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): November 25,
1998.
SALOMON BROTHERS MORTGAGE SECURITIES VI, INC.
(Salomon Brothers Mortgage Securities VII, Inc., as Depositor,
Option One Mortgage Corporation, as Master Servicer, and
Bankers Trust Company, as Trustee.)
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC. ASSET-BACKED FLOATING
RATE CERTIFICATES, SERIES 1998-OPT1.
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-50153-01 13-3439681
(Commission File Number) (I.R.S. Employer Identification No.)
SEVEN WORLD TRADE CENTER
29TH FLOOR
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
Attached hereto is a copy of the Monthly Remittance Statements
to the Certificateholders which was derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Report to Certificateholders as to distributions made on
November 25, 1998.
SIGNATURE
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, hereunto duly authorized.
Bankers Trust Company, not in its
Individual capacity, but solely as a
duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of July 1, 1998.
Date: December 29, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
DOCUMENT:
Monthly Report to Certificateholders as to distributions made on
November 25, 1998.
Salomon Brothers Mortgage Securities VII, Inc.
REMIC
Series 1998-OPT1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
I-LT1357,811,770.29 348,075,868.52 2,595,690.61 4,526,950.12 7,
>122,640.73 0.00 0.00 343,548,918.40
I-LT2 2,884,400.00 2,785,054.06 20,801.91 46,193.37
> 66,995.28 0.00 0.00 2,738,860.70
I-LT3 282,960.00 282,960.00 2,113.46 0.00
> 2,113.46 0.00 0.00 282,960.00
I-LT4 219,070.00 219,070.00 1,636.26 0.00
> 1,636.26 0.00 0.00 219,070.00
I-LT5 164,300.00 164,300.00 1,227.18 0.00
> 1,227.18 0.00 0.00 164,300.00
I-LT6 3,751,546.94 3,652,958.74 26,444.56 46,193.37
> 72,637.93 0.00 755.54 3,607,520.92
I-LTP 100.00 100.00 0.00 0.00
> 0.00 0.00 0.00 100.00
R-1 100.00 0.00 13.97 0.00
> 13.97 0.00 0.00 0.00
TOTALS 365,114,247.23 355,180,311.33 2,647,927.95 4,619,336.86 7,
>267,264.81 0.00 755.54 350,561,730.01
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
I-LT1SB98O1101 972.790437 7.254347 12.651764
> 19.906111 960.138673 8.962947% 8.966661%
I-LT2SB98O1102 965.557504 7.211867 16.014897
> 23.226764 949.542607 8.962947% 8.966661%
I-LT3SB98O1103 1,000.000000 7.469112 0.000000
> 7.469112 1,000.000000 8.962947% 8.966661%
I-LT4SB98O1104 1,000.000000 7.469119 0.000000
> 7.469119 1,000.000000 8.962947% 8.966661%
I-LT5SB98O1105 1,000.000000 7.469142 0.000000
> 7.469142 1,000.000000 8.962947% 8.966661%
I-LT6SB98O1106 973.720655 7.048975 12.313152
> 19.362127 961.608897 8.962947% 8.966661%
I-LTPSB98O1107 1,000.000000 0.000000 0.000000
> 0.000000 1,000.000000 0.000000% 0.000000%
R-1 79548KC22 0.000000 139.700000 0.000000
>139.700000 0.000000 8.962947% 8.966661%
SELLER: Salomon Brothers Mortgage Securities VII, IncADMI
>NISTRATOR: Barbara Campbell
SERVICER: Option One Mortgage Corp.
> Bankers Trust Company
LEAD UNDERWRITER: Salomon Brothers Mortgage Securities VII, Inc
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Salomon Brothers Mortgage Securities VII, Inc.
REMIC
Series 1998-OPT1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
II-LT357,811,670.29 348,075,767.05 2,595,689.85 4,526,950.87 7,
>122,640.72 0.00 0.00 343,548,816.18
II-LT 2,884,400.00 2,785,054.05 12,345.63 46,184.15
> 58,529.78 0.00 0.00 2,738,869.90
II-LT 282,960.00 282,960.00 1,325.05 0.00
> 1,325.05 0.00 0.00 282,960.00
II-LT 219,070.00 219,070.00 1,076.98 0.00
> 1,076.98 0.00 0.00 219,070.00
II-LT 164,300.00 164,300.00 885.77 0.00
> 885.77 0.00 0.00 164,300.00
II-LT 3,751,546.94 3,652,958.72 26,444.56 46,202.61
> 72,647.17 0.00 755.54 3,607,511.66
II-LT 100.00 100.00 0.00 0.00
> 0.00 0.00 0.00 100.00
II-LT 0.00 0.00 8,456.28 0.00
> 8,456.28 0.00 0.00 0.00
II-LT 0.00 0.00 788.41 0.00
> 788.41 0.00 0.00 0.00
II-LT 0.00 0.00 559.28 0.00
> 559.28 0.00 0.00 0.00
II-LT 0.00 0.00 341.41 0.00
> 341.41 0.00 0.00 0.00
R-II 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 365,114,147.23 355,180,209.82 2,647,913.22 4,619,337.62 7,
>267,250.84 0.00 755.54 350,561,627.74
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
II-LTSB98O1201 972.790426 7.254347 12.651770
> 19.906116 960.138656 8.962947% 8.966661%
II-LTSB98O1202 965.557498 4.280138 16.011699
> 20.291837 949.545799 5.319380% 5.142340%
II-LTSB98O1203 1,000.000000 4.682817 0.000000
> 4.682817 1,000.000000 5.619380% 5.442340%
II-LTSB98O1204 1,000.000000 4.916146 0.000000
> 4.916146 1,000.000000 5.899380% 5.722340%
II-LTSB98O1205 1,000.000000 5.391175 0.000000
> 5.391175 1,000.000000 6.469380% 6.292340%
II-LTSB98O1206 973.720650 7.048975 12.315615
> 19.364590 961.606429 8.962947% 8.966661%
II-LTSB98O1207 1,000.000000 0.000000 0.000000
> 0.000000 1,000.000000 0.000000% 0.000000%
II-LTSB98O1208 0.000000 0.023161 0.000000
> 0.023161 0.000000 3.643567% 3.824321%
II-LTSB98O1209 0.000000 0.002159 0.000000
> 0.002159 0.000000 3.343567% 3.524321%
II-LTSB98O1210 0.000000 0.001532 0.000000
> 0.001532 0.000000 3.063567% 3.244321%
II-LT SB98O1211 0.000000 0.000935 0.000000
> 0.000935 0.000000 2.493567% 2.674321%
R-II 79548KC30 0.000000 0.000000 0.000000
> 0.000000 0.000000 8.962947% 8.966661%
SELLER: Salomon Brothers Mortgage Securities VII, IncADMI
>NISTRATOR: Barbara Campbell
SERVICER: Option One Mortgage Corp.
> Bankers Trust Company
LEAD UNDERWRITER: Salomon Brothers Mortgage Securities VII, Inc
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Salomon Brothers Mortgage Securities VII, Inc.
REMIC
Series 1998-OPT1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A 288,440,000.00 278,508,233.92 1,234,575.94 4,618,414.50 5,
>852,990.44 0.00 0.00 273,889,819.42
M-1 28,296,000.00 28,296,000.00 132,504.98 0.00
>132,504.98 0.00 0.00 28,296,000.00
M-2 21,907,000.00 21,907,000.00 107,698.10 0.00
>107,698.10 0.00 0.00 21,907,000.00
M-3 16,430,000.00 16,430,000.00 88,576.59 0.00
> 88,576.59 0.00 0.00 16,430,000.00
* CE 10,040,847.23 10,040,847.00 1,085,480.73 0.00 1,
>085,480.73 0.00 0.00 10,040,680.18
P 100.00 1.00 0.00 0.00
> 0.00 0.00 0.00 1.00
R-III 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 365,114,047.23 355,182,081.92 2,648,836.34 4,618,414.50 7,
>267,250.84 0.00 0.00 350,563,500.60
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A 79548KB64 965.567307 3.450350 12.907386
> 16.357736 949.555607 5.319380% 5.142340%
M-1 79548KB72 1,000.000000 45.938490 0.000000
> 45.938490 1,000.000000 5.619380% 5.442340%
M-2 79548KB80 1,000.000000 380.612454 0.000000
>380.612454 1,000.000000 5.899380% 5.722340%
M-3 79548KB98 1,000.000000 404.330077 0.000000
>404.330077 1,000.000000 6.469380% 6.292340%
* CE SB98O1100 999.999977 6,606.699513 0.000000 6,
>606.699513 999.983363 3.681638% 3.043189%
P SB98O1200 10.000000 0.000000 0.000000
> 0.000000 10.000000 0.000000% 0.000000%
R-III79548KC48 0.000000 0.000000 0.000000
> 0.000000 0.000000 5.319380% 5.142340%
SELLER: Salomon Brothers Mortgage Securities VII, IncADMI
>NISTRATOR: Barbara Campbell
SERVICER: Option One Mortgage Corp.
> Bankers Trust Company
LEAD UNDERWRITER: Salomon Brothers Mortgage Securities VII, Inc
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
> Salomon Brothers Mortga
>ge Securities VII, Inc.
> REMIC
> Series 1998-OPT1
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> SERVICING FEES PAID FOR
> THE CURRENT PERIOD: 139,270.33
> DELINQUENT SERVICING FE
>ES FOR THE CURRENT PERIOD: 8,722.20
> NET ACCRUED SERVICING F
>EE FOR THE CURRENT PERIOD: 147,992.53
>
> CURRENT PERIODS MONTHLY
> SERVICER ADVANCED PRINCIPAL 9,948.97
>
> CURRENT PERIODS MONTHLY
> SERVICER ADVANCED INTEREST 171,098.43
>
> DELINQUENT
> LOAN
> 30-59 60-89. 91 +
> INFORMATION:
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 2,745,576.47 533,397.71 0.00 3,278,974.18
>
> NUMBER OF LOANS
> 34 7 0 41
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 134,507.065,214,254.81 0.00 5,348,761.87
>
> NUMBER OF LOANS
> 1 56 0 57
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> 219,486.89 392,384.88 0.00 611,871.77
>
> NUMBER OF LOANS
> 2 5 0 7
>
> REO LOAN INFORMATION:
>
> PRINCIPAL BALANCE
> 0.00 88,307.99 0.00 88,307.99
>
> NUMBER OF LOANS
> 0 2 0 2
>
> BOOK VALUE OF REO PROPE
>RTIES 0.00
>
> GUARANTEED DISTRIBUTION
> AMOUNT: 7,267,264.81
>
> GUARANTEED DISTRIBUTION
> OF PRINCIPAL: 4,614,199.45
>
> GUARANTEED DISTRIBUTION
> OF INTEREST: 2,800,333.59
>
> INSURANCE PAYMENTS MADE
> TO CLASS A: 0.00
>
> CERTIFICATE INSURER REI
>MBURSEMENTS: 0.00
>
> CUMULATIVE INSURANCE PA
>YMENTS TO CLASS A: 0.00
>
> ENDING AGGREGATE MORTGA
>GE LOAN COUNT: 3,175.00
>
> ENDING AGGREGATE PRINCI
>PAL MORTGAGE LOAN BALANCE: 350,563,500.60
>
> WEIGHTED AVERAGE MONTHS
> TO MATURITY: 353.00
>
> WEIGHTED AVERAGE MORTGA
>GE RATE: 9.4629%
>
> PRINCIPAL PREPAYMENTS F
>OR CURRENT PERIOD: 4,364,440.53
>
> CLASS A INTEREST DISTRI
>BUTION AMOUNT: 1,234,575.94
>
> CLASS A INTEREST PAID U
>NDER CERTIFICATE POLICY 0.00
>
> AGGREGATE NON COVERED P
>REPAYMENT INTEREST SHORTFALL: 0.00
>
> AGGREGATE RELIEF ACT IN
>TEREST SHORTFALL : 0.00
>
>
> Page 4 of 5 (c) COPYRIGHT 1998 B
>
> Salomon Brothers Mortga
>ge Securities VII, Inc.
> REMIC
> Series 1998-OPT1
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> EXTRAORDINARY TRUST FUN
>D EXPENSES WITHDRAWN FROM COLLECTION ACCOUNT: 0.00
>
> REQUIRED OVERCOLLATERAL
>IZED AMOUNT 10,040,847.00
>
> CREDIT ENHANCEMENT PERC
>ENTAGE 21.87%
>
> OVERCOLLATERALIZATION I
>NCREASE AMOUNT 0.00
>
> OVERCOLLATERALIZATION R
>EDUCTION AMOUNT 0.00
>
> CURRENT PERIODS AGGREGA
>TE AMOUNT OF REALIZED LOSSES : 4,215.05
>
> CURRENT PERIODS EXTRAOR
>DINARY LOSSES : 0.00
>
> CURRENT PERIODS FRAUD L
>OSSES : 0.00
>
> CURRENT PERIODS SPECIAL
> HAZARD LOSSES : 0.00
>
> CURRENT PERIODS BANKRUP
>TCY LOSSES: 0.00
>
> BANKRUPTCY AMOUNT
> 100,000.00
>
> FRAUD LOSS AMOUNT
> 3,448,647.47
>
> SPECIAL HAZARD AMOUNT
> 3,651,142.00
>
> DETAIL OF LOANS THAT BE
>CAME REO DURING COLLECTION PERIOD
>
> Unpaid Stated Principal Date Proper
>
> Loan Number
> Principal Balance Principal Balance Became REO
>
>
> Page 5 of 5 COPYRIGHT 1998 B
>
ankers Trust Company
ty
ankers Trust Company
