SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
(Mark One)
[ x ] Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the fiscal year ended DECEMBER 31, 1999
_______________________________ or
[ ] Transition Report Pursuant to Section 13 or 15d of the Securities
Exchange Act of 1934
For the transition period from _____________ to ________
Commission file Number 333-76805
New Century Mortgage Securities, Inc.
(Exact name of registrant as specified in its charter)
Delaware 33-0852169
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
18400 Von Karman
Irvine, California 92612
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (949) 863-7243
Securities registered pursuant to Section 12(b) of the Act
NONE
Securities registered pursuant to Section 12(g) of the Act
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No*
* The closing date was in October 1999
PART I
Item 2. Properties
Not applicable on reliance of Relief Letters
Item 3. Legal Proceedings
There were no legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of the Security Holders.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder matters
There were eleven (11) participants in the DTC system holding
positions in the Cede certificates.
The following were Noteholders and Certificateholders of record
as of the end of the reporting year.
New Century Home Equity Loan Trust, Asset-Backed Pass-Through Certificates
Series 1999-NCC Class A Cede & Co.
Series 1999-NCC Class M-1 Cede & Co.
Series 1999-NCC Class M-2 Cede & Co.
Series 1999-NCC Class B Cede & Co.
Series 1999-NCC Class X US Bank Trust
US Bank Trust National Association
Corporate Trust Department
180 East Fifth Street, P O Box 64111
St. Paul MN 55164-0111
There is no established public trading market for the notes.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosures: Information required by Item 304 of Reg. S-K.
There were no changes in and/or disagreements with Accountants on
Accounting and Financial Disclosures.
PART IV
Item 12. Security Ownership of Certain Beneficial Owners and Management
The Notes are represented by one or more notes registered in the name of
of Cede & Co., the nominee of The Depository Trust Company. An investor
holding Notes is not entitled to receive a certificate representing such
Note, except in limited circumstances. Accordingly, Cede & Co. is the
sole holder of Notes, which it holds on behalf of brokers, dealers,
banks and other participants in the DTC system. Such participants may
hold Notes for their own accounts or for the accounts of their customers.
The address of Cede & Co. is:
Cede & Co.
c/o The Depository Trust Company
Seven Hanover Square
New York, New York 10004
Item 13. Certain Relationships and Related Transactions.
There has not been, and there is not currently proposed, any transactions
or series or transactions, to which any of the Trust, the Registrant,
the Trustee or the Servicer is a party with any Noteholder who, to the
knowledge of the Registrant and Servicer, owns of record or beneficially
more than five percent of the Notes.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Not Applicable
2. Not Applicable
3. Exhibits
99.1 Annual Summary Statement
99.2 Annual Statement as to Compliance.
99.3 Annual Independent Public
Accountant's Servicing Report.
(b) Reports on Form 8-K
The registrant has filed Current Reports on Form 8-K with the Securities
and Exchange Commission dated: November 30, 1999 and December 31, 1999
(c) See (a) 3 above
(d) Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
New Century Home Equity Loan Trust, Asset-Backed Pass-Through Certificates,
Series 1999-NCC
/s/ Eve Kaplan, Vice President
US Bank
Date March 28, 2000
EXHIBIT INDEX
Exhibit Number Description
99.1 Annual Summary Statement
99.2 Annual Statement of Compliance
99.3 Report of Independent Accountants
EXHIBIT 99.1 -- Summary of Aggregate Amounts or End of Year
Amounts for the period ending December 31, 1999
New Century Home Equity Loan Trust, Asset Backed Pass-Through Certificates
Series 1999-NCC
Summary of Aggregate Amounts or End of Year Amounts
Pool Balance 190553147
Principal Collections 3160765.97
Realized Loss 0.00
Interest Collections 4601244.02
Servicer Fees 0.00
Trustee Fees 4028.18
Master Servicer Fees 161127.56
Delinquency Percentage 0.0505337
Delinquency Report Number Stated Principal Bal
30-59 days 140 16223426.13
60-89 days 51 4870241.69
90+ days 44 4759108.63
Foreclosures 0 0.00
Bankruptcies 0 0.00
REO Properties 0 0.00
Certificate Balance Interest Principal
Class A 148583936.51 1304879.60 1881063.49
Class M-1 13400000.00 123216.25 0.00
Class M-2 10400000.00 103439.19 0.00
Class B 11700000.00 150819.09 0.00
Class X 7748912.94 1214111.51 0.00
EXHIBIT 99.2 -- Servicer's Annual Statement of Compliance
To be supplied upon receipt by the Trustee
EXHIBIT 99.3 -- Report of Independent Auditors
To be supplied upon receipt by the Trustee
