NORWEST ASSET SECURITIES CORP
8-K, 1999-07-27
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 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)
<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 1999-22

<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 12, 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 1999-22



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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
                                            -------------  --------------------
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.
- --------------------------------------------------------------------------------
(1)  All dollar amounts are  approximate  and all  percentages  are expressed as
     approximate percentages of the Aggregate Principal Balance.

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<PAGE>

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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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