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-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 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-NC6
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 25-Nov-98
Beginning Ending
Certificate Certificate
ClassCusip Balance(1) Principal Interest Losses Balance
A 79548KD47209062405.23 1609059.81 958094.68 0.00 207453345.42
M-1 79548KD54 20039000.00 0.00 95508.88 0.00 20039000.00
M-2 79548KD62 12588000.00 0.00 62618.80 0.00 12588000.00
M-3 79548KD70 8992000.00 0.00 51474.55 0.00 8992000.00
CE NA 5138381.39 0.00 878635.30 0.00 5138381.39
P 7955109S9 100.00 0.00 3911.08 0.00 100.00
R-III79548KE20 0.00 0.00 0.00 0.00 0.00
Total 255819886.62 1609059.81 2050243.29 0.00 254210826.81
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending Current
Certificate Pass-Through
ClassPrincipal Interest Total Balance Losses Interest Rate
A 7.65665 4.559056 12.21570 987.15856 0.00000 5.49938%
M-1 0.00000 4.766150 4.76615 1000.00000 0.00000 5.71938%
M-2 0.00000 4.974484 4.97448 1000.00000 0.00000 5.96938%
M-3 0.00000 5.724483 5.72448 1000.00000 0.00000 6.86938%
CE 0.00000 170.994567 170.99457 1000.00000 0.00000 4.12150%
P 0.00000 39110.800000 39110.8000 1000.00000 0.00000 NA
R-III 0.0000 0.000000 0.00000 0.00000 0.00000 5.49938%
Section 4.02 (iii.)
MASTER SERVICER COMPENSATION 106591.62
TRUSTEE FEES 2451.61
Section 4.02 (iv.)
P&I ADVANCES Total Advances 101617.11
*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 254210827.23
Stated Principal Balance of REO Properties 0.00
Section 4.02 (vi.)
MORTGAGE LOAN CHARACTERISTICS
Number of Loans (Beginning) 3309
Aggregate Principal Balance as of the Due Date 255819887.04
Number of Loans (Ending) 3295
Aggregate Principal Balance as of the Due Date 254210827.23
Weighted Average Remaining Term to Maturity 328
Beginning Weighted Average Mortgage Rate 10.110436%
Unpaid Stated
Section 4.02 (vii.) Principal Principal
DELINQUENCY INFORMATION Balance Number Balance
30-59 days delinquent 3424839.28 49 3419165.34
60-89 days delinquent 212380.32 3 212095.43
90 or more days delinquent 0.00 0 0.00
Foreclosures 246636.86 6 246330.83
Bankruptcies 363040.02 5 362863.59
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 217,874.84
Payments in Full 1194182.86
Prepayment Charges 3911.08
REO Principal Amortization 0.00
Section 4.02 (xi.) Realized Losses that were incurred during
REALIZED LOSSES 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 0.9871586
Class M-1 1.0000000
Class M-2 1.0000000
Class M-3 1.0000000
Class CE 0.9894953
Section 4.02 (xv.)
INTEREST DISTRIBUTION AMOUNTS
Interest Reduction from Allocation of:
Carry Prepayment Relief Act
Interest Forward Interest Interest
Amount Amount Shortfalls Losses Shortfalls
A 958094.68 0.00 0.00 0.00 0.00
M-1 95508.88 0.00 0.00 0.00 0.00
M-2 62618.80 0.00 0.00 0.00 0.00
M-3 51474.55 0.00 0.00 0.00 0.00
CE 878635.30 NA 0.00 0.00 0.00
TOTAL 2046332.21 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 18.3931510%
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 5.499380% 5.322340%
M-1 5.719380% 5.542340%
M-2 5.969380% 5.792340%
M-3 6.869380% 6.692340%
CE 4.121501%
P NA
R-III 5.499380%
PERFORMANCE MEASURES
Net Monthly Excess Cash Flow 878635.30
Delinquency Percentage 0.323074%
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
