NORWEST ASSET SECURITIES CORP
8-K, 1998-12-21
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:  December 21, 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  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- 34


<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 21, 1998

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


<PAGE>


                                INDEX TO EXHIBITS
                                -----------------



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

   (99)                  Computational Materials prepared by          P
                         Lehman  Brothers Inc. in connection
                         with   Norwest   Asset   Securities
                         Corporation, Mortgage Pass- Through
                         Certificates, Series 1998-34




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