class Cert Int Int Interest Int Shtfl Shtfl Unpaid Interest Int Shtfl Premiums A1 103,884.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A2 126,990.42 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A3 73,442.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A4 203,727.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A5 91,649.52 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A6 104,099.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-IO 398,697.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 M1 10,775.74 0.00 0.00 0.00 0.00 0.00 0.00 0.00 M2 14,968.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 M3 11,972.94 0.00 0.00 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 X 454,091.08 9,435.46 0.00 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Totals:1,594,299.89 9,435.46 0.00 0.00 0.00 0.00 0.00 0.00 Other Int Total Int Cumulative Cumulative Int Dist Amount Unpaid Int Deferred Amount Sht Fl 0.00 103,884.00 0.00 0.00 0.00 126,990.42 0.00 0.00 0.00 73,442.83 0.00 0.00 0.00 203,727.98 0.00 0.00 0.00 98,012.80 0.00 0.00 0.00 104,099.95 0.00 0.00 0.00 398,697.06 0.00 0.00 0.00 10,775.74 0.00 0.00 0.00 16,862.13 0.00 0.00 0.00 14,809.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 444,655.63 0.00 9,435.46 0.00 0.00 0.00 0.00 0.00 1,595,957.70 0.00 9,435.46

Trustee Report to Certificateholders Mortgage Loan Activity for Related Payment Date: # of Mortgage Beg Agg Sta End Agg Sta Int Remit Prin Remit Agg Loans Princ Bal Princ Bal Amount Amount Overcolla Release Am 1,252 273,392,271.14269,513,402.611,598,690.613,878,868.53 0.00 1 Mont 2 Months 3+ Months Bankrupy Foreclosures # of Loans 2 0 0 0 1 AggPrin Bal 548,712.47 0. 0. 0. 0. 0. REO Information Mortgage Sch Principal Loan # Balance N/A N/A N/A N/A Substitution of Mortgage Loans Information Deleted Mortgage LoanSch Prin Balance Qualifying Substitue Mortgage Loan N/A N/A N/A N/A N/A N/A Fees & Insurance Premium Information Master Servicing Fees 57,044.89 Cert. Insurance Premium 2,732.63 Advance Information Aggreg. Advances Requir 1,595,680.88 Aggreg. Advances Made 1,595,680.88 Net Fund Cap Shortfalls Summary Payment to Cumulative Class Beg Shortfall Current ShortfalShortfall Shortfall A1 0.00 0.00 0.00 0.00 A2 0.00 0.00 0.00 0.00 A3 0.00 0.00 0.00 0.00 A4 0.00 0.00 0.00 0.00 A5 0.00 6,363.28 6,363.28 0.00 A6 0.00 0.00 0.00 0.00 M1 0.00 0.00 0.00 0.00 M2 0.00 1,893.76 1,893.76 0.00 M3 0.00 2,836.22 2,836.22 0.00 Totals: 0.00 11,093.26 11,093.26 0.00 Realized Losses Incurred from Mortgage Loans Summary Current Month Since Cutoff 0 0 Payment from Cap Provider Basis Risk Cap Class X Cap Class M1 Cert. Interest Rate & Libor Info Class M1 Interest Rat 0.018500 Libor rate 0.011000

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES AND EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)

July 30, 2003

STRUCTURED ASSET SECURITIES CORPORATION (as Depositor under the Trust Agreement dated as of July 1, 2003, providing for the issuance of Mortgage Pass-Through Certificates, Series 2003-25XS)

Structured Asset Securities Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware	333-102489	74-2440850
(State or Other Jurisdiction Of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

745 Seventh Avenue, 7th Floor New York, NY Address of Principal Executive Offices) 10019 (Zip Code)

Registrant’s telephone number, including area code: (212) 526-7000

No Change

(Former Name or Former Address, if Changed Since Last Report)

Item 5. Other Events

The Registrant registered issuances of Mortgage Pass-Through Certificates, on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Act”), by a Registration Statement on Form S-3 (Registration File No. 333-102489) (the “Registration Statement”). Pursuant to the Registration Statement, the Registrant issued $273,392,000 in aggregate principal amount of Class A1, Class A2, Class A3, Class A4, Class A5, Class A6, Class A-IO, Class M1, Class M2 and Class M3, Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2003-25XS on July 30, 2003. This Current Report on Form 8-K is being filed to satisfy an undertaking, contained in the definitive Prospectus dated March 20, 2003, as supplemented by the Prospectus Supplement dated July 28, 2003 (the “Prospectus Supplement”), to file a copy of the Trust Agreement (as defined below) and other operative agreements executed in connection with the issuance of the Certificates, a form of which was filed as an exhibit to the Registration Statement.

The Offered Certificates and the Other Certificates were issued pursuant to a Trust Agreement (the “Trust Agreement”), attached hereto as Exhibit 4.1, dated as of July 1, 2003, among Structured Asset Securities Corporation, as depositor, U.S. Bank National Association, as trustee, and Aurora Loan Services Inc., as master servicer. The “Offered Certificates” consist of the following classes: Class A1, Class A2, Class A3, Class A4, Class A5, Class A6, Class A-IO, Class M1, Class M2 and Class M3. The Certificates and the “Other Certificates” (consisting of the Class P, Class X and Class R Certificates), evidence all of the beneficial ownership interest in a trust fund (the “Trust Fund”) the assets of which consist primarily of one pool of certain fixed rate, conventional, fully amortizing, first lien, residential mortgage loans (the “Mortgage Loans”) with an aggregate outstanding principal balance of $273,392,271 as of July 1, 2003, together with certain other assets. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Trust Agreement.

Item 7. Financial Statements; Pro Forma Financial Information and Exhibits

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

1.1

Terms Agreement, dated July 28, 2003, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Inc., as the Underwriter.

4.1

Trust Agreement dated as of July 1, 2003, among Structured Asset Securities Corporation, as Depositor, U.S. Bank National Association, as Trustee, and Aurora Loan Services Inc., as Master Servicer.

99.1

Mortgage Loan Sale and Assignment Agreement dated as of July 1, 2003, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Servicing Agreement dated as of July 1, 2003, among Aurora Loan Services Inc., as Master Servicer and Servicer, and Lehman Brothers Holdings Inc., as Seller.

99.3

Insurance Agreement dated as of July 1, 2003, among Lehman Brothers Holdings Inc., as Seller, Structured Asset Securities Corporation, as Depositor, U.S. Bank National Association, as Trustee.

99.4

Certificate Guaranty Insurance Policy No. 42051 for $20,928,000 Class A5 Certificates and $25,917,000 Class A6 Certificates.

SIGNATURES

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.

STRUCTURED ASSET SECURITIES

CORPORATION

By: /s/ Ellen V. Kiernan

Name: Ellen V. Kiernan

Title: Senior Vice President

Dated: July 30, 2003

EXHIBIT INDEX

Exhibit No.

Description

1.1

Filing Compare · STRUCTURED ASSET SECURITIES CORP MO PA TH CE SER 2003-25XS