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Previous: NORWEST ASSET SECURITIES CORP MORT PASS THR CERT SER 1996-7, 8-K, 1997-01-03 |
Next: BAY VIEW SECURITIZATION CORP, S-3/A, 1997-01-03 |
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 : December 26, 1996
(Date of earliest event reported)
Commission File No.: 33-02209-08
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1996-5 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-2001399
52-2002934
(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 December 26, 1996 a distribution was made to holders of
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1996-5 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 1996-5 Trust, relating to the December
26,1996 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 1996-5 Trust
December 30, 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 1996-5 Trust, relating to the December
26,1996 distribution
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 29-Nov-1996
Distribution Date: 26-Dec-1996
NASCOR Series 1996-5
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 66937NEU8 7.25000 60,299,000.00 59,022,661.24 0.97883317
A-2 66937NEV6 7.25000 21,922,000.00 21,922,000.00 1.00000000
A-3 66937NEW4 7.25000 5,952,000.00 5,859,605.50 0.98447673
A-4 66937NEX2 7.25000 36,427,000.00 36,427,000.00 1.00000000
A-5 66937NEY0 8.00000 13,948,000.00 13,794,780.97 0.98901498
A-6 66937NEZ7 7.50000 12,955,000.00 12,812,689.09 0.98901498
A-7 66937NFA1 6.07500 40,568,000.00 40,122,359.78 0.98901498
A-8 66937NFB9 2.92500 0.00 0.00 0.00000000
A-9 66937NFC7 7.25000 16,433,000.00 16,191,729.16 0.98531791
A-10 66937NFD5 7.25000 3,487,000.00 3,487,000.00 1.00000000
A-11 66937NFE3 7.50000 17,024,000.00 17,024,000.00 1.00000000
A-12 66937NFF0 8.00000 10,279,000.00 9,994,419.31 0.97231436
A-13 66937NFG8 7.50000 12,312,000.00 12,113,698.52 0.98389364
A-14 66937NFH6 8.00000 12,416,000.00 12,416,000.00 1.00000000
A-15 66937NFJ2 8.00000 12,567,000.00 12,567,000.00 1.00000000
A-16 66937NFK9 5.61893 67,912,430.08 67,828,105.38 0.99875833
A-17 66937NFL7 8.00000 45,656,000.00 45,656,000.00 1.00000000
A-R 66937NFM5 8.00000 100.00 0.00 0.00000000
A-LR 66937NFN3 8.00000 100.00 0.00 0.00000000
M 66937NFP8 8.00000 9,339,000.00 9,327,225.09 0.99873917
B-1 66937NFQ6 8.00000 6,226,000.00 6,218,150.06 0.99873917
B-2 66937NFR4 8.00000 4,151,000.00 4,145,766.29 0.99873917
B-3 66937NFS2 8.00000 2,075,000.00 2,072,383.77 0.99873917
B-4 66937NFT0 8.00000 1,038,000.00 1,036,691.26 0.99873917
B-5 66937NFU7 8.00000 2,075,603.82 2,072,986.83 0.99873917
</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-1 107,253.36 764,696.89 0.00 0.00 0.00 871,950.26
A-2 0.00 0.00 0.00 0.00 0.00 0.00
A-3 7,764.10 55,356.61 0.00 0.00 0.00 63,120.71
A-4 0.00 0.00 0.00 0.00 0.00 0.00
A-5 12,875.31 91,798.61 0.00 0.00 0.00 104,673.92
A-6 11,958.68 85,263.19 0.00 0.00 0.00 97,221.87
A-7 37,448.06 266,997.84 0.00 0.00 0.00 304,445.90
A-8 0.00 0.00 0.00 0.00 0.00 0.00
A-9 15,837.33 112,917.30 0.00 0.00 0.00 128,754.63
A-10 0.00 0.00 0.00 0.00 0.00 0.00
A-11 0.00 0.00 0.00 0.00 0.00 0.00
A-12 32,556.43 232,121.41 0.00 0.00 0.00 264,677.84
A-13 12,236.45 87,243.69 0.00 0.00 0.00 99,480.14
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 24,189.71 156,118.66 (124,350.18) 0.00 0.00 55,958.19
A-17 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
M 5,909.60 0.00 0.00 0.00 0.00 5,909.60
B-1 3,939.73 0.00 0.00 0.00 0.00 3,939.73
B-2 2,626.70 0.00 0.00 0.00 0.00 2,626.70
B-3 1,313.03 0.00 0.00 0.00 0.00 1,313.03
B-4 656.83 0.00 0.00 0.00 0.00 656.83
B-5 1,051.77 0.00 0.00 0.00 261.65 1,051.77
<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-1 361,863.28 0.00 0.00 0.00 0.00
A-2 132,445.42 0.00 0.00 0.00 0.00
A-3 35,783.14 0.00 0.00 0.00 0.00
A-4 220,079.79 0.00 0.00 0.00 0.00
A-5 92,663.03 0.00 0.00 0.00 0.00
A-6 80,686.94 0.00 0.00 0.00 0.00
A-7 204,660.70 0.00 0.00 0.00 0.00
A-8 98,540.34 0.00 0.00 0.00 0.00
A-9 98,602.92 0.00 0.00 0.00 0.00
A-10 21,067.29 0.00 0.00 0.00 0.00
A-11 106,400.00 0.00 0.00 0.00 0.00
A-12 68,393.98 0.00 0.00 0.00 0.00
A-13 76,332.37 0.00 0.00 0.00 0.00
A-14 82,773.33 0.00 0.00 0.00 0.00
A-15 83,780.00 0.00 0.00 0.00 0.00
A-16 502,516.31 0.00 0.00 0.00 0.00
A-17 304,373.33 0.00 0.00 0.00 0.00
A-R 0.00 0.00 0.00 0.00 0.00
A-LR 0.00 0.00 0.00 0.00 0.00
M 62,220.90 0.00 0.00 0.00 0.00
B-1 41,480.60 0.00 0.00 0.00 0.00
B-2 27,655.95 0.00 0.00 0.00 0.00
B-3 13,824.65 0.00 0.00 0.00 0.00
B-4 6,915.65 0.00 0.00 0.00 0.00
B-5 13,828.67 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 59,022,661.24 0.00 361,863.28
A-2 0.00 21,922,000.00 0.00 132,445.42
A-3 0.00 5,859,605.50 0.00 35,783.14
A-4 0.00 36,427,000.00 0.00 220,079.79
A-5 0.00 13,794,780.97 0.00 92,663.03
A-6 0.00 12,812,689.09 0.00 80,686.94
A-7 0.00 40,122,359.78 0.00 204,660.70
A-8 0.00 40,122,359.78 0.00 98,540.34
A-9 0.00 16,191,729.16 0.00 98,602.92
A-10 0.00 3,487,000.00 0.00 21,067.29
A-11 0.00 17,024,000.00 0.00 106,400.00
A-12 0.00 9,994,419.31 0.00 68,393.98
A-13 0.00 12,113,698.52 0.00 76,332.37
A-14 0.00 12,416,000.00 0.00 82,773.33
A-15 0.00 12,567,000.00 0.00 83,780.00
A-16 0.00 106,966,395.26 0.00 502,516.31
A-17 0.00 45,656,000.00 0.00 304,373.33
A-R 0.00 0.00 0.00 0.00
A-LR 0.00 0.00 0.00 0.00
M 0.00 9,327,225.09 0.00 62,220.90
B-1 0.00 6,218,150.06 0.00 41,480.60
B-2 0.00 4,145,766.29 0.00 27,655.95
B-3 0.00 2,072,383.77 0.00 13,824.65
B-4 0.00 1,036,691.26 0.00 6,915.65
B-5 0.00 2,072,986.83 0.00 13,828.67
<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 4,517.16
Servicing Fee Support 4,517.16
Non-Supported Prepayment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 86,274.25
Master Servicing Fee 6,901.94
Supported Prepayment/Curtailment Interest Shortfall 4,517.16
Net Servicing Fees 88,659.03
</TABLE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 115,644.32
Current Period Advances By Servicer 14,251.30
Reimbursement of Advances 115,644.32
Ending Cumulative Advances 14,251.30
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Current Unpaid
Number of Number Of Principal
Days Loans Balance
<S> <C> <C>
30 Days 7 1,697,130.61
60 Days 0 0.00
90+ Days 0 0.00
Foreclosure 0 0.00
REO 0 0.00
Totals 7 1,697,130.61
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,742,083.10
Current Period Realized Loss - Includes Interest Shortfall 261.65
Cumulative Realized Losses - Includes Interest Shortfall 398.98
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 8.470618%
Weighted Average Pass-Through Rate 8.000000%
Weighted Average Maturity (Stepdown Calculation) 355 Months
Beginning Scheduled Collateral Loan Count 1,423
Number of Loans Paid in Full 7
Ending Scheduled Collateral Loan Count 1,416
Beginning Scheduled Collateral Balance 414,118,295.02
Ending Scheduled Collateral Balance 412,112,252.26
Ending Actual Collateral Balance at 29-Nov-1996 412,532,680.85
Monthly P&I Constant 3,093,568.63
Class AP Deferred Amount 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Loss Description Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 169,705.21 0.04088669% 169,705.21 0.04117937%
Fraud 8,301,244.68 2.00000000% 8,301,244.68 2.01431640%
Special Hazard 4,150,622.34 1.00000000% 4,150,622.34 1.00715820%
<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 24,904,603.82 6.00020956% 24,873,203.30 6.03554084%
M 15,565,603.82 3.75018553% 15,545,978.21 3.77226790%
B-1 9,339,603.82 2.25016951% 9,327,828.15 2.26341927%
B-2 5,188,603.82 1.25007852% 5,182,061.86 1.25743941%
B-3 3,113,603.82 0.75015349% 3,109,678.09 0.75457065%
B-4 2,075,603.82 0.50007051% 2,072,986.83 0.50301509%
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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