UNITED STATES
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.
Asset Backed Floating Rate Notes, Series 1998-11
New York (governing law of 333-50153 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, Maryland (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On October 26, 1998 a distribution was made to holders of SALOMON BROTHERS
MORTGAGE SECURITIES VII, INC., Asset Backed Floating Rate Notes, Series 1998-11.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Floating Rate Notes, Series 1998-11, relating to the
October 26, 1998 distribution.
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.
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Asset Backed Floating Rate Notes, Series 1998-11
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 11/06/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Floating Rate Notes, Series 1998-11, relating to the
October 26, 1998 distribution.
<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Inc.
Asset Backed Floating Rate Notes
Record Date: 09/30/1998
Distribution Date: 10/26/1998
SBMSVII Series: 1998-W11
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A 971890AA6 SEQ 5.69500% 309,824,000.00 1,274,323.32 8,519,210.16
M-1 971890AB4 SEQ 5.97500% 26,280,000.00 113,405.50 0.00
M-2 971890AC2 SEQ 6.17500% 16,186,000.00 72,185.06 0.00
M-3 971890AD0 SEQ 7.22500% 21,899,000.00 114,270.20 0.00
CE SL98W11CE OC 0.00000% 6,664,964.19 0.00 0.00
EQUITY SL98W11OT IO 0.00000% 0.00 1,499,458.10 0.00
Totals 380,853,964.19 3,073,642.18 8,519,210.16
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A 0.00 301,304,789.84 9,793,533.48 0.00
M-1 0.00 26,280,000.00 113,405.50 0.00
M-2 0.00 16,186,000.00 72,185.06 0.00
M-3 0.00 21,899,000.00 114,270.20 0.00
CE 0.00 6,664,826.74 0.00 0.00
EQUITY 0.00 0.00 1,499,458.10 0.00
Totals 0.00 372,334,616.58 11,592,852.34 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A 309,824,000.00 309,824,000.00 221,625.07 8,297,585.09 0.00 0.00
M-1 26,280,000.00 26,280,000.00 0.00 0.00 0.00 0.00
M-2 16,186,000.00 16,186,000.00 0.00 0.00 0.00 0.00
M-3 21,899,000.00 21,899,000.00 0.00 0.00 0.00 0.00
CE 6,664,964.19 6,664,964.19 0.00 0.00 0.00 0.00
EQUITY 0.00 0.00 0.00 0.00 0.00 0.00
Totals 380,853,964.19 380,853,964.19 221,625.07 8,297,585.09 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A 8,519,210.16 301,304,789.84 0.97250307 8,519,210.16
M-1 0.00 26,280,000.00 1.00000000 0.00
M-2 0.00 16,186,000.00 1.00000000 0.00
M-3 0.00 21,899,000.00 1.00000000 0.00
CE 0.00 6,664,826.74 0.99997938 0.00
EQUITY 0.00 0.00 0.00000000 0.00
Totals 8,519,210.16 372,334,616.58 0.97763093 8,519,210.16
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A 309,824,000.00 1000.00000000 0.71532570 26.78160856 0.00000000
M-1 26,280,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 16,186,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 21,899,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 6,664,964.19 1000.00000000 0.00000000 0.00000000 0.00000000
EQUITY 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A 0.00000000 27.49693426 972.50306574 0.97250307 27.49693426
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 999.97937723 0.99997938 0.00000000
EQUITY 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A 309,824,000.00 5.69500% 309,824,000.00 1,274,323.32 0.00 0.00
M-1 26,280,000.00 5.97500% 26,280,000.00 113,405.50 0.00 0.00
M-2 16,186,000.00 6.17500% 16,186,000.00 72,185.06 0.00 0.00
M-3 21,899,000.00 7.22500% 21,899,000.00 114,270.20 0.00 0.00
CE 6,664,964.19 0.00000% 6,664,964.19 0.00 0.00 0.00
EQUITY 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 380,853,964.19 1,574,184.08 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A 0.00 0.00 1,274,323.32 0.00 301,304,789.84
M-1 0.00 0.00 113,405.50 0.00 26,280,000.00
M-2 0.00 0.00 72,185.06 0.00 16,186,000.00
M-3 0.00 0.00 114,270.20 0.00 21,899,000.00
CE 0.00 0.00 0.00 0.00 6,664,826.74
EQUITY 0.00 0.00 1,499,458.10 0.00 0.00
Totals 0.00 0.00 3,073,642.18 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A 309,824,000.00 5.69500% 1000.00000000 4.11305554 0.00000000 0.00000000
M-1 26,280,000.00 5.97500% 1000.00000000 4.31527778 0.00000000 0.00000000
M-2 16,186,000.00 6.17500% 1000.00000000 4.45972198 0.00000000 0.00000000
M-3 21,899,000.00 7.22500% 1000.00000000 5.21805562 0.00000000 0.00000000
CE 6,664,964.19 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
EQUITY 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A 0.00000000 0.00000000 4.11305554 0.00000000 972.50306574
M-1 0.00000000 0.00000000 4.31527778 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.45972198 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 5.21805562 0.00000000 1000.00000000
CE 0.00000000 0.00000000 0.00000000 0.00000000 999.97937723
EQUITY 0.00000000 0.00000000 374864525000.000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 11,796,129.00
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 11,796,129.00
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 203,276.66
Payment of Interest and Principal 11,592,852.34
Total Withdrawals (Pool Distribution Amount) 11,796,129.00
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 33,655.75
Servicing Fee Support -33,655.75
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 158,689.22
Certificate Administration Fee 0.00
Trustee Fee 944.25
Pool Insurance Fee 9,987.44
Spread 3 Fee 0.00
Master Servicing Fee 0.00
Supplemental Pool Insurance Fee 0.00
Additional 1 Fee 0.00
Additional 2 Fee 0.00
Additional 3 Fee 0.00
Additional 4 Fee 0.00
External Master Servicing Fee 0.00
Miscellaneous Fee 0.00
Additional Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall -33,655.75
Net Servicing Fee 203,276.66
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 98 8,739,712.24 2.657267% 2.347274%
60 Days 15 1,122,022.65 0.406725% 0.301348%
90+ Days 7 587,131.12 0.189805% 0.157689%
Foreclosure 6 302.98 0.162690% 0.000081%
REO 0 0.00 0.000000% 0.000000%
Totals 126 10,449,168.99 3.416486% 2.806392%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 10.243106%
Weighted AverageNet Coupon 9.743106%
Weighted Average Pass-Through Rate 9.708662%
Weighted Average Maturity(Stepdown Calculation ) 360
Begin Scheduled Collateral Loan Count 3,766
Number Of Loans Paid In Full 78
End Scheduled Collateral Loan Count 3,688
Begining Scheduled Collateral Balance 380,853,964.19
Ending Scheduled Collateral Balance 372,334,616.58
Ending Actual Collateral Balance at 30-Sep-1998 380,853,964.19
Monthly P &I Constant 3,472,564.61
Scheduled Principal 221,487.62
Unscheduled Principal 8,297,722.54
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 0.00
Overcollateralization reduction Amount 0.00
Specified O/C Amount 6,664,964.19
Overcollateralized Amount 6,664,964.19
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 6,664,964.19
Extra principal distribution Amount 0.00
Excess Cash Amount 1,499,458.10
</TABLE>
