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): 12/27/99
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 December 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
December 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 datedDecember 27, 1999
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
NEW CENTURY ASSET-BACKED FLOATING RATE CERTIFICATES
SERIES 1999-NC1
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 12/27/99
Beginning
Certificate
Class Cusip Balance(1) Principal Interest Losses
A-1 79548KL71 $184,971,479.04 $3,756,393.53 $953,097.66 $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 $849,247.39 $0.00
P N/A $100.00 $0.00 $67,887.42 $0.00
R-III N/A $0.00 $0.00 $0.00 $0.00
Total $291,318,404.03 $3,756,393.53 $2,422,062.9 $0.00
Ending Current
Certificate Pass-Through
Class Balance Interest Rate
A-1 $181,215,085.51 5.98375%
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 3.50034%
P $100.00 NA
R-III $0.00
Total $287,562,010.50
AMOUNTS PER $1,000 UNIT
Ending
Certificate
Class Principal Interest Total Balance Losses
A-1 17.788649 4.513457 22.302106 858.155997 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 89.152109 89.152109 1000.000000 0.000000
P 0.000000 678874.200000 678874.200000 1000.000000 0.000000
Section 4.02 (iii.)
MASTER SERVICER COMPENSATION 121,382.75
ADMINISTRATION FEES 2,063.51
Section 4.02 (iv.)
P&I ADVANCES Total Advances 1,000,984.71
*Note: P&I Advances are made on Mortgage Loans
Delinquent as of the Determiniation Date.
Section 4.02 (v.)
BALANCES AS OF: Dec-99
Stated Principal Balance of Mortgage Loans 286,509,354.82
Stated Principal Balance of REO Properties 1,052,655.68
Section 4.02 (vi.)
MORTGAGE LOAN
CHARACTERISTICS
Beginning Ending
Number of Loans 3,938 3,892
Aggregate Prin Bal as of the Due Date 291,318,404 287,562,011
Weighted Average Remaining Term to Maturity 319
Beginning Weighted Average Mortgage Rate 10.20795%
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 71 5,400,543.525,390,214.76
60-89 days delinquent 37 2,500,182.762,495,419.18
90 or more days delinquent 26 1,571,033.531,562,363.15
Foreclosures 119 7,641,471.247,614,508.22
Bankruptcies 48 3,691,784.213,680,476.61
*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
194422 29,966.91
205398 92,306.60
222814 338,897.48
234949 129,500.00
Section 4.02 (ix.)
REO BOOK VALUES
Total Book Value of REO Properties: 1,176,076.78
Section 4.02 (x.)
PRINCIPAL PREPAYMENTS
Aggregate Amount of Principal Prepayments - Curtailments 43,904.49
Payments in Full 3,374,459.58
Liquidation Proceeds 92,453.66
3,510,817.73
Prepayment Charges 67,887.42
REO Principal Amortization 407.16
Section 4.02 (xi.)
REALIZED LOSSES
Realized Losses that were incurred during the related Prepayment Period
Total Realized Losses 285.45
Which Include:
Bankruptcy Losses 0.00
Cumulative Realized Losses 32,395.26
(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 0.85815600
Class A-2 1.00000000
Class M-1 1.00000000
Class M-2 1.00000000
Class M-3 1.00000000
Class CE 0.90566452
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-1 953,097.66 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 849,247.39 NA 285.45 0.00 228.97
TOTAL 2,354,175.5 0.00 285.45 0.00 228.97
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 228.97
Section 4.02 (xix.)
Required Overcollateralized Amount 9,525,824.99
Credit Enhancement Percentage 18.05309%
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 849,532.84
Delinquency Percentage 5.70500%
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: 12/31/99
