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): 9/27/99
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF MARCH 1, 1999, PROVIDING FOR THE ISSUANCE OF
MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1999-NC1)
Salomon Brothers Mortgage Securities VII, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 333-72647 13-3439681
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
390 Greenwich Street, Fourth Floor
New York, New York 10013
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 723-6391
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Item 5. Other Events
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On September 27, 1999 a scheduled distribution was made from the
trust to holders of the certificates. The Trustee has caused
to be filed with the commission, the Monthly Report dated
September 27, 1999. 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
of Certificatehoders: 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 datedSeptember 27, 1999
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
NEW CENTURY ASSET-BACKED FLOATING RATE CERTIFICATES
SERIES 1999-NC1
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 9/27/99
Beginning
Certificate
Class Cusip Balance(1) Principal Interest Losses
A-1 79548KL71 $197,801,792.22 $4,897,673.25 $1,038,727.2 $0.00
A-2 79548KL89 $54,433,000.00 $0.00 $313,398.00 $0.00
M-1 79548KL97 $19,368,000.00 $0.00 $108,945.00 $0.00
M-2 79548KM21 $14,288,000.00 $0.00 $80,370.00 $0.00
M-3 79548KM39 $8,732,000.00 $0.00 $49,117.50 $0.00
CE N/A $9,525,824.99 $0.00 $836,894.55 $0.00
P N/A $100.00 $0.00 $128,311.03 $0.00
R-III N/A $0.00 $0.00 $0.00 $0.00
Total $304,148,717.21 $4,897,673.25 $2,555,763.3 $0.00
Ending Current
Certificate Pass-Through
Class Balance Interest Rate
A-1 $192,904,118.97 5.72875%
A-2 $54,433,000.00 6.90900%
M-1 $19,368,000.00 6.75000%
M-2 $14,288,000.00 6.75000%
M-3 $8,732,000.00 6.75000%
CE $9,525,824.99 3.43713%
P $100.00 NA
R-III $0.00
Total
AMOUNTS PER $1,000 UNIT
Ending
Certificate
Class Principal Interest Total Balance Losses
A-1 23.193255 4.918962 28.112216 913.510186 0.000000
A-2 0.000000 5.757500 5.757500 1000.000000 0.000000
M-1 0.000000 5.625000 5.625000 1000.000000 0.000000
M-2 0.000000 5.625000 5.625000 1000.000000 0.000000
M-3 0.000000 5.625000 5.625000 1000.000000 0.000000
CE 0.000000 87.855335 87.855335 1000.000000 0.000000
P 0.000000 1283110.300000 1283110.300000 1000.000000 0.000000
Section 4.02 (iii.)
MASTER SERVICER COMPENSATION 126,728.80
ADMINISTRATION FEES 2,154.39
Section 4.02 (iv.)
P&I ADVANCES Total Advances 453,097.82
*Note: P&I Advances are made on Mortgage Loans
Delinquent as of the Determiniation Date.
Section 4.02 (v.)
BALANCES AS OF: Sep-99
Stated Principal Balance of Mortgage Loans 299,000,266.27
Stated Principal Balance of REO Properties 250,777.69
Section 4.02 (vi.)
MORTGAGE LOAN
CHARACTERISTICS
Beginning Ending
Number of Loans 4,090 4,039
Aggregate Prin Bal as of the Due Date 304,148,717 299,251,044
Weighted Average Remaining Term to Maturity 322
Beginning Weighted Average Mortgage Rate 10.22108%
Number of Subsequent Loans 0.00
Balance of Subsequent Loans 0.00
Section 4.02 (vii.)
DELINQUENCY INFORMATION Unpaid Prin Stated Prin
Number Balance Balance
30-59 days delinquent 64 4,611,416.854,603,245.97
60-89 days delinquent 18 1,015,604.121,011,230.03
90 or more days delinquent 9 452,299.75 451,195.59
Foreclosures 81 5,693,785.915,678,152.75
Bankruptcies 21 1,458,401.341,456,364.08
*Note: In accordance with the Master Servicer, the Delinquency
Information relates to the Prepayment Period.
Section 4.02 (viii.)
REO INFORMATION
Loans that became REO properties in the preceding calendar month:
Unpaid PrincipalStated Principal
Loan Number Balance Balance
192547 55084.46 55196.39
193170 27094.50 27158.93
204038 44,821.50
215594 99,530.18
Section 4.02 (ix.)
REO BOOK VALUES
Total Book Value of REO Properties: 272,146.71
Section 4.02 (x.)
PRINCIPAL PREPAYMENTS
Aggregate Amount of Principal Prepayments - Curtailments 104,072.89
Payments in Full 4,513,137.35
4,617,210.24
Prepayment Charges 128,311.03
REO Principal Amortization 142.94
Section 4.02 (xi.)
REALIZED LOSSES
Realized Losses that were incurred during the related Prepayment Period
Total Realized Losses 34,042.54
Which Include:
Bankruptcy Losses 0.00
Cumulative Realized Losses 34,042.54
(1) As of reporting period, the servicer has not yet
determined the loss classification.
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 0.00
Available Distribution Amount:
Section 4.02 (xiv.)
CERTIFICATE FACTOR Certificate
Factor
Class A-1 0.91351019
Class A-2 1.00000000
Class M-1 1.00000000
Class M-2 1.00000000
Class M-3 1.00000000
Class CE 0.94247865
Section 4.02 (xv.)
INTEREST DISTRIBUTION AMOUNTS
Reduction from the Allocation of:
Interest Interest Prepay Relief Act
Distributio Carry Forward Realized Interest Interest
Amount Amount Losses Shortfalls Shortfalls
A-1 ########## 0.00 0.00 0.00 0.00
A-2 313,398.00 0.00 0.00 0.00 0.00
M-1 108,945.00 0.00 0.00 0.00 0.00
M-2 80,370.00 0.00 0.00 0.00 0.00
M-3 49,117.50 0.00 0.00 0.00 0.00
CE 836,894.55 NA 34,042.54 0.00 229.75
TOTAL ########## 0.00 34,042.54 0.00 229.75
Section 4.02 (xvi.)
AGGREGATE UNPAID ALLOCATED REALIZED LOSS AMOUNT
Aggregate
Unpaid Amounts
Class M-1 $0.00
Class M-2 $0.00
Class M-3 $0.00
Section 4.02 (xvii.)
PREPAYMENT INTEREST
SHORTFALLS
Prepayment Interest Shortfalls not covered by the Servicer: 0.00
Section 4.02 (xviii.)
Relief Act Interest Shortfall 229.75
Section 4.02 (xix.)
Required Overcollateralized Amount 9,525,824.99
Credit Enhancement Percentage 17.34792%
Section 4.02 (xx.)
Overcollateralization Increase Amount 0.00
Section 4.02 (xxi.)
Overcollateralization Reduction Amount 0.00
PERFORMANCE MEASURES
Net Monthly Excess Cash Flow 870,937.09
Delinquency Percentage 2.95662%
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: 9/30/99
