NORWEST ASSET SECURITIES CORP
8-K, 1999-07-15
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: July 15, 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 1999-20


<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 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 1999-20


<PAGE>




                                                                  Exhibit No. 99


<TABLE>
- --------------------------------------------------------------------------------------------
                            NASCOR MORTGAGE LOAN POOL

                            20 TO 30 -YEAR FIXED RATE

                            NON-RELOCATION MORTGAGES

                              NASCOR SERIES 1999-20

                             POOL PROFILE (7/15/99)

- --------------------------------------------------------------------------------------------
<CAPTION>

                                             -------------------     -------------------
                                                    BID                  TOLERANCE

                                             -------------------     -------------------
<S>                                             <C>                       <C>
  AGGREGATE PRINCIPAL BALANCE                      $850,000,000              (+/- 5.00%)

  MORTGAGE LOAN CUTOFF DATE                            1-Jul-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 %                                              49%            (maximum 50%)
  SINGLE LARGEST ZIP CODE CONCENTRATION                      2%            (maximum  3%)

  AVERAGE LOAN BALANCE                                 $336,000       (maximum $370,000)
  LARGEST INDIVIDUAL LOAN BALANCE                    $1,282,000      (maximum $2,000,000)

  CASH-OUT REFINANCE %                                      16%           (maximum  20%)

  PRIMARY RESIDENCE %                                       97%            (minimum 92%)

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

  FULL DOCUMENTATION %                                      90%            (minimum 85%)                      0.98 1.03E+08 1.01E+08
                                                                                                              0.85 84596335 71906885
  UNINSURED > 80% LTV %                                      1%             (maximum 3%)                           1.88E+08 1.73E+08
                                                                                                                            0.921487
  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>

</TABLE>
<TABLE>
- --------------------------------------------------------------------------------------------
                                   NASCOR MORTGAGE LOAN POOL
                                   20 TO 30 -YEAR FIXED RATE

                                    NON-RELOCATION MORTGAGES
                                     NASCOR SERIES 1999-20

                                      PRICING INFORMATION

- --------------------------------------------------------------------------------------------
<CAPTION>


  <S>                                          <C>
     RATING AGENCIES                                TBD by Norwest

     PASS THRU RATE                                          6.75%

     ASSUMED SIZE OF PRINCIPAL ONLY CLASS                   69 bps

     PRICING DATE                                        22-Jun-99

     FINAL STRUCTURE DUE DATE                            12-Jul-99     9:00 AM

     SETTLEMENT DATE                                     29-Jul-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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</TABLE>



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