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Previous: NORWEST ASSET SECURITIES CORP MORT PASS THR CERT SER 1996-2, 8-K, 1996-12-03 |
Next: NORWEST ASSET SECURITIES CORP MORT PASS THR CERT SER 1996-4, 8-K, 1996-12-03 |
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 : November 25, 1996
(Date of earliest event reported)
Commission File No.: 333-02209-03
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1996-3 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-1994214
(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 November 25, 1996 a distribution was made to holders of
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1996-3 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 1996-3 Trust, relating to the November
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 1996-3 Trust
December 3, 1996 by Norwest Bank Minnesota, N.A., as Master Servicer
/s/ Sherri J. Sharps
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 1996-3 Trust, relating to the November
25,1996 distribution
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 31-Oct-1996
Distribution Date: 25-Nov-1996
NASCOR Series 1996-3
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 66937NBX5 7.25000 39,912,500.00 39,607,251.22 0.99235205
A-2 66937NBY3 7.25000 39,039,500.00 38,681,774.05 0.99083682
A-3 66937NBZ0 7.25000 2,901,600.00 2,901,600.00 1.00000000
A-4 66937NCA4 7.25000 11,812,300.00 11,786,684.77 0.99783148
A-5 66937NCB2 7.62500 4,754,000.00 4,754,000.00 1.00000000
A-6 66937NCC0 7.25000 8,000,000.00 8,000,000.00 1.00000000
A-7 66937NCD8 7.25000 99,750,000.00 99,168,429.75 0.99416972
A-8 66937NCE6 7.25000 6,500,000.00 6,500,000.00 1.00000000
A-9 66937NCF3 7.25000 4,957,000.00 4,957,000.00 1.00000000
A-10 66937NCH9 0.00000 246,000.00 246,000.00 1.00000000
A-R 66937NCJ5 7.25000 100.00 0.00 0.00000000
APO 66937NCG1 0.00000 2,341,823.95 2,334,212.84 0.99674992
M 66937NCK2 7.25000 5,258,000.00 5,246,597.91 0.99783148
B-1 66937NCL0 7.25000 3,504,000.00 3,496,401.50 0.99783148
B-2 66937NCM8 7.25000 2,337,000.00 2,331,932.16 0.99783148
B-3 66937NDJ4 7.25000 934,000.00 931,974.60 0.99783148
B-4 66937NDK1 7.25000 468,000.00 466,985.13 0.99783147
B-5 66937NDL9 7.25000 934,781.51 932,754.42 0.99783148
</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 35,573.43 97,271.81 0.00 0.00 0.00 132,845.24
A-2 41,689.07 113,994.39 0.00 0.00 0.00 155,683.47
A-3 0.00 0.00 0.00 0.00 0.00 0.00
A-4 8,602.67 0.00 0.00 0.00 0.00 8,602.67
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 72,509.59 178,405.59 0.00 0.00 0.00 250,915.18
A-8 0.00 0.00 0.00 0.00 0.00 0.00
A-9 0.00 0.00 0.00 0.00 0.00 0.00
A-10 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
APO 1,967.00 218.28 0.00 0.00 0.00 2,185.28
M 3,829.30 0.00 0.00 0.00 0.00 3,829.30
B-1 2,551.89 0.00 0.00 0.00 0.00 2,551.89
B-2 1,701.99 0.00 0.00 0.00 0.00 1,701.99
B-3 680.21 0.00 0.00 0.00 0.00 680.21
B-4 340.84 0.00 0.00 0.00 0.00 340.84
B-5 635.25 0.00 0.00 0.00 45.53 635.25
<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-1 240,096.42 0.00 0.00 0.00 0.00
A-2 234,642.97 0.00 0.00 0.00 0.00
A-3 17,530.50 0.00 0.00 0.00 0.00
A-4 71,263.19 0.00 0.00 0.00 0.00
A-5 30,207.71 0.00 0.00 0.00 0.00
A-6 48,333.33 0.00 0.00 0.00 0.00
A-7 600,658.54 0.00 0.00 0.00 0.00
A-8 39,270.83 0.00 0.00 0.00 0.00
A-9 29,948.54 0.00 0.00 0.00 0.00
A-10 0.00 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 31,721.33 0.00 0.00 0.00 0.00
B-1 21,139.51 0.00 0.00 0.00 0.00
B-2 14,099.04 0.00 0.00 0.00 0.00
B-3 5,634.79 0.00 0.00 0.00 0.00
B-4 2,823.43 0.00 0.00 0.00 0.00
B-5 5,639.50 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 39,607,251.22 0.00 240,096.42
A-2 0.00 38,681,774.05 0.00 234,642.97
A-3 0.00 2,901,600.00 0.00 17,530.50
A-4 0.00 11,786,684.77 0.00 71,263.19
A-5 0.00 4,754,000.00 0.00 30,207.71
A-6 0.00 8,000,000.00 0.00 48,333.33
A-7 0.00 99,168,429.75 0.00 600,658.54
A-8 0.00 6,500,000.00 0.00 39,270.83
A-9 0.00 4,957,000.00 0.00 29,948.54
A-10 0.00 246,000.00 0.00 0.00
A-R 0.00 0.00 0.00 0.00
APO 0.00 2,334,212.84 0.00 0.00
M 0.00 5,246,597.91 0.00 31,721.33
B-1 0.00 3,496,401.50 0.00 21,139.51
B-2 0.00 2,331,932.16 0.00 14,099.04
B-3 0.00 931,974.60 0.00 5,634.79
B-4 0.00 466,985.13 0.00 2,823.43
B-5 0.00 932,754.42 0.00 5,639.50
<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 249.19
Servicing Fee Support 249.19
Non-Supported Prepayment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 48,520.03
Master Servicing Fee 3,881.60
Supported Prepayment/Curtailment Interest Shortfall 249.19
Net Servicing Fees 52,152.44
</TABLE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 152,114.00
Reimbursement of Advances 0.00
Ending Cumulative Advances 152,114.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Current Unpaid
Number of Number Of Principal
Days Loans Balance
<S> <C> <C>
30 Days 2 564,382.30
60 Days 0 0.00
90+ Days 0 0.00
Foreclosure 0 0.00
REO 0 0.00
Totals 2 564,382.30
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Principal Balance of Contaminated Properties 0.00
Periodic Advance 267,963.50
Current Period Realized Loss - Includes Interest Shortfall 45.53
Cumulative Realized Losses - Includes Interest Shortfall 98.97
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed Ratio Strip
Weighted Average Gross Coupon 7.775601%
Weighted Average Pass-Through Rate 7.250000%
Weighted Average Maturity (Stepdown Calculation) 355 Months
Beginning Scheduled Collateral Loan Count 798
Number of Loans Paid in Full 1
Ending Scheduled Collateral Loan Count 797
Beginning Scheduled Collateral Balance 232,903,615.20
Ending Scheduled Collateral Balance 232,343,598.36
Ending Actual Collateral Balance at 31-Oct-1996 232,488,768.86
Monthly P&I Constant 1,615,728.17
Class AP Deferred Amount 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Loss Description Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 104,437.85 0.04469830% 104,437.85 0.04494974%
Fraud 4,673,012.87 2.00000033% 4,673,012.87 2.01125097%
Special Hazard 5,020,921.69 2.14890164% 5,020,921.69 2.16098990%
<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 13,435,781.51 5.75037308% 13,406,645.72 5.77018081%
M 8,177,781.51 3.50000442% 8,160,047.81 3.51206053%
B-1 4,673,781.51 2.00032930% 4,663,646.31 2.00721963%
B-2 2,336,781.51 1.00011789% 2,331,714.15 1.00356290%
B-3 1,402,781.51 0.60037572% 1,399,739.55 0.60244378%
B-4 934,781.51 0.40007665% 932,754.42 0.40145475%
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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