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Previous: MUNDER FRAMLINGTON FUNDS TRUST, 497, 1998-11-05 |
Next: RALCORP HOLDINGS INC /MO, 8-K, 1998-11-05 |
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 5, 1998
(Date of earliest event reported)
Commission File No. 333-17801
Norwest Integrated Structured Assets, Inc.
- --------------------------------------------------------------------------------
Delaware 52-2009776
- --------------------------------------------------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
7485 New Horizon Way
Frederick, Maryland 21703
- --------------------------------------------------------------------------------
Address of principal executive offices (Zip Code)
(301) 846-8200
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Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
<PAGE>
ITEM 5. Other Events
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 Norwest Integrated
Structured Assets, Inc. which are hereby filed pursuant to such letter.
<PAGE>
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(99) Collateral Term Sheets prepared by Norwest
Integrated Structured Assets, Inc. in
connection with Norwest Integrated Structured
Assets, Inc. Mortgage Asset-Backed
Pass-Through Certificates, Series 1998-3
<PAGE>
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 INTEGRATED STRUCTURED ASSETS, INC.
November 5, 1998
By: /s/ B. David Bialzak
--------------------
B. David Bialzak
Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Collateral Term Sheets prepared by Norwest E
Integrated Structured Assets, Inc. in
connection with Norwest Integrated Structured
Assets, Inc. Mortgage Asset-Backed
Pass-Through Certificates, Series 1998-3
NISTAR MORTGAGE LOAN POOL
10-YEAR THROUGH 30-YEAR FIXED RATE MORTGAGES
NISTAR SERIES 1998-3
PRICING INFORMATION
RATING AGENCIES TBD
PASS THRU RATE 6.25%
ASSUMED SIZE OF PRINCIPAL ONLY CLASS 1 bps
PRICING DATE TBD
FINAL STRUCTURE DUE DATE 06-Nov-98
SETTLEMENT DATE 24-Nov-98
ASSUMED SUB LEVELS AAA 7.000%
AA 5.500%
A 1.900%
BBB 1.100%
BB 0.650%
B 0.450%
NISTAR may structure the excess interest as fixed retained yield or
servicing fee which would be excluded from the trust for Series 1998-3.
The principal only certficate created by the discount mortgages will not
be included in the bid on the pricing date.
NISTAR CONTACTS Lori Fountain (301) 846-8185
Alan McKenney (301) 846-8118
<PAGE>
NISTAR MORTGAGE LOAN POOL
10-YEAR THROUGH 30-YEAR FIXED RATE MORTGAGES
NISTAR SERIES 1998-3
POOL PROFILE (1)
RELO/NON-RELO
<TABLE>
<CAPTION>
Proposed Bid SMS Bulk Tolerance
------------ --- ---- ---------
<S> <C> <C> <C> <C>
AGGREGATE PIPELINE $230,000,000 $0 (+/- 5.00%)
PROBABILITY 100% 100%
AGGREGATE PRINCIPAL BALANCE $230,000,000 $230,000,000 $0 (+/- 5.00%)
MORTGAGE LOAN CUTOFF DATE 1-Nov-98 1-Nov-98 1-Nov-98
INTEREST RATE RANGE 6.00% - 9.50% 6.00% - 9.50% 6.750% - 9.125%
GROSS WAC 7.76% 7.76% 7.78% (+/- 10 Bps%)
WEIGHTED AVERAGE SERVICE FEE 25 bps 25 bps 25 bps
MASTER SERVICING FEE 1.7 bps 1.7 bps 1.7 bps
WAM (in months) 356 356 358 (+/-2 month)
WALTV 78% 78% 76% (maximum 83%)
CALIFORNIA % 22% 22% 39% (maximum 27%)
SINGLE LARGEST ZIP CODE CONCENTRATION 1% 1% 1% (maximum 3%)
AVERAGE LOAN BALANCE $133,000 $133,000 $160,671 (maximum $140,000)
LARGEST INDIVIDUAL LOAN BALANCE $1,000,000 $1,000,000 $910,000 (maximum $1,000,000)
CONFORMING BALANCE % 69% 69% 0% (minimum 65%)
CASH-OUT REFINANCE % 23% 23% 28% (maximum 28%)
PRIMARY RESIDENCE % 64% 64% 63% (minimum 59%)
INVESTOR PROPERTIES % 33% 33% 32% (maximum 38%)
SINGLE-FAMILY DETACHED % 70% 70% 60% (minimum 65%)
FULL DOCUMENTATION % 58% 58% 27% (minimum 53%)
UNINSURED > 80% LTV % 2% 2% 0% (maximum 5%)
TEMPORARY BUYDOWNS 0% 0% 0% (maximum 1%)
RELOCATION % 1% 1% 0% (minimum 0%)
NO RATIO % 32% 32% 15% (maximum 35%)
WEIGHTED AVERAGE FICO SCORE 721 721 719 (minimum 710)
</TABLE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT.
(1) All dollar amounts are approximate and all percentages are expressed as
approximate percentages of the Aggregate Principal Balance.
<PAGE>
NASCOR MORTGAGE LOAN POOL
20-YEAR THROUGH 30-YEAR FIXED RATE MORTGAGES
UPSIZE
<TABLE>
<CAPTION>
Updated Updated
9/4/96
Proposed Bid F20 E1 Note 0 Tolerance
------------ --- -- ------ ---------
<S> <C> <C> <C> <C>
AGGREGATE PIPELINE $0 $0 (+/- 15%)
PROBABILITY 100% 0%
AGGREGATE PRINCIPAL BALANCE $0 $0 $0 (+/- $__M)
MORTGAGE LOAN CUTOFF DATE 1-Oct-96 1-Oct-96 1-Oct-96
INTEREST RATE RANGE 7.250% - 9.500% 7.750% - 9.375% 0.000% - 0.000%
GROSS WAC #DIV/0! 8.56% 0.00% (+/- __ Bps%)
WEIGHTED AVERAGE SERVICE FEE 25 bps 25 bps 25 bps
MASTER SERVICING FEE 2 bps 2 bps 2 bps
WAM (in months) #DIV/0! 356 0 (+/- month)
WALTV #DIV/0! 79% 0% (maximum %)
CALIFORNIA % #DIV/0! 21% 0% (maximum %)
SINGLE LARGEST ZIP CODE CONCENTRATION #DIV/0! 6% 0% (maximum %)
AVERAGE LOAN BALANCE #DIV/0! $280,645 $0 (maximum $ )
LARGEST INDIVIDUAL LOAN BALANCE $999,439 $649,626 $0 (maximum $ )
CASH-OUT REFINANCE % #DIV/0! 8% 0% (maximum %)
PRIMARY RESIDENCE % #DIV/0! 96% 0% (minimum %)
SINGLE-FAMILY DETACHED % #DIV/0! 93% 0% (minimum %)
FULL DOCUMENTATION % #DIV/0! 97% 0% (minimum %)
UNINSURED > 80% LTV % #DIV/0! 8% 0% (maximum %)
TEMPORARY BUYDOWNS #DIV/0! 0% 0% (maximum %)
</TABLE>
<PAGE>
Updated Updated Updated
9/4/96 9/4/96 9/4/96
0 Non-NMB E-10 NMB (not PME-10 NMB (PMB)
--------- ------------------------------
AGGREGATE PIPELINE $0 $0 $0
PROBABILITY 75% 100% 50%
AGGREGATE PRINCIPAL BALANCE $0 $0 $0
MORTGAGE LOAN CUTOFF DATE 1-Oct-96 1-Oct-96 1-Oct-96
INTEREST RATE RANGE 8.125% - 9.125% 7.250% - 9.500% 7.500% - 9.00
GROSS WAC 8.60% 8.42% 8.41%
WEIGHTED AVERAGE SERVICE FEE 25 bps 25 bps 25 bps
MASTER SERVICING FEE 2 bps 2 bps 2 bps
WAM (in months) 353 357 358
WALTV 81% 79% 73%
CALIFORNIA % 43% 24% 28%
SINGLE LARGEST ZIP CODE
CONCENTRATION 3% 4% 3%
AVERAGE LOAN BALANCE $291,632 $302,734 $406,758
LARGEST INDIVIDUAL LOAN BALANCE $699,618 $999,425 $999,439
CASH-OUT REFINANCE % 0% 8% 3%
PRIMARY RESIDENCE % 94% 97% 94%
SINGLE-FAMILY DETACHED % 90% 80% 75%
FULL DOCUMENTATION % 85% 93% 98%
UNINSURED > 80% LTV % 11% 0% 0%
TEMPORARY BUYDOWNS 0% 0% 0%
<PAGE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT.
(1) All dollar amounts are approximate and all percentages are expressed as
approximate percentages of the Aggregate Principal Balance.
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