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Previous: VITECH AMERICA INC, 424B1, 1996-11-04 |
Next: NORWEST ASSET SECURITIES CORP MORT PASS THR CERT SER 1996-3, 8-K, 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.: 333-02209-03
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1996-2 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-1992987
(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 1996-2 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 1996-2 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 1996-2 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 1996-2 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 1996-2
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 66937NBD9 7.00000 41,190,000.00 40,374,630.53 0.98020467
A-2 66937NBE7 7.00000 65,852,000.00 64,721,805.73 0.98283736
A-3 66937NBF4 7.00000 36,000,000.00 35,525,260.70 0.98681280
A-4 66937NBG2 7.00000 5,000,000.00 5,000,000.00 1.00000000
A-5 66937NBH0 7.00000 6,929,000.00 6,929,000.00 1.00000000
A-6 66937NBJ6 7.00000 23,000,000.00 23,000,000.00 1.00000000
A-7 66937NBK3 7.00000 7,904,000.00 7,904,000.00 1.00000000
A-8 66937NBL1 7.00000 28,167,000.00 27,114,202.31 0.96262301
A-9 66937NBM9 7.00000 58,048,000.00 58,048,000.00 1.00000000
A-10 66937NBN7 7.00000 19,974,000.00 19,847,095.05 0.99364649
A-R 66937NBQ0 7.00000 100.00 0.00 0.00000000
APO 66937NBP2 0.00000 4,451,026.68 4,391,043.14 0.98652366
M 66937NBR8 7.00000 3,841,000.00 3,816,596.18 0.99364649
B-1 66937NBS6 7.00000 3,073,000.00 3,053,475.67 0.99364649
B-2 66937NBT4 7.00000 1,382,000.00 1,373,219.45 0.99364649
B-3 66937NBU1 7.00000 922,000.00 916,142.07 0.99364650
B-4 66937NBV9 7.00000 615,000.00 611,092.59 0.99364649
B-5 66937NBW7 7.00000 922,102.26 916,243.68 0.99364650
</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-1 203,171.55 174,386.74 0.00 0.00 0.00 377,558.29
A-2 281,618.74 241,719.74 0.00 0.00 0.00 523,338.48
A-3 118,294.25 101,534.63 0.00 0.00 0.00 219,828.88
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 0.00 0.00 0.00 0.00 0.00 0.00
A-7 0.00 0.00 0.00 0.00 0.00 0.00
A-8 262,333.27 225,166.58 0.00 0.00 0.00 487,499.85
A-9 0.00 0.00 0.00 0.00 0.00 0.00
A-10 63,766.14 0.00 0.00 0.00 0.00 63,766.14
A-R 0.00 0.00 0.00 0.00 0.00 0.00
APO 15,148.01 5,917.65 0.00 0.00 0.00 21,065.66
M 12,262.23 0.00 0.00 0.00 0.00 12,262.23
B-1 9,810.42 0.00 0.00 0.00 0.00 9,810.42
B-2 4,411.98 0.00 0.00 0.00 0.00 4,411.98
B-3 2,943.45 0.00 0.00 0.00 0.00 2,943.45
B-4 1,963.36 0.00 0.00 0.00 0.00 1,963.36
B-5 2,577.46 0.00 0.00 0.00 366.32 2,577.46
<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-1 237,721.10 0.00 0.00 0.00 0.00
A-2 380,596.67 0.00 0.00 0.00 0.00
A-3 208,513.02 0.00 0.00 0.00 0.00
A-4 29,166.67 0.00 0.00 0.00 0.00
A-5 40,419.17 0.00 0.00 0.00 0.00
A-6 134,166.67 0.00 0.00 0.00 0.00
A-7 46,106.67 0.00 0.00 0.00 0.00
A-8 161,009.93 0.00 0.00 0.00 0.00
A-9 338,613.33 0.00 0.00 0.00 0.00
A-10 116,146.69 0.00 0.00 0.00 0.00
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 0.00
M 22,335.01 0.00 0.00 0.00 0.00
B-1 17,869.17 0.00 0.00 0.00 0.00
B-2 8,036.18 0.00 0.00 0.00 0.00
B-3 5,361.33 0.00 0.00 0.00 0.00
B-4 3,576.16 0.00 0.00 0.00 0.00
B-5 5,361.93 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 40,374,630.53 0.00 237,721.10
A-2 0.00 64,721,805.73 0.00 380,596.67
A-3 0.00 35,525,260.70 0.00 208,513.02
A-4 0.00 5,000,000.00 0.00 29,166.67
A-5 0.00 6,929,000.00 0.00 40,419.17
A-6 0.00 23,000,000.00 0.00 134,166.67
A-7 0.00 7,904,000.00 0.00 46,106.67
A-8 0.00 27,114,202.31 0.00 161,009.93
A-9 0.00 58,048,000.00 0.00 338,613.33
A-10 0.00 19,847,095.05 0.00 116,146.69
A-R 0.00 0.00 0.00 0.00
APO 0.00 4,391,043.14 0.00 0.00
M 0.00 3,816,596.18 0.00 22,335.01
B-1 0.00 3,053,475.67 0.00 17,869.17
B-2 0.00 1,373,219.45 0.00 8,036.18
B-3 0.00 916,142.07 0.00 5,361.33
B-4 0.00 611,092.59 0.00 3,576.16
B-5 0.00 916,243.68 0.00 5,361.93
<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 611.63
Servicing Fee Support 611.63
Non-Supported Prepayment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 63,597.04
Master Servicing Fee 5,087.76
Supported Prepayment/Curtailment Interest Shortfall 611.63
Net Servicing Fees 68,073.17
</TABLE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 13,028.68
Reimbursement of Advances 0.00
Ending Cumulative Advances 13,028.68
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Current Unpaid
Number of Number Of Principal
Days Loans Balance
<S> <C> <C>
30 Days 2 498,973.96
60 Days 0 0.00
90+ Days 0 0.00
Foreclosure 0 0.00
REO 0 0.00
Totals 2 498,973.96
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,313,254.58
Current Period Realized Loss - Includes Interest Shortfall 366.32
Cumulative Realized Losses - Includes Interest Shortfall 1,081.41
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed Ratio Strip
Weighted Average Gross Coupon 7.506281%
Weighted Average Pass-Through Rate 7.000000%
Weighted Average Maturity (Stepdown Calculation) 174 Months
Beginning Scheduled Collateral Loan Count 1,028
Number of Loans Paid in Full 2
Ending Scheduled Collateral Loan Count 1,026
Beginning Scheduled Collateral Balance 305,269,199.60
Ending Scheduled Collateral Balance 303,541,807.09
Ending Actual Collateral Balance at 30-Sep-1996 304,489,080.91
Monthly P&I Constant 2,803,356.54
Class AP Deferred Amount 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Loss Description Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.03254464% 100,000.00 0.03294439%
Fraud 6,145,404.58 2.00000000% 6,145,404.58 2.02456612%
Special Hazard 3,072,702.29 1.00000000% 3,072,702.29 1.01228306%
<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 10,755,102.26 3.50020967% 10,686,769.64 3.52069118%
M 6,914,102.26 2.25016992% 6,870,173.46 2.26333681%
B-1 3,841,102.26 1.25007303% 3,816,697.79 1.25738785%
B-2 2,459,102.26 0.80030606% 2,443,478.34 0.80498906%
B-3 1,537,102.26 0.50024445% 1,527,336.27 0.50317163%
B-4 922,102.26 0.30009489% 916,243.68 0.30185090%
B-5 0.00 0.00000000% 0.00 0.00000000%
<FN>
Please refer to the Prospectus Supplement For A Full Description Of Loss Exposure
</TABLE>
<PAGE>
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