Item 1. Business. Item 1A.
Item 1A. Risk Factors. Item 1B.
Item 1B. Unresolved Staff Comments. Item 2.
Item 2. Properties. Item 3.
Item 3. Legal Proceedings. Item 4.
Item 4. Submission of Matters to a Vote of Security Holders. Omitted. Omitted. Omitted. Omitted. Omitted. None. Item 5.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities. Item 6.
Item 6. Selected Financial Data. Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Item 8.
Item 8. Financial Statements and Supplementary Data. Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Item 9A.
Item 9A. Controls and Procedures. Item 9B.
Item 9B. Other Information. PART II None. Omitted. Omitted. Omitted. Omitted. Omitted. Omitted. Omitted. Item 10.
Item 10. Directors and Executive Officers of the Registrant. Item 11.
Item 11. Executive Compensation. Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Item 13.
Item 13. Certain Relationships and Related Transactions. Item 14.
Item 14. Principal Accounting Fees and Services. PART III Omitted. Omitted. Omitted. Omitted. Omitted.
a) 1. Not Applicable. Item 15.
Item 15. Exhibits, Financial Statement Schedules. 2. Not Applicable. 3. b) See (a) above. c) Not Applicable. PART IV Exhibit 4.1 Pooling and Servicing Agreement (filed as an exhibit to Form 8-K on March 8, 2006) Exhibit 10.1 Mortgage Loan Sale and Assignment Agreement (filed as an exhibit to Form 8-K on March 8, 2006) Exhibit 33 Item 1122 Compliance with Applicable Servicing Criteria - Assessments Exhibit 34 Item 1122 Compliance with Applicable Servicing Criteria - Attestations Exhibit 35 Item 1123 Servicer Compliance Statement a) LandAmerica Tax and Flood Services, Inc., as Sub-Contractor
b) U.S. Bank National Association, as Trustee
c) Wilshire Credit Corporation, as Servicer a) LandAmerica Tax and Flood Services, Inc., as Sub-Contractor
b) U.S. Bank National Association, as Trustee
c) Wilshire Credit Corporation, as Servicer a) Wilshire Credit Corporation, as Servicer SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J(2) TO FORM 10-K. Item 1112(b) of Regulation AB. Not Applicable. Item 1114(b)(2) and Item 1115(B) of Regulation AB. Item 1117 of Regulation AB. Item 1119 of Regulation AB. Item 1122 of Regulation AB. Servicer Compliance Statement. Significant Obligors of Pool Assets (Financial Information). Legal Proceedings. Affiliations and Certain Relationships and Related Transactions. Compliance with Applicable Servicing Criteria Item 1123 of Regulation AB. The registrant knows of no material pending legal proceedings involving the Trust and all parties related to such Trust,
other than routine litigation incidental to the duties of those respective parties. Significant Enhancement Provider Information Not Applicable. Information required by Item 1119 was provided previously in a prospectus timely filed pursuant to Rule 424
promulgated under the Securities Act of 1933, under the same Central Index Key (CIK) code as this annual report on
Form 10-K. No material changes to such information have occurred since the initial Rule 424 filing. See Item 15, exhibits (33) and (34). See Item 15, exhibits (35). The assessment of compliance for Wilshire Credit Corporation ("Wilshire")has disclosed the following material
noncompliance with servicing criterion 1122(d)(4)(iv), applicable to Wilshire during the year ended December 31,
2006. On one of the forty-five loan payoffs selected for testing, Wilshire calculated the prepayment charge in
accordance with the related mortgage note, but transposed the numbers when entering the charge into its system,
resulting in an overcharge to the borrower. Such assessment further states that this error has been corrected and
the overcharge has been refunded to the borrower.
SIGNATURES By (Signature and Title): Date March 28, 2007 /s/: Ken Frye Ken Frye
Senior Vice President, Loan Servicing Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated. Wilshire Credit Corporation, as Servicer Specialty Underwriting and Residential Finance Trust, Series 2006-BC1 (senior officer in charge of the servicing function of the servicer)
EXHIBIT INDEX EXHIBIT DESCRIPTION Exhibit 4.1 Pooling and Servicing Agreement (filed as an exhibit to Form 8-K on March 8, 2006) Exhibit 10.1 Mortgage Loan Sale and Assignment Agreement (filed as an exhibit to Form 8-K on March 8, 2006) Exhibit 33 Item 1122 Compliance with Applicable Servicing Criteria - Assessments Exhibit 34 Item 1122 Compliance with Applicable Servicing Criteria - Attestations Exhibit 35 Item 1123 Servicer Compliance Statement a) LandAmerica Tax and Flood Services, Inc., as Sub-Contractor
b) U.S. Bank National Association, as Trustee
c) Wilshire Credit Corporation, as Servicer a) LandAmerica Tax and Flood Services, Inc., as Sub-Contractor
b) U.S. Bank National Association, as Trustee
c) Wilshire Credit Corporation, as Servicer a) Wilshire Credit Corporation, as Servicer