NORWEST ASSET SECURITIES CORP
8-K, 2000-02-29
ASSET-BACKED SECURITIES
Previous: LEXINGTON TROIKA DIALOG RUSSIA FUND INC, NSAR-B, 2000-02-29
Next: WWW TRUST, NSAR-A, 2000-02-29





                       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:  February 29, 2000
(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 2000-2



<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

February 29, 2000

                                   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 Northwest
                        Asset Securities Corporation,
                        Mortgage Pass-Through
                        Certificates, Series 2000-2



<TABLE>

                                                      NASCOR MORTGAGE LOAN POOL
                                                      20 TO 30 -YEAR FIXED RATE
                                                        RELOCATION MORTGAGES
                                                        NASCOR SERIES 2000-02
                                                       POOL PROFILE (2/7/2000)

                                                                       BID                    TOLERANCE
<CAPTION>

<S>                                                          <C>                       <C>
AGGREGATE PRINCIPAL BALANCE                                      $380,000,000                   (+/- 5.00%)

MORTGAGE LOAN CUTOFF DATE                                            1-Mar-00
INTEREST RATE RANGE                                          6.000% - 10.000%
GROSS WAC                                                               8.12%                 (+/- 10 Bps%)
WEIGHTED AVERAGE SERVICE FEE                                           25 bps
MASTER SERVICING FEE                                                  1.7 bps
WAM (in months)                                                           357                 (+/- 2 month)

WALTV                                                                     77%                 (maximum 80%)

CALIFORNIA %                                                              24%                 (maximum 30%)
SINGLE LARGEST ZIP CODE CONCENTRATION                                      2%                 (maximum  5%)

AVERAGE LOAN BALANCE                                                 $350,000            (maximum $380,000)
LARGEST INDIVIDUAL LOAN BALANCE                                    $1,400,000          (maximum $1,500,000)

CASH-OUT REFINANCE %                                                      15%                (maximum  20%)

PRIMARY RESIDENCE %                                                       95%                 (minimum 92%)

SINGLE-FAMILY DETACHED %                                                  90%                 (minimum 85%)

FULL DOCUMENTATION %                                                      87%                 (minimum 80%)

UNINSURED (greater than) 80% LTV %                                         3%                  (maximum 5%)

TEMPORARY BUYDOWNS                                                         0%                 (maximum  3%)



                            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.

</TABLE>
<PAGE>


<TABLE>
                                                        RELOCATION MORTGAGES
                                                        NASCOR SERIES 2000-02
                                                         PRICING INFORMATION
<CAPTION>

<S>                                                             <C>                              <C>
RATING AGENCIES                                                TBD by Norwest

PASS THRU RATE                                                          7.50%

ASSUMED SIZE OF PRINCIPAL ONLY CLASS                                    0.75%

PRICING DATE                                                              TBD

FINAL STRUCTURE DUE DATE                                            13-Mar-00                       9:00 AM

SETTLEMENT DATE                                                     30-Mar-00

ASSUMED SUB LEVELS                                                        TBD                        4.250%






                                                                  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 2000-02. The principal only certficate created by the discount mortgage
loans will not be included in the bid on the pricing date.

NASCOR CONTACTS                                                   Wayne Creadick
                                                                  (301)846-8452
                                                                  Lori Maller (301)
                                                                  846-8185
</TABLE>
<PAGE>

30/20 YEAR NON-CONFORMING NON-RELO
NASCOR 2000-02
SUBORDINATE BID

SETTLEMENT DATE:                                               March 30, 2000
COLLATERAL SIZE:                                                       $380MM
SUBORDINATE SIZE:                                                     $15.2MM
PASS-THRU:                                                             7.500%

APPROX. AAA SUBORDINATION LEVEL:                                       4.000%
CLASS SIZE:
                                                  AA                   1.900%
                                                   A                   0.850%
                                                 BBB                   0.500%
                                                  BB                   0.300%
                                                   B                   0.200%
                                                  NR                   0.250%


Sublevels are not final, but are based on a substantial portion of the final
pool.



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission