|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: TITANIUM METALS CORP, 8-K, 1998-10-08 |
Next: NORWEST ASSET SECURITIES CORP, S-3, 1998-10-08 |
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 8, 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
1998-25, 1998-26, 1998-27 and 1998-28.
<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 8, 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
1998-25, 1998-26, 1998-27 and 1998-28
NORWEST MORTGAGE INC.
Subordinate Bid List
<TABLE>
<CAPTION>
Deal: NASCOR 1998-25 * NASCOR 1998-26 * NASCOR 1998-27
Product Type: 30Yr 30Yr 15Yr
Subordinate Size: $ 43.125MM $ 22.50MM $ 8.28MM
Settle Date: 10/28/98 10/29/98 10/29/98
Sub Levels and Rating Agencies:
<S> <C> <C> <C> <C> <C> <C> <C>
NMB **RATING **RATING **RATING **RATING **RATING **RATING
CLASS RATING LEVEL AGENCY LEVEL AGENCY LEVEL AGENCY
A AAA/AAA 3.75% S&P/DCR 4.50% S&P/DCR 2.25% S&P/DCR
B1 AA/AA 2.25% S&P/DCR 2.75% S&P/DCR 1.30% S&P/DCR
B2 A/A 1.15% DCR 1.30% DCR 0.90% DCR
B3 BBB/BBB 0.70% DCR 0.85% DCR 0.60% DCR
B4 BB/BB 0.40% DCR 0.55% DCR 0.30% DCR
B5 B/B 0.20% DCR 0.25% DCR 0.15% DCR
Collateral: $1150MM $500MM $368MM
Pass Thru: 6.75% 6.75% 6.25%
Gross WAC: 7.35% 7.34% 7.03%
Net WAC: 7.08% 7.07% 6.77%
WAM: 357 358 178
WALTV: 71% 78% 65%
California Percent: 49% 55% 30%
Average Loan Balance: $ 334,260 $ 319,730 $ 355,344
Max Loan Balance: $ 1,196,579 $ 990,098 $91,486,025
Cash Out: 14% 9% 13%
Primary Residence: 97% 98% 96%
Single Family Detached: 92% 92% 94%
Full Documentation %: 93% 93% 90%
Uninsured >80% LTV %: 1% 3% 1%
WTD. FICO: 730 729 735
</TABLE>
<PAGE>
Deal: NASCOR 1998-28 *
Product Type: 30Yr (Relo)
Subordinate Size: $ 16.6MM
Settle Date: 10/28/98
Sub Levels and Rating Agencies:
NMB **RATING **RATING
CLASS RATING LEVEL AGENCY
A AAA/AAA 3.20% S&P/Fitch
B1 AA/AA 2.00% S&P/Fitch
B2 A/A 0.75% Fitch
B3 BBB/BBB 0.50% Fitch
B5 B/B 0.15% Fitch
Collateral: $519.3MM
Pass Thru: 6.00%
Gross WAC: 6.79%
Net WAC: 6.52%
WAM: 358
WALTV: 78%
California Percent: 22%
Average Loan Balance: $ 351,485
Max Loan Balance: $51,247,446
Cash Out: 0%
Primary Residence: 100%
Single Family Detached: 97%
Full Documentation %: 52%
Uninsured >80% LTV %: 11%
WTD. FICO: 737
* Collateral files are prior to "Due Diligence", minor changes are to be
expected. Subordinate class purchasers will be required to accept results from
and share expenses for due diligence performed by the applicable AAA
underwriter.
** Preliminary estimates on these rating levels and rating agencies.
THE INFORMATION CONTAINED
HEREIN WILL BE SUPERSEDED
BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED
IN THE PROSPECTUS
SUPPLEMENT.
For additional information contact Greg LaVallee at (314) 726-3977.
|
|