NORWEST ASSET SECURITIES CORP
8-K, 1999-08-30
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: August 30, 1999
(Date of earliest event reported)

Commission File No. 333-65481


                      Norwest Asset Securities Corporation
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        Delaware                                               52-1972128
- --------------------------------------------------------------------------------
(State of Incorporation)                                     (I.R.S. Employer
                                                            Identification No.)

7485 New Horizon Way
Frederick, Maryland                                               21703
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Address of principal executive offices                          (Zip Code)



                                 (301) 846-8881
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               Registrant's Telephone Number, including area code


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(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.


                                      -2-


<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 1999-24


                                      -3-


<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


August 30, 1999

                                   By:      /s/ Alan S. McKenney
                                            --------------------
                                            Alan S. McKenney
                                            Vice President


                                      -4-


<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 1999-24





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                            NASCOR MORTGAGE LOAN POOL
                            20 TO 30 -YEAR FIXED RATE
                            NON-RELOCATION MORTGAGES
                              NASCOR SERIES 1999-24
                             POOL PROFILE (8/23/99)

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

                                       -----------------    -----------------
                                             BID               TOLERANCE
                                       -----------------    -----------------
AGGREGATE PRINCIPAL BALANCE                $300,000,000           (+/- 5.00%)

MORTGAGE LOAN CUTOFF DATE                      1-Oct-99
INTEREST RATE RANGE                     5.500% - 9.500%
GROSS WAC                                         7.65%         (+/- 10 bps%)
WEIGHTED AVERAGE SERVICE FEE                     25 bps
MASTER SERVICING FEE                            1.7 bps
WAM (in months)                                     358        (+/- 2 months)

WALTV                                               74%         (maximum 79%)

CALIFORNIA %                                        40%         (maximum 50%)
SINGLE LARGEST ZIP CODE CONCENTRATION                2%         (maximum  3%)

AVERAGE LOAN BALANCE                           $340,000     (maximum $370,000)
LARGEST INDIVIDUAL LOAN BALANCE              $1,000,000   (maximum $2,000,000)

CASH-OUT REFINANCE %                                15%        (maximum  20%)

PRIMARY RESIDENCE %                                 95%         (minimum 90%)

SINGLE-FAMILY DETACHED %                            93%         (minimum 88%)

FULL DOCUMENTATION %                                93%         (minimum 88%)

UNINSURED (greater than) 80% LTV %                   1%          (maximum 3%)

TEMPORARY BUYDOWNS                                   0%          (maximum 5%)





  THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
     MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT. SUCH INFORMATION
         SUPERSEDES THE INFORMATION IN ALL PRIOR COLLATERAL TERM SHEETS.
- --------------------------------------------------------------------------------
(1)  All dollar amounts are  approximate  and all percentages are expressed
     as approximate percentages of the Aggregate Principal Balance.


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




<PAGE>


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                            NASCOR MORTGAGE LOAN POOL
                            20 TO 30 -YEAR FIXED RATE
                            NON-RELOCATION MORTGAGES
                              NASCOR SERIES 1999-24
                               PRICING INFORMATION

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


RATING AGENCIES                            TBD by Norwest

PASS THRU RATE                                      7.00%

ASSUMED SIZE OF PRINCIPAL ONLY CLASS              200 bps

PRICING DATE                                          TBD

FINAL STRUCTURE DUE DATE                        11-Oct-99

SETTLEMENT DATE                                 28-Oct-99

ASSUMED SUB LEVELS                                    AAA  4.000%
                                                       AA  1.950%
                                                        A  1.150%
                                                      BBB  0.800%
                                                       BB  0.400%
                                                        B  0.250%

                        Note:  AAA Class will be rated by two rating agencies.
                        AA through B Classes will be rated by one rating agency.


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  1999-24.  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


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