SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 25, 1997
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
(as depositor under the Pooling and Servicing
Agreement, dated as of February 1, 1997, providing
for the issuance of Asset-Backed Floating Rate Certificates, Series 1997-NC1)
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-14225 13-3439681
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
Seven World Trade Center
New York, New York 10048
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 783-5659
Item 5. Other Events
On July 25, 1997 a scheduled distribution was made from the Trust to
holders of the Class A Certificates. The Trustee has caused to be filed
with the Commission, the Monthly Report dated July 25, 1997. The
Monthly Report is filed pursuant to and in accordance with
(1) numerous no-action letters (2) current Commission policy in the area.
A. Monthly Report Information:
See Exhibit No.1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, Part II - Items 1,2,4,5
if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated July 25, 1997.
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
NEW CENTURY ASSET-BACKED FLOATING RATE CERTIFICATES
SERIES 1997-NC1
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 07/25/97
Beginning
Certificate Principal Interest Realized Certificate
Class Cusip Balance Distribution Distribution Losses Balance
A 79548KTT5 92,225,546.99 2,332,091.50 458,053.55 0.00 89,893,455.49
CE NA 2,973,335.80 0.00 227,890.08 0.00 2,973,335.80
R-II 79548KTV0 0.00 0.00 0.00 0.00 0.00
Total 95,198,882.79 2,332,091.50 685,943.63 0.00 92,866,791.29
AMOUNTS PER $1,000 UNIT
Ending Current
Principal Interest Total Certificate Realized Pass-Through
ClassDistribution Distribution Distribution Balance Losses Interest Rate
A 24.260778 4.765137 29.025914 935.162760 0.000000 5.960000%
CE 0.000000 76.644582 76.644582 1000.00000 0.000000 2.737185%
R-II 0.000000 0.000000 0.000000 0.000000 0.000000 5.960000%
Prepayment Premiums collected are distributed to the Class CE Certificates
as an addition to the Class CE Interest Distribution Amount.
Section 4.02 (iii.)
MASTER SERVICER COMPENSATION 39,674.21
TRUSTEE FEES 1,467.95
Section 4.02 (iv.)
GUARANTEED DISTRIBUTIONS
Guaranteed Principal Distribution 0.00
Guaranteed Interest Distribution 458,053.55
Section 4.02 (v.)
INSURANCE PAYMENT 0.00
CERTIFICATE INSURER REIMBURSEMENT 0.00
CUMULATIVE INSURANCE PAYMENTS 0.00
Section 4.02 (vi.)
P&I ADVANCES Total Advances 268,981.51
*Note: P&I Advances are made on Mortgage Loans Delinquent as of the
Determination Date.
Section 4.02 (vii.)
BALANCES AS OF: Stated Principal Balance of Mortgage Loans 92,885,533.42
07/25/97 Stated Principal Balance of REO Properties 0.00
Section 4.02 (viii.)
MORTGAGE LOAN CHARACTERISTICS
Number of Loans 820
Aggregate Principal Balance as of the Due Date 92,885,533.42
Weighted Average Remaining Term to Maturity 353
Weighted Average Mortgage Rate 9.25235%
Unpaid
Section 4.02 (ix.) Principal
DELINQUENCY INFORMATION Number Balance
30-59 days delinquent 28 2,310,484.00
60-89 days delinquent 9 628,590.00
90 or more days delinquent 5 556,600.00
Foreclosure proceedings have commenced 10 962,556.00
*Note: In accordance with the Master Servicer, the Delinquency Information
relates to the Prepayment Period.
Section 4.02 (x.) Loans that become REO properties in the preceding
calendar month:
REO INFORMATION Unpaid Principal Stated Principal
Loan Number Balance Balance
Section 4.02 (xi.) Total Book Value of REO Properties: 0.00
REO BOOK VALUES
Section 4.02 (xii.) Aggregate Amount of Principal Prepayments:
Curtailments 8,554.30
Payments in Full 2,268,902.34
Prepayment Premiums Collected 10742.62
REO Principal Amortization 0.00
Section 4.02 (xiii.) Realized Losses that were incurred during the
related Prepayment Period
REALIZED LOSSES Total Realized Losses 0.00
Which Include:
Extraordinary Losses 0.00
Fraud Losses 0.00
Special Hazard Losses 0.00
Bankruptcy Losses 0.00
Section 4.02 (xiv.)
EXTRAORDINARY TRUST FUND EXPENSES
Extraordinary Trust Fund Expenses withdrawn from the Collection 0.00
Account or Distribution Account that caused a reduction of the
Available Distribution Amount:
Section 4.02 (xv.)
CERTIFICATE PRINCIPAL BALANCES
Ending Extraordinary
Principal Realized Trust Fund
Balance Losses Expenses
Class A 89,893,455.49 0.00 0.00
Class CE 2,973,335.80 0.00 0.00
Total 92,866,791.29 0.00 0.00
Section 4.02 (xvi.)
CERTIFICATE FACTOR
Certificate
Factor
Class A 0.93516276
Class CE 0.93710716
Section 4.02 (xvii.)
INTEREST DISTRIBUTION AMOUNTS
Reduction from the Allocation of:
Interest Portion Prepayment
Distribution Paid Under Realized Basis Risk Interest
Amount Policy Losses Shortfalls Shortfalls
A 458,053.55 0.00 0.00 0.00 0.00
CE 227,890.08 0.00 0.00 0.00 0.00
TOTAL 685,943.63 0.00 0.00 0.00 0.00
Relief Act ExtraordinaryRemaining
Interest Trust Fund Unpaid
Shortfalls Expenses Amounts
A 0.00 0.00 0.00
CE 0.00 0.00 0.00
TOTAL 0.00 0.00 0.00
Section 4.02 (xviii.)
PREPAYMENT INTEREST Prepayment Interest Shortfalls not 0.00
SHORTFALLS covered by the Servicer:
Section 4.02 (xix.) Relief Act Interest Shortfall 0.00
Section 4.02 (xx.) Fraud Loss Amount 2,973,587.00
Bankruptcy Amount 100,000.00
Special Hazard Amount 1,540,000.00
Section 4.02 (xxi.) Basis Risk Shortfall 0.00
Section 4.02 (xxii.) Unpaid Basis Risk Shortfall 0.00
Section 4.02 (xxiii.) Required Subordinated Amount 2,973,335.80
Section 4.02 (xxiv.) Subordination Increase Amount 0.00
Section 4.02 (xxv.) Subordination Reduction Amount 0.00
Section 4.02 (xxvi.)
PASS THROUGH RATE Class A Class CE
Current Distribution Period 5.960000% 2.737185%
Next Distribution Period (Estimated) 5.897500% 2.610205%
Section 4.02 (xxvii.)
RESERVE FUND Beginning Balance 1,266.86
Deposits 588.98
Withdrawals 0.00
Ending Balance 1,855.84
PERFORMANCE MEASURES
Net Monthly Excess Spread 217,151.02
Net Monthly Excess Cash Flow 217,151.02
Spread Squeeze Percentage 2.80597%
Spread Squeeze Subordination Increase Amount 0.00
Step Up- Step Down-
Current Current Level Current Level
Step Up and Step Down Triggers: Level: more than: less than:
Cumulative Loss Test 0.00000% 0.75000% NA
Rolling Delinquency Test 1.61407% 11.00000% 9.00000%
Rolling Loss Test 0.00000% 1.00000% 0.50000%
Step Up Trigger Occurrence NO
Step Down Trigger Occurrence NO
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 thereunto duly authorized.
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INC.
By: /s/ Eve Kaplan
Name: Eve Kaplan
Title: Vice President
First Trust National Association
Dated: September 30, 1997
