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): December 28,
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
December 28, 1998.
Monthly Report to Certificateholders as to distributions made on
January 25, 1999.
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: January 29, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
DOCUMENT:
Monthly Report to Certificateholders as to distributions made on
December 28, 1998.
Monthly Report to Certificateholders as to distributions made on
January 25, 1999.
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-LT1357,811,770.29 343,552,136.59 2,566,884.32 5,822,011.31 8,
>388,895.63 0.00 0.00 337,730,125.28
I-LT2 2,884,400.00 2,738,896.52 20,463.95 59,408.28
> 79,872.23 0.00 0.00 2,679,488.25
I-LT3 282,960.00 282,960.00 2,114.16 0.00
> 2,114.16 0.00 0.00 282,960.00
I-LT4 219,070.00 219,070.00 1,636.80 0.00
> 1,636.80 0.00 0.00 219,070.00
I-LT5 164,300.00 164,300.00 1,227.58 0.00
> 1,227.58 0.00 0.00 164,300.00
I-LT6 3,751,546.94 3,606,136.48 26,943.61 59,408.28
> 86,351.89 0.00 0.00 3,546,728.21
I-LTP 100.00 1.00 86,526.66 0.00
> 86,526.66 0.00 0.00 1.00
R-1 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 365,114,247.23 350,563,500.60 2,705,797.08 5,940,827.87 8,
>646,624.95 0.00 0.00 344,622,672.73
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 960.147667 7.173840 16.271157
> 23.444996 943.876511 8.965921% 8.957867%
I-LT2SB98O1102 949.555028 7.094699 20.596408
> 27.691107 928.958621 8.965921% 8.957867%
I-LT3SB98O1103 1,000.000000 7.471586 0.000000
> 7.471586 1,000.000000 8.965921% 8.957867%
I-LT4SB98O1104 1,000.000000 7.471584 0.000000
> 7.471584 1,000.000000 8.965921% 8.957867%
I-LT5SB98O1105 1,000.000000 7.471576 0.000000
> 7.471576 1,000.000000 8.965921% 8.957867%
I-LT6SB98O1106 961.239868 7.182000 15.835675
> 23.017675 945.404192 8.965921% 8.957867%
I-LTPSB98O1107 10.000000 865,266.600000 0.000000 86
>5,266.600000 10.000000 0.000000% 0.000000%
R-1 79548KC22 0.000000 0.000000 0.000000
> 0.000000 0.000000 8.965921% 8.957867%
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: December 28, 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-LT357,811,670.29 343,552,136.59 2,566,884.30 5,822,011.31 8,
>388,895.61 0.00 0.00 337,730,125.28
II-LT 2,884,400.00 2,738,896.52 12,910.65 59,408.28
> 72,318.93 0.00 0.00 2,679,488.24
II-LT 282,960.00 282,960.00 1,411.63 0.00
> 1,411.63 0.00 0.00 282,960.00
II-LT 219,070.00 219,070.00 1,149.13 0.00
> 1,149.13 0.00 0.00 219,070.00
II-LT 164,300.00 164,300.00 947.68 0.00
> 947.68 0.00 0.00 164,300.00
II-LT 3,751,546.94 3,606,136.48 26,943.61 59,408.28
> 86,351.89 0.00 0.00 3,546,728.20
II-LT 100.00 1.00 86,526.66 0.00
> 86,526.66 0.00 0.00 1.00
II-LT 0.00 0.00 7,553.30 0.00
> 7,553.30 0.00 0.00 0.00
II-LT 0.00 0.00 702.53 0.00
> 702.53 0.00 0.00 0.00
II-LT 0.00 0.00 487.68 0.00
> 487.68 0.00 0.00 0.00
II-LT 0.00 0.00 279.91 0.00
> 279.91 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 365,114,147.23 350,563,500.60 2,705,797.08 5,940,827.87 8,
>646,624.95 0.00 0.00 344,622,672.73
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 960.147936 7.173842 16.271161
> 23.445003 943.876775 8.965921% 8.957867%
II-LTSB98O1202 949.555028 4.476026 20.596408
> 25.072434 928.958620 5.142340% 5.724380%
II-LTSB98O1203 1,000.000000 4.988797 0.000000
> 4.988797 1,000.000000 5.442340% 6.024380%
II-LTSB98O1204 1,000.000000 5.245492 0.000000
> 5.245492 1,000.000000 5.722340% 6.304380%
II-LTSB98O1205 1,000.000000 5.767985 0.000000
> 5.767985 1,000.000000 6.292340% 6.874380%
II-LTSB98O1206 961.239868 7.182000 15.835675
> 23.017675 945.404192 8.965921% 8.957867%
II-LTSB98O1207 10.000000 865,266.600000 0.000000 86
>5,266.600000 10.000000 0.000000% 0.000000%
II-LTSB98O1208 0.000000 0.020688 0.000000
> 0.020688 0.000000 3.008497% 3.233487%
II-LTSB98O1209 0.000000 0.001924 0.000000
> 0.001924 0.000000 2.708497% 2.933487%
II-LTSB98O1210 0.000000 0.001336 0.000000
> 0.001336 0.000000 2.428497% 2.653487%
II-LTSB98O1211 0.000000 0.000767 0.000000
> 0.000767 0.000000 1.858497% 2.083487%
R-II 79548KC30 0.000000 0.000000 0.000000
> 0.000000 0.000000 8.965921% 8.957867%
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: December 28, 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 288,440,000.00 273,889,652.60 1,291,064.24 5,940,827.87 7,
>231,892.11 0.00 0.00 267,948,824.73
M-1 28,296,000.00 28,296,000.00 141,163.41 0.00
>141,163.41 0.00 0.00 28,296,000.00
M-2 21,907,000.00 21,907,000.00 114,912.69 0.00
>114,912.69 0.00 0.00 21,907,000.00
M-3 16,430,000.00 16,430,000.00 94,767.88 0.00
> 94,767.88 0.00 0.00 16,430,000.00
* CE 10,040,847.23 10,040,847.00 977,383.99 0.00
>977,383.99 0.00 0.00 10,040,847.00
P 100.00 1.00 86,504.87 0.00
> 86,504.87 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 365,114,047.23 350,563,500.60 2,705,797.08 5,940,827.87 8,
>646,624.95 0.00 0.00 344,622,672.73
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 949.555029 3.608222 16.603221
> 20.211443 928.958621 5.142340% 5.724380%
M-1 79548KB72 1,000.000000 48.940303 0.000000
> 48.940303 1,000.000000 5.442340% 6.024380%
M-2 79548KB80 1,000.000000 406.109309 0.000000
>406.109309 1,000.000000 5.722340% 6.304380%
M-3 79548KB98 1,000.000000 432.591774 0.000000
>432.591774 1,000.000000 6.292340% 6.874380%
* CE SB98O1100 999.999977 5,948.776567 0.000000 5,
>948.776567 999.999977 3.345644% 3.923867%
P SB98O1200 10.000000 23.058453 0.000000
> 23.058453 10.000000 0.000000% 0.000000%
R-III79548KC48 0.000000 0.000000 0.000000
> 0.000000 0.000000 5.142340% 5.724380%
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: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Salomon Brothers Mortgage Securities VII, Inc.
REMIC
Series 1998-OPT1
Statement To Certificateholders
Distribution Date: December 28, 1998
SERVICING FEES PAID FOR THE CURRENT PERIOD:
> 135,655.88
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD:
> 10,412.25
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD:
> 146,068.13
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL
> 11,755.92
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST
> 202,410.18
DELINQUENT
LOAN 30-59
>60-89. 91 +
INFORMATION: DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 3,128,503.87
>392,593.39 0.00 3,521,097.26
NUMBER OF LOANS 36
> 5 0 41
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 173,055.80 1,
>123,477.37 4,844,317.85 6,140,851.02
NUMBER OF LOANS 2
> 13 50 65
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 94,187.76
>221,674.90 584,532.73 900,395.39
NUMBER OF LOANS 1
> 2 8 11
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
> 0.00 291,431.00 291,431.00
NUMBER OF LOANS 0
> 0 0 0
BOOK VALUE OF REO PROPERTIES
> 0.00
GUARANTEED DISTRIBUTION AMOUNT:
> 8,646,624.95
GUARANTEED DISTRIBUTION OF PRINCIPAL:
> 5,940,827.87
GUARANTEED DISTRIBUTION OF INTEREST:
> 2,765,338.55
INSURANCE PAYMENTS MADE TO CLASS A:
> 0.00
CERTIFICATE INSURER REIMBURSEMENTS:
> 0.00
CUMULATIVE INSURANCE PAYMENTS TO CLASS A:
> 0.00
ENDING AGGREGATE MORTGAGE LOAN COUNT:
> 3,118.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE:
> 344,622,672.73
WEIGHTED AVERAGE MONTHS TO MATURITY:
> 352.00
WEIGHTED AVERAGE MORTGAGE RATE:
> 9.4659%
PRINCIPAL PREPAYMENTS FOR CURRENT PERIOD:
> 5,750,429.06
CLASS A INTEREST DISTRIBUTION AMOUNT:
> 1,291,064.24
CLASS A INTEREST PAID UNDER CERTIFICATE POLICY
> 0.00
AGGREGATE NON COVERED PREPAYMENT INTEREST SHORTFALL:
> 0.00
AGGREGATE RELIEF ACT INTEREST SHORTFALL :
> 0.00
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Salomon Brothers Mortgage Securities VII, Inc.
REMIC
Series 1998-OPT1
Statement To Certificateholders
Distribution Date: December 28, 1998
EXTRAORDINARY TRUST FUND EXPENSES WITHDRAWN FROM COLLECTION ACCOUNT:
> 0.00
REQUIRED OVERCOLLATERALIZED AMOUNT
> 10,040,847.00
CREDIT ENHANCEMENT PERCENTAGE
> 22.25%
OVERCOLLATERALIZATION INCREASE AMOUNT
> 0.00
OVERCOLLATERALIZATION REDUCTION AMOUNT
> 0.00
CURRENT PERIODS AGGREGATE AMOUNT OF REALIZED LOSSES :
> 0.00
CURRENT PERIODS EXTRAORDINARY LOSSES :
> 0.00
CURRENT PERIODS FRAUD LOSSES :
> 0.00
CURRENT PERIODS SPECIAL HAZARD LOSSES :
> 0.00
CURRENT PERIODS BANKRUPTCY 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 BECAME REO DURING COLLECTION PERIOD
Unpaid
> Stated Principal Date Property
Loan Number Principal Balance
> Principal Balance Became REO
Page 5 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
I-LT1357,811,770.29 337,730,125.28 2,521,028.21 7,216,169.41 9,
>737,197.62 0.00 0.00 330,513,955.87
I-LT2 2,884,400.00 2,679,488.25 20,001.37 73,634.38
> 93,635.75 0.00 0.00 2,605,853.86
I-LT3 282,960.00 282,960.00 2,112.19 0.00
> 2,112.19 0.00 0.00 282,960.00
I-LT4 219,070.00 219,070.00 1,635.28 0.00
> 1,635.28 0.00 0.00 219,070.00
I-LT5 164,300.00 164,300.00 1,226.44 0.00
> 1,226.44 0.00 0.00 164,300.00
I-LT6 3,751,546.94 3,546,728.21 26,474.99 73,634.38
>100,109.37 0.00 0.00 3,473,093.82
I-LTP 100.00 1.00 87,954.60 0.00
> 87,954.60 0.00 0.00 1.00
R-1 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 365,114,247.23 344,622,672.73 2,660,433.08 7,363,438.17 10,
>023,871.25 0.00 0.00 337,259,234.56
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 943.876511 7.045683 20.167501
> 27.213184 923.709009 8.957548% 8.948927%
I-LT2SB98O1102 928.958621 6.934326 25.528492
> 32.462818 903.430129 8.957548% 8.948927%
I-LT3SB98O1103 1,000.000000 7.464624 0.000000
> 7.464624 1,000.000000 8.957548% 8.948927%
I-LT4SB98O1104 1,000.000000 7.464646 0.000000
> 7.464646 1,000.000000 8.957548% 8.948927%
I-LT5SB98O1105 1,000.000000 7.464638 0.000000
> 7.464638 1,000.000000 8.957548% 8.948927%
I-LT6SB98O1106 945.404192 7.057086 19.627738
> 26.684825 925.776454 8.957548% 8.948927%
I-LTPSB98O1107 10.000000 879,546.000000 0.000000 87
>9,546.000000 10.000000 0.000000% 0.000000%
R-1 79548KC22 0.000000 0.000000 0.000000
> 0.000000 0.000000 8.957548% 8.948927%
This statement is also available on Bankers Trust's Website, http://online.bank
>erstrust.com/invr/.
We begin posting statements to the Web at 7:00 p.m. Eastern Time on the busines
>s day before each distribution date.
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: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1999 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-LT357,811,670.29 337,730,125.28 2,521,028.20 7,216,169.41 9,
>737,197.61 0.00 0.00 330,513,955.87
II-LT 2,884,400.00 2,679,488.24 11,929.88 73,634.38
> 85,564.26 0.00 0.00 2,605,853.86
II-LT 282,960.00 282,960.00 1,325.85 0.00
> 1,325.85 0.00 0.00 282,960.00
II-LT 219,070.00 219,070.00 1,074.19 0.00
> 1,074.19 0.00 0.00 219,070.00
II-LT 164,300.00 164,300.00 878.47 0.00
> 878.47 0.00 0.00 164,300.00
II-LT 3,751,546.94 3,546,728.20 26,474.99 73,634.38
>100,109.37 0.00 0.00 3,473,093.82
II-LT 100.00 1.00 87,954.60 0.00
> 87,954.60 0.00 0.00 1.00
II-LT 0.00 0.00 8,071.50 0.00
> 8,071.50 0.00 0.00 0.00
II-LT 0.00 0.00 786.34 0.00
> 786.34 0.00 0.00 0.00
II-LT 0.00 0.00 561.09 0.00
> 561.09 0.00 0.00 0.00
II-LT 0.00 0.00 347.97 0.00
> 347.97 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 365,114,147.23 344,622,672.73 2,660,433.08 7,363,438.17 10,
>023,871.25 0.00 0.00 337,259,234.56
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 943.876775 7.045685 20.167507
> 27.213192 923.709268 8.957548% 8.948927%
II-LTSB98O1202 928.958620 4.136001 25.528492
> 29.664492 903.430129 5.724380% 5.039690%
II-LTSB98O1203 1,000.000000 4.685645 0.000000
> 4.685645 1,000.000000 6.024380% 5.339690%
II-LTSB98O1204 1,000.000000 4.903410 0.000000
> 4.903410 1,000.000000 6.304380% 5.619690%
II-LTSB98O1205 1,000.000000 5.346744 0.000000
> 5.346744 1,000.000000 6.874380% 6.189690%
II-LTSB98O1206 945.404192 7.057086 19.627738
> 26.684825 925.776454 8.957548% 8.948927%
II-LTSB98O1207 10.000000 879,546.000000 0.000000 87
>9,546.000000 10.000000 0.000000% 0.000000%
II-LTSB98O1208 0.000000 0.022107 0.000000
> 0.022107 0.000000 3.872993% 3.909237%
II-LTSB98O1209 0.000000 0.002154 0.000000
> 0.002154 0.000000 3.572993% 3.609237%
II-LTSB98O1210 0.000000 0.001537 0.000000
> 0.001537 0.000000 3.292993% 3.329237%
II-LTSB98O1211 0.000000 0.000953 0.000000
> 0.000953 0.000000 2.722993% 2.759237%
R-II 79548KC30 0.000000 0.000000 0.000000
> 0.000000 0.000000 8.957548% 8.948927%
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: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 2 of 5
> (c) COPYRIGHT 1999 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 288,440,000.00 267,948,824.73 1,192,987.36 7,363,438.17 8,
>556,425.53 0.00 0.00 260,585,386.56
M-1 28,296,000.00 28,296,000.00 132,584.56 0.00
>132,584.56 0.00 0.00 28,296,000.00
M-2 21,907,000.00 21,907,000.00 107,418.93 0.00
>107,418.93 0.00 0.00 21,907,000.00
M-3 16,430,000.00 16,430,000.00 87,846.94 0.00
> 87,846.94 0.00 0.00 16,430,000.00
CE 10,040,847.23 10,040,847.00 1,051,661.24 0.00 1,
>051,661.24 0.00 0.00 10,040,847.00
P 100.00 1.00 87,934.05 0.00
> 87,934.05 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 365,114,047.23 344,622,672.73 2,660,433.08 7,363,438.17 10,
>023,871.25 0.00 0.00 337,259,234.56
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 928.958621 4.135998 25.528492
> 29.664490 903.430130 5.724380% 5.039690%
M-1 79548KB72 1,000.000000 4.685629 0.000000
> 4.685629 1,000.000000 6.024380% 5.339690%
M-2 79548KB80 1,000.000000 4.903407 0.000000
> 4.903407 1,000.000000 6.304380% 5.619690%
M-3 79548KB98 1,000.000000 5.346740 0.000000
> 5.346740 1,000.000000 6.874380% 6.189690%
CE SB98O1100 999.999977 104.738297 0.000000
>104.738297 999.999977 3.661957% 3.651804%
P SB98O1200 10.000000 879,340.500000 0.000000 87
>9,340.500000 10.000000 0.000000% 0.000000%
R-III79548KC48 0.000000 0.000000 0.000000
> 0.000000 0.000000 5.724380% 5.039690%
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: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 3 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Salomon Brothers Mortgage Securities VII, Inc.
REMIC
Series 1998-OPT1
Statement To Certificateholders
Distribution Date: January 25, 1999
SERVICING FEES PAID FOR THE CURRENT PERIOD:
> 132,181.73
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD:
> 11,411.06
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD:
> 143,592.79
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL
> 12,860.55
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST
> 221,848.64
DELINQUENT
LOAN 30-59
>60-89. 91 +
INFORMATION: DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 3,795,724.22
>574,062.83 0.00 4,369,787.05
NUMBER OF LOANS 32
> 8 0 40
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 675,657.65 1,
>393,792.28 4,343,599.95 6,413,049.88
NUMBER OF LOANS 3
> 16 51 70
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 350,495.46
> 94,152.13 1,639,109.59 2,083,757.18
NUMBER OF LOANS 3
> 1 18 22
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
> 0.00 640,515.94 640,515.94
NUMBER OF LOANS 0
> 0 6 6
BOOK VALUE OF REO PROPERTIES
> 0.00
GUARANTEED DISTRIBUTION AMOUNT:
> 10,023,871.25
GUARANTEED DISTRIBUTION OF PRINCIPAL:
> 7,363,438.17
GUARANTEED DISTRIBUTION OF INTEREST:
> 2,716,071.27
INSURANCE PAYMENTS MADE TO CLASS A:
> 0.00
CERTIFICATE INSURER REIMBURSEMENTS:
> 0.00
CUMULATIVE INSURANCE PAYMENTS TO CLASS A:
> 0.00
ENDING AGGREGATE MORTGAGE LOAN COUNT:
> 3,056.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE:
> 337,259,234.56
WEIGHTED AVERAGE MONTHS TO MATURITY:
> 351.00
WEIGHTED AVERAGE MORTGAGE RATE:
> 9.4575%
PRINCIPAL PREPAYMENTS FOR CURRENT PERIOD:
> 7,175,034.29
CLASS A INTEREST DISTRIBUTION AMOUNT:
> 1,192,987.36
CLASS A INTEREST PAID UNDER CERTIFICATE POLICY
> 0.00
AGGREGATE NON COVERED PREPAYMENT INTEREST SHORTFALL:
> 0.00
AGGREGATE RELIEF ACT INTEREST SHORTFALL :
> 0.00
Page 4 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Salomon Brothers Mortgage Securities VII, Inc.
REMIC
Series 1998-OPT1
Statement To Certificateholders
Distribution Date: January 25, 1999
EXTRAORDINARY TRUST FUND EXPENSES WITHDRAWN FROM COLLECTION ACCOUNT:
> 0.00
REQUIRED OVERCOLLATERALIZED AMOUNT
> 10,040,847.00
CREDIT ENHANCEMENT PERCENTAGE
> 22.73%
OVERCOLLATERALIZATION INCREASE AMOUNT
> 0.00
OVERCOLLATERALIZATION REDUCTION AMOUNT
> 0.00
CURRENT PERIODS AGGREGATE AMOUNT OF REALIZED LOSSES :
> 0.00
CURRENT PERIODS EXTRAORDINARY LOSSES :
> 0.00
CURRENT PERIODS FRAUD LOSSES :
> 0.00
CURRENT PERIODS SPECIAL HAZARD LOSSES :
> 0.00
CURRENT PERIODS BANKRUPTCY 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 BECAME REO DURING COLLECTION PERIOD
Unpaid
> Stated Principal Date Property
Loan Number Principal Balance
> Principal Balance Became REO
Page 5 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
