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Previous: ENHANCED INVESTMENT TECHNOLOGIES INC, 13F-NT, 1999-08-09 |
Next: ALLIANCE RESOURCE PARTNERS LP, S-1/A, 1999-08-09 |
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): July 26, 1999
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Mortgage Pass-Through Certificates, Series 1999-3 Trust
New York (governing law of 333-72647-04 52-2175479
Pooling and Servicing Agreement) (Commission 52-2175480
(State or other File Number) 52-2175482
jurisdiction IRS EIN
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 July 26, 1999 a distribution was made to holders of SALOMON BROTHERS
MORTGAGE SECURITIES VII, INC., 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 of
EX-99.1 Mortgage Pass-Through Certificates, Series
1999-3 Trust, relating to the July 26,
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.
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: 8/3/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1999-3 Trust, relating to the July 26,
1999 distribution.
<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates
Record Date: 6/30/99
Distribution Date: 7/26/99
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 5.47250% 674,488,996.46 3,178,482.55 20,175,567.02
M1 79548KM96 MEZ 5.87250% 64,906,000.00 328,221.53 0.00
M2 79548KN20 MEZ 6.39250% 39,031,000.00 214,852.10 0.00
M3 79548KN38 MEZ 8.34250% 29,823,000.00 214,243.05 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% 100.00 158,296.51 0.00
CE 7956199S6 JUN 0.00000% 47,801,899.70 2,840,505.97 0.00
Totals 856,050,996.16 6,934,601.71 20,175,567.02
</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 0.00 654,313,429.44 23,354,049.57 0.00
M1 0.00 64,906,000.00 328,221.53 0.00
M2 0.00 39,031,000.00 214,852.10 0.00
M3 0.00 29,823,000.00 214,243.05 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 0.00 100.00 158,296.51 0.00
CE 0.00 47,801,899.70 2,840,505.97 0.30
Totals 0.00 835,875,429.14 27,110,168.73 0.30
<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 695,549,000.00 674,488,996.46 464,094.21 19,711,472.81 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 47,801,899.70 0.00 0.00 0.00 0.00
Totals 877,111,000.00 856,050,996.16 464,094.21 19,711,472.81 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 20,175,567.02 654,313,429.44 0.94071507 20,175,567.02
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 20,175,567.02 835,875,429.14 0.95298706 20,175,567.02
</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 695,549,000.00 969.72175427 0.66723439 28.33944526 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 47,801,900.00 999.99999372 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 29.00667964 940.71507462 0.94071507 29.00667964
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 5.47250% 674,488,996.46 3,178,482.56 0.00 0.00
M1 64,906,000.00 5.87250% 64,906,000.00 328,221.53 0.00 0.00
M2 39,031,000.00 6.39250% 39,031,000.00 214,852.10 0.00 0.00
M3 29,823,000.00 8.34250% 29,823,000.00 214,243.05 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% 47,801,899.70 0.00 0.00 0.00
Totals 877,111,000.00 3,935,799.24 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 0.01 0.00 3,178,482.55 0.00 654,313,429.44
M1 0.00 0.00 328,221.53 0.00 64,906,000.00
M2 0.00 0.00 214,852.10 0.00 39,031,000.00
M3 0.00 0.00 214,243.05 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 0.00 158,296.51 0.00 100.00
CE 0.00 0.00 2,840,505.97 0.00 47,801,899.70
Totals 0.01 0.00 6,934,601.71 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 5.47250% 969.72175427 4.56974643 0.00000000 0.00000000
M1 64,906,000.00 5.87250% 1000.00000000 5.05687502 0.00000000 0.00000000
M2 39,031,000.00 6.39250% 1000.00000000 5.50465271 0.00000000 0.00000000
M3 29,823,000.00 8.34250% 1000.00000000 7.18381954 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% 999.99999372 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 0.00000001 0.00000000 4.56974642 0.00000000 940.71507462
M1 0.00000000 0.00000000 5.05687502 0.00000000 1000.00000000
M2 0.00000000 0.00000000 5.50465271 0.00000000 1000.00000000
M3 0.00000000 0.00000000 7.18381954 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 1582965.10000000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 59.42244911 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
Certificateholder Account Statement
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 27,469,353.47
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 27,469,353.47
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 359,184.74
Payment of Interest and Principal 27,110,168.73
Total Withdrawals (Pool Distribution Amount) 27,469,353.47
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 356,687.92
Certificate Administration Fee 0.00
Trustee Fee - Norwest Bank 2,496.82
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 359,184.74
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Deliquency / Credit Enhancement Statement
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 497 51,887,553.42 6.573205% 6.207570%
60 Days 230 24,994,300.65 3.041926% 2.990194%
90+ Days 71 9,218,530.65 0.939029% 1.102859%
Foreclosure 61 4,223,488.54 0.806772% 0.505277%
REO 0 0.00 0.000000% 0.000000%
Totals 859 90,323,873.26 11.360931% 10.805901%
</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 10.002427%
Weighted Average Net Coupon 9.502428%
Weighted Average Pass-Through Rate 9.498928%
Weighted Average Maturity(Stepdown Calculation ) 356
Beginning Scheduled Collateral Loan Count 7,733
Number Of Loans Paid In Full 172
Ending Scheduled Collateral Loan Count 7,561
Beginning Scheduled Collateral Balance 856,050,996.16
Ending Scheduled Collateral Balance 835,875,429.14
Ending Actual Collateral Balance at 30-Jun-1999 836,224,249.20
Monthly P &I Constant 7,599,584.15
Ending Scheduled Balance for Premium Loans 835,875,429.14
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
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