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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the fiscal year ended December 31, 2004
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from __ to __
Commission File Number 333-115858-06
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 74-2440850
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification No.)
745 Seventh Avenue, 7th Floor
New York, NY 10019
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 526-7000
Structured Adjustable Rate Mortgage Loan Trust
Mortgage Pass-Through Certificates Series 2004-11
(Title of each class of securities covered by this Form)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes No [X]
State the aggregate market value of the voting and non-voting common equity held
by non-affiliates computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common equity, as of
the last business day of the registrant's most recently completed second fiscal
quarter. Not Applicable.
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date. Not Applicable.
Documents Incorporated by Reference
List hereunder the following documents if incorporated by reference and the Part
of the Form 10-K (e.g. Part I, Part II, etc.) into which the document is
incorporated: (1)Any annual report to security holders; (2) Any proxy or
information statement; and (3)Any prospectus filed pursuant to Rule 424(b) or
(c) under the Securities Act of 1933. The listed documents should be clearly
described for identification purposes (e.g. annual report to security holders
for fiscal year ended December 24, 1980). Not Applicable.
PART I
Item 1. Business.
Not Applicable.
Item 2. Properties.
Not Applicable.
Item 3. Legal Proceedings.
The Registrant is not aware of any material legal proceeding with respect
to, the Company, the Master Servicer, the Servicers or the Trustee, as related
to the Trust.
Item 4. Submission of Matters to a Vote of Security Holders.
No matter was submitted to a vote or consent of the holders of each Class
of Offered Certificates during the fiscal year covered by this report.
PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities.
The Trust does not issue stock. There is currently no established secondary
market for the Certificates. As of December 31, 2004, the number of holders of
each Class of Offered Certificates was 14.
Item 6. Selected Financial Data.
Not Applicable.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operation.
Not Applicable.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk.
Not Applicable.
Item 8. Financial Statements and Supplementary Data.
Not Applicable.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.
None.
Item 9A. Controls and Procedures.
Not Applicable.
Item 9B. Other Information.
None.
-2-
PART III
Item 10. Directors and Executive Officers of the Registrant.
Not Applicable.
Item 11. Executive Compensation.
Not Applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Not Applicable.
Item 13. Certain Relationships and Related Transactions.
No reportable transactions have occurred.
Item 14. Principal Accounting Fees and Services.
Not Applicable.
PART IV
Item 15. Exhibits, Financial Statement Schedules.
(a) The following documents are filed as part of this report:
(1) Financial Statements:
Not Applicable.
(2) Financial Statement Schedules:
Not Applicable.
(3) Exhibits:
Rule 13a-14(a)/15d-14(a) Certification, filed as 33.1 hereto.
Annual Independent Accountants' Servicing Report, filed as Exhibit 99.1
hereto.
Report of Management as to Compliance with Minimum Servicing Standards,
filed as Exhibit 99.2 hereto.
Annual Statement as to Compliance, filed as Exhibit 99.3 hereto.
Aggregate Statement of Principal and Interest Distributions to
Certificateholders as of December 31, 2004, filed as Exhibit 99.4 hereto.
(b) Exhibits to this report are listed in Item (15)(a)(3) above.
(c) Not Applicable.
-3-
Structured Adjustable Rate Mortgage Loan Trust
Mortgage Pass-Through Certificates Series 2004-11
- -----------------------------------------------------------------------------
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
By: Aurora Loan Services LLC (fka Aurora Loan Services Inc.),
as Master Servicer
/s/ E. Todd Whittemore
--------------------------------------
Name: E. Todd Whittemore
Title: Executive Vice President
Date: March 31, 2005
-4-
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.
The registrant has not sent an annual report or proxy material to its security
holders. The registrant will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.
-5-
EXHIBIT INDEX
Exhibit Description
33.1 Rule 13a-14(a)/15d-14(a) Certification
99.1 Annual Independent Accountant's Servicing Report
Aurora Loan Services LLC (fka Aurora Loan Services Inc.), as Servicer
Colonial Savings, F.A., as Servicer
Countrywide Home Loans Servicing LP, as Servicer
Greenpoint Mortgage Funding, Inc., as Servicer
99.2 Report of Management as to Compliance with Minimum Servicing Standards
Aurora Loan Services LLC (fka Aurora Loan Services Inc.), as Servicer
Colonial Savings, F.A., as Servicer
Countrywide Home Loans Servicing LP, as Servicer
Greenpoint Mortgage Funding, Inc., as Servicer
99.3 Annual Statement as to Compliance
Aurora Loan Services LLC (fka Aurora Loan Services Inc.),
as Master Servicer
99.4 Aggregate Statement of Principal and Interest Distributions to
Certificateholders as of December 31, 2004
-6-
Exhibit 33.1
Rule 13a-14(a)/15d-14(a) Certification
-----------
Certification
Structured Adjustable Rate Mortgage Loan Trust
Mortgage Pass-Through Certificates Series 2004-11
I, E. Todd Whittemore, Executive Vice President of Aurora Loan Services LLC
(fka Aurora Loan Services Inc.) Inc., certify that:
1. I have reviewed this annual report on Form 10-K, and all reports on Form
8-K containing distribution or servicing reports filed in respect of periods
included in the year covered by this annual report, of Structured Adjustable
Rate Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2004-11;
2. Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by this annual report;
3. Based on my knowledge, the distribution or servicing information
required to be provided to the trustee by the servicer under the pooling and
servicing, or similar, agreement, for inclusion in these reports is included in
these reports;
4. I am responsible for reviewing the activities performed by the servicer
under the pooling and servicing, or similar, agreement and based upon my
knowledge and the annual compliance review required under that agreement, and
except as disclosed in the reports, the servicer has fulfilled its obligations
under that agreement; and
5. The reports disclose all significant deficiencies relating to the
servicer's compliance with the minimum servicing standards based upon the report
provided by an independent public accountant, after conducting a review in
compliance with the Uniform Single Attestation Program for Mortgage Bankers or
similar procedure, as set forth in the pooling and servicing, or similar,
agreement, that is included in these reports.
In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated parties: Colonial Savings, F.A.,
Countrywide Home Loans Servicing LP, Greenpoint Mortgage Funding, Inc., as
Servicers; and JPMorgan Chase Bank, N.A., as Trustee.
Date: March 31, 2005
By: /s/ E. Todd Whittemore
------------------------
E. Todd Whittemore
Executive Vice President
Aurora Loan Services LLC (fka Aurora Loan Services Inc.)
-7-
EXHIBIT 99.1
Annual Independent Accountants' Servicing Report
Ernst & Young LLP
Suite 3300
370 17th Street
Denver, Colorado 80202-5663
Telephone: (720) 931-4000
Facsimile: (720) 931-4444
www.ey.com
Report of Independent Accountants
Board of Directors
Aurora Loan Services Inc.
We have examined management's assertion, included in the accompanying report
titled Report of Management, that Aurora Loan Services Inc. (the "Company")
complied with the servicing standards identified in Exhibit A to the Report of
Management (the "specified minimum servicing standards") as set forth in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers ("USAP") during the year ended November 30, 2004. Management is
responsible for the Company's compliance with those specified minimum servicing
standards. Our responsibility is to express an opinion on management's assertion
about the Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
specified minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the specified minimum
servicing standards.
In our opinion, management's assertion that the Company complied with the
aforementioned specified minimum servicing standards during the year ended
November 30, 2003, is fairly stated, in all material respects.
By: /s/ Ernst & Young LLP
- ---------------------------
February 11, 2005
PAYNE FALKNER SMITH & JONES, P.C.
---------------------------------
Certified Public Accountants
Report of Independent Auditors on Compliance with Requirements of the Uniform
Single Attestation Program for Mortgage Bankers
Board of Directors and Stockholder
of Colonial Savings, F.A.
We examined management's assertion about Colonial Savings, F.A. ("Colonial")
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers ("USAP") as of and for the year ended September 30, 2004, included in
the accompanying management's assertion about Colonial's compliance based on our
examination.
Our examination was made in accordance with attestation standards established by
the American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about Colonial's compliance with
the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on Colonial's compliance with the minimum servicing
standards.
In our opinion, management's assertion that Colonial complied with the
aforementioned minimum servicing standards as of and for the year ended
September 30, 2004, is fairly stated, in all material aspects.
/s/ Payne Falkner Smith & Jones, P.C.
- --------------------------------------
November 10, 2004
KPMG LLP
Suite 2000
355 South Grand Avenue
Los Angeles, CA 90071
Independent Accountants' Report
Board of Directors
Countrywide Financial Corporation:
We have examined the accompanying management's assertion, that Countrywide
Financial Corporation and subsidiaries, including its wholly-owned subsidiary
Countrywide Home Loans, Inc. (CHL) and Countrywide Home Loans Servicing, L.P., a
wholly-owned subsidiary of CHL, (collectively, the Company) complied with the
minimum servicing standards set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of
and for the year ended December 31, 2004. Management is responsible for the
Company's compliance with those minimum servicing standards. Our responsibility
is to express an opinion on management's assertion about the Company' compliance
based on our examination.
Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Company's
compliance with the minimum servicing standards specified above and performing
such other procedures as we considered necessary in the circumstances. We
believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Company's compliance
with the minimum servicing standards.
In our opinion, management's assertion that Countrywide Financial Corporation
and subsidiaries, (including its wholly-owned subsidiary, Countrywide Home
Loans, Inc. (CHL) and Countrywide Home Loans Servicing, L.P., a wholly-owned
subsidiary of CHL, complied with the aforementioned minimum servicing standards
as of and for year ended December 31, 2004 is fairly stated, in all material
respects.
By: /s/ KPMG LLP
- ---------------------------
March 17, 2005
KPMG LLP
55 Second Street
San Francisco, CA 94105
Independent Accountants' Report
The Board of Directors
North Fork Bancorporation Inc.:
We have examined management's assertion, included in the accompanying Management
Assertion, that GreenPoint Mortgage Funding, Inc., a wholly owned subsidiary of
North Fork Bancorporation, Inc., complied with the minimum servicing standards
set forth in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers (USAP) as of and for the year ended
December 31, 2004. Management is responsible for GreenPoint Mortgage Funding,
Inc.'s compliance with those minimum servicing standards. Our responsibility is
to express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was conducted in accordance with attestion standards established
by the American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about GreenPoint Mortgage Funding,
Inc.'s compliance with the minimum servicing standards specified above and
performing such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for
our opinion. Our examination does not provide a legal determination on
GreenPoint Mortgage Funding, Inc.'s compliance with the minimum servicing
standards.
Management identified the following material noncompliance with minumum
servicing standards over mortgage payments as of and for the year ended December
31, 2004. The mortgage interest rate changes on certain Home Equity Lines of
Credit were not adjusted at the appropriate date in accordance with the
mortgagor's loan documents. This resulted in the mortgagor being overcharged for
the period from the interest rate change until the correct effective date, which
was the first day of the following month.
In our opinion, except for the material noncompliance described in the third
paragraph, management's assertion that GreenPoint Mortgage Funding, Inc.
complied with the aforementioned minimum servicing standards as of and for the
year ended December 31, 2004 is fairly stated, in all material respects.
By: /s/ KPMG LP
- -----------------
March 17, 2005
EXHIBIT 99.2
Report of Management as to Compliance with Minimum Servicing Standards
Aurora Loan Services
Report of Management
We, as members of management of Aurora Loan Services, Inc. (the "Company"), are
responsible for complying with the servicing standards identified in the
attached Exhibit A (the "specified minimum servicing standards") as set forth in
the Mortgage Bankers Association of America's Uniform Single Attestation Program
for Mortgage Bankers (USAP). We are also responsible for establishing and
maintaining effective internal control over compliance with these specified
minimum servicing standards. We have performed an evaluation of the Company's
compliance with the specified minimum servicing standards as of November 30,
2004 and for the year then ended. Based on this evaluation, we assert that
during the year ended November 30, 2004, the Company complied, in all material
respects, with the specified minimum servicing standards.
As of and for this same period, the Company had in effect a fidelity bond and an
errors and omissions policy in the amounts of $60 million and 470, million,
respectively.
Very truly yours,
/s/ Bruce Witherell
---------------------------
Bruce Witherell
Chief Executive Officer
/s/ Rick W. Skogg
----------------------------
Rick W. Skogg
Co-Chief Operating Officer
/s/ Roy Browning
-----------------------------
Roy Browning
Chief Financial Officer
/s/ William Napier
---------------------------
William Napier
Controller
February 11, 2005
Exhibit A
Specified Minimum Servicing Standards
I. Custodial Bank Accounts
1. Reconciliations shall be prepared on a monthly basis for all custodial bank
accounts and related bank clearing accounts. These reconciliations shall:
a. be mathematically accurate;
b. be prepared within forty-five (45) calendar days after the cutoff
date. The cutoff date is the date as of which a bank account is
reconciled every month. It may, or may not, coincide with a
prescribed investor reporting date but shall be consistent from
period to period;
c. be reviewed and approved by someone other than the person who
prepared the reconciliation; and
d. document explanations for reconciling items. These reconciling
items shall be resolved within ninety (90) calendar days of
their original identification.
2. Funds of the servicing entity shall be advanced in cases where there is an
overdraft in an investor's or a mortgagor's account.
3. Each custodial account shall be maintained at a federally insured
depository institution in trust for the applicable investor.
4. Escrow funds held in trust for a mortgagor shall be returned to the
mortgagor within thirty (30) calendar days of payoff of the mortgage loan.
II. Mortgage Payments
1. Mortgage payments shall be deposited into the custodial bank accounts and
related bank clearing accounts within two (2) business days of receipt.
2. Mortgage payments made in accordance with the mortgagor's loan documents
shall be posted to the applicable mortgagor records within two (2) business
days of receipt.
3. Mortgage payments shall be allocated to principal, interest, insurance,
taxes or other escrow items in accordance with the mortgagor's loan
documents.
4. Mortgage payments identified as loan payoffs shall be allocated in
accordance with the mortgagor's loan documents.
III. Disbursements
1. Disbursements made via wire transfer on behalf of a mortgagor or investor
shall be made only by authorized personnel.
2. Disbursements made on behalf of a mortgagor or investor shall be posted
within two (2) business days to the mortgagor's or investor's records
maintained by the servicing entity.
3. Tax and insurance payments shall be made on or before the penalty or
insurance policy expiration dates, as indicated on tax bills and insurance
premium notices, respectively, provided that such support has been received
by the servicing entity at least thirty (30) calendar days prior to these
dates.
4. Any late payment penalties paid in conjunction with the payment of any tax
bill or insurance premium notice shall be paid from the servicing entity's
funds and not charged to the mortgagor, unless the late payment was due to
the mortgagor's error or omission.
5. Amounts remitted to investors per the servicer's investor reports shall
agree with cancelled checks, or other form of payment, or custodial bank
statements.
6. Unissued checks shall be safeguarded so as to prevent unauthorized access.
IV. Investor Accounting and Reporting
1. The servicing entity's investor reports shall agree with, or reconcile to,
investors' records on a monthly basis as to the total unpaid principal
balance and number of loans serviced by the servicing entity.
V. Mortgagor Loan Accounting
1. The servicing entity's mortgage loan records shall agree with, or reconcile
to, the records of mortgagors with respect to the unpaid principal balance
on a monthly basis.
2. Adjustments on adjustable rate mortgage (ARM) loans shall be computed based
on the related mortgage note and any ARM rider.
3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan
documents, on at least an annual basis.
4. Interest on escrow accounts shall be paid, or credited, to mortgagors in
accordance with the applicable state laws.
VI. Delinquencies
1. Records documenting collection efforts shall be maintained during the
period a loan is in default and shall be undated at least monthly. Such
records shall describe the entity's activities in monitoring delinquent
loans including, for example, phone calls, letters and mortgage payment
rescheduling plans in cases where the delinquency is deemed temporary
(i.e., illness or unemployment).
VII. Insurance Policies
1. A fidelity bond and errors and omissions policy shall be in effect on the
servicing entity throughout the reporting period in the amount of coverage
represented to investors in management's assertion.
Management's Assertion Concerning Compliance with USAP Minimum Servicing
Standards
November 10, 2004
As of and for the year ended September 30, 2004, Colonial Savings, F.A. has
complied in all material respects with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers.
As of and for this same period, Colonial Savings, F.A. had in effect a fidelity
bond and errors and omissions policy in the amount of $10,000,000.
/s/ Jim E. DuBose
- -----------------
Jim E. DuBose
President and Chief Executive Officer
/s/ Ben Dempsey
- ---------------
Ben Dempsey
Senior Vice President and Chief Financial Officer
Countrywide Home Loans
Management's Assertion
March 17, 2005
As of and for the year ended December 31, 2004, Countrywide Financial
Corporation and Subsidiaries (which includes its wholly-owned subsidiary,
Countrywide Home Loans, Inc. ("CHL"), and Countrywide Home Loans Servicing,
L.P., a wholly owned subsididary of CHL) ("the Company") has complied in all
material respects with the minimum servicing standards set forth in the Mortgage
Bankers Association of America's Uniform Single Attestation for Mortgage
Bankers. As of and for this same period, the Company had in effect a fidelity
bond and errors ad omissions policy in the amount of 200 million and 100
million, respectively.
Sincerely,
/s/ Thomas K. McLaughlin
- ------------------------------
Executive Managing Director and
Chief Financial Officer
/s/ Kevin Meyers
- ------------------------------
Kevin Meyers
Managing Director, Chief Financial Officer
Loan Administration
GreenPoint Mortgage
Servicing Division
Management's Asserton
March 17, 2005
As of and for the year ended December 31, 2004, GreenPoint Mortgage Funding,
Inc. (the "Company"), has complied in all material respects with the minimum
servicing standards set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers, except for the
following:
.. In certain circumstances, the mortgage interest rate changes on certain
Home Equity Lines of Credit were not adjusted at the appropriate date in
accordance with the mortgagor's loan documents. This resulted in the
mortgagor being overcharged for the period from the interest rate change
until the correct effective date, which was the first day of the following
month. This error was identified by Management and the systemic issue that
caused the incorrrect calculation of interest was resolved prior to the
issuance of this letter.
As of and for the year ended December 31, 2004, the Company had in effect a
fidelity bond in the amount of $25,000,000 for a single loss limit and an
aggregate limit of liability of $50,000,000 and an errors and omissions policy
in the amount of $25,000,000 for a single loss limit and not aggregate limit of
liability.
Very truly yours,
GreenPoint Mortgage Funding, Inc., as Servicer
By: /s/ S. A. Ibrahim By: /s/ David Petrini
- ----------------------- -----------------------
S. A. Ibrahim David Petrini
Chief Executive Officer Chief Financial Officer
By: /s/ Mike De Francesco
- -------------------------
Mike De Francesco
Senior Vice President - Loan Administration
EXHIBIT 99.3
Annual Statement as to Compliance
Aurora Loan Services
a Lehman Brothers Company
Via UPS
February 25, 2005
Diane Wallace
JPMorgan Chase Bank
4 New York Plaza, 6th floor
New York, NY 10004
RE: SASCO Series 2002-21A, 2002-25A, 2002-27A, 2003-2A, 2003-BC1, 2003-BC2,
2003-9A, 2003-AM1, 2003-24A, 2003-BC3, 2003-31A, 2003-37A, 2003-40A
SARM Series: 2004-2, 2004-3AC, 2004-6, 2004-8, 2004-11, 2004-13,
2004-15, 2004-17
Annual Officer's Certificate as to Compliance
Dear Ms. Wallace:
The undersigned Officer certifies the following for the period ending on
December 31, 2004:
1. I have reviewed the activities and performance of the Master Servicer
during the preceding calendar year under the terms of the Trust Agreements and
to the best of this Officer's knowledge, the Master Servicer has fulfilled all
of its duties, responsibilities or obligations under the Agreements;
2. Based on said review and to the best of this Officer's knowledge, the
Master Servicer is not in default of its obligations under the terms of the
Trust Agreements in any material respect, or, if there is a default in the
fulfillment of its obligations, a description of each default or failure and the
nature and status thereof has been reported to this Officer;
3. To the best of this Officer's knowledge, nothing has arose to lead this
Officer to believe that its Servicer has failed to perform any of its duties,
responsibilities and obligations under its Servicing Agreement during the
preceding calendar year;
4. To the best of this Officer's knowledge, the Servicer is not in default
of its obligations under the terms of its Servicing Agreement in any material
respect, or, if there is a default in the fulfillment of its obligations, a
description of each default or failure and the nature and status thereof has
been reported to this Officer;
5. The Master Servicer has received from its Servicer such Servicer's
annual certificate of compliance and a copy of such Servicer's annual audit
report, in each case to the extent required under the applicable Servicing
Agreement, or, if any such certificate or report has not been received by the
Master Servicer, the Master Servicer is using its best reasonable efforts to
obtain such certificate or report.
Certified By:
/s/ R. Peter Karr
- ---------------------------
R. Peter Karr
Senior Vice President
Master Servicing Division
EXHIBIT 99.4
Aggregate Statement of Principal and Interest Distributions to
Certificateholders as of December 31, 2004
SARM 2004-11
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
CUSIP ORIGINAL PRIN PAID PRIN PAID INT TOTAL PAID ENDING PRIN BALANCE CERT POOL FACTOR
86359BXR7 230,660,000.00 61,012,792.18 5,575,893.70 66,588,685.88 169,647,207.82 735.48603061
86359BXS5 4,784,000.00 2,733.28 112,424.23 115,157.51 4,781,266.72 999.42866221
86359BXT3 3,558,000.00 2,032.83 83,613.16 85,645.99 3,555,967.17 999.42865936
86359BXU0 2,576,000.00 1,471.76 60,536.12 62,007.88 2,574,528.24 999.42866460
86359BXV8 0.00 0.00 100.32 100.32 0.00 1,000.00000000
86359BXW6 1,226,000.00 762.81 33,252.53 34,015.34 1,225,237.19 999.37780587
86359BXX4 1,349,000.00 839.34 36,588.65 37,427.99 1,348,160.66 999.37780578
86359BXY2 1,229,951.00 764.02 33,359.71 34,123.73 1,229,186.98 999.37882078
N/C101963 0.00 0.00 39,425.21 39,425.21 0.00 1,000.00000000
U85985RW8 0.01 0.00 0.00 0.00 0.01 1,000.00000000
U85985RX6 0.01 0.00 0.00 0.00 0.01 1,000.00000000
U85985RY4 0.01 0.00 0.00 0.00 0.01 1,000.00000000
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