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): October 26, 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-NC6)
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 October 26, 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 October 26, 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 October 26, 1998.
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
NEW CENTURY ASSET-BACKED FLOATING RATE CERTIFICATES
SERIES 1998-NC6
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 26-Oct-98
Beginning Ending
Certificate Certificate
ClassCusip Balance(1) Principal Interest LossesBalance
A 79548KD47210152000.00 1089594.77 1062938.60 0.00 209062405.23
M-1 79548KD54 20039000.00 0.00 105152.57 0.00 20039000.00
M-2 79548KD62 12588000.00 0.00 68,764.14 0.00 12,588,000.00
M-3 79548KD70 8992000.00 0.00 56,089.16 0.00 8,992,000.00
CE NA 5138381.39 0.00 763045.11 0.00 5138381.39
P 7955109S9 100.00 0.00 1,484.00 0.00 100.00
R-III79548KE20 100.00 100.00 0.83 0.00 0.00
Total 256909581.39 1089694.77 2057474.41 0.00 255819886.62
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending Current
Certificate Pass-Through
ClassPrincipal Interest Total Balance LossesInterest Rate
A 5.184794 5.057951 10.242745 994.815206 0.000 5.87375%
M-1 0.000000 5.247396 5.247396 1000.00000 0.000 6.09375%
M-2 0.000000 5.462674 5.462674 1000.00000 0.000 6.34375%
M-3 0.000000 6.237673 6.237673 1000.00000 0.000 7.24375%
CE 0.000000 148.499119 148.499119 1000.00000 0.000 3.56411%
P 0.000000 14840.000000 14840.0000 1000.00000 0.000 NA
R-III1000.000 8.300000 1008.30000 0.00000 0.000 5.87375%
Section 4.02 (iii.)
MASTER SERVICER COMPENSATION 107045.74
TRUSTEE FEES 2462.05
Section 4.02 (iv.)
P&I ADVANCES Total Advances 10042.41
*Note: P&I Advances are made on Mortgage Loans Delinquent
as of the Determination Date.
Section 4.02 (v.)
BALANCES AS OF 26-Oct-98
Stated Principal Balance of Mortgage Loans 256909781.39
Stated Principal Balance of REO Properties 0.00
Section 4.02 (vi.)
MORTGAGE LOAN CHARACTERISTICS
Number of Loans 3309
Aggregate Principal Balance as of the Due Date 256909781.39
Weighted Average Remaining Term to Maturity 329
Beginning Weighted Average Mortgage Rate 10.114834%
Unpaid Stated
Section 4.02 (vii.) Principal Principal
DELINQUENCY INFORMATION Balance NumberBalance
30-59 days delinquent 1064467.04 17 1063459.26
60-89 days delinquent 0.00 0 0.00
90 or more days delinquent 0.00 0 0.00
Foreclosures 24922.76 1 24902.46
Bankruptcies 178146.19 2 178101.19
Section 4.02 (viii.)
REO INFORMATION 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 (752.06)
Payments in Full 894790.49
Prepayment Charges 1484.00
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:
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 0.9948152
Class M-1 1.0000000
Class M-2 1.0000000
Class M-3 1.0000000
Class CE 0.9957584
Section 4.02 (xv.)
INTEREST DISTRIBUTION AMOUNTS
Interest Reduction from Allocation of:
Interest Carry Prepayment Relief Act
Distribution Forward Interest Interest
Amount Amount Shortfalls LossesShortfalls
A 1062938.60 0.00 0.00 0.00 0.00
M-1 105152.57 0.00 0.00 0.00 0.00
M-2 68764.14 0.00 0.00 0.00 0.00
M-3 56089.16 0.00 0.00 0.00 0.00
CE 763045.11 NA 0.00 0.00 0.00
TOTAL 2055989.58 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.)
Required Overcollateralized Amount 5138381.39
Credit Enhancement Percentage 18.27746%
Section 4.02 (xix.)
Overcollateralization Increase Amount 0.00
Section 4.02 (xx.) Overcollateralization Reduction Amount
0.00
Section 4.02 (xxi.)
PASS THROUGH RATE
Current Next
Pass-Through Pass-Through
Class Interest RateInterest Rate*
A 5.873750% 5.499380%
M-1 6.093750% 5.719380%
M-2 6.343750% 5.969380%
M-3 7.243750% 6.869380%
CE 3.564110%
P NA
R-III 5.873750%
PERFORMANCE MEASURES
Net Monthly Excess Cash Flow 763045.11
Delinquency Percentage 0.079354%
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: October 31, 1998
