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
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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)
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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.
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ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(99) Collateral Term Sheets
prepared by Norwest Asset
Securities Corporation in
connection with Norwest
Asset Securities Corporation,
Mortgage Pass-Through
Certificates, Series 1999-20
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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
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Alan S. McKenney
Vice President
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INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
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(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
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Exhibit No. 99
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NASCOR MORTGAGE LOAN POOL
20 TO 30 -YEAR FIXED RATE
NON-RELOCATION MORTGAGES
NASCOR SERIES 1999-20
POOL PROFILE (7/15/99)
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BID TOLERANCE
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<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.
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(1) All dollar amounts are approximate and all percentages are expressed
as approximate percentages of the Aggregate Principal Balance.
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NASCOR MORTGAGE LOAN POOL
20 TO 30 -YEAR FIXED RATE
NON-RELOCATION MORTGAGES
NASCOR SERIES 1999-20
PRICING INFORMATION
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<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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