8-K 1 d203213.txt SALOMON BROTHERS MORTGAGE SECURITIES VII INC ================================================================================ 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): January 14, 2004 SALOMON BROTHERS MORTGAGE SECURITIES VII, INC. (as depositor under the Pooling and Servicing Agreement, dated as of September 1, 2003, providing for the issuance of Mortgage Pass-Through Certificates, Series 2003-HYB1) Salomon Brothers Mortgage Securities VII, Inc. ---------------------------------------------- (Exact name of registrant as specified in its charter) --------------------------------------------------------------------------------

~~Salomon~~Delaware ~~Brothers Mortgage Securities VII, Inc. Mortgage Pass~~333-~~Through~~83816 ~~Certificates Record Date: 11/30/03 Distribution Date: 12/26/03 SBMSVII Series: 2003~~13-~~HY1~~3439681 ~~Contact: Customer Service~~ - ~~CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815~~-~~6600~~------ ~~Fax: (301) 815~~-~~6660~~-------- ~~Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass~~-~~Through~~--------- ~~Certificate~~(State ~~Interest~~or ~~Principal~~Other ~~Class~~Jurisdiction ~~CUSIP~~of ~~Description~~(Commission ~~Rate~~File ~~Balance~~Number) ~~Distribution Distribution A 79549AYG8 SEN 4~~(I.~~18478% 168,498,237~~R.~~28 587,606~~S.36 ~~742,419.13~~Employer ~~B-1~~Incorporation) ~~79549AYH6~~Identification ~~SUB~~Number) ~~4.18478%~~390 ~~2,623,569.96~~Greenwich ~~9,149.21~~Street ~~2,726.74~~New ~~B-2 79549AYJ2 SUB 4.18478% 962~~York,~~008.92~~ ~~3,354.83~~New ~~999.84~~York ~~B-3~~10013 ~~79549AYK9 SUB 4.18478% 699,552.13 2,439.56 727.06 B~~-~~4 79549AYL7 SUB 4.18478% 350,275.03 1,221.52 364.05 B~~-5---------------- ~~79549AYM5 SUB 4.18478% 262,456.79 915.27 272.78 B~~-6---- ~~79549AYN3~~(Address ~~SUB~~of ~~4.18478%~~Principal ~~350,038.28~~Executive ~~1,220.69~~Offices) ~~363.80~~(Zip ~~R SALOM03HY SEN 4.18554% 0.00 0.00 0.00 Totals 173,746,138.39 605,907.44 747,873.40~~Code)

Registrant's telephone number, including area code: (212) 816-6000 -------------- ================================================================================ -2- Item 2. Acquisition or Disposition of Assets ------------------------------------ Description of the Certificates and the Mortgage Pools On September 29, 2003, a single series of certificates, entitled Citigroup Mortgage Loan Trust, Series 2003-HYB1, Mortgage Pass-Through Certificates (the "Certificates"), were issued pursuant to a pooling and servicing agreement, dated as of September 1, 2003 (the "Agreement"), attached hereto as Exhibit 4.1, among Salomon Brothers Mortgage Securities VII, Inc., as depositor (the "Depositor"), Wells Fargo Bank Minnesota, National Association, as master servicer (the "Master Servicer") and trust administrator (the "Trust Administrator") and Wachovia Bank, National Association, as trustee (the "Trustee"). The Certificates consist of eight classes of certificates (collectively, the "Certificates"), designated as set forth below. The Certificates evidence in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund"), consisting primarily of a segregated pool (the "Mortgage Pool") of conventional, one- to four-family, adjustable-rate, first lien mortgage loans having original terms to maturity up to 30 years (the "Mortgage Loans"). The Mortgage Pool consists of Mortgage Loans having an aggregate principal balance of $175,277,862.76 as of September 1, 2003 (the "Cut-off Date"). The Mortgage Loans were purchased pursuant to a Mortgage Loan Purchase Agreement, dated September 26, 2003, between the Depositor and Citigroup Global Markets Realty Corp. Certain of the Certificates were sold by the Depositor to Citigroup Global Markets Inc. (in such capacity, the "Representative"), pursuant to an Underwriting Agreement, dated September 26, 2003, between the Depositor and the Representative. The Certificates have the following initial Certificate Balances and Pass-Through Rates:

~~Certificateholder~~Initial ~~Distribution~~Certificate ~~Summary~~Class ~~(continued)~~Principal ~~Current~~Balance ~~Ending~~Pass-Through ~~Cumulative~~Rate ~~Realized~~----- ~~Certificate~~----------------- ~~Total~~----------------- ~~Realized~~ Class ~~Loss Balance Distribution Losses~~ A ~~0.00~~$ ~~167~~170,~~755~~019,~~818~~000.1500 ~~1,330,025~~4.49750% ~~0.00~~Class B-1 ~~0.00~~$ 2,~~620~~629,~~843~~000.2200 ~~11,875.95~~Variable ~~0.00~~Class B-2 ~~0.00~~$ ~~961~~964,~~009~~000.0800 ~~4,354.67~~N/A ~~0.00~~Class B-3 ~~0.00~~$ ~~698~~701,~~825~~000.0600 ~~3,166~~5.62250% ~~0.00~~Class B-4 ~~0.00~~$ ~~349~~351,~~910~~000.9800 ~~1,585~~5.57500% ~~0.00~~Class B-5 ~~0.00~~$ ~~262~~263,~~184~~000.0100 ~~1,188~~5.05500% ~~0.00~~Class B-6 ~~0.00~~$ ~~349~~350,~~674~~762.4876 ~~1,584~~5.49250% ~~0.00~~Class R ~~0.00~~$ 0100.00 05.~~00 0.00 Totals 0.00 172,998,264.98 1,353,780.84 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.~~250%

The Certificates, other than the Private Certificates, and the Mortgage Loans are more particularly described in the Prospectus, dated September 26, 2003, and the Prospectus Supplement, dated September 26, 2003, as previously filed with the Securities and Exchange Commission pursuant to Rule 424(b). The Private Certificates have not been and will not be publicly offered by the Depositor. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Pooling and Servicing Agreement. -3- Item 7. Financial Statements and Exhibits --------------------------------- (a) Not applicable (b) Not applicable (c) Exhibits Exhibit No. Description ----------- ----------- 4.1 Pooling and Servicing Agreement, dated as of September 1, 2003, by and among Salomon Brothers Mortgage Securities VII, Inc., as Depositor, Wells Fargo Bank Minnesota, National Association, as Master Servicer and Trust Administrator and Wachovia Bank, National Association, as Trustee, relating to the Series 2003-HYB1 Certificates. 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. Dated: January 15, 2004 SALOMON BROTHERS MORTGAGE SECURITIES VII, INC. By: /s/ Matthew R. Bollo ---------------------------- Name: Matthew R. Bollo Title: Assistant Vice President

~~Principal~~Index ~~Distribution~~to ~~Statement~~Exhibits ~~Original~~----------------- ~~Beginning~~Sequentially ~~Scheduled~~Exhibit ~~Unscheduled~~No. ~~Face~~Description ~~Certificate~~Numbered ~~Principal~~Page ~~Principal~~----------- ~~Realized~~----------- ~~Class~~------------- ~~Amount Balance Distribution Distribution Accretion Loss (~~4.1) APooling ~~170,019,000.00~~and ~~168,498,237.28~~Servicing ~~175~~Agreement,~~124.20~~ ~~567,294.93~~dated ~~0.00~~as ~~0.00~~of ~~B-1~~September 21,~~629,000.00~~ 22003,~~623,569.96~~ ~~2,726.74~~by ~~0.00~~and ~~0.00~~among ~~0.00~~Salomon ~~B-2~~Brothers ~~964,000.00~~Mortgage ~~962~~Securities VII,~~008.92~~ ~~999~~Inc.~~84 0.00 0.00 0.00 B-3 701~~,~~000.00~~ ~~699,552.13~~as ~~727.06 0.00 0.00 0.00 B-4 351~~Depositor,~~000.00~~ ~~350,275.03~~Wells ~~364.05~~Fargo ~~0.00~~Bank ~~0.00 0.00 B-5 263~~Minnesota,~~000.00~~ ~~262,456.79~~National ~~272.78 0.00 0.00 0.00 B-6 350~~Association,~~762.76~~ ~~350,038.28~~as ~~363.80~~Master ~~0.00~~Servicer ~~0.00~~and ~~0.00~~Trust RAdministrator ~~100.00~~and ~~0.00~~Wachovia ~~0.00 0.00 0.00 0.00 Totals 175~~Bank,~~277,862.76~~ ~~173,746,138.39~~National ~~180~~Association,~~578.47~~ ~~567,294.93~~as ~~0.00 0.00 (1) Amount Does Not Include Excess Special Hazard~~Trustee, ~~Bankruptcy,~~relating ~~or Fraud Losses Unless Otherwise Disclosed. Please Refer~~ to the ~~Prospectus~~Series ~~Supplement~~2003-HYB1 ~~for a Full Description~~Certificates.

Exhibit 4.1

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A 742,419.13 167,755,818.15 0.98668865 742,419.13 B-1 2,726.74 2,620,843.22 0.99689738 2,726.74 B-2 999.84 961,009.08 0.99689739 999.84 B-3 727.06 698,825.06 0.99689738 727.06 B-4 364.05 349,910.98 0.99689738 364.05 B-5 272.78 262,184.01 0.99689738 272.78 B-6 363.80 349,674.48 0.99689739 363.80 R 0.00 0.00 0.00000000 0.00 Totals 747,873.40 172,998,264.98 0.98699438 747,873.40

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 170,019,000.00 991.05533664 1.03002723 3.33665608 0.00000000 B-1 2,629,000.00 997.93456067 1.03717763 0.00000000 0.00000000 B-2 964,000.00 997.93456432 1.03717842 0.00000000 0.00000000 B-3 701,000.00 997.93456491 1.03717546 0.00000000 0.00000000 B-4 351,000.00 997.93455840 1.03717949 0.00000000 0.00000000 B-5 263,000.00 997.93456274 1.03718631 0.00000000 0.00000000 B-6 350,762.76 997.93455839 1.03716826 0.00000000 0.00000000 R 100.00 0.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 4.36668331 986.68865333 0.98668865 4.36668331 B-1 0.00000000 1.03717763 996.89738304 0.99689738 1.03717763 B-2 0.00000000 1.03717842 996.89738589 0.99689739 1.03717842 B-3 0.00000000 1.03717546 996.89737518 0.99689738 1.03717546 B-4 0.00000000 1.03717949 996.89737892 0.99689738 1.03717949 B-5 0.00000000 1.03718631 996.89737643 0.99689738 1.03718631 B-6 0.00000000 1.03716826 996.89739013 0.99689739 1.03716826 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

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 A 170,019,000.00 4.18478% 168,498,237.28 587,606.36 0.00 0.00 B-1 2,629,000.00 4.18478% 2,623,569.96 9,149.21 0.00 0.00 B-2 964,000.00 4.18478% 962,008.92 3,354.83 0.00 0.00 B-3 701,000.00 4.18478% 699,552.13 2,439.56 0.00 0.00 B-4 351,000.00 4.18478% 350,275.03 1,221.52 0.00 0.00 B-5 263,000.00 4.18478% 262,456.79 915.27 0.00 0.00 B-6 350,762.76 4.18478% 350,038.28 1,220.69 0.00 0.00 R 100.00 4.18554% 0.00 0.00 0.00 0.00 Totals 175,277,862.76 605,907.44 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A 0.00 0.00 587,606.36 0.00 167,755,818.15 B-1 0.00 0.00 9,149.21 0.00 2,620,843.22 B-2 0.00 0.00 3,354.83 0.00 961,009.08 B-3 0.00 0.00 2,439.56 0.00 698,825.06 B-4 0.00 0.00 1,221.52 0.00 349,910.98 B-5 0.00 0.00 915.27 0.00 262,184.01 B-6 0.00 0.00 1,220.69 0.00 349,674.48 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 605,907.44 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

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 A 170,019,000.00 4.18478% 991.05533664 3.45612173 0.00000000 0.00000000 B-1 2,629,000.00 4.18478% 997.93456067 3.48011031 0.00000000 0.00000000 B-2 964,000.00 4.18478% 997.93456432 3.48011411 0.00000000 0.00000000 B-3 701,000.00 4.18478% 997.93456491 3.48011412 0.00000000 0.00000000 B-4 351,000.00 4.18478% 997.93455840 3.48011396 0.00000000 0.00000000 B-5 263,000.00 4.18478% 997.93456274 3.48011407 0.00000000 0.00000000 B-6 350,762.76 4.18478% 997.93455839 3.48010148 0.00000000 0.00000000 R 100.00 4.18554% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A 0.00000000 0.00000000 3.45612173 0.00000000 986.68865333 B-1 0.00000000 0.00000000 3.48011031 0.00000000 996.89738304 B-2 0.00000000 0.00000000 3.48011411 0.00000000 996.89738589 B-3 0.00000000 0.00000000 3.48011412 0.00000000 996.89737518 B-4 0.00000000 0.00000000 3.48011396 0.00000000 996.89737892 B-5 0.00000000 0.00000000 3.48011407 0.00000000 996.89737643 B-6 0.00000000 0.00000000 3.48010148 0.00000000 996.89739013 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1,391,425.84 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1,391,425.84 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 37,645.00 Payment of Interest and Principal 1,353,780.84 Total Withdrawals (Pool Distribution Amount) 1,391,425.84 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee 36,197.11 Wells Fargo Bank, N.A. 1,447.89 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 37,645.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 3 0 0 0 3 1,135,708.56 0.00 0.00 0.00 1,135,708.56 60 Days 1 0 0 0 1 750,000.00 0.00 0.00 0.00 750,000.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 4 0 0 0 4 1,885,708.56 0.00 0.00 0.00 1,885,708.56 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.775194% 0.000000% 0.000000% 0.000000% 0.775194% 0.655951% 0.000000% 0.000000% 0.000000% 0.655951% 60 Days 0.258398% 0.000000% 0.000000% 0.000000% 0.258398% 0.433177% 0.000000% 0.000000% 0.000000% 0.433177% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.033592% 0.000000% 0.000000% 0.000000% 1.033592% 1.089128% 0.000000% 0.000000% 0.000000% 1.089128%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 8,589.96

CREDIT ENHANCEMENT Original $ Original % Current $ Current % Bankruptcy 150,000.00 0.08557841% 150,000.00 0.08670607% Fraud 5,258,335.89 3.00000000% 5,258,335.89 3.03953100% Special Hazard 4,803,422.00 2.74046130% 4,803,422.00 2.77657235% Limit of Subordinate's Exposure to Certain Types of Losses

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.444778% Weighted Average Net Coupon 4.194778% Weighted Average Pass-Through Rate 4.184778% Weighted Average Maturity(Stepdown Calculation ) 355 Beginning Scheduled Collateral Loan Count 388 Number Of Loans Paid In Full 1 Ending Scheduled Collateral Loan Count 387 Beginning Scheduled Collateral Balance 173,746,138.38 Ending Scheduled Collateral Balance 172,998,264.98 Ending Actual Collateral Balance at 30-Nov-2003 173,139,293.70 Monthly P &I Constant 824,130.91 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 172,998,264.98 Scheduled Principal 180,578.47 Unscheduled Principal 567,294.93

Filing Compare · SALOMON BROTS MORT SEC VII INC CITIGROUP MORT LN TR 03 HYB1