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): May 25, 1999
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Floating Rate Mortgage Pass-Through Certificates
Series 1999-3 Trust
New York (governing law of 333-72647 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 May 25, 1999 a distribution was made to holders of SALOMON BROTHERS
MORTGAGE SECURITIES VII, INC., Floating Rate Mortgage Pass-Through
Certificates, Series 1999-3 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders
EX-99.1 of Floating Rate Mortgage Pass-Through
Certificates, Series 1999-3 Trust,
relating to the May 25, 1999 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.
Floating Rate Mortgage Pass-Through Certificates
Series 1999-3 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 05/28/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Floating Rate
Mortgage Pass-Through Certificates, Series 1999-3
Trust relating to the May 25, 1999 distribution.
<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Inc.
Floating Rate Mortgage Pass-Through Certificates
Record Date: 04/30/1999
Distribution Date: 05/25/1999
SBMSVII Series: 1999-3
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 79548KM88 SEN 5.28000% 695,549,000.00 1,122,152.39 8,761,006.36
M1 79548KM96 MEZ 5.68000% 64,906,000.00 112,647.97 0.00
M2 79548KN20 MEZ 6.20000% 39,031,000.00 73,942.06 0.00
M3 79548KN38 MEZ 8.15000% 29,823,000.00 74,267.55 0.00
RI 7956199U1 SEN 0.00000% 0.00 0.00 0.00
RII 7956199V9 SEN 0.00000% 0.00 0.00 0.00
RIII 7956199W7 SEN 0.00000% 0.00 0.00 0.00
P 7956199T4 SEN 0.00000% 100.00 32,247.56 0.00
CE 7956199S6 JUN 0.00000% 47,801,900.00 5,563,019.33 0.00
Totals 877,111,000.00 6,978,276.86 8,761,006.36
</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 0.00 686,787,993.64 9,883,158.75 0.00
M1 0.00 64,906,000.00 112,647.97 0.00
M2 0.00 39,031,000.00 73,942.06 0.00
M3 0.00 29,823,000.00 74,267.55 0.00
RI 0.00 0.00 0.00 0.00
RII 0.00 0.00 0.00 0.00
RIII 0.00 0.00 0.00 0.00
P 0.00 100.00 32,247.56 0.00
CE 0.00 47,801,899.70 5,563,019.33 0.00
Totals 0.00 868,349,993.34 15,739,283.22 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 695,549,000.00 695,549,000.00 465,070.36 8,295,936.00 0.00 0.00
M1 64,906,000.00 64,906,000.00 0.00 0.00 0.00 0.00
M2 39,031,000.00 39,031,000.00 0.00 0.00 0.00 0.00
M3 29,823,000.00 29,823,000.00 0.00 0.00 0.00 0.00
RI 0.00 0.00 0.00 0.00 0.00 0.00
RII 0.00 0.00 0.00 0.00 0.00 0.00
RIII 0.00 0.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
CE 47,801,900.00 47,801,900.00 0.00 0.00 0.00 0.00
Totals 877,111,000.00 877,111,000.00 465,070.36 8,295,936.00 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 8,761,006.36 686,787,993.64 0.98740419 8,761,006.36
M1 0.00 64,906,000.00 1.00000000 0.00
M2 0.00 39,031,000.00 1.00000000 0.00
M3 0.00 29,823,000.00 1.00000000 0.00
RI 0.00 0.00 0.00000000 0.00
RII 0.00 0.00 0.00000000 0.00
RIII 0.00 0.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
CE 0.00 47,801,899.70 0.99999999 0.00
Totals 8,761,006.36 868,349,993.34 0.99001152 8,761,006.36
</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 695,549,000.00 1000.00000000 0.66863781 11.92717695 0.00000000
M1 64,906,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M2 39,031,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M3 29,823,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
RI 0.00 0.00000000 0.00000000 0.00000000 0.00000000
RII 0.00 0.00000000 0.00000000 0.00000000 0.00000000
RIII 0.00 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 47,801,900.00 1000.00000000 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 12.59581476 987.40418524 0.98740419 12.59581476
M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
RI 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RII 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RIII 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 999.99999372 0.99999999 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 695,549,000.00 5.28000% 695,549,000.00 1,122,152.39 0.00 0.00
M1 64,906,000.00 5.68000% 64,906,000.00 112,647.97 0.00 0.00
M2 39,031,000.00 6.20000% 39,031,000.00 73,942.06 0.00 0.00
M3 29,823,000.00 8.15000% 29,823,000.00 74,267.55 0.00 0.00
RI 0.00 0.00000% 0.00 0.00 0.00 0.00
RII 0.00 0.00000% 0.00 0.00 0.00 0.00
RIII 0.00 0.00000% 0.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
CE 47,801,900.00 0.00000% 47,801,900.00 0.00 0.00 0.00
Totals 877,111,000.00 1,383,009.97 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 1,122,152.39 0.00 686,787,993.64
M1 0.00 0.00 112,647.97 0.00 64,906,000.00
M2 0.00 0.00 73,942.06 0.00 39,031,000.00
M3 0.00 0.00 74,267.55 0.00 29,823,000.00
RI 0.00 0.00 0.00 0.00 0.00
RII 0.00 0.00 0.00 0.00 0.00
RIII 0.00 0.00 0.00 0.00 0.00
P 0.00 0.00 32,247.56 0.00 100.00
CE 0.00 0.00 5,563,019.33 0.00 47,801,899.70
Totals 0.00 0.00 6,978,276.86 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 695,549,000.00 5.28000% 1000.00000000 1.61333334 0.00000000 0.00000000
M1 64,906,000.00 5.68000% 1000.00000000 1.73555557 0.00000000 0.00000000
M2 39,031,000.00 6.20000% 1000.00000000 1.89444442 0.00000000 0.00000000
M3 29,823,000.00 8.15000% 1000.00000000 2.49027764 0.00000000 0.00000000
RI 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
RII 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
RIII 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
CE 47,801,900.00 0.00000% 1000.00000000 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 1.61333334 0.00000000 987.40418524
M1 0.00000000 0.00000000 1.73555557 0.00000000 1000.00000000
M2 0.00000000 0.00000000 1.89444442 0.00000000 1000.00000000
M3 0.00000000 0.00000000 2.49027764 0.00000000 1000.00000000
RI 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RII 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RIII 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 322475.60000000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 116.37653169 0.00000000 999.99999372
<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 15,695,372.17
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 411,932.21
Realized Losses 0.00
Total Deposits 16,107,304.38
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 368,021.16
Payment of Interest and Principal 15,739,283.22
Total Withdrawals (Pool Distribution Amount) 16,107,304.38
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 365,462.92
Trustee Fee 2,558.24
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 368,021.16
</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 334 30,251,947.61 4.260204% 3.483843%
60 Days 99 11,628,628.62 1.262755% 1.339164%
90+ Days 30 2,927,238.76 0.382653% 0.337104%
Foreclosure 19 1,380,450.91 0.242347% 0.158974%
REO 0 0.00 0.000000% 0.000000%
Totals 482 46,188,265.90 6.147959% 5.319084%
</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 411,932.21
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 10.003058%
Weighted Average Net Coupon 9.503058%
Weighted Average Pass-Through Rate 9.494787%
Weighted Average Maturity(Stepdown Calculation ) 358
Begin Scheduled Collateral Loan Count 7,912
Number Of Loans Paid In Full 72
End Scheduled Collateral Loan Count 7,840
Begining Scheduled Collateral Balance 877,111,000.00
Ending Scheduled Collateral Balance 868,349,993.34
Ending Actual Collateral Balance at 30-Apr-1999 868,469,396.11
Monthly P &I Constant 7,776,564.09
Ending Scheduled Balance for Premium Loans 868,349,993.34
</TABLE>
