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 12, 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 1999-22
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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 12, 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 1999-22
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NASCOR MORTGAGE LOAN POOL
10-YEAR THROUGH 15-YEAR FIXED RATE
NON-RELOCATION AND RELOCATION MORTGAGES
NASCOR SERIES 1999-22
POOL PROFILE (7/27/99)
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BID TOLERANCE
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AGGREGATE PRINCIPAL BALANCE $200,000,000 (+/- 5.00%)
MORTGAGE LOAN CUTOFF DATE 1-Aug-99
INTEREST RATE RANGE 5.50% - 9.00%
GROSS WAC 6.86% (+/- 10 Bps%)
WEIGHTED AVERAGE SERVICE FEE 25 bps
MASTER SERVICING FEE 1.7 bps
WAM (in months) 176 (+/- 2 month)
WALTV 67% (maximum 70%)
CALIFORNIA % 27% (maximum 35%)
SINGLE LARGEST ZIP CODE CONCENTRATION 2% (maximum 5%)
AVERAGE LOAN BALANCE $331,000 (maximum $360,000)
LARGEST INDIVIDUAL LOAN BALANCE $997,000 (maximum $1,500,000)
CASH-OUT REFINANCE % 22% (maximum 25%)
PRIMARY RESIDENCE % 94% (minimum 91%)
SINGLE-FAMILY DETACHED % 95% (minimum 92%)
FULL DOCUMENTATION % 85% (minimum 82%)
UNINSURED (greater than) 80% LTV % 3% (maximum 5%)
TEMPORARY BUYDOWNS 0% (maximum 5%)
RELOCATION % 4% (maximum 6%)
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
10-YEAR THROUGH 15-YEAR FIXED RATE
NON-RELOCATION AND RELOCATION MORTGAGES
NASCOR SERIES 1999-22
PRICING INFORMATION
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RATING AGENCIES TBD by Norwest
PASS THRU RATE 6.50%
ASSUMED SIZE OF PRINCIPAL ONLY CLASS 0.45%
PRICING DATE 08-Jul-99
FINAL STRUCTURE DUE DATE 10-Aug-99 9:00 AM
SETTLEMENT DATE 27-Aug-99
ASSUMED SUB LEVELS AAA 2.250%
AA 1.200%
A 0.850%
BBB 0.500%
BB 0.300%
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 1999-22. 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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