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Previous: FT 384, 487, 1999-12-07 |
Next: NOVUS HOME EQUITY LOAN TRUST ASSET BACKED NOTES SER 1999-1, 8-K, 1999-12-07 |
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 26, 1999
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Mortgage Pass-Through Certificates, Series 1999-LB1 Trust
New York (governing law of 333-72647-05 52-2182703
Pooling and Servicing Agreement) (Commission 52-2182707
(State or other File Number) 52-2182713
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 November 26, 1999 a distribution was made to holders of SALOMON BROTHERS
MORTGAGE SECURITIES VII, INC., Mortgage Pass-Through Certificates, Series
1999-LB1 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-LB1 Trust, relating to the November
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-LB1 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 12/01/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1999-LB1 Trust, relating to the November
26, 1999 distribution.
<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates
Record Date: 10/31/99
Distribution Date: 11/26/99
SBMSVII Series: 1999-LB1
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 79548KN46 SEQ 5.70875% 203,676,586.35 1,033,545.52 1,672,583.36
M-1 79548KN53 SUB 6.05875% 16,236,000.00 87,439.88 0.00
M-2 79548KN61 SUB 6.55875% 12,340,000.00 71,942.20 0.00
M-3 79548KN79 SUB 8.15875% 9,093,000.00 65,944.46 0.00
R-I 7956299G1 SEQ 0.00000% 0.00 0.00 0.00
R-II 7956299H9 SEQ 0.00000% 0.00 0.00 0.00
R-III 7956299J5 SEQ 0.00000% 0.00 0.00 0.00
P 7956299U0 SEN 0.00000% 100.00 45,392.05 0.00
CE 7956299K2 SUB 0.00000% 11,041,013.00 709,519.07 0.00
Totals 252,386,699.35 2,013,783.18 1,672,583.36
</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 0.00 202,004,002.99 2,706,128.88 0.00
M-1 0.00 16,236,000.00 87,439.88 0.00
M-2 0.00 12,340,000.00 71,942.20 0.00
M-3 0.00 9,093,000.00 65,944.46 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00
P 0.00 100.00 45,392.05 0.00
CE 0.00 11,041,013.00 709,519.07 0.00
Totals 0.00 250,714,115.99 3,686,366.54 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</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 211,077,000.00 203,676,586.35 139,872.00 1,532,711.36 0.00 0.00
M-1 16,236,000.00 16,236,000.00 0.00 0.00 0.00 0.00
M-2 12,340,000.00 12,340,000.00 0.00 0.00 0.00 0.00
M-3 9,093,000.00 9,093,000.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00
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
100.00 100.00 0.00 0.00 0.00 0.00
CE 11,041,013.42 11,041,013.00 0.00 0.00 0.00 0.00
Totals 259,787,213.42 252,386,799.35 139,872.00 1,532,711.36 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 1,672,583.36 202,004,002.99 0.95701570 1,672,583.36
M-1 0.00 16,236,000.00 1.00000000 0.00
M-2 0.00 12,340,000.00 1.00000000 0.00
M-3 0.00 9,093,000.00 1.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
P 0.00 100.00 1.00000000 0.00
CE 0.00 11,041,013.00 0.99999996 0.00
Totals 1,672,583.36 250,714,215.99 0.96507527 1,672,583.36
</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 211,077,000.00 964.93974403 0.66265865 7.26138499 0.00000000
M-1 16,236,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 12,340,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 9,093,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 11,041,013.42 999.99996196 0.00000000 0.00000000 0.00000000
<FN>
All denominations are Per $1000.
</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 7.92404364 957.01570038 0.95701570 7.92404364
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
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 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 999.99996196 0.99999996 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 211,077,000.00 5.70875% 203,676,586.35 1,033,545.52 0.00 0.00
M-1 16,236,000.00 6.05875% 16,236,000.00 87,439.88 0.00 0.00
M-2 12,340,000.00 6.55875% 12,340,000.00 71,942.20 0.00 0.00
M-3 9,093,000.00 8.15875% 9,093,000.00 65,944.46 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
R-III 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 11,041,013.42 0.00000% 11,041,013.00 0.00 0.00 0.00
Totals 259,787,113.42 1,258,872.06 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 1,033,545.52 0.00 202,004,002.99
M-1 0.00 0.00 87,439.88 0.00 16,236,000.00
M-2 0.00 0.00 71,942.20 0.00 12,340,000.00
M-3 0.00 0.00 65,944.46 0.00 9,093,000.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00
P 0.00 0.00 45,392.05 0.00 100.00
CE 0.00 0.00 709,519.07 0.00 11,041,013.00
Totals 0.00 0.00 2,013,783.18 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 211,077,000.00 5.70875% 964.93974403 4.89653311 0.00000000 0.00000000
M-1 16,236,000.00 6.05875% 1000.00000000 5.38555556 0.00000000 0.00000000
M-2 12,340,000.00 6.55875% 1000.00000000 5.83000000 0.00000000 0.00000000
M-3 9,093,000.00 8.15875% 1000.00000000 7.25222259 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-III 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 11,041,013.42 0.00000% 999.99996196 0.00000000 0.00000000 0.00000000
<FN>
All denominations are per $1000.
</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 4.89653311 0.00000000 957.01570038
M-1 0.00000000 0.00000000 5.38555556 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.83000000 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 7.25222259 0.00000000 1000.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 453920.50000000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 64.26213274 0.00000000 999.99996196
<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>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 3,676,871.45
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 115,392.34
Realized Losses 0.00
Total Deposits 3,792,263.79
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 105,897.25
Payment of Interest and Principal 3,686,366.54
Total Withdrawals (Pool Distribution Amount) 3,792,263.79
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 105,161.12
Trustee Fee - Norwest Bank Minnesota, N.A. 736.13
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 105,897.25
</TABLE>
<TABLE>
<CAPTION> CERTIFICATEHOLDER DELINQUENCY/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 53 4,973,745.12 2.260128% 1.983831%
60 Days 29 2,703,896.41 1.236674% 1.078478%
90+ Days 39 5,083,481.15 1.663113% 2.027601%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 121 12,761,122.68 5.159915% 5.089910%
</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
Current Period Class A Insufficient Funds 0.00
Periodic Advance 115,392.34
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 9.862472%
Weighted Average Net Coupon 9.362473%
Weighted Average Pass-Through Rate 9.358973%
Weighted Average Maturity(Stepdown Calculation ) 348
Beginning Scheduled Collateral Loan Count 2,358
Number Of Loans Paid In Full 13
Ending Scheduled Collateral Loan Count 2,345
Beginning Scheduled Collateral Balance 252,386,699.35
Ending Scheduled Collateral Balance 250,714,115.99
Ending Actual Collateral Balance at 31-Oct-1999 250,714,115.99
Monthly P &I Constant 2,259,552.42
Ending Scheduled Balance for Premium Loans 250,714,115.99
Scheduled Principal 139,872.00
Unscheduled Principal 1,532,711.36
Required Overcollateralization Amount 11,041,013.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 11,041,013.00
Overcollateralized Amount 11,041,013.00
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 754,911.11
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Bankrupcty Reporting 0.00
</TABLE>
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