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 20-Dec-99
NEW CENTURY MORTGAGE SECURITIES, INC.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF OCTOBER 1, 1999, PROVIDING FOR THE ISSUANCE OF
ASSET-BACKED FLOATING RATE CERTIFICATES,
SERIES 1999-NCC)
New Century Mortgage Securities, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-76805 33-0852169
(State or Other(Commission (I.R.S. Employer
Jurisdiction ofFile Number) Identification
Incorporation) Number)
18400 Von Karman
Irvine, California 92612
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (949) 863-7243
Item 5. Other Events
On 20-Dec-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
20-Dec-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 20-Dec-99
NEW CENTURY MORTGAGE SECURITIES, INC.
NEW CENTURY ASSET-BACKED PASS-THROUGH CERTIFICATES
SERIES 1999-NCC
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 12/20/99
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) Principal Interest Losses Balance
A 64352VBK6 149,742,691.69 1,158,755.18 697,925.73 0.00 148,583,936.51
M-1 64352VBL4 13,400,000.00 0.00 65,998.72 0.00 13,400,000.00
M-2 64352VBM2 10,400,000.00 0.00 55,348.22 0.00 10,400,000.00
B 64352VBN0 11,700,000.00 0.00 80,466.75 0.00 11,700,000.00
X N/A 7,748,912.94 0.00 545,726.24 0.00 7,748,912.94
R-III N/A 0.00 0.00 0.00 0.00 0.00
Total 192,991,604.63 1,158,755.18 1,445,465.66 0.00 191,832,849.45
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
ClassPrincipal Interest Total Balance Losses Interest Rate
A 7.701161 4.638459 12.33962 987.498332 0.000000 5.99250%
M-1 0.000000 4.925278 4.92528 1000.000000 0.000000 6.33250%
M-2 0.000000 5.321944 5.32194 1000.000000 0.000000 6.84250%
B 0.000000 6.877500 6.87750 1000.000000 0.000000 8.84250%
X 0.000000 70.426167 70.42617 1000.000000 0.000000 3.36945%
Section 4.02 (iii.)
MASTER SERVICER COMPENSATION 80,413.29
TRUSTEE FEES 2,010.33
SPECIAL SERVICING FEES 0.00
Section 4.02 (iv.)
P&I ADVANCES Total Advances 0.00
*Note: P&I Advances are made on Mortgage Loans Delinquent
as of the Determiniation Date.
Section 4.02 (v.)
BALANCES AS OF: 20-Dec-99
Stated Principal Balance of Mortgage Loan 191,832,849.45
Stated Principal Balance of REO Propertie 0.00
Section 4.02 (vi.)
MORTGAGE LOAN
CHARACTERISTICS Beginning Ending
Number of Loans 1,487 1,480
Aggregate Prin Bal as of the Due Date 192,991,604.63 191,832,849.45
Weighted Average Remaining Term to Maturity 356
Beginning Weighted Average Mortgage Rate 9.47643%
Section 4.02 (vii.) Unpaid Prin Stated Prin
DELINQUENCY INFORMATION Number Balance Balance
30-59 days delinquent 158 17,031,651.98 17,014,650.17
60-89 days delinquent 55 5,705,777.05 5,698,488.70
90 or more days delinquent 0 0.00 0.00
Foreclosures 0 0.00 0.00
Bankruptcies 0 0.00 0.00
*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 5,249.82
Payments in Full 1,051,453.98
Liquidation Proceeds 0.00
1,056,703.80
Prepayment Charges 3,824.59
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 0.98749833
Class M-1 1.00000000
Class M-2 1.00000000
Class M-3 1.00000000
Class CE 0.99028948
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 697,925.73 0.00 0.00 0.00 0.00
M-1 65,998.72 0.00 0.00 0.00 0.00
M-2 55,348.22 0.00 0.00 0.00 0.00
M-3 80,466.75 0.00 0.00 0.00 0.00
CE 545,726.24 NA 0.00 0.00 0.00
TOTAL 1,445,465.66 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 (xvii.) See Page 2
ALLOCATED REALIZED LOSS
UNPAID ALLOCATED REALIZED LOSS Class M1 $0.00
Class M2 $0.00
Class B $0.00
Section 4.02 (xviii.) Relief Act Interest Shortfall $0.00
Section 4.02 (xix.) Required Overcollateralized Amount $7,748,913.00
Credit Enhancement Percentage 22.54510%
Section 4.02 (xx.) Overcollateralization Increase Amount $0.00
Section 4.02 (xxi.) Overcollateralization Reduction Amoun $0.00
Section 4.02 (xxii.)
BASIS RISK SHORTFALL
Class A $0.00
Class M1 $0.00
Class M2 $0.00
Class B $0.00
Section 4.02 (xxiii.)
UNPAID BASIS RISK SHORTFALLS
Class A $0.00
Class M1 $0.00
Class M2 $0.00
Class B $0.00
Section 4.02 (xxiv.)
PASS THROUGH RATE See page 2
Section 4.02 (xxv. - xxvii.)
Reserve Fund Beginning Balance $5,000.00
Withdrawals $0.00
Deposits $0.00
Reserve Fund Ending Balance $5,000.00
Section 4.02 (xxviii.)
LOSS SEVERITY PERCENTAGE 0.000%
Section 4.02 (xxix.)
AGGREGATE LOSS SEVERITY PERCENTAGE 0.000%
PERFORMANCE MEASURES
Net Monthly Excess Cash Flow $541,896.05
Delinquency Percentage 2.97055%
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 12/31/99
