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, 2003



[ ]     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 333-102489-07

                    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
New York, NY                                              10019
(Address of principal executive offices)                 (Zip Code)

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

                     Structured Asset Securities Corporation
               Mortgage Pass-Through Certificates Series 2003-AM1
            (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]

                   Documents incorporated by reference: None





<PAGE>

Structured Asset Securities Corporation
Mortgage Pass-Through Certificates Series 2003-AM1
--------------------------------------------------------

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 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 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 and Related Stockholder Matters

     The Trust does not issue stock. There is currently no established secondary
market for the  Certificates.  As of December 31, 2003, the number of holders of
each Class of Offered Certificates was 28.

Item 6.  Selected Financial Data

         Not Applicable.

Item 7.  Management's Discussion and Analysis of Financial condition and
         Results of Operations

         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

     There was no change of accountants or disagreement  with accountants on any
matter of accounting principles or practices or financial disclosure.

Item 9A. Controls and Procedures.

         Not Applicable.


                                      -2-
<PAGE>

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, and Reports on Form 8-K

(a) The following documents are filed as part of this report:

    (1) Financial Statements:

         Not Applicable.

    (2)  Financial Statement Schedules:

         Not Applicable.

    (3)  Exhibits:

     Annual  Independent  Accountant's  Servicing  Report  concerning  servicing
activities, filed as Exhibit 99.1 hereto.

     Report of  Management as to Compliance  with Minimum  Servicing  Standards,
filed as Exhibit 99.2 herto.

     Annual Statement of Compliance under the Trust Agreement, filed as Exhibit
99.3 hereto.

(b) Reports on Form 8-K: The following  Current Reports on Form 8-K with respect
    to the Trust were filed by the Registrant for the last quarter of 2003.

    Current Reports on Form 8-K dated  October 27, 2003,  November  25,  2003,
    and December 26, 2003 were filed for the  purpose of filing the  Monthly
    Statement sent to the Holders of the Offered  Certificates  for payments
    made on the same date. The items reported in such Current Report were
    Item 5 and Item 7.

(c)   Exhibits to this report are listed in Item (15)(a)(3) above.

d) Not Applicable.

                                      -3-

<PAGE>


Structured Asset Securities Corporation
Mortgage Pass-Through Certificates Series 2003-AM1
-----------------------------------------------------------------------------


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.


Date:  March 30, 2004            By:  Aurora Loan Services Inc.,
                                        as Master Servicer

                                        /s/ E. Todd Whittemore
                                        --------------------------------------
                                  Name: E. Todd Whittemore
                                 Title: Executive Vice President



                                      -4-
<PAGE>




                                  Certification
                     Structured Asset Securities Corporation
                Mortgage Pass-Through Certificates Series 2003-AM1


     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-AM1;

     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:  JPMorgan Chase Bank, as
Trustee;  Ocwen Federal Bank FSB, as Servicer,  and Wilshire  Credit  Corp.,  as
Servicer.

Date: March 30, 2004

  By: /s/ E. Todd Whittemore
      ------------------------
     E. Todd Whittemore
     Executive Vice President
     Aurora Loan Services Inc.



                                      -5-
<PAGE>

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.

                                      -6-
<PAGE>


                                 EXHIBIT INDEX

Exhibit Description


99.1    Annual Independent Accountant's Servicing Report

        Ocwen Federal Bank FSB, as Servicer
        Wilshire Credit Corp, as Servicer

99.2    Report of Management as to Compliance with Minimum Servicing Standards

        Ocwen Federal Bank FSB, as Servicer
        Wilshire Credit Corp, as Servicer

99.3    Annual Statement as to Compliance

        Aurora Loan Services Inc., as Master Servicer


                                      -7-
<PAGE>


                                  EXHIBIT 99.1
                Annual Independent Accountant's Servicing Report
                                 --------------


PricewaterhouseCoopers, LLP
222 Lakeview Avenue
Suite 360
West Palm Beach, FL  33401
Telephone:  (561) 832-0038
Facsimile:  (561) 803-0181


REPORT OF CERTIFIED PUBLIC ACCOUNTANT'S REPORT


To the Board of Directors of
Ocwen Federal Bank FSB


     We have  examined  management's  assertion,  included  in the  accompanying
Management  Assertion on Compliance with USAP, that, except fo the noncompliance
related  to   reconciliations   described  in  the  third   paragraph   and  the
noncompliance  related to interest on escrows  described in the fifth paragraph,
Ocwen  Federal  Bank FSB  (the  "Bank")  complied  with  the  minimum  servicing
standards  identified in the Mortgage Bankers Association of America's ("MBA's")
Uniform Single  Attestation  Program for Mortgage Bankers ("USAP") as of and for
the year ended  December  31, 2003.  Management  is  responsible  for the Bank's
compliance with those minimum  servicing  standards.  Our  responsibility  is to
express an opinion on management's  assertion about the Bank'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  Bank's  compliance  with the
minimum  servicing   standards  and  performing  other  such  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  Bank's  compliance  with  the  minimum  servicing
standards.

     Our examination disclosed noncompliance with minimum servicing standards in
certain states related to interest on escrows  applicable to the Bank during the
year  ended  December  31,  2003.  Such   noncompliance   is  described  in  the
accompanying Management Assertion on Compliance with USAP.

     In our opinion,  management's  assertion  that the Bank  complied  with the
aforementioned   minimum  servicing  standards,   except  for  noncompliance  as
described in the accompanying  Management  Assertion on Compliance with USAP, as
of and for the year ended  December 31, 2003 is fairly  stated,  in all material
respects.

By:  /s/PricewaterhouseCoopers, LLC
------------------------------------
PricewaterhouseCoopers, LLC

March 12, 2004

                                      -8-

<page>

Deloitte & Touche LLP
Suite 3900
111 SW Fifth Avenue
Portland, OR  97204-3642
USA
Tel: +1 503 222 1341
Fax: +1 503 224 2172
www.deloitte.com


INDEPENDENT ACCOUNTANTS' REPORT

Board of Directors
Wilshire Credit Corporation

     We  have  examined  Wilshire  Credit   Corporation's  (the  "Company"),   a
wholly-owned  subsidiary of Wilshire Financial Services Group, Inc.,  compliance
with its established  minimum servicing  standards described in the accompanying
Management's  Assertion on Minimum Servicing Standards,  dated March 26, 2004 as
of and for the year ended December 31, 2003.  Management is responsible  for the
Company's compliance with those minimum servicing standards.  Our responsibility
is to express an opinion on the Company's 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 its  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 its minimum
servicing standands.

     Our examination  disclosed the following  material  noncompliance  with the
Company's  established minimum servicing standards set forth in Appendix I, Item
V.2,  relating to interest rate  adjustments on adjustable rate mortgage ("ARM")
loans. In two of the  thirty-five ARM loans selected for testing,  the Company's
calculations  of the interest rate  adjustments  were not in accordance with the
related mortgage notes and any ARM rider.

     In our  opinion,  except for the  material  noncompliance  described in the
preceding paragraph,  the Company complied,  in all material respects,  with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2003 as set forth in Appendix I.



By:  /s/ Deloitte & Touche LLP
---------------------------

March 26, 2004


                                      -9-

<page>

                                  EXHIBIT 99.2
     Report of Management as to Compliance with Minimum Servicing Standards
                                 --------------



OCWEN FEDERAL BANK FSB
1675 Palm Beach Lakes Boulevard
West Palm Beach, FL  33401

                  MANAGEMENT ASSERTION ON COMPLIANCE WITH USAP

March 12, 2004

     As of and for the year ended  December  31,  2003,  except as  specifically
noted  below,  Ocwen  Federal Bank FSB (the "Bank") has complied in all material
respects with the minimum servicing  standards set forth in the Mortgage Bankers
Association  of  America's  ("MBA's")  Uniform  Single  Attestation  Program for
Mortgage Bankers ("USAP").

..    Standard:  Reconciliations  shall be  prepared  on a monthly  basis for all
     custodial  bank  accounts  and  related  bank  clearing  accounts.   Thesse
     reconciliations shal be mathematically  accurate,  be prepared within forty
     five (45)  calendar  days of he cutoff  date;  be reviewed  and approved by
     someone other than the person who prepared the reconciliation; and document
     explanations  for  reconciling  items.  These  reconciling  items  shall be
     resolved within ninety (90) calendar days of their original identification.

     Certain  reconciling  items which arose during the year ended  December 31,
     2003 were not  specifically  identified  and/or were not cleared  within 90
     days  of  their  original  identification.  Management  has  developed  and
     implemented an action plan and continues to resolve outstanding reconciling
     items. All significant reconciling items have been isolated and reviewed by
     the Company,  and the Company believes these items will not have a material
     impact on the status of any custodial accounts.

..    Standard: Interest on escrow accounts shall be paid, or credited, to
     mortgagors in accordance with the applicable state laws.

     Interest  on escrow  accounts  in  certain  states  was not  paid,  or
     credited,  to mortgagors in accordance with the applicable  state laws
     during  the year  ended  December  31,  2003.  The Bank has  corrected
     accounts by paying or crediting  the  appropriate  interest on escrow.
     The Bank is currently implementing an enhancement to its REALServicing
     servicing system to ensure that for loans collateralized by properties
     located in states  that  require  the  payment of  interest  on escrow
     accounts,  the payment or crediting of such  interest is in accordance
     with applicable state laws.

     As of and for this same period,  the Bank has in effect a fidelity  bond in
the amount of  $15,000,000  and an errors and omissions  policy in the amount of
$5,000,000.



/s/ Ronald M. Faris
---------------------------
Ronald M. Faris
President

/s/ Scott W. Anderson
---------------------------
Scott W. Anderson
Senior Vice President of Residential Assets

/d/ Brian J. LaForest
---------------------------
Brian J. LaForest
Director of Investor Reporting

                                      -10-

<page>

                        MANAGEMENT'S ASSERTION ON
                        MINIMUM SERVICING STANDARDS

As of and for the year ended December 31, 2003,  Wilshire Credit Corporation has
complied,  in all  material  respects,  (except to the extent as decribed in the
following  paragraph) with Wilshire  Credit  Corporation's  established  minimum
servicing  standards for residential  mortgages loans as set forth in Appendix I
(the "Standards").  The Standards are based on the Mortgage Banker's Association
of America's Uniform Single Attestation Program for Mortgage Bankers.

Our auditors have  concluded that 2 out of 35 ARM loans selected for testing had
adjustments  that were not in accordance with the related mortgage notes and any
ARM rider.

As of and for this same period, the Wilshire Credit Corporation had in effect an
errors  and  omissions  policy in the  amount  of  $5,000,000.  Wilshire  Credit
Corporation  had in effect a  fidelity  bond in the amount of  $10,000,000  from
January 1, 2003 through September 30, 2003 and in the amount of $20,000,000 from
October 1, 2003 through December 31, 2003.



By:  /s/ Jay Memmott
-------------------------------------------------
Jay Memmott, President and Chief Executive Officer
Wilshire Credit Corporation
March 26, 2004

By:  /s/ Stephen P. Glennon
-------------------------------------------------
Stephen P. Glennon, President and Chief Financial Officer
Wilshire Credit Corporation
March 26, 2004

By:  /s/ Ken Frye
-------------------------------------------------
Ken Frye, Senior Vice President
Wilshire Credit Corporation
March 26, 2004


APPENDIX I:

MINIMUM SERVICING STANDARDS AS SET FORTH IN THE MORTGAGE BANKERS
ASSOCIATION OF AMERICA'S UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS

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:

      .  be mathematically accurate;

      .  be prepared within forty-five (45) calendar days after the cutoff date;

      .  be reviewed and approved by someone other than the person who prepared
         the reconciliation; and

      .  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 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 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  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.   Unused 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 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 updated  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
     (e.g., 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.

                                      -11-

<PAGE>


                                  EXHIBIT 99.3
                         Annual Statement as to Compliance
                                  -----------


Aurora Loan Services Inc.
a Lehman Brothers Company
Master Servicing
3131 South Vaughn Way #500
Aurora, CO 80014
Telephone:  (303) 632-3000
            (800) 880-0126
Facsimile:  (303) 632-3001

Via UPS

February 26, 2004

Nadezhka Thomas
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
         Annual Officer's Certificate as to Compliance

Dear Ms. Thomas:

     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

                                      -12-