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 reAugust 25, 1999
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF JUNE 1, 1999, PROVIDING FOR THE ISSUANCE OF
FLOATING RATE MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1999-NC3)
Salomon Brothers Mortgage Securities VII, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-72647 13-3439681
(State or Other(Commission (I.R.S. Employer
Jurisdiction ofFile Number) Identification
Incorporation) Number)
390 Greenwich Street, Fourth Floor
New York, New York 10013
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (212) 723-8604
Item 5. Other Events
On 25-Aug-99 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
25-Aug-99 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 ProceedingNONE
D. Item 2: Changes in SecurNONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: 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 Repor 25-Aug-99
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
NEW CENTURY MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-NC3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 08/25/99
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) Principal Interest Losses Balance
A 79548KN87 235,865,187.591,587,415.93 1,083,751.40 0.00 234,277,771.66
M-1 79548KN95 30,725,000.00 0.00 148,856.22 0.00 30,725,000.00
M-2 79548KP28 14,968,000.00 0.00 79,252.44 0.00 14,968,000.00
M-3 79548KP36 18,120,000.00 0.00 124,782.63 0.00 18,120,000.00
CE N/A 14,180,816.03 0.00 1,011,347.75 0.00 14,180,816.03
P N/A 100.00 0.00 33,285.10 0.00 100.00
R-III N/A 0.00 0.00 0.00 0.00 0.00
Total 313,859,103.621,587,415.93 2,481,275.54 0.00 312,271,687.69
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
ClassPrincipal Interest Total Balance Losses Interest Rate
A 6.694314 4.570303 11.26462 987.976045 0.000000 5.51375%
M-1 0.000000 4.844792 4.84479 1000.000000 0.000000 5.81375%
M-2 0.000000 5.294792 5.29479 1000.000000 0.000000 6.35375%
M-3 0.000000 6.886459 6.88646 1000.000000 0.000000 8.26375%
CE 0.000000 71.318022 71.31802 1000.000000 0.000000 3.86676%
P 0.000000 332851.000000 332851.00000 1000.000000 0.000000 NA
Section 4.02 (iii.)
MASTER SERVICER COMPENSATION 130,774.82
ADMINISTRATION FEES 3,269.37
Section 4.02 (iv.)
P&I ADVANCES Total Advances 140,464.50
*Note: P&I Advances are made on Mortgage Loans Delinquent
as of the Determiniation Date.
Section 4.02 (v.)
BALANCES AS OF: 25-Aug-99
Stated Principal Balance of Mortgage Loan312,271,687.69
Stated Principal Balance of REO Propertie 0.00
Section 4.02 (vi.)
MORTGAGE LOAN
CHARACTERISTICS Beginning Ending
Number of Loans 2,378 2,368
Aggregate Prin Bal as of the Due Date 313,859,103.62 312,271,687.69
Weighted Average Remaining Term to Maturity 356
Beginning Weighted Average Mortgage Rate 9.87208%
Number of Subsequent Loans 0.00
Balance of Subsequent Loans 0.00
Section 4.02 (vii.) Unpaid Prin Stated Prin
DELINQUENCY INFORMATION Number Balance Balance
30-59 days delinquent 21 3,048,956.17 3,046,613.00
60-89 days delinquent 5 783,840.25 783,376.20
90 or more days delinquent 0 0.00 0.00
Foreclosures 5 537,416.35 537,025.66
Bankruptcies 5 598,495.22 598,353.36
*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 Prin Stated Prin
Loan Number Balance Balance
Section 4.02 (ix.)
REO BOOK VALUES
Total Book Value of REO Properties: 0.00
Section 4.02 (x.)
PRINCIPAL PREPAYMENTS
Aggregate Amount of Principal
Prepayments - Curtailments 35,704.48
Payments in Full 1,401,172.06
1,436,876.54
Prepayment Charges 33,285.10
REO Principal Amortization 0.00
Section 4.02 (xi.)
REALIZED LOSSES
Realized Losses that were incurred during the related Prepayment Period
Total Realized Losses 0.00
Which Include:
Bankruptcy Losses 0.00
Cumulative Realized Losses 0.00
(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 0.00
Available Distribution Amount:
Section 4.02 (xiv.)
CERTIFICATE FACTOR
Certificate
Factor
Class A 0.98797605
Class M-1 1.00000000
Class M-2 1.00000000
Class M-3 1.00000000
Class CE 0.99095201
Section 4.02 (xv.)
INTEREST DISTRIBUTION AMOUNTS
Reduction from the Allocation of:
Interest
Interest Carry Prepay Relief Act
Distribution Forward Realized Interest Interest
Amount Amount Losses Shortfalls Shortfalls
A 1,083,751.40 0.00 0.00 0.00 0.00
M-1 148,856.22 0.00 0.00 0.00 0.00
M-2 79,252.44 0.00 0.00 0.00 0.00
M-3 124,782.63 0.00 0.00 0.00 0.00
CE 1,011,347.75 NA 0.00 0.00 0.00
TOTAL 2,447,990.44 0.00 0.00 0.00 0.00
Section 4.02 (xvii.)
PREPAYMENT INTEREST
SHORTFALLS
Prepayment Interest Shortfalls not covered by the Servi 0.00
Section 4.02 (xviii.)
Relief Act Interest Shortfall 0.00
Section 4.02 (xix.)
Required Overcollateralized Amount 14,180,816.03
Credit Enhancement Percentage 24.97627%
Section 4.02 (xx.)
Overcollateralization Increase Amount 0.00
Section 4.02 (xxi.)
Overcollateralization Reduction Amount 0.00
Section 4.02 (xxii.)
Loss Severity Percentage 0.00%
Section 4.02 (xxiii.)
Aggregate Loss Severity Percentage 0.00%
PERFORMANCE MEASURES
Net Monthly Excess Cash Flow 1,011,347.75
Delinquency Percentage 0.61445%
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 8/31/99