Item 1. Business
Not applicable.
Item 2.
Item 2. Properties
Not applicable on reliance of Relief Letters
Item 3.
Item 3. Legal Proceedings
There were no legal proceedings.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders There were no matters submitted to a vote of the Security Holders.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder matters
As of December 31, 2003, the Trust had Nineteen (19) holders of record of the Notes, computed in accordance with Rule 12g5-1 under the Securities Exchange Act of 1934, as amended.
Item 6.
Item 6. Selected Financial Data.
Not applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Not applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
Not applicable.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Information required by Item 304 of Reg. S-K.
Not applicable.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11.
Item 11. Executive Compensation
Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions.
Not applicable.
Item 14.
Item 14. Principal Accounting Fees and Services.
Not applicable.
PART IV
Item 15.
Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Not Applicable 2. Not Applicable 3. Exhibits 99.1 Annual Statement of Compliance a. Aurora Loan Services Inc., as Master Servicer 99.2 Report of Independent Accountants a. Aurora Loan Services Inc., as Servicer b. Colonial Savings, F.A., as Servicer c. Greenpoint Mortgage Funding, Inc., as Servicer 99.3 Report of Management a. Aurora Loan Services Inc., as Servicer b. Colonial Savings, F.A., as Servicer c. Greenpoint Mortgage Funding, Inc., as Servicer
(b) Reports on Form 8-K The registrant has filed Current Reports on Form 8-K with the Securities and Exchange Commission dated: November 25, 2003; December 25, 2003
(c) See (a) 3 above
(d) Not Applicable
SIGNATURES
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.
Aurora Loan Services, Inc. as Master Servicer of STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES Series 2003-32
/s/ E. Todd Whittemore
Name: E. Todd Whittemore
Title: Executive Vice President
Company: Aurora Loan Services Inc.
Date: 3/30/04
Sarbanes-Oxley Certification
I, E. Todd Whittemore, Executive Vice President of Aurora Loan Services, 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 ASSET SECURITIES CORPORATION MORTGAGE PASS-THROUGH CERTIFICATES Series 2003-32
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:
U.S. Bank National Association, as Trustee Colonial Savings, F.A., as Servicer GreenPoint Financial Corporation, as Servicer
Date: 3/30/04
Signature: /s/ E. Todd Whittemore
Name: E. Todd Whittemore
Company: Aurora Loan Services Inc.
Title: Executive Vice President
EXHIBIT INDEX
Exhibit Number Description 99.1 Annual Statement of Compliance a. Aurora Loan Services Inc., as Master Servicer 99.2 Report of Independent Accountants a. Aurora Loan Services Inc., as Servicer b. Colonial Savings, F.A., as Servicer c. Greenpoint Mortgage Funding, Inc., as Servicer 99.3 Report of Management a. Aurora Loan Services Inc., as Servicer b. Colonial Savings, F.A., as Servicer c. Greenpoint Mortgage Funding, Inc., as Servicer
EXHIBIT 99.1 -- Master Servicer's Annual Statement of Compliance
AURORA LOAN SERVICES A Lehman Brothers Company Master Servicing 3131 South Vaughn Way #500 Aurora, CO 80014 phone: 303-632-3000
February 26,2004
RE: SASCO Series 2003-32 Annual Officer's Certificate as to Compliance
Dear Ms. Kenneally:
The undersigned Officer certifies the following for the period ending on December 31, 2003:
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/ E. Todd Whittemore E. Todd Whittemore Executive Vice President Master Servicing Division
EXHIBIT 99.2.a -- Report of Independent Accountants
ERNST & YOUNG
Report on Management's Assertion on Compliance with the Specified Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers
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, 2003. 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 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.
						/S/ Ernst & Young LLP
February 2, 2004
EXHIBIT 99.2.b -- Report of Independent Accountants
February 2, 2004
PriceWaterhouseCoopers
PriceWaterhouseCoopers LLP 301 Commerce Street City Center Tower II Suite 1900 Forth Worth TX 76102-4183 Telephone (817) 810-9998 Facsimile (817) 877-2260 	 (817) 332-2710
Report of Independent Auditors
To the Board and Directors and Stockholder of Colonial Savings, F.A.
We have 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, 2003, included in the accompanying management assertion (Exhibit I). Management is responsible for Colonial's compliance with those minimum servicing standards. Our responsibility is to express an opinion on 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, 2003, is fairly stated, in all material respects.
/s/ PriceWaterhouseCoopers LLP
December 5, 2003
EXHIBIT 99.2.c -- Report of Independent Accountants
PriceWaterHouseCoopers
PriceWaterHouseCoopers LLP 350 S. Grand Ave. Los Angeles, CA 90071 Telephone (213) 236-3000
Report of Independent Auditors
To the Board of Directors and Stockholders of GreenPoint Financial Corporation:
We have examined management's assertion about GreenPoint Financial Corporation and its subsidiaries, including GreenPoint Mortgage Funding, Inc. ("the Company") 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 December 31, 2003 included in the accompanying management assertion (see Exhibit I). 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'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 the Company'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 the Company's compliance with the minimum servicing standards.
In our opinion, management's assertion that the Company complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 2003 is fairly stated, in all material respects.
/s/ PricewaterhouseCoopers LLP
March 25, 2004
EXHIBIT 99.3.a -- Report of Management
Management's Assertion on Compliance with the Specified Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers
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, 2003 and for the year then ended. Based on this evaluation, we assert that during the year ended November 30, 2003, the Company complied, in all material respects, with the specified minimum servicing standards
As of November 30, 2003 and for the year then ended, the Company had in effect a fidelity bond and an errors and omissions policy in the amount of $70,000,000.
/s/ Bruce Witherell		/s/ Rick W. Skogg Bruce Witherell			Rick W. Skogg Managing Director 		President
/s/ Roy W. Browning III /s/ Bill Napier Roy W. Browning III Bill Napier Chief Financial Officer Finance Controller
February 2, 2004
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.	Mortgage 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 amounts 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.
EXHIBIT 99.3.b -- Report of Management
Colonial Savings
Management's Assertation Concerning Compliance With USAP Minimum Servicing Standards
December 12, 2003
As of and for the year ended September 30, 2003, 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 ("USAP").
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 $8,500,000.
/s/ Jim E. DuBose Jim E. DuBose President, Chief Executive Officer
/s/ Donna Dempsey Donna Dempsey Executive Vice President, Chief Financial Officer
2626A West Freeway, Fort Worth, Texas 76102 Office 817-390-2000 www.colonialsavings.com
EXHIBIT 99.3.c
Exhibit I
Management's Assertion Regarding Compliance With Minimum Servicing Standards
As of and for the year ended December 31, 2003, GreenPoint Mortgage Funding, Inc. (the "Company"), a wholly-owned subsidiary of GreenPoint Bank, 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, GreenPoint Bank maintained on behalf of the Company, errors and omissions and employee fidelity bond insurance policies in the amount of $20,000,000 and $50,000,000, respectively.
March 25, 2003
/s/ Becky Poisson Becky Poisson Executive Vice President of Operations and Technology
/s/ Nathan Hieter Nathan Hieter Controller
/s/ David Petrini David Petrini Chief Financial Officer
/s/ S.A. Ibrahim S.A. Ibrahim Chief Executive Officer