NORWEST ASSET SECURITIES CORP
8-K, 1998-07-08
ASSET-BACKED SECURITIES
Previous: AMERICA FIRST APARTMENT INVESTORS LP, 8-K/A, 1998-07-08
Next: FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS INC, 8-K, 1998-07-08



                       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: June 19, 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
                                   1998-18



<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


June 19, 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
                  1998-18

                            NASCOR MORTGAGE LOAN POOL
                       20-YEAR THROUGH 30-YEAR FIXED RATE
                              RELOCATION MORTGAGES
                              NASCOR SERIES 1998-18
                                  POOL PROFILE

<TABLE>
<CAPTION>

                                                          Bid                          Tolerance
                                                          ---                          ---------
<S>                                                    <C>                                <C>     
AGGREGATE PRINCIPAL BALANCE                            $325,000,000                       (+/- 5.00%)

MORTGAGE LOAN CUTOFF DATE                                  1-Jul-98
INTEREST RATE RANGE                                   6.00% - 8.375%
GROSS WAC                                                      6.90%                    (+/- 10 Bps%)
WEIGHTED AVERAGE SERVICE FEE                                  25 bps
MASTER SERVICING FEE                                         1.7 bps
WAM (in months)                                                  358                    (+/- 2 month)

WALTV                                                            79%                    (maximum 82%)

CALIFORNIA %                                                     20%                    (maximum 23%)
SINGLE LARGEST ZIP CODE CONCENTRATION                             2%                    (maximum  4%)
 
AVERAGE LOAN BALANCE                                        $325,487               (maximum $335,000)
LARGEST INDIVIDUAL LOAN BALANCE                           $1,426,286             (maximum $1,500,000)

CASH-OUT REFINANCE %                                              0%                    (maximum  3%)

PRIMARY RESIDENCE %                                             100%                    (minimum 97%)

SINGLE-FAMILY DETACHED %                                         96%                    (minimum 93%)

FULL DOCUMENTATION %                                             40%                    (minimum 37%)
                                                                                                     
UNINSURED GREATER THAN 80% LTV %                                 17%                    (maximum 20%)
                                                                                                     
TEMPORARY BUYDOWNS                                                0%                    (maximum  2%)

WEIGHTED AVG FICO SCORE                                          732                   (minimum  727)
</TABLE>


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
                              RELOCATION MORTGAGES
                              NASCOR SERIES 1998-18
                               PRICING INFORMATION



RATING AGENCIES                             TBD by Norwest     

PASS THRU RATE                                   6.25%

ASSUMED SIZE OF PRINCIPAL ONLY CLASS             0.11%

PRICING DATE                                    24-Jun-98

FINAL STRUCTURE DUE DATE                        10-Jul-98          9:00 AM

SETTLEMENT DATE                                 30-Jul-98

ASSUMED SUB LEVELS                                 AAA             3.200%
                                                    AA             2.000%
                                                     A             0.850%
                                                   BBB             0.550%
                                                    BB             0.250%
                                                     B             0.150%




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 1998-18.  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



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission