NORWEST ASSET SECURITIES CORP
8-K, 1999-07-21
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: July 21, 1999
(Date of earliest event reported)

Commission File No. 333-65481





                      NORWEST ASSET SECURITIES CORPORATION
- --------------------------------------------------------------------------------


        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 1999-21

<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


July 21 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 1999-21



- --------------------------------------------------------------------------------
                            NASCOR MORTGAGE LOAN POOL
                            20 TO 30 -YEAR FIXED RATE
                            NON-RELOCATION MORTGAGES
                              NASCOR SERIES 1999-21
                             POOL PROFILE (7/20/99)

- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                     --------------------      --------------------
                                                             BID                    TOLERANCE
                                                     --------------------      --------------------
<S>                                                      <C>                   <C>
     AGGREGATE PRINCIPAL BALANCE                            $350,000,000                (+/- 5.00%)

     MORTGAGE LOAN CUTOFF DATE                                  1-Aug-99
     INTEREST RATE RANGE                                 5.500% - 9.500%
     GROSS WAC                                                     7.30%              (+/- 10 bps%)
     WEIGHTED AVERAGE SERVICE FEE                                 25 bps
     MASTER SERVICING FEE                                        1.7 bps
     WAM (in months)                                                 358             (+/- 2 months)

     WALTV                                                           73%              (maximum 78%)

     CALIFORNIA %                                                    45%              (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 %                                        94%              (minimum 89%)

     FULL DOCUMENTATION %                                            90%              (minimum 85%)

     UNINSURED > 80% LTV %                                            1%               (maximum 3%)

     TEMPORARY BUYDOWNS                                               0%               (maximum 5%)
</TABLE>


  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>

- --------------------------------------------------------------------------------
                            NASCOR MORTGAGE LOAN POOL
                            20 TO 30 -YEAR FIXED RATE
                            NON-RELOCATION MORTGAGES
                              NASCOR SERIES 1999-21
                               PRICING INFORMATION

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


RATING AGENCIES                             TBD by Norwest

PASS THRU RATE                                       7.00%

ASSUMED SIZE OF PRINCIPAL ONLY CLASS                70 bps

PRICING DATE

FINAL STRUCTURE DUE DATE

SETTLEMENT DATE                                  27-Aug-99

ASSUMED SUB LEVELS                                     AAA   4.000%    (+/- .10)
                                                        AA   1.750%
                                                         A   1.050%
                                                       BBB   0.700%
                                                        BB   0.450%
                                                         B   0.230%

                   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 1999-20.  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

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