NORWEST ASSET SECURITIES CORP
8-K, 1999-06-21
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: June 21, 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 1999-21


<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


June 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
                              RELOCATION MORTGAGES
                              NASCOR SERIES 1999-21
                             POOL PROFILE (6/18/99)

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

                                        ------------------  --------------------
                                               Bid               Tolerance
                                        ------------------  --------------------
AGGREGATE PRINCIPAL BALANCE                  $325,000,000            (+/- 5.00%)

MORTGAGE LOAN CUTOFF DATE                        1-Jul-99
INTEREST RATE RANGE                       5.750% - 8.000%
GROSS WAC                                          6.765%          (+/- 10 bps%)
WEIGHTED AVERAGE SERVICE FEE                       25 bps
MASTER SERVICING FEE                              1.7 bps
WAM (in months)                                       358         (+/- 2 months)

WALTV                                                 77%          (maximum 80%)

CALIFORNIA %                                          25%          (maximum 30%)
SINGLE LARGEST ZIP CODE CONCENTRATION                  1%          (maximum  3%)

AVERAGE LOAN BALANCE                             $366,866     (maximum $370,000)
LARGEST INDIVIDUAL LOAN BALANCE                  $999,139   (maximum $1,250,000)

CASH-OUT REFINANCE %                                   0%          (maximum  3%)

PRIMARY RESIDENCE %                                  100%          (minimum 97%)

SINGLE-FAMILY DETACHED %                              96%          (minimum 93%)

FULL DOCUMENTATION %                                  43%          (minimum 40%)

UNINSURED (greater than) 80% LTV %                    16%          (maximum 19%)

TEMPORARY BUYDOWNS                                     0%           (maximum 2%)





  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 TO 30 -YEAR FIXED RATE
                              RELOCATION MORTGAGES
                              NASCOR SERIES 1999-21
                               PRICING INFORMATION

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


RATING AGENCIES                                   TBD by Norwest

PASS THRU RATE                                             6.50%

ASSUMED SIZE OF PRINCIPAL ONLY CLASS                       1.90%

PRICING DATE                                                 TBD

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

SETTLEMENT DATE                                        29-Jul-99

ASSUMED SUB LEVELS                                           AAA    3.150%
                                                              AA    1.150%
                                                               A    0.750%
                                                             BBB    0.500%
                                                              BB    0.250%
                                                               B    0.150%

                        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 1999-21.  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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