NORWEST ASSET SECURITIES CORP
8-K, 1999-07-19
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 19, 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.


                                       -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 1999-23


                                       -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

July 19, 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 1999-23


                                       -5-



Exhibit No. 99

- --------------------------------------------------------------------------------
                            NASCOR MORTGAGE LOAN POOL
                            20 TO 30 -YEAR FIXED RATE
                            NON-RELOCATION MORTGAGES
                              NASCOR SERIES 1999-23
                             POOL PROFILE (7/16/99)

- --------------------------------------------------------------------------------
<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 (greater than) 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 1999-23
                               PRICING INFORMATION

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

RATING AGENCIES                              TBD by Norwest

PASS THRU RATE                                        6.75%

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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