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): August 25, 1997
Salomon Brothers Mortgage Securities VII, Inc.,
Asset-Backed Floating Rate Certificates, Series 1997-LB1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law
of Pooling and
Servicing Agreement) 333-14225-09 52-2009654, 52-2009655
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File Number Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (410) 884-2000
ITEM 5. Other Events
On August 25, 1997, a distribution was made to holders of The Salomon
Brothers Mortgage Securities VII, Inc., Asset-Backed Floating Rate
Certificates, Series 1997-LB1 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Asset-Backed
Floating Rate Certificates, Series 1997-LB1 Trust, relating
to the August 25, 1997, distribution
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., Asset-Backed
Floating Rate Certificates, Series 1997-LB1 Trust
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as Trustee
By: /s/Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice President
Date: September 2, 1997
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Asset-Backed
Floating Rate Certificates, Series 1997-LB1 Trust, relating to
the August 25, 1997, distribution.
Salomon Brothers Mortgage Securities VII, Series 1997-LB1
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: July 1997
Distribution Date: August 25, 1997
Contact: Todd Emerick
Phone: (410) 884-2173
Investor Direct: (800) 605-4167
Cover Page
Report Name Report Number
- --------------------------------------------------------------------------------
Series Structure Summary 1
Class Distribution Summary 2
Component Distribution Summary 2a
Class Distribution Per 1,000 of Original Balance 3
Class Principal Distribution 4
Class Interest Distribution 5
Fund Account Summary 6
Loss/Delinquency Detail 7
Collateral Summary 8
<TABLE>
<CAPTION>
Series Structure Summary
Aggregate
Realized
Losses
Original Principal Aggregate Aggregate Ending
Class Interest Principal Pass-Through Balance Interest Undistributed Principal
Class Description Principal Type Type Balance Rate Reduction Shortfall Principal Factor
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A Senior Sequential Pay Floater 197,311,222.00 5.90750000% 0.00 0.00 0.00 0.8758686807
CE Subordinate Sequential Pay Variable 5,059,267.00 136.56933563% 0.00 0.00 0.00 1.0000000000
R-1 Residual Sequential Pay Floater 100.00 0.00000000% 0.00 0.00 0.00 0.0000000000
R-2 Residual Residual Floater 100.00 0.00000000% 0.00 0.00 0.00 0.0000000000
Reserve Subordinate Prorata Variable 20,000.00 7.75021364% 0.00 0.00 0.00 0.8789730000
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 202,390,689.00 0.00 0.00 0.00 0.8789710982
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Summary
Beginning Principal Ending
Pass Through Principal Total Interest Total Principal Balance Principal Total
Class Record Date Rate Balance Distribution Distribution Reduction Balance Distribution
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 07/31/1997 5.90750000% 181,280,374.14 922,175.78 8,461,654.43 0.00 172,818,719.71 9,383,830.21
CE 07/31/1997 136.56933563% 5,059,267.00 575,783.95 0.00 0.00 5,059,267.00 575,783.95
R-1 07/31/1997 0.00000000% 0.00 27.91 0.00 0.00 0.00 27.91
R-2 07/31/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
Reserve 07/31/1997 7.75021364% 18,415.70 122.90 836.24 0.00 17,579.46 959.14
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 186,358,056.84 1,498,110.54 8,462,490.67 0.00 177,895,566.17 9,960,601.21
</TABLE>
<TABLE>
<CAPTION>
Component Distribution Summary
Beginning Principal Ending Ending
Original Pass Through Principal Total Interest Total Principal Balance Principal Total Principal
Component Balance Rate Balance Distribution Distribution Reduction Balance Distribution Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LT2 9,750.00 5.90750000% 8,957.85 45.57 418.12 0.00 8,539.73 463.69 0.8758697436
LT3 10,250.00 9.81202713% 9,457.85 77.33 418.12 0.00 9,039.73 495.45 0.8819248780
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Per 1,000 of Original Balance
Total Other
Total Interest Scheduled Principal Total Principal Principal Ending
Distribution Principal Distribution Distribution Balance Principal
Class Cusip Original Balance Factor Factor Factor Factor Reduction Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 79548KTN8 197,311,222.00 4.67371177 0.53571099 42.34909984 42.88481083 0.00000000 0.8758686807
CE NA 5,059,267.00 113.80778085 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
R-1 79548KTP3 100.00 279.10000000 0.00000000 0.00000000 0.00000000 0.00000000 0.0000000000
R-2 79548KTQ1 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.0000000000
Reserve NA 20,000.00 6.14500000 0.52200000 41.29000000 41.81200000 0.00000000 0.8789730000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 202,390,689.00 0.8789710982
</TABLE>
<TABLE>
<CAPTION>
Class Principal Distribution
Beginning Principal Ending Current
Principal Scheduled Unscheduled Other Total Principal Balance Principal Undistributed
Class Balance Principal Principal Accretion Principal Distribution Reduction* Balance Principal
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A 181,280,374.14 105,701.79 8,355,952.64 0.00 0.00 8,461,654.43 0.00 172,818,719.71 0.00
CE 5,059,267.00 0.00 0.00 0.00 0.00 0.00 0.00 5,059,267.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Reserve 18,415.70 10.44 825.80 0.00 0.00 836.24 0.00 17,579.46 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 186,358,056.84 105,712.23 8,356,778.44 0.00 0.00 8,462,490.67 0.00 177,895,566.17 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 0.00
Negative Amortization Principal Balance Reduction 0.00
Other 0.00
</FN>
</TABLE>
<TABLE>
<CAPTION>
Class Interest Distribution
Beginning Negative Ending
Principal/ Interest Amortization Principal/
Pass-Through Notional Interest Shortfall/ Other Interest Total Interest Notional
Class Rate Balance Accrual (Recovery) Accretion Interest Reduction Distribution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A 5.90750000% 181,280,374.14 922,175.78 0.00 0.00 0.00 0.00 922,175.78 172,818,719.71
CE 136.56933563% 5,059,267.00 575,783.94 0.00 0.00 0.01 0.00 575,783.95 5,059,267.00
R-1 0.00000000% 0.00 27.91 0.00 0.00 0.00 0.00 27.91 0.00
R-2 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Reserve 7.75021364% 18,415.70 122.90 0.00 0.00 0.00 0.00 122.90 17,579.46
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 1,498,110.53 0.00 0.00 0.01 0.00 1,498,110.54
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
Proceeds Account
<S> <C>
Beginning Balance (0.00)
DEPOSITS:
Interest Net of Servicing Fee 1,524,335.47
Scheduled Principal 105,712.23
Other Principal 8,356,778.44
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 9,986,826.14
WITHDRAWALS:
Interest Payments 1,497,987.64
Scheduled Principal Payment 105,701.79
Other Principal Payments 8,355,952.64
Reserve Fund 1 959.14
Fees and Expenses 26,224.93
Other Withdrawals 0.00
Total Withdrawals 9,986,826.14
Ending Balance (0.00)
</TABLE>
<TABLE>
<CAPTION>
Beginning Current Other Current Other
Initial Balance Requirement Balance Deposit Deposit Withdrawal Withdrawal Ending Balance
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Reserve Fund - 1 0.00 0.00 2,325.12 959.14 0.00 0.00 0.00 3,284.26
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Loss/Delinquency Detail Supplement
Current Current Current Current Total Aggregate Aggregate Aggregate Aggregate Total
Fraud Bankruptcy Special Hazard Credit Current Fraud Bankruptcy Special Hazard Credit Aggregate
Pool # Losses Losses Losses Losses Losses Losses Losses Losses Losses Losses
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Pool Initial Loss Current Loss Current Loss
# Loss Type Limit Amount Limit Amount Limit Percent
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
X Bankruptcy Losses 100,000.00 100,000.00 0.05621276%
X Fraud Losses 6,071,721.00 6,071,721.00 3.41308169%
X Special Hazard Losses 2,023,907.00 2,023,907.00 1.13769390%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
30 Days Delinquent 60 Days Delinquent 90 Days Delinquent Foreclosures Bankruptcy
Number Balance Number Balance Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
X 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
- --------------------------------------------------------------------------------------------------------------------------------
Total
0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------
REO's Totals
Number Balance Number Balance
<S> <C> <C> <C> <C>
X 0 0.00 0 0.00
- --------------------------------------------------------
Total 0 0.00 0 0.00
<FN>
Notes:
A complete deliquency breakdown is located on the Credit Enhancement Supplement
page.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool X
------------------------------------------------------------------------------------
<S> <C> <C>
Monthly P&I Constant 1,707,696.89| 1,707,696.89
|
Positive Amortization 105,712.23| 105,712.23
Negative Amortization 0.00| 0.00
Regular Curtailments 96,456.60| 96,456.60
Regular Curtailment Interest 0.00| 0.00
Prepaid Curtailments 0.00| 0.00
Prepaid Curtailment Interest 0.00| 0.00
Liquidations 8,259,447.92| 8,259,447.92
Principal Adjustments 873.92| 873.92
Total Principal Trust Distribution 8,462,490.67| 8,462,490.67
|
Scheduled Interest 1,601,984.66| 1,601,984.66
Servicing Fee 77,649.19| 77,649.19
Master Servicing Fee 543.54| 543.54
Spread 0.00| 0.00
Total Pass-Through Interest 1,523,791.93| 1,523,791.93
|
Beginning Balance 186,358,056.84| 186,358,056.84
Ending Balance 177,895,566.17| 177,895,566.17
Gross P&I Distribution 9,986,826.14| 9,986,826.14
Realized Losses/(Gains) 0.00| 0.00
Net P&I Trust Distribution 9,986,826.14| 9,986,826.14
|
Beginning Loan Count 1925| 1925
Number of Loan Payoffs 81| 81
Ending Loan Count 1844| 1844
|
Weighted Average Maturity 0.0000000000| 0.0000000000
Weighted Average Gross Rate 10.315527130%| 10.315527130%
Weighted Average Net Rate 9.815527130%| 9.815527130%
Weighted Average Pass-Through Rate 9.812027130%| 9.812027130%
Weighted Average Margin 0.000000000%| 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00
Current Period Interest 0.00| 0.00
|
|
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT SUPPLEMENT
L0ANS DELINQUENT
CATEGORY 30-59 DAYS DELINQUENT 60-90 DAYS DELINQUENT 90 + DAYS DELINQUENT TOTALS
- -------- ---------------------------- ---------------------------- --------------------------- ------
Balance Loan # Percent Balance Loan # Percent Balance Loan # Percent Balance Loan # Percent
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No Status 9,480,150.43 107 5.09% 2,241,854.07 26 1.20% 0.00 0 0.00% 11,722,004.50 133 6.29%
Foreclosure 0.00 0 0.00% 927,430.18 9 0.50% 428,407.07 2 0.23% 1,355,837.25 11 0.73%
Bankruptcy 52,325.52 1 0.03% 23,063.34 1 0.01% 0.00 0 0.00% 75,388.86 2 0.04%
REO 0.00 0 0.00% 0.00 0 0.00% 208,017.49 1 0.11% 208,017.49 1 0.11%
----------------------------- ---------------------------- --------------------------- ---------------------------
TOTALS 9,532,475.95 108 5.12% 3,192,347.59 36 1.71% 636,424.56 3 0.34% 13,361,248.10 147 7.17%
------
<FN>
All percentages are calculated by dividing the respective Delinquency Balance by
the ending Collateral Balance.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Subordination
Current Current Current
Period Period Pool
Initial Coverage Additions Losses Balance Current Coverage
------------------- ------------------------
Type Pool Carrier % ($MM) ($MM) ($MM) ($MM) % ($MM) Notes
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Sub. Amount N/A N/A 2.50% 5.0593 0.00 0.00 177.895566 2.843953% 5.0593 N/A
</TABLE>
<TABLE>
<CAPTION>
Additional Subordinated Amount Information
<S> <C>
Required Subordinated Amount 5,059,267.00
Subordinated Amount 5,059,267.00
Subordination Deficiency Amount 0.00
Subordination Increase Amount 0.00
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Insurance Payment Information
Beginning Insurance Payment Balance 0.00
Current Guaranteed Distribution 0.00
Reimbursement to Certificate Insurer 0.00
------
Ending Insurance Payment Balance 0.00
Additional REO Information
REO Property Loan Number 4931
Stated Principal Balance of REO Property 289,198.07
Book Value of REO Property 289,198.07
Additional Payment Information
Extraordinary Trust Fund Expenses 0.00
Basis Risk Shortfall 0.00
Unpaid Basis Risk Shortfall 0.00
<FN>
Please see the Prospectus and Prospectus Supplement for detailed descriptions
of the credit enhancements.
</FN>
</TABLE>
