NORWEST ASSET SECURITIES CORP
8-K, 1999-01-15
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: January 15, 1999
(Date of earliest event reported)

Commission File No. 333-65481

                      Norwest Asset Securities Corporation
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       Delaware                                          52-1972128
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(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.

<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 1999-5

<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

January 15, 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 1999-5




Exhibit No. 99

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                            NASCOR MORTGAGE LOAN POOL
                       10-YEAR THROUGH 15-YEAR FIXED RATE
                     NON-RELOCATION AND RELOCATION MORTGAGES
                              NASCOR SERIES 1999-05
                             POOL PROFILE (1/12/99)
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<TABLE>
<CAPTION>
                                     ------------------    --------------------
                                          BID                 TOLERANCE
                                     ------------------    --------------------
<S>                                       <C>                     <C>              <C>     <C>       <C>
AGGREGATE PRINCIPAL BALANCE               $450,000,000              (+/- 5.00%)

MORTGAGE LOAN CUTOFF DATE                     1-Feb-99
INTEREST RATE RANGE                      5.00% - 8.50%
GROSS WAC                                        6.85%            (+/- 10 Bps%)
WEIGHTED AVERAGE SERVICE FEE                    25 bps
MASTER SERVICING FEE                           1.7 bps
WAM (in months)                                    178            (+/- 2 month)

WALTV                                              65%            (maximum 75%)

CALIFORNIA %                                       36%            (maximum 40%)
SINGLE LARGEST ZIP CODE CONCENTRATION               2%            (maximum  5%)

AVERAGE LOAN BALANCE                          $351,000       (maximum $375,000)
LARGEST INDIVIDUAL LOAN BALANCE             $1,000,000     (maximum $1,500,000)

CASH-OUT REFINANCE %                               17%           (maximum  25%)

PRIMARY RESIDENCE %                                96%            (minimum 91%)

SINGLE-FAMILY DETACHED %                           94%            (minimum 89%)

FULL DOCUMENTATION %                               88%            (minimum 83%)    0.98   1.03E+08   1.01E+08
                                                                                   0.85   84596335   71906885
UNINSURED > 80% LTV %                               1%             (maximum 5%)           1.88E+08   1.73E+08
                                                                                                     0.921487
TEMPORARY BUYDOWNS                                  0%            (maximum  5%)    

WEIGHTED AVERAGE FICO SCORE                        733            (minimum 710)

RELOCATION %                                        4%             (minimum 1%)
</TABLE>

             THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY
               THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN
                           THE PROSPECTUS SUPPLEMENT.

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     (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
                       10-YEAR THROUGH 15-YEAR FIXED RATE
                     NON-RELOCATION AND RELOCATION MORTGAGES
                              NASCOR SERIES 1999-05
                               PRICING INFORMATION
- --------------------------------------------------------------------------------

RATING AGENCIES                        TBD by Norwest

PASS THRU RATE                                  6.25%

ASSUMED SIZE OF PRINCIPAL ONLY CLASS            0.41%

PRICING DATE                                12-Jan-99

FINAL STRUCTURE DUE DATE                    08-Feb-99                9:00 AM

SETTLEMENT DATE                             25-Feb-99

ASSUMED SUB LEVELS                                AAA                 2.000%
                                                   AA                 1.250%
                                                    A                 0.850%
                                                  BBB                 0.500%
                                                   BB                 0.300%
                                                    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 1999-05.  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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