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 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 December 28, 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 December 28, 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 December 28, 1998.
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
NEW CENTURY ASSET-BACKED FLOATING RATE CERTIFICATES
SERIES 1998-NC6
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 12/28/98
Beginning Ending
Certificate Certificate
ClassCusip Balance(1) Principal Interest Losses Balance
A 79548KD47207453345.42 1824729.541012125.80 0.00 205628615.88
M-1 79548KD54 20039000.00 0.00 101807.71 0.00 20039000.00
M-2 79548KD62 12588000.00 0.00 66837.81 0.00 12588000.00
M-3 79548KD70 8992000.00 0.00 55162.73 0.00 8992000.00
CE NA 5138381.39 0.00 796727.33 0.00 5138381.39
P 7955109S9 100.00 0.00 22392.98 0.00 100.00
R-III79548KE20 0.00 0.00 0.00 0.00 0.00
Total 254210826.81 1824729.542055054.36 0.00 252386097.27
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending Current
Certificate Pass-Through
ClassPrincipal Interest Total Balance Losses Interest Rate
A 8.682904 4.816161 13.499064 978.4756550.00000 5.32234%
M-1 0.0000 5.080479 5.080479 1000.000000.00000 5.54234%
M-2 0.0000 5.309645 5.309645 1000.000000.00000 5.79234%
M-3 0.0000 6.134645 6.134645 1000.000000.00000 6.69234%
CE 0.0000 155.054144 155.0541441000.000000.00000 3.76094%
P 0.0000 223929.80000 223929.8001000.000000.00000 NA
R-III 0.0000 0.000000 0.000000 0.00000 0.00000 5.32234%
Section 4.02 (iii.)
MASTER SERVICER COMPENSATION 105921.18
TRUSTEE FEES 2436.19
Section 4.02 (iv.)
P&I ADVANCES Total Advances 276534.72
*Note: P&I Advances are made on Mortgage Loans Delinquent
as of the Determination Date.
Section 4.02 (v.)
BALANCES AS OF: 28-Dec-98
Stated Principal Balance of Mortgage Loans 252386097.67
Stated Principal Balance of REO Properties 0.00
Section 4.02 (vi.)
MORTGAGE LOAN CHARACTERISTICS
Number of Loans (Beginning) 3,295
Aggregate Principal Balance as of the Due Date 254210827.23
Number of Loans (Ending) 3,269
Aggregate Principal Balance as of the Due Date 252386097.67
Weighted Average Remaining Term to Maturity 327
Beginning Weighted Average Mortgage Rate 10.10666%
Unpaid Stated
Section 4.02 (vii.) Principal Principal
DELINQUENCY INFORMATION Balance Number Balance
30-59 days delinquent 6415662.20 105 6404271.46
60-89 days delinquent 989485.56 16 986521.44
90 or more days delinquent 102057.14 2 101715.89
Foreclosures 1020905.67 16 1018990.70
Bankruptcies 626085.54 10 625614.04
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 12309.38
Payments in Full 1612816.75
Prepayment Charges 22392.98
REO Principal Amortization 0.00
Section 4.02 (xi.) Realized Losses that were incurred during the
REALIZED LOSSES related Prepayment Period:
Total Realized Losse 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 0.978476
Class M-1 1.000000
Class M-2 1.000000
Class M-3 1.000000
Class CE 0.982393
Section 4.02 (xv.)
INTEREST DISTRIBUTION AMOUNTS
Interest Reduction from Allocation of:
Carry Prepayment Relief Act
Interest Forward Interest Interest
Amount Amount ShortfallsLosses Shortfalls
A 1012125.80 0.00 0.00 0.00 0.00
M-1 101807.71 0.00 0.00 0.00 0.00
M-2 66837.81 0.00 0.00 0.00 0.00
M-3 55162.73 0.00 0.00 0.00 0.00
CE 796727.33 NA 0.00 0.00 0.00
TOTAL 2032661.38 0.00 0.00 0.00 0.00
Section 4.02 (xvi.)
PREPAYMENT INTEREST SHORTFALLS
Prepayment Interest Shortfalls not covered by 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 18.52613%
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 5.32234% 5.90438%
M-1 5.54234% 6.12438%
M-2 5.79234% 6.37438%
M-3 6.69234% 7.27438%
CE 3.76094%
P NA
R-III 5.32234%
PERFORMANCE MEASURES
Net Monthly Excess Cash Flow 796727.33
Delinquency Percentage 1.08280%
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: December 31, 1998
