NORWEST ASSET SECURITIES CORP
8-K, 1998-12-03
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: December 3, 1998
(Date of earliest event reported)

Commission File No. 333-65481

                      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 1999-2
<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


December 3, 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                      E
                     prepared by Norwest
                     Asset Securities
                     Corporation in connection
                     with Norwest Asset
                     Securities Corporation, Mortgage
                     Pass-Through Certificates, Series 1999-2




                            NASCOR MORTGAGE LOAN POOL
                       20-YEAR THROUGH 30-YEAR FIXED RATE
                            NON-RELOCATION MORTGAGES
                              NASCOR SERIES 1999-02
                                  POOL PROFILE

                                          Bid                Tolerance
                                          ---                ---------

AGGREGATE PRINCIPAL BALANCE              $500,000,000            (+/- 5.00%)

MORTGAGE LOAN CUTOFF DATE                    1-Jan-99
INTEREST RATE RANGE                     6.00% - 9.50%
GROSS WAC                                       7.25%          (+/- 10 Bps%)
WEIGHTED AVERAGE SERVICE FEE                   25 bps
MASTER SERVICING FEE                          1.7 bps
WAM (in months)                                   357          (+/- 2 month)

WALTV                                             72%          (maximum 77%)

CALIFORNIA %                                      55%          (maximum 55%)
SINGLE LARGEST ZIP CODE CONCENTRATION              1%           (maximum 3%)

AVERAGE LOAN BALANCE                         $339,000     (maximum $350,000)
LARGEST INDIVIDUAL LOAN BALANCE              $999,000   (maximum $1,500,000)

CASH-OUT REFINANCE %                              19%          (maximum 24%)

PRIMARY RESIDENCE %                               98%          (minimum 93%)

SINGLE-FAMILY DETACHED %                          91%          (minimum 86%)

FULL DOCUMENTATION %                              91%          (minimum 86%)

UNINSURED > 80% LTV %                              1%           (maximum 5%)

TEMPORARY BUYDOWNS                                 0%           (maximum 5%)

FICO                                              728          (minimum 710)

  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
                            NON-RELOCATION MORTGAGES
                              NASCOR SERIES 1999-02
                               PRICING INFORMATION

RATING AGENCIES                          TBD by Norwest

PASS THRU RATE                                    6.50%

ASSUMED SIZE OF PRINCIPAL ONLY CLASS              0.04%

PRICING DATE                                  30-Nov-98

FINAL STRUCTURE DUE DATE                      08-Jan-99                 9:00 AM

SETTLEMENT DATE                               27-Jan-99

ASSUMED SUB LEVELS                                  AAA                  4.000%
                                                     AA                  2.500%
                                                      A                  1.200%
                                                    BBB                  0.750%
                                                     BB                  0.450%
                                                      B                  0.250%

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 1999-01.  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



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