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: May 1, 2000
(Date of earliest event reported)
Commission File No.: 333-65481
Wells Fargo 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
Norwest Asset Securities Corporation
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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
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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 Wells
Fargo Asset Securities Corporation which are hereby filed pursuant to such
letter.
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ITEM 7. Financial Statements and Exhibits
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(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(99) Collateral Term Sheets
prepared by Wells Fargo
Asset Securities Corporation
in connection with Wells
Fargo Asset Securities
Corporation, Mortgage
Pass-Through Certificates,
Series 2000-2
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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.
WELLS FARGO ASSET SECURITIES CORPORATION
May 1, 2000
By: /s/ Alan S. McKenney
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Alan S. McKenney
Vice President
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INDEX TO EXHIBITS
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Paper (P) or
Exhibit No. Description Electronic (E)
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(99) Collateral Term Sheets E
prepared by Wells
Fargo Asset Securities
Corporation in connection
with Wells Fargo Asset
Securities Corporation,
Mortgage Pass-Through
Certificates, Series 2000-2
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WFASC MORTGAGE LOAN POOL
20-YEAR THROUGH 30-YEAR FIXED RATE
NON-RELOCATION MORTGAGES
WFASC SERIES 2000-02
POOL PROFILE (4/26/00)
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NON-RELO Tolerance (Total)
AGGREGATE PRINCIPAL BALANCE $125,000,000 (+/- 5.00%)
MORTGAGE LOAN CUTOFF DATE 1-May-00
INTEREST RATE RANGE 6.750% - 9.625%
GROSS WAC 8.29% (+/- 10 Bps%)
WEIGHTED AVERAGE SERVICE FEE 25 bps
MASTER SERVICING FEE 1.7 bps
WAM (in months) 356 (+/- 2 month)
WACLTV 74% (maximum 77%)
CALIFORNIA % 20% (maximum 23%)
SINGLE LARGEST ZIP CODE CONCENTRATION 1% (maximum 3%)
AVERAGE LOAN BALANCE $346,511 (maximum $350,000)
LARGEST INDIVIDUAL LOAN BALANCE $978,541 (maximum $1,500,000)
CASH-OUT REFINANCE % 11% (maximum 14%)
PRIMARY RESIDENCE % 96% (minimum 93%)
SINGLE-FAMILY DETACHED % 92% (minimum 90%)
FULL DOCUMENTATION % 90% (minimum 88%)
UNINSURED (greater than) 80% LTV % 1% (maximum 3%)
TEMPORARY BUYDOWNS 1% (maximum 3%)
WEIGHTED AVERAGE FICO SCORE 716 (minimum 713)
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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WFASC MORTGAGE LOAN POOL
20-YEAR THROUGH 30-YEAR FIXED RATE
NON-RELOCATION MORTGAGES
WFASC SERIES 2000-02
PRICING INFORMATION
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RATING AGENCIES TBD by Norwest
PASS THRU RATE 7.50% 7.75%
7.34% 7.56% Est. PO WAC
ASSUMED SIZE OF PRINCIPAL ONLY CLASS 1.34% 2.15%
PRICING DATE 28-Apr-00
FINAL STRUCTURE DUE DATE TBD
SETTLEMENT DATE 30-May-00
ASSUMED SUB LEVELS AAA 4.000%
AA 2.250%
A 1.350%
BBB 0.850%
BB 0.500%
B 0.300%
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 2000-01. 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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WFASC MORTGAGE LOAN POOL
20-YEAR THROUGH 30-YEAR FIXED RATE
RELOCATION MORTGAGES
WFASC SERIES 2000-02
POOL PROFILE (4/26/00)
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BID Tolerance
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AGGREGATE PRINCIPAL BALANCE $140,000,000 (+/- 5.00%)
MORTGAGE LOAN CUTOFF DATE 1-May-00
INTEREST RATE RANGE 6.375% - 8.875%
GROSS WAC 7.84% (+/- 10 Bps%)
WEIGHTED AVERAGE SERVICE FEE 25 bps
MASTER SERVICING FEE 1.7 bps
WAM (in months) 357 (+/- 2 month)
WACLTV 78% (maximum 82%)
CALIFORNIA % 18% (maximum 20%)
SINGLE LARGEST ZIP CODE CONCENTRATION 2% (maximum 5%)
AVERAGE LOAN BALANCE $360,853 (maximum $365,000)
LARGEST INDIVIDUAL LOAN BALANCE $1,294,354 (maximum $1,500,000)
CASH-OUT REFINANCE % 0% (maximum 2%)
PRIMARY RESIDENCE % 100% (minimum 97%)
SINGLE-FAMILY DETACHED % 94% (minimum 90%)
FULL DOCUMENTATION % 42% (minimum 38%)
UNINSURED (greater than) 80% LTV % 17% (maximum 20%)
TEMPORARY BUYDOWNS 0% (maximum 2%)
WEIGHTED AVERAGE FICO SCORE 729 (minimum 725)
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.
Proposed Bid Structure:
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* P/O and B-piece (AA-NR) will be included with deal.
* Price should be all-in price, including P/O and B-piece.
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WFASC MORTGAGE LOAN POOL
20-YEAR THROUGH 30-YEAR FIXED RATE
RELOCATION MORTGAGES
WFASC SERIES 2000-02
PRICING INFORMATION
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RATING AGENCIES TBD by Norwest
PASS THRU RATE 7.50%
7.49% Est. PO WAC
ASSUMED SIZE OF PRINCIPAL ONLY CLASS 1.74%
PRICING DATE 28-Apr-00
FINAL STRUCTURE DUE DATE TBD
SETTLEMENT DATE 30-May-00
ASSUMED SUB LEVELS AAA 3.200%
AA 1.300%
A 0.800%
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 2000-04. THE PRINCIPAL ONLY CERTFICATE CREATED BY THE DISCOUNT MORTGAGE
LOANS WILL 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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