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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-22 TRUST, 8-K, 1998-12-04 |
Next: GENESISINTERMEDIA COM INC, SB-2/A, 1998-12-04 |
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): November 25, 1998
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Asset Backed Floating Rate Notes, Series 1998-11
New York (governing law of 333-50153-05 52-2107845
Pooling and Servicing Agreement) (Commission 52-2107852
(State or other File Number) IRS EIN
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 November 25, 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
the November 25, 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: 11/30/1998
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
November 25, 1998 distribution.
<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Inc.
Asset Backed Floating Rate Notes
Record Date: 10/30/1998
Distribution Date: 11/25/1998
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 5.53938% 301,304,789.84 1,390,868.11 8,018,960.14
M-1 971890AB4 SEQ 5.81938% 26,280,000.00 127,444.42 0.00
M-2 971890AC2 SEQ 6.01938% 16,186,000.00 81,191.40 0.00
M-3 971890AD0 SEQ 7.06938% 21,899,000.00 129,010.29 0.00
CE SL98W11CE OC 0.00000% 6,664,826.74 0.00 0.00
EQUITY SL98W11OT IO 0.00000% 0.00 1,274,255.13 0.00
Totals 372,334,616.58 3,002,769.35 8,018,960.14
</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 0.00 293,285,829.70 9,409,828.25 0.00
M-1 0.00 26,280,000.00 127,444.42 0.00
M-2 0.00 16,186,000.00 81,191.40 0.00
M-3 0.00 21,899,000.00 129,010.29 0.00
CE 0.00 6,664,964.19 0.00 0.00
EQUITY 0.00 0.00 1,274,255.13 0.00
Totals 0.00 364,315,793.89 11,021,729.49 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 309,824,000.00 301,304,789.84 210,435.41 7,808,524.73 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 6,664,826.74 0.00 0.00 0.00 0.00
EQUITY 0.00 0.00 0.00 0.00 0.00 0.00
Totals 380,853,964.19 372,334,616.58 210,435.41 7,808,524.73 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 8,018,960.14 293,285,829.70 0.94662076 8,018,960.14
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 6,664,964.19 1.00000000 0.00
EQUITY 0.00 0.00 0.00000000 0.00
Totals 8,018,960.14 364,315,793.89 0.95657608 8,018,960.14
</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 309,824,000.00 972.50306574 0.67920952 25.20309831 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 6,664,964.19 999.97937723 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 25.88230783 946.62075791 0.94662076 25.88230783
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 1,000.00000000 1.00000000 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 5.53938% 301,304,789.84 1,390,868.11 0.00 0.00
M-1 26,280,000.00 5.81938% 26,280,000.00 127,444.42 0.00 0.00
M-2 16,186,000.00 6.01938% 16,186,000.00 81,191.40 0.00 0.00
M-3 21,899,000.00 7.06938% 21,899,000.00 129,010.29 0.00 0.00
CE 6,664,964.19 0.00000% 6,664,826.74 0.00 0.00 0.00
EQUITY 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 380,853,964.19 1,728,514.22 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 1,390,868.11 0.00 293,285,829.70
M-1 0.00 0.00 127,444.42 0.00 26,280,000.00
M-2 0.00 0.00 81,191.40 0.00 16,186,000.00
M-3 0.00 0.00 129,010.29 0.00 21,899,000.00
CE 0.00 0.00 0.00 0.00 6,664,964.19
EQUITY 0.00 0.00 1,274,255.13 0.00 0.00
Totals 0.00 0.00 3,002,769.35 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 5.53938% 972.50306574 4.48922004 0.00000000 0.00000000
M-1 26,280,000.00 5.81938% 1000.00000000 4.84948326 0.00000000 0.00000000
M-2 16,186,000.00 6.01938% 1000.00000000 5.01614976 0.00000000 0.00000000
M-3 21,899,000.00 7.06938% 1000.00000000 5.89114982 0.00000000 0.00000000
CE 6,664,964.19 0.00000% 999.97937723 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 4.48922004 0.00000000 946.62075791
M-1 0.00000000 0.00000000 4.84948326 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.01614976 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 5.89114982 0.00000000 1000.00000000
CE 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
EQUITY 0.00000000 0.00000000 318563782500.000 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 11,160,803.67
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 11,160,803.67
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 139,074.18
Payment of Interest and Principal 11,021,729.49
Total Withdrawals (Pool Distribution Amount) 11,160,803.67
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 26,287.25
Servicing Fee Support 26,287.25
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 155,139.23
Certificate Administration Fee 0.00
Trustee Fee 930.93
Pool Insurance Fee 9,291.27
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 26,287.25
Net Servicing Fee 139,074.18
</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 126 10,446,989.82 3.483550% 2.867564%
60 Days 26 2,018,943.59 0.718828% 0.554174%
90+ Days 4 457,318.20 0.110589% 0.125528%
Foreclosure 19 1,592,081.58 0.525297% 0.437006%
REO 0 0.00 0.000000% 0.000000%
Totals 175 14,515,333.19 4.838264% 3.984272%
</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 10.260284%
Weighted Average Net Coupon 9.760284%
Weighted Average Pass-Through Rate 9.727339%
Weighted Average Maturity(Stepdown Calculation ) 359
Begin Scheduled Collateral Loan Count 3,688
Number Of Loans Paid In Full 71
End Scheduled Collateral Loan Count 3,617
Begining Scheduled Collateral Balance 372,334,616.58
Ending Scheduled Collateral Balance 364,315,793.89
Ending Actual Collateral Balance at 30-Oct-1998 364,315,793.89
Monthly P &I Constant 3,393,984.41
Scheduled Principal 210,387.28
Unscheduled Principal 7,808,524.73
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 1,274,255.13
</TABLE>
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