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: August 21, 1998
(Date of earliest event reported)
Commission File No. 333-17801
Norwest Integrated Structured Assets, Inc.
- --------------------------------------------------------------------------------
Delaware Applied For
- --------------------------------------------------------------------------------
(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
- --------------------------------------------------------------------------------
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.
-2-
<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
1998-2
-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.
August 21, 1998
By: /s/ B. David Bialzak
-----------------------------
B. David Bialzak
Vice President
-4-
<PAGE>
INDEX TO EXHIBITS
-----------------
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Collateral Term Sheets prepared by E
Norwest Integrated Structured
Assets, Inc. in connection with
Norwest Integrated Structured
Assets, Inc. Mortgage Asset-Backed
Pass-Through Certificates, Series
1998-2
-5-
- --------------------------------------------------------------------------------
NISTAR MORTGAGE LOAN POOL
10-YEAR THROUGH 30-YEAR FIXED RATE MORTGAGES
NISTAR SERIES 1998-2
POOL PROFILE
- --------------------------------------------------------------------------------
Bid Tolerance
--- ---------
AGGREGATE PRINCIPAL BALANCE $285,000,000 (+/- 5.00%)
MORTGAGE LOAN CUTOFF DATE 1-Sep-98
INTEREST RATE RANGE 6.500% - 9.125%
GROSS WAC 7.75% (+/- 5 Bps%)
WEIGHTED AVERAGE SERVICE FEE 25 bps
MASTER SERVICING FEE 1.7 bps
WAM (in months) 347 (+/-2 months)
WALTV 77% (maximum 79%)
CALIFORNIA % 26% (maximum 29%)
SINGLE LARGEST ZIP CODE CONCENTRATION 1% (maximum 2%)
AVERAGE LOAN BALANCE $162,151 (maximum $165,000)
LARGEST INDIVIDUAL LOAN BALANCE $993,589 (maximum $1,000,000)
CONFORMING BALANCE % 48% (minimum 45%)
CASH-OUT REFINANCE % 21% (maximum 23%)
PRIMARY RESIDENCE % 68% (minimum 65%)
INVESTOR PROPERTIES % 27% (maximum 29%)
SINGLE-FAMILY DETACHED % 70% (minimum 68%)
FULL DOCUMENTATION % 64% (minimum 61%)
UNINSURED > 80% LTV % 1% (maximum 2%)
TEMPORARY BUYDOWNS 0% (maximum 1%)
RELOCATION % 0% (minimum 0%)
NO RATIO % 21% (maximum 24%)
WEIGHTED AVERAGE FICO SCORE 731 (minimum 720)
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>
- --------------------------------------------------------------------------------
NISTAR MORTGAGE LOAN POOL
10-YEAR THROUGH 30-YEAR FIXED RATE MORTGAGES
NISTAR SERIES 1998-2
PRICING INFORMATION
- --------------------------------------------------------------------------------
RATING AGENCIES TBD
PASS THRU RATE 6.75%
ASSUMED SIZE OF PRINCIPAL ONLY CLASS 4 bps
PRICING DATE 27-Aug-98
FINAL STRUCTURE DUE DATE 10-Sep-98
SETTLEMENT DATE 30-Sep-98
ASSUMED SUB LEVELS AAA 6.500%
AA 4.250%
A 1.700%
BBB 1.000%
BB 0.600%
B 0.400%
NISTAR may structure the excess interest as fixed retained yield or
servicing fee which would be excluded from the trust for Series 1998-2. The
principal only certficate created by the discount mortgages will not be
included in the bid on the pricing date.
NISTAR CONTACTS Brad Davis (301) 846-8009
Alan McKenney (301) 846-8118
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NISTAR MORTGAGE LOAN POOL
10-YEAR THROUGH 30-YEAR FIXED RATE MORTGAGES
NISTAR SERIES 1998-2
POOL PROFILE (1)
RELO/NON-RELO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Proposed Bid
------------
Total Pool 10-Year to 15-Year 20-Year to 30-Year Total Pool Tolerance
---------- ------------------ ------------------ --------------------
<S> <C> <C> <C> <C>
AGGREGATE PRINCIPAL BALANCE $285,000,000 $17,000,000 $268,000,000 (+/- 5.00%)
MORTGAGE LOAN CUTOFF DATE 1-Sep-98 1-Sep-98 1-Sep-98
INTEREST RATE RANGE 6.500% - 9.125% 6.500% - 8.750% 6.500% - 9.125%
GROSS WAC 7.75% 7.44% 7.77% (+/- 5 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) 347 177 358 (+/-2 months)
WALTV 77% 69% 77% (maximum 79%)
CALIFORNIA % 26% 15% 27% (maximum 29%)
SINGLE LARGEST ZIP CODE CONCENTRATION 1% 1% 1% (maximum 2%)
AVERAGE LOAN BALANCE $162,151 $120,775 $164,776 (maximum $165,000)
LARGEST INDIVIDUAL LOAN BALANCE $993,589 $993,589 $986,945 (maximum $1,000,000)
CONFORMING BALANCE % 48% 64% 47% (minimum 45%)
CASH-OUT REFINANCE % 21% 13% 21% (maximum 23%)
PRIMARY RESIDENCE % 68% 61% 68% (minimum 65%)
INVESTOR PROPERTIES % 27% 31% 27% (maximum 29%)
SINGLE-FAMILY DETACHED % 70% 70% 70% (minimum 68%)
FULL DOCUMENTATION % 64% 51% 65% (minimum 61%)
UNINSURED GREATER THAN 80% LTV % 1% 0% 1% (maximum 2%)
TEMPORARY BUYDOWNS 0% 0% 0% (maximum 1%)
RELOCATION % 0% 0% 0% (minimum 0%)
NO RATIO % 21% 35% 20% (maximum 24%)
WEIGHTED AVERAGE FICO SCORE 731 744 730 (minimum 720)
</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.
- --------------------------------------------------------------------------------
