NORWEST ASSET SECURITIES CORP
8-K, 1998-02-23
ASSET-BACKED SECURITIES
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                       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:  February 20, 1998
(Date of earliest event reported)

Commission File No. 333-21263



                      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  Computational  Materials (as defined in the
no-action  letter  dated May 21,  1994  issued by the  Securities  and  Exchange
Commission to Kidder,  Peabody Acceptance  Corporation-I,  Kidder, Peabody & Co.
Incorporated  and Kidder  Structured Asset  Corporation  (the "Kidder  Letter"))
prepared  by Lehman  Brothers  Inc.,  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)                     Computational   Materials   prepared   by   Lehman
                              Brothers  Inc. in  connection  with Norwest  Asset
                              Securities   Corporation,   Mortgage  Pass-Through
                              Certificates, Series 1998-5



<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


February 20, 1998

                                     By:  /s/ B. David Bialzak
                                          --------------------
                                          B. David Bialzak
                                          Vice President




<PAGE>




                                INDEX TO EXHIBITS


                                                           Paper (P) or
Exhibit No.     Description                               Electronic (E)
- -----------     -----------                               --------------

   (99)         Computational Materials                          P
                prepared by Lehman Brothers Inc.
                in connection with Norwest Asset Securities
                Corporation, Mortgage Pass-Through
                Certificates, Series 1998-5




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