NORWEST ASSET SECURITIES CORP
8-K, 1999-02-02
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 2, 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 1999-7



<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 2, 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 1999-7




- --------------------------------------------------------------------------------
                            NASCOR MORTGAGE LOAN POOL
                       20-YEAR THROUGH 30-YEAR FIXED RATE
                            NON-RELOCATION MORTGAGES
                              NASCOR SERIES 1999-07
                              POOL PROFILE (2/1/99)

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

                                      -------------------    -------------------
                                              Bid                 Tolerance
                                      -------------------    -------------------
AGGREGATE PRINCIPAL BALANCE                  $500,000,000            (+/- 5.00%)

MORTGAGE LOAN CUTOFF DATE                        1-Feb-99
INTEREST RATE RANGE                         5.50% - 8.25%
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 79%)

CALIFORNIA %                                          54%          (maximum 55%)
SINGLE LARGEST ZIP CODE CONCENTRATION                  2%          (maximum  3%)

AVERAGE LOAN BALANCE                             $368,000     (maximum $375,000)
LARGEST INDIVIDUAL LOAN BALANCE                $1,000,000   (maximum $1,500,000)

CASH-OUT REFINANCE %                                  17%         (maximum  23%)

PRIMARY RESIDENCE %                                   98%          (minimum 92%)

SINGLE-FAMILY DETACHED %                              96%          (minimum 86%)

FULL DOCUMENTATION %                                  92%          (minimum 86%)

UNINSURED > 80% LTV %                                  1%           (maximum 5%)

TEMPORARY BUYDOWNS                                     0%          (maximum  5%)

FICO                                                  722          (minimum 710)



  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 1999-07
                               PRICING INFORMATION

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


RATING AGENCIES                            TBD by Norwest

PASS THRU RATE                                      6.25%

ASSUMED SIZE OF PRINCIPAL ONLY CLASS                0.04%

PRICING DATE                                    29-Jan-99

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

SETTLEMENT DATE                                 26-Feb-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 1999-07.  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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