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 VII, INC.
(as depositor under the Pooling and Servicing
Agreement, dated as of September 1, 1998, providing
for the issuance of Asset-Backed Floating Rate Certificates, Series 1998-NC4)
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-50153 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 November 25, 1998 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 November 25,
1998. 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 November 25, 1998.
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
NEW CENTURY ASSET-BACKED FLOATING RATE CERTIFICATES
SERIES 1998-NC4
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 11/25/98
Beginning Ending
Certificate Certificate
ClasCusip Balance(1) Principal Interest Losses Balance
A 79548KC55 222092416.21 2456959.06 1001151.90 0.00 219635457.15
M-1 79548KC63 23598000.00 0.00 109915.16 0.00 23598000.00
M-2 79548KC71 27285000.00 0.00 133455.03 0.00 27285000.00
M-3 79548KC89 14011000.00 0.00 76119.19 0.00 14011000.00
CE 7955109E8 5899600.00 0.00 908461.73 0.00 5899600.00
P 7955109F5 100.00 0.00 7214.48 0.00 100.00
R-II79548KD39 0.00 0.00 0.00 0.00 0.00
Total 292886116.21 2456959.06 2236317.49 0.00 290429157.15
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending Current
Certificate Pass-Through
ClasPrincipal Interest Total Balance Losses Interest Rate
A 10.959711 4.465820 15.42553 979.7238 0.0000 5.40938%
M-1 0.0000 4.657817 4.65782 1000.0000 0.0000 5.58938%
M-2 0.0000 4.891150 4.89115 1000.0000 0.0000 5.86938%
M-3 0.0000 5.432816 5.43282 1000.0000 0.0000 6.51938%
CE 0.0000 153.987004 153.98700 1000.0000 0.0000 3.72211%
P 0.0000 72144.8000 72144.8000 1000.0000 0.0000 NA
R-II 0.0000 0.000000 0.00000 0.0000 0.0000 5.40938%
Section 4.02 (iii.)
MASTER SERVICER COMPENSATION 122035.88
TRUSTEE FEES 2440.72
Section 4.02 (iv.)
P&I ADVANCES Total Advances 94689.25
*Note: P&I Advances are made on Mortgage Loans Delinquent
as of the Determination Date.
Section 4.02 (v.)
BALANCES AS OF 25-Nov-98
Stated Principal Balance of Mortgage Loans 290429157.37
Stated Principal Balance of REO Properties 0.00
Section 4.02 (vi.)
MORTGAGE LOAN CHARACTERISTICS
Number of Loans (Beginning) 1935
Aggregate Principal Balance as of the Due Date 292886116.42
Number of Loans (Ending) 2589
Aggregate Principal Balance as of the Due Date 290429157.37
Weighted Average Remaining Term to Maturity 356.67
Beginning Weighted Average Mortgage Rate 9.64298%
Number of Subsequent Loans 0
Balance of Subsequent Loans 0.00
Unpaid Stated
Section 4.02 (vii.) Principal Principal
DELINQUENCY INFORMATION Balance Number Balance
30-59 days delinquent 3919563.15 48 3913723.44
60-89 days delinquent 757272.08 2 756031.33
90 or more days delinquent 0.00 0 0.00
Foreclosures 285894.51 3 285473.38
Bankruptcies 292957.37 4 292676.57
Section 4.02 (viii.)
REO INFORMATIO Loans that became REO properties in the
preceding calendar month:
Unpaid Stated
Principal Principal
Loan NumberBalance Balance
Section 4.02 (ix.) Total Book Value of REO Properties:
REO BOOK VALUES 0.00
Section 4.02 (x.)
PRINCIPAL PREPAYMENTS
Aggregate Amount of Principal Prepayments
Curtailments 11072.83
Payments in Full 2298312.82
Prepayment Charges 7214.48
REO Principal Amortization 0.00
Section 4.02 (xi.) Realized Losses that were incurred
REALIZED LOSSES during the related Prepayment Period:
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 (xii.)
EXTRAORDINARY TRUST FUND EXPENSES
Extraordinary Trust Fund Expenses withdrawn from the Collection
Account or Distribution Account that caused a reduction of the
Available Distribution Amount: 0.00
Section 4.02 (xiv.)
CERTIFICATE FACTOR Certificate
Factor
Class A 0.9797238
Class M-1 1.00000000
Class M-2 1.00000000
Class M-3 1.00000000
Class CE 0.9845897
Section 4.02 (xv.)
INTEREST DISTRIBUTION AMOUNTS
Interest Reduction from the Allocation
Carry Prepayment Relief Act
Forward Interest Interest
Interest Amount Shortfalls Losses Shortfalls
A 1001151.90 0.00 0.00 0.00 0.00
M-1 109915.16 0.00 0.00 0.00 0.00
M-2 133455.03 0.00 0.00 0.00 0.00
M-3 76119.19 0.00 0.00 0.00 0.00
CE 908461.73 NA 0.00 0.00 0.00
TOTAL 2229103.01 0.00 0.00 0.00 0.00
Section 4.02 (xvi.)
PREPAYMENT INTEREST SHORTFALLS
Prepayment Interest Shortfalls
not covered by the Servicer: 0.00
Section 4.02 (xvii.)
Relief Act Interest Shortfall 0.00
Section 4.02 (xviii.)
Fraud Loss Amount 8849250.00
Bankruptcy Amount 100000.00
Special Hazard Amount 3694760.00
Section 4.02 (xix.)
Required Overcollateralized Amount 5899600.00
Credit Enhancement Percentage 24.37551%
Section 4.02 (xx.)
Overcollateralization Increase Amount 0.00
Section 4.02 (xxi.)
Overcollateralization Reduction Amount 0.00
Section 4.02 (xxii.)
PASS THROUGH RATE
A 5.409380% 5.232340%
M-1 5.589380% 5.412340%
M-2 5.869380% 5.692340%
M-3 6.519380% 6.342340%
CE 3.722107%
Section 4.02 (xxiii.)
PRE-FUNDING AND INTEREST COVERAGE ACCOUNT
Amount on Deposit in the Pre-Funding Account 0.00
Amount on Deposit in the Interest Coverage Account 0.00
Section 4.02 (xxiv.)
PRE-FUNDING ACCOUNT DEPOSITS
Amount from the Pre-Funding Account
distributed to the Certificates 0.00
PERFORMANCE MEASURES
Net Monthly Excess Cash Flow 908461.73
Delinquency Percentage 0.459383%
Stepdown Date Occurrence NO
Trigger Event 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
U.S. Bank National Association
Dated: November 30, 1998
