NORWEST ASSET SECURITIES CORP
8-K, 1998-01-21
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:  January 15, 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  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 1998-5



<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


January 15, 1997

                                      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                        P
                     prepared by Norwest
                     Asset Securities
                     Corporation in connection
                     with Norwest Asset
                     Securities Corporation, Mortgage
                     Pass-Through Certificates, Series 1998-5




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