NORWEST ASSET SECURITIES CORP
8-K, 1999-02-22
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: February 22, 1999
(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 1999-9



<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


February 22, 1999
                                   By:    /s/ Alan S. McKenney            
                                          --------------------------------
                                          Alan S. McKenney
                                          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 1999-9


- -------------------------------------------------------------------------
                         NASCOR MORTGAGE LOAN POOL
                     20-YEAR THROUGH 30-YEAR FIXED RATE
                          NON-RELOCATION MORTGAGES
                           NASCOR SERIES 1999-09
                           POOL PROFILE (2/19/99)

- -------------------------------------------------------------------------

                                      ---------------    --------------
                                           BID             TOLERANCE
                                      ---------------    --------------
    AGGREGATE PRINCIPAL BALANCE         $800,000,000        (+/- 5.00%)

    MORTGAGE LOAN CUTOFF DATE               1-Mar-99
    INTEREST RATE RANGE                6.00% - 9.00%
    GROSS WAC                                  7.17%      (+/- 10 Bps%)
    WEIGHTED AVERAGE SERVICE FEE              25 bps
    MASTER SERVICING FEE                     1.7 bps
    WAM (in months)                              357      (+/- 2 month)

    WALTV                                        71%      (maximum 80%)

    CALIFORNIA %                                 53%      (maximum 55%)
    SINGLE LARGEST ZIP CODE CONCENTRATION         1%      (maximum  3%)

    AVERAGE LOAN BALANCE                    $369,000     (maximum $390,000)
    LARGEST INDIVIDUAL LOAN BALANCE       $1,000,000     (maximum $1,500,000)

    CASH-OUT REFINANCE %                         16%     (maximum  21%)

    PRIMARY RESIDENCE %                          96%      (minimum 91%)

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

    FULL DOCUMENTATION %                         93%      (minimum 88%)        
                                                                               
    UNINSURED > 80% LTV %                         1%       (maximum 5%)        
                                                                               
    TEMPORARY BUYDOWNS                            0%      (maximum  5%)

    WEIGHTED AVG FICO SCORE                      715      (minimum 700)


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 1999-09
                            PRICING INFORMATION

- -------------------------------------------------------------------------


    RATING AGENCIES                       TBD by Norwest

    PASS THRU RATE                                 6.50%

    ASSUMED SIZE OF PRINCIPAL ONLY CLASS          15 bps

    PRICING DATE                               18-Feb-99

    FINAL STRUCTURE DUE DATE                   11-Mar-99        9:00 AM

    SETTLEMENT DATE                            30-Mar-99

    ASSUMED SUB LEVELS                               AAA         3.900%
                                                      AA         2.500%
                                                       A         1.150%
                                                     BBB         0.700%
                                                      BB         0.400%
                                                       B         0.200%



    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  1999-09.  The  principal  only  certficate  created by the
    discount mortgage loans will not be included in the bid on the pricing date.



    NASCOR CONTACTS                      Lori Fountain (301)846-8185
                                         Brad Davis (301)846-8009


<PAGE>

- ------------------------------------------------------------------------------
                         NORWEST MORTGAGE LOAN POOL
         20-YEAR THROUGH 30-YEAR NON-RELOCATION FIXED RATE MORTGAGES
                                    NASCOR 1999-09
                              POOL PROFILE (1)

- ------------------------------------------------------------------------------


                                  ------------------------------
                                   PROPOSED BID    TOLERANCE
                                  ------------------------------
    COLLATERAL                    20-YEAR THROUGH 30-YEAR NON-RELOCATION FIXED
                                  RATE MORTGAGES

    PROPOSED COUPON                        6.50%
                                  ---------------

    AGGREGATE PRINCIPAL BALANCE     $800,000,000        (+/- 5%)
                                  ---------------

    MORTGAGE LOAN CUTOFF DATE           1-MAR-99
                                  ---------------

    INTEREST RATE RANGE                6.00-9.00
                                  ---------------

    GROSS WAC                              7.17%   (+/- 10 BPS%)
                                  ---------------

    WEIGHTED AVERAGE SERVICE FEE          25 BPS
                                  ---------------

    MASTER SERVICING FEE                 1.7 BPS
                                  ---------------

    WAM (IN MONTHS)                          357   (+/- 2 MONTH)             
                                  ---------------

    WALTV                                    71%   (MAXIMUM 80%)
                                  ---------------

    CALIFORNIA %                             53%   (MAXIMUM 55%)
                                  ---------------
    SINGLE LARGEST ZIP CODE CONCENTRATION     1%   (MAXIMUM  3%)
                                  ---------------

    AVERAGE LOAN BALANCE                $369,000   (MAXIMUM $390,000)
                                  ---------------
    LARGEST INDIVIDUAL LOAN BALANCE   $1,000,000   (MAXIMUM $1,500,000)
                                  ---------------

    CASH-OUT REFINANCE %                     16%   (MAXIMUM  21%)
                                  ---------------

    PRIMARY RESIDENCE %                      96%   (MINIMUM 91%)
                                  ---------------

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

    FULL DOCUMENTATION %                     93%   (MINIMUM 88%)
                                  ---------------

    UNINSURED > 80% LTV %                     1%   (MAXIMUM  5%)
                                  ---------------

    TEMPORARY BUYDOWNS                        0%   (MAXIMUM  5%)
                                  ---------------

    FICO (WTD. AVERAGE)                      715   (MINIMUM 700)
                                  ---------------

    PASS THRU RATE                         6.50%              
                                  ---------------

    PRICING DATE                       18-FEB-99              
                                  ---------------

    SETTLEMENT DATE                    30-MAR-99              
                                  ---------------


- ------------------------------------------------------------------------------
    (1)  ALL DOLLAR AMOUNTS ARE APPROXIMATE AND ALL PERCENTAGES ARE EXPRESSED AS
         APPROXIMATE PERCENTAGES OF THE AGGREGATE PRINCIPAL BALANCE.


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