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): September 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 September 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 September 25, 1997, distribution
SIGNATURES
Pursuant to the requirement 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 Bros 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: October 1, 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
September 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: August 1997
Distribution Date: September 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 Principal Pass Through Balance Interest Undistributed Principal
Class Description Principal Type Interest Type Balance Rate Reduction Shortfall Principal Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A Senior Sequential Pay Floater 197,311,222.00 5.84500000% 0.00 0.00 0.00 0.8266553376
CE Subordinate Sequential Pay Variable 5,059,267.00 117.54468443% 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 7.75425831% 0.00 0.00 0.00 0.8309900000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 202,390,689.00 0.00 0.00 0.00 0.8309881372
</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 08/29/1997 5.84500000% 172,818,719.71 869,830.22 9,710,344.88 0.00 163,108,374.83 10,580,175.10
CE 08/29/1997 117.54468443% 5,059,267.00 569,698.11 0.00 0.00 5,059,267.00 569,698.11
R-1 08/29/1997 0.00000000% 0.00 27.51 0.00 0.00 0.00 27.51
R-2 08/29/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
Reserve 08/29/1997 7.75425831% 17,579.46 117.38 959.66 0.00 16,619.80 1,077.04
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 177,895,566.17 1,439,673.22 9,711,304.54 0.00 168,184,261.63 11,150,977.76
</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 5.84500000% 8,539.73 42.98 479.83 0.00 8,059.90 522.81 0.8266564103
LT3 10,250.00 9.87651000% 9,039.73 74.40 479.83 0.00 8,559.90 554.23 0.8351121951
- ------------------------------------------------------------------------------------------------------------------------------------
</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 4.40841738 0.51674876 48.69659441 49.21334317 0.00000000 0.8266553376
CE NA 5,059,267.00 112.60487142 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
R-1 79548KTP3 100.00 275.10000000 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 5.86900000 0.50400000 47.47900000 47.98300000 0.00000000 0.8309900000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 202,390,689.00 0.8309881372
</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 172,818,719.71 101,960.33 9,608,384.55 0.00 0.00 9,710,344.88 0.00 163,108,374.83 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 17,579.46 10.08 949.58 0.00 0.00 959.66 0.00 16,619.80 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 177,895,566.17 101,970.41 9,609,334.13 0.00 0.00 9,711,304.54 0.00 168,184,261.63 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 5.84500000% 172,818,719.71 869,830.22 0.00 0.00 0.00 0.00 869,830.22 163,108,374.83
CE 117.54468443% 5,059,267.00 495,574.95 (74,123.15) 0.00 0.01 0.00 569,698.11 5,059,267.00
R-1 0.00000000% 0.00 27.51 0.00 0.00 0.00 0.00 27.51 0.00
R-2 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Reserve 7.75425831% 17,579.46 117.38 0.00 0.00 0.00 0.00 117.38 16,619.80
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 1,365,550.06 (74,123.15) 0.00 0.01 0.00 1,439,673.22
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
<S> <C>
Proceeds Account
Beginning Balance (0.00)
DEPOSITS:
Interest Net of Servicing Fee 1,464,674.73
Scheduled Principal 101,970.41
Other Principal 9,609,334.13
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 11,175,979.27
WITHDRAWALS:
Interest Payments 1,439,555.84
Scheduled Principal Payment 101,960.33
Other Principal Payments 9,608,384.55
Reserve Fund 1 1,077.04
Fees and Expenses 25,001.51
Other Withdrawals 0.00
Total Withdrawals 11,175,979.27
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 3,284.26 1,077.04 0.00 0.00 0.00 4,361.30
- -----------------------------------------------------------------------------------------------------------------------------------
</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 0.05945860%
X Fraud Losses 6,071,721.00 6,071,721.00 3.61016004%
X Special Hazard Losses 2,023,907.00 2,023,907.00 1.20338668%
</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 84 6,895,444.57 24 2,063,191.06 3 238,911.70 16 2,076,928.75 5 480,400.84
- --------------------------------------------------------------------------------------------------------------------------------
Total
84 6,895,444.57 24 2,063,191.06 3 238,911.70 16 2,076,928.75 5 480,400.84
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------
REO's Totals
Number Balance Number Balance
<S> <C> <C> <C> <C>
1 207,932.94 133 11,962,809.86
- --------------------------------------------------------
Total
1 207,932.94 133 11,962,809.86
<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 1,566,645.14| 1,566,645.14
|
Positive Amortization 101,970.41| 101,970.41
Negative Amortization 0.00| 0.00
Regular Curtailments 11,889.63| 11,889.63
Regular Curtailment Interest 0.00| 0.00
Prepaid Curtailments 0.00| 0.00
Prepaid Curtailment Interest 0.00| 0.00
Liquidations 9,598,450.60| 9,598,450.60
Principal Adjustments (1,006.10)| (1,006.10)
Total Principal Trust Distribution 9,711,304.54| 9,711,304.54
|
Scheduled Interest 1,464,674.73| 1,464,674.73
Servicing Fee 74,123.15| 74,123.15
Master Servicing Fee 518.86| 518.86
Spread 0.00| 0.00
Total Pass-Through Interest 1,390,032.72| 1,390,032.72
|
Beginning Balance 177,895,566.17| 177,895,566.17
Ending Balance 168,184,261.63| 168,184,261.63
Gross P&I Distribution 11,101,856.12| 11,101,856.12
Realized Losses/(Gains) 0.00| 0.00
Net P&I Trust Distribution 11,101,856.12| 11,101,856.12
|
Beginning Loan Count 1844| 1844
Number of Loan Payoffs 101| 101
Ending Loan Count 1743| 1743
|
Weighted Average Maturity 0.0000000000| 0.0000000000
Weighted Average Gross Rate 10.380010000%| 10.380010000%
Weighted Average Net Rate 9.880010000%| 9.880010000%
Weighted Average Pass-Through Rate 9.876510000%| 9.876510000%
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
LOANS 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 6,895,444.57 84 3.88% 2,063,191.06 24 1.16% 238,911.70 3 0.13% 9,197,547.33 111 5.17%
Foreclosure 0.00 0 0.00% 0.00 0 0.00% 2,076,928.75 16 1.17% 2,076,928.75 16 1.17%
Bankruptcy 154,114.39 2 0.09% 220,454.79 2 0.12% 105,831.66 1 0.06% 480,400.84 5 0.27%
REO 0.00 0 0.00% 0.00 0 0.00% 207,932.94 1 0.12% 207,932.94 1 0.12%
--------------------------- ------------------------- -------------------------- ---------------------------
TOTALS 7,049,558.96 86 3.96% 2,283,645.85 26 1.28% 2,629,605.05 21 1.48% 11,962,809.86 133 6.72%
------
<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 0.00 168.184262 3.008169% 5.0593 N/A
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL SUBORDINATED AMOUNT INFORMATION
<S> <C>
Required Subordinated Amount 5,059,267.00
Subordinated Amount 5,059,267.02
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 4,931
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>
