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 re 26-Nov-99
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 26-Nov-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
26-Nov-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 26-Nov-99
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
NEW CENTURY MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-NC3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 11/26/99
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) Principal Interest Losses Balance
A 79548KN87 225,240,688.773,424,769.78 1,152,982.06 0.00 221,815,918.99
M-1 79548KN95 30,725,000.00 0.00 165,471.19 0.00 30,725,000.00
M-2 79548KP28 14,968,000.00 0.00 87,795.64 0.00 14,968,000.00
M-3 79548KP36 18,120,000.00 0.00 137,047.60 0.00 18,120,000.00
CE N/A 14,180,816.03 0.00 822,821.55 0.00 14,180,816.03
P N/A 100.00 0.00 78,621.12 0.00 100.00
R-III N/A 0.00 0.00 0.00 0.00 0.00
Total 303,234,604.803,424,769.78 2,444,739.16 0.00 299,809,835.02
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
ClassPrincipal Interest Total Balance Losses Interest Rate
A 14.442644 4.862257 19.30490 935.422993 0.000000 5.75875%
M-1 0.000000 5.385555 5.38556 1000.000000 0.000000 6.05875%
M-2 0.000000 5.865556 5.86556 1000.000000 0.000000 6.59875%
M-3 0.000000 7.563333 7.56333 1000.000000 0.000000 8.50875%
CE 0.000000 58.023568 58.02357 1000.000000 0.000000 3.25618%
P 0.000000 786211.200000 786211.20000 1000.000000 0.000000 NA
Section 4.02 (iii.)
MASTER SERVICER COMPENSATION 126,347.80
ADMINISTRATION FEES 3,158.69
Section 4.02 (iv.)
P&I ADVANCES Total Advances 439,679.19
*Note: P&I Advances are made on Mortgage Loans Delinquent
as of the Determiniation Date.
Section 4.02 (v.)
BALANCES AS OF: 26-Nov-99
Stated Principal Balance of Mortgage Loan299,608,752.83
Stated Principal Balance of REO Propertie 201,082.19
Section 4.02 (vi.)
MORTGAGE LOAN
CHARACTERISTICS Beginning Ending
Number of Loans 2,311 2,282
Aggregate Prin Bal as of the Due Date 303,234,604.80 299,809,835.02
Weighted Average Remaining Term to Maturity 353
Beginning Weighted Average Mortgage Rate 9.87601%
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 37 4,068,862.19 4,063,700.73
60-89 days delinquent 16 1,913,805.04 1,910,600.15
90 or more days delinquent 0 0.00 0.00
Foreclosures 58 7,622,573.62 7,608,159.74
Bankruptcies 11 1,012,734.98 1,011,923.45
*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
253012 65,752.74 65,630.76
Section 4.02 (ix.)
REO BOOK VALUES
Total Book Value of REO Properties: 212,573.58
Section 4.02 (x.)
PRINCIPAL PREPAYMENTS
Aggregate Amount of Principal
Prepayments - Curtailments 23,621.59
Payments in Full 3,251,498.75
Liquidation Proceeds 0.00
$3,275,120.34
Prepayment Charges 78,621.12
REO Principal Amortization 104.94
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 0.93542299
Class M-1 1.00000000
Class M-2 1.00000000
Class M-3 1.00000000
Class CE 0.95140599
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 1,152,982.06 0.00 0.00 0.00 0.00
M-1 165,471.19 0.00 0.00 0.00 0.00
M-2 87,795.64 0.00 0.00 0.00 0.00
M-3 137,047.60 0.00 0.00 0.00 0.00
CE 822,821.55 NA 0.00 0.00 0.00
TOTAL 2,366,118.04 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 26.01443%
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 822,821.55
Delinquency Percentage 3.57952%
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 11/30/99
