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Previous: GRAPHIX ZONE INC/DE, S-8 POS, 1996-11-04 |
Next: REMINGTON PRODUCTS CO LLC, 424B3, 1996-11-04 |
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 : October 25, 1996
(Date of earliest event reported)
Commission File No.: 333-02209-01
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1996-1 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-1980232
52-1980233
(I.R.S. Employer Identification No.)
5325 Spectrum Drive
Frederick, Maryland 21703
(Address of principal executive offices) (Zip Code)
(301) 696-7800
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
On October 25, 1996 a distribution was made to holders of
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1996-1 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1996-1 Trust, relating to the October
25,1996 distribution
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,
Mortgage Pass-Through Certificates, Series 1996-1 Trust
October 30, 1996 by Norwest Bank Minnesota, N.A.
as Master Servicer
/s/ Sherri J. Sharps
Vice president
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1996-1 Trust, relating to the October
25,1996 distribution
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 30-Sep-1996
Distribution Date: 25-Oct-1996
NASCOR Series 1996-1
Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
5325 Spectrum Drive
Frederick, MD 21703
Telephone:(301) 846-8130
Fax:(301) 846-8152
CERTIFICATE INFORMATION
Certificate Original Ending Ending
Pass-Through Face Certificate Certificate
Class CUSIP Rate Amount Balance Percentage
<S> <C> <C> <C> <C> <C>
A-1 66937NAA6 6.70000 30,917,000.00 29,153,744.01 0.94296808
A-2 66937NAB4 7.00000 24,540,000.00 24,540,000.00 1.00000000
A-3 66937NAC2 7.20000 29,082,000.00 29,082,000.00 1.00000000
A-4 66937NAD0 7.37500 20,980,000.00 20,980,000.00 1.00000000
A-5 66937NAE8 7.50000 48,362,000.00 48,362,000.00 1.00000000
A-6 66937NAF5 7.50000 27,623,000.00 27,222,154.79 0.98548872
A-7 66937NAW8 2.50759 160,349,245.99 159,780,745.75 0.99645461
A-8 66937NAG3 7.50000 15,264,000.00 15,005,026.69 0.98303372
A-9 66937NAH1 8.50000 10,184,000.00 10,011,215.40 0.98303372
A-10 66937NAJ7 7.00000 20,368,000.00 20,022,430.80 0.98303372
A-11 66937NAK4 7.50000 28,499,800.00 28,499,800.00 1.00000000
A-12 66937NAL2 7.50000 13,820,000.00 12,517,190.10 0.90573011
A-13 66937NAM0 7.50000 56,764,000.00 56,764,000.00 1.00000000
A-14 66937NAN8 7.50000 24,475,000.00 24,475,000.00 1.00000000
A-15 66937NAP3 7.50000 12,001,000.00 12,001,000.00 1.00000000
A-16 66937NAQ1 7.75000 4,000,000.00 4,000,000.00 1.00000000
A-17 66937NAR9 0.00000 449,000.00 449,000.00 1.00000000
A-18 66937NAS7 7.50000 16,000,000.00 16,000,000.00 1.00000000
A-19 66937NAV0 7.50000 25,551,000.00 25,551,000.00 1.00000000
A-R 66937NAT5 7.50000 100.00 100.00 1.00000000
A-LR 66937NAU2 7.50000 100.00 100.00 1.00000000
B-1 66937NAX6 7.50000 13,625,000.00 13,596,265.21 0.99789102
B-2 66937NAY4 7.50000 7,570,000.00 7,554,035.06 0.99789103
B-3 66937NAZ1 7.50000 4,541,000.00 4,531,423.14 0.99789102
B-4 66937NBA5 7.50000 5,148,000.00 5,137,143.00 0.99789103
B-5 66937NBB3 7.50000 2,725,000.00 2,719,253.04 0.99789102
B-6 66937NBC1 7.50000 2,725,290.32 2,719,542.75 0.99789102
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL DISTRIBUTION
Scheduled Unscheduled
Principal Principal Deferred Realized Principal
Class Distribution Distribution Accretion Interest Loss (1) Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 97,471.67 558,415.89 0.00 0.00 0.00 655,887.55
A-2 0.00 0.00 0.00 0.00 0.00 0.00
A-3 0.00 0.00 0.00 0.00 0.00 0.00
A-4 0.00 0.00 0.00 0.00 0.00 0.00
A-5 0.00 0.00 0.00 0.00 0.00 0.00
A-6 23,313.57 133,563.63 0.00 0.00 0.00 156,877.20
A-7 199,765.55 1,106,569.94 (948,349.35) 0.00 0.00 357,986.15
A-8 38,486.11 220,487.20 0.00 0.00 0.00 258,973.31
A-9 25,677.58 147,107.02 0.00 0.00 0.00 172,784.60
A-10 51,355.15 294,214.05 0.00 0.00 0.00 345,569.20
A-11 0.00 0.00 0.00 0.00 0.00 0.00
A-12 108,176.79 619,745.63 0.00 0.00 0.00 727,922.43
A-13 0.00 0.00 0.00 0.00 0.00 0.00
A-14 0.00 0.00 0.00 0.00 0.00 0.00
A-15 0.00 0.00 0.00 0.00 0.00 0.00
A-16 0.00 0.00 0.00 0.00 0.00 0.00
A-17 0.00 0.00 0.00 0.00 0.00 0.00
A-18 0.00 0.00 0.00 0.00 0.00 0.00
A-19 0.00 0.00 0.00 0.00 0.00 0.00
A-R 0.00 0.00 0.00 0.00 0.00 0.00
A-LR 0.00 0.00 0.00 0.00 0.00 0.00
B-1 9,652.38 0.00 0.00 0.00 0.00 9,652.38
B-2 5,362.83 0.00 0.00 0.00 0.00 5,362.83
B-3 3,216.99 0.00 0.00 0.00 0.00 3,216.99
B-4 3,647.01 0.00 0.00 0.00 0.00 3,647.01
B-5 1,930.48 0.00 0.00 0.00 0.00 1,930.48
B-6 1,768.40 0.00 0.00 0.00 162.28 1,768.40
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed.
Please Refer To The Prospectus Supplement For A Full Description.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
INTEREST DISTRIBUTION
Payment
Current Of Previously Current Non-Supported
Accrued Deferred Unpaid Interest Interest Interest
Class Interest Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C>
A-1 166,437.11 0.00 0.00 0.00 0.00
A-2 143,150.00 0.00 0.00 0.00 0.00
A-3 174,492.00 0.00 0.00 0.00 0.00
A-4 128,939.58 0.00 0.00 0.00 0.00
A-5 302,262.50 0.00 0.00 0.00 0.00
A-6 171,118.95 0.00 0.00 0.00 0.00
A-7 1,171,521.85 0.00 0.00 0.00 0.00
A-8 95,400.00 0.00 0.00 0.00 0.00
A-9 72,136.67 0.00 0.00 0.00 0.00
A-10 118,813.33 0.00 0.00 0.00 0.00
A-11 178,123.75 0.00 0.00 0.00 0.00
A-12 82,781.95 0.00 0.00 0.00 0.00
A-13 354,775.00 0.00 0.00 0.00 0.00
A-14 152,968.75 0.00 0.00 0.00 0.00
A-15 75,006.25 0.00 0.00 0.00 0.00
A-16 25,833.33 0.00 0.00 0.00 0.00
A-17 0.00 0.00 0.00 0.00 0.00
A-18 100,000.00 0.00 0.00 0.00 0.00
A-19 159,693.75 0.00 0.00 0.00 0.00
A-R 0.62 0.00 0.00 0.00 0.00
A-LR 0.62 0.00 0.00 0.00 0.00
B-1 85,036.98 0.00 0.00 0.00 0.00
B-2 47,246.24 0.00 0.00 0.00 0.00
B-3 28,341.50 0.00 0.00 0.00 0.00
B-4 32,129.94 0.00 0.00 0.00 0.00
B-5 17,007.40 0.00 0.00 0.00 0.00
B-6 17,009.21 0.00 0.00 0.00 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
INTEREST DISTRIBUTION
Remaining Ending
Cumulative Unpaid Certificate/Notional Realized Interest
Class Interest Shortfall Balance Losses (2) Distribution
<S> <C> <C> <C> <C>
A-1 0.00 29,153,744.01 0.00 166,437.11
A-2 0.00 24,540,000.00 0.00 143,150.00
A-3 0.00 29,082,000.00 0.00 174,492.00
A-4 0.00 20,980,000.00 0.00 128,939.58
A-5 0.00 48,362,000.00 0.00 302,262.50
A-6 0.00 27,222,154.79 0.00 171,118.95
A-7 0.00 557,715,590.67 0.00 1,171,521.85
A-8 0.00 15,005,026.69 0.00 95,400.00
A-9 0.00 10,011,215.40 0.00 72,136.67
A-10 0.00 20,022,430.80 0.00 118,813.33
A-11 0.00 28,499,800.00 0.00 178,123.75
A-12 0.00 12,517,190.10 0.00 82,781.95
A-13 0.00 56,764,000.00 0.00 354,775.00
A-14 0.00 24,475,000.00 0.00 152,968.75
A-15 0.00 12,001,000.00 0.00 75,006.25
A-16 0.00 4,000,000.00 0.00 25,833.33
A-17 0.00 449,000.00 0.00 0.00
A-18 0.00 16,000,000.00 0.00 100,000.00
A-19 0.00 25,551,000.00 0.00 159,693.75
A-R 0.00 100.00 0.00 0.62
A-LR 0.00 100.00 0.00 0.63
B-1 0.00 13,596,265.21 0.00 85,036.98
B-2 0.00 7,554,035.06 0.00 47,246.24
B-3 0.00 4,531,423.14 0.00 28,341.50
B-4 0.00 5,137,143.00 0.00 32,129.94
B-5 0.00 2,719,253.04 0.00 17,007.40
B-6 0.00 2,719,542.75 0.00 17,009.21
<FN>
(2) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed.
Please Refer To The Prospectus Supplement For A Full Description.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PREPAYMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment Interest Shortfall 4,147.56
Servicing Fee Support 4,147.56
Non-Supported Prepayment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 125,701.78
Master Servicing Fee 10,056.14
Supported Prepayment/Curtailment Interest Shortfall 4,147.56
Net Servicing Fees 131,610.36
</TABLE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 0.00
Reimbursement of Advances 0.00
Ending Cumulative Advances 0.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Current Unpaid
Number of Number Of Principal
Days Loans Balance
<S> <C> <C>
30 Days 11 2,899,634.61
60 Days 0 0.00
90+ Days 2 523,814.38
Foreclosure 0 0.00
REO 0 0.00
Totals 13 3,423,448.99
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,407,574.70
Current Period Realized Loss - Includes Interest Shortfall 162.28
Cumulative Realized Losses - Includes Interest Shortfall 2,261.64
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 8.030721%
Weighted Average Pass-Through Rate 7.500000%
Weighted Average Maturity (Stepdown Calculation) 353 Months
Beginning Scheduled Collateral Loan Count 2,219
Number of Loans Paid in Full 8
Ending Scheduled Collateral Loan Count 2,211
Beginning Scheduled Collateral Balance 603,375,910.54
Ending Scheduled Collateral Balance 600,674,169.74
Ending Actual Collateral Balance at 30-Sep-1996 601,479,468.98
Monthly P&I Constant 4,468,321.35
Class AP Deferred Amount 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Loss Description Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 229,480.43 0.03789535% 229,480.43 0.03820381%
Fraud 12,111,270.73 2.00000000% 12,111,270.73 2.01627960%
Special Hazard 6,055,635.36 1.00000000% 6,055,635.36 1.00813980%
<FN>
Limit of Subordination's Exposure for 100% of Certain Types of Losses
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL
Class Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
A 36,334,290.32 6.00007896% 36,257,662.20 6.03616137%
B-1 22,709,290.32 3.75010861% 22,661,396.99 3.77266048%
B-2 15,139,290.32 2.50003334% 15,107,361.93 2.51506768%
B-3 10,598,290.32 1.75015332% 10,575,938.79 1.76067814%
B-4 5,450,290.32 0.90003608% 5,438,795.79 0.90544859%
B-5 2,725,290.32 0.45004201% 2,719,542.75 0.45274841%
B-6 0.00 0.00000000% 0.00 0.00000000%
<FN>
Please refer to the Prospectus Supplement For A Full Description Of Loss Exposure
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Account Beginning Current Period Current Period Ending
Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
A16 Financial Guaranty 0.00 0.00 1,970.07 0.00
A16 Reserve Fund 2,000.00 0.00 0.00 2,000.00
A16 Rounding Account 999.99 0.00 0.00 999.99
A19 Rounding Account 999.99 0.00 0.00 999.99
</TABLE>
<PAGE>
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