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: October 26, 1998
(Date of earliest event reported)
Commission File No. 333-45021
Norwest Asset Securities Corporation
- - - - - --------------------------------------------------------------------------------
Delaware 52-1972128
- - - - - --------------------------------------------------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
7485 New Horizon Way
Frederick, Maryland 21703
- - - - - --------------------------------------------------------------------------------
Address of principal executive offices (Zip Code)
(301) 846-8881
- - - - - --------------------------------------------------------------------------------
Registrant's Telephone Number, including area code
- - - - - --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
<PAGE>
ITEM 5. Other Events
Attached as an exhibit are the Collateral Term Sheets (as defined in the
no-action letter dated February 17, 1995 issued by the Securities and Exchange
Commission to the Public Securities Association) prepared by Norwest Asset
Securities Corporation which are hereby filed pursuant to such letter.
<PAGE>
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- - - - - ----------- -----------
(99) Collateral Term Sheets prepared by Norwest
Asset Securities Corporation in connection
with Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series
1998-32
<PAGE>
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 hereunto duly authorized.
NORWEST ASSET SECURITIES CORPORATION
October 26, 1998
By: /s/ B. David Bialzak
--------------------
B. David Bialzak
Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- - - - - ----------- ----------- --------------
(99) Collateral Term Sheets prepared by Norwest E
Asset Securities Corporation in connection
with Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series
1998-32
NASCOR MORTGAGE LOAN POOL
20-YEAR THROUGH 30-YEAR FIXED RATE
RELOCATION MORTGAGES
NASCOR SERIES 1998-32
POOL PROFILE
<TABLE>
<CAPTION>
Bid Tolerance
--- ---------
<S> <C> <C>
AGGREGATE PRINCIPAL BALANCE $300,000,000 (+/- 5.00%)
MORTGAGE LOAN CUTOFF DATE 1-Nov-98
INTEREST RATE RANGE 6.00% - 7.75%
GROSS WAC 6.69% (+/- 10 bps)
WEIGHTED AVERAGE SERVICE FEE 25 bps (+/- 1 bps)
MASTER SERVICING FEE 1.7 bps
WAM (in months) 359 (+/- 2 month)
WALTV 80% (maximum 77%)
CALIFORNIA % 17% (maximum 23%)
SINGLE LARGEST ZIP CODE CONCENTRATION 2% (maximum 4%)
AVERAGE LOAN BALANCE $311,856 (maximum $320,000)
LARGEST INDIVIDUAL LOAN BALANCE $906,916 (maximum $1,300,000)
CASH-OUT REFINANCE % 0% (maximum 2%)
PRIMARY RESIDENCE % 100% (minimum 97%)
SINGLE-FAMILY DETACHED % 97% (minimum 94%)
FULL DOCUMENTATION % 37% (minimum 34%)
UNINSURED > 80% LTV % 19% (maximum 22%)
TEMPORARY BUYDOWNS 0% (maximum 2%)
WEIGHTED AVG FICO SCORE 737 (minimum 734)
</TABLE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT.
(1) All dollar amounts are approximate and all percentages are expressed as
approximate percentages of the Aggregate Principal Balance.
<PAGE>
NASCOR MORTGAGE LOAN POOL
20-YEAR THROUGH 30-YEAR FIXED RATE
RELOCATION MORTGAGES
NASCOR SERIES 1998-32
PRICING INFORMATION
RATING AGENCIES TBD by Norwest
PASS THRU RATE 6.00%
ASSUMED SIZE OF PRINCIPAL ONLY CLASS 16 bps
PRICING DATE
FINAL STRUCTURE DUE DATE 06-Nov-98 9:00 AM
SETTLEMENT DATE 25-Nov-98
ASSUMED SUB LEVELS AAA 3.000%
AA 1.900%
A 0.750%
BBB 0.500%
BB 0.250%
B 0.100%
NASCOR may structure the excess interest as an interest only certificate, or as
fixed retained yield or servicing fee which will be excluded from the trust for
Series 1998-32. The principal only certficate created by the discount mortgage
loans will not be included in the bid on the pricing date.
NASCOR CONTACTS Brad Davis (301) 846-8009
Lori Fountain (301) 846-8185
