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: May 5, 1998
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(Date of earliest event reported)
Commission File No. 333-17801
Norwest Integrated Structured Assets, Inc.
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Delaware Applied For
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(State of Incorporation) (I.R.S. Employer Identification No.)
7485 New Horizon Way
Frederick, Maryland 21703
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Address of principal executive offices (Zip Code)
(301) 846-8200
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Registrant's Telephone Number, including area code
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(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 1998-1
<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.
May 5, 1998
By: /s/ B. David Bialzak
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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 1998-1
NISTAR MORTGAGE LOAN POOL
10-YEAR THROUGH 30-YEAR FIXED RATE MORTGAGES
NISTAR SERIES 1998-1
POOL PROFILE
<TABLE>
<CAPTION>
Bid Tolerance
--- ---------
<S> <C> <C>
AGGREGATE PRINCIPAL BALANCE $237,151,129 (+/- 5.00%)
MORTGAGE LOAN CUTOFF DATE 1-May-98
INTEREST RATE RANGE 6.500% - 9.750%
GROSS WAC 8.04% (+/- 3 Bps%)
WEIGHTED AVERAGE SERVICE FEE 25 bps
MASTER SERVICING FEE 1.7 bps
WAM (in months) 330 (+/-1 month)
WALTV 75% (maximum 77%)
CALIFORNIA % 17% (maximum 19%)
SINGLE LARGEST ZIP CODE CONCENTRATION 1% (maximum 2%)
AVERAGE LOAN BALANCE $134,898 (maximum $137,000)
LARGEST INDIVIDUAL LOAN BALANCE $875,542 (maximum $900,000)
CASH-OUT REFINANCE % 13% (maximum 14%)
PRIMARY RESIDENCE % 64% (minimum 62%)
SINGLE-FAMILY DETACHED % 74% (minimum 72%)
FULL DOCUMENTATION % 55% (minimum 53%)
UNINSURED GREATER THAN 80% LTV % 1% (maximum 2%)
TEMPORARY BUYDOWNS 0% (maximum 0%)
RELOCATION % 1% (minimum 0%)
</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>
NISTAR MORTGAGE LOAN POOL
10-YEAR THROUGH 30-YEAR FIXED RATE MORTGAGES
NISTAR SERIES 1998-1
PRICING INFORMATION
RATING AGENCIES Moody's AAA&AA/Fitch AAA-NR
PASS THRU RATE 6.75%
ASSUMED SIZE OF PRINCIPAL ONLY CLASS 0 bps
PRICING DATE TBD
FINAL STRUCTURE DUE DATE 11-May-98
SETTLEMENT DATE 29-May-98
ASSUMED SUB LEVELS AAA 6.000%
AA 4.000%
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 1998-1. 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 1998-1
POOL PROFILE (1)
RELO/NON-RELO
<TABLE>
<CAPTION>
Proposed Bid SL DM Tolerance
------------ -- -- ---------
<S> <C> <C> <C> <C>
AGGREGATE PIPELINE $237,151,129 $0 (+/- 5.00%)
PROBABILITY 100% 100%
AGGREGATE PRINCIPAL BALANCE $237,151,129 $237,151,129 $0 (+/- 5.00%)
MORTGAGE LOAN CUTOFF DATE 1-May-98 1-May-98 1-May-98
INTEREST RATE RANGE 6.500% - 9.750% 6.50% - 9.75% 6.500% - 8.750%
GROSS WAC 8.04% 8.04% 7.55% (+/- 3 Bps%)
WEIGHTED AVERAGE SERVICE FEE 25 bps 25 bps 25 bps
MASTER SERVICING FEE 1.7 bps 1.7 bps 1.6 bps
WAM (in months) 330 330 178 (+/-1 month)
WALTV 75% 75% 70% (maximum 77%)
CALIFORNIA % 17% 17% 23% (maximum 19%)
SINGLE LARGEST ZIP CODE CONCENTRATION 1% 1% 0% (maximum 2%)
AVERAGE LOAN BALANCE $134,898 $134,898 $0 (maximum $137,000)
LARGEST INDIVIDUAL LOAN BALANCE $875,542 $875,542 $0 (maximum $900,000)
CASH-OUT REFINANCE % 13% 13% 11% (maximum 14%)
PRIMARY RESIDENCE % 64% 64% 95% (minimum 62%)
INVESTOR PROPERTIES % 30% 30% 95% (maximum 32%)
SINGLE-FAMILY DETACHED % 74% 74% 95% (minimum 72%)
FULL DOCUMENTATION % 55% 55% 82% (minimum 53%)
UNINSURED greater than 80% LTV % 1% 1% 1% (maximum 2%)
TEMPORARY BUYDOWNS 0% 0% 1% (maximum 0%)
RELOCATION % 1% 1% 9% (minimum 0%)
WEIGHTED AVERAGE FICO SCORE 745 745 95% (minimum 740)
</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 Updated Updated
9/4/96 9/4/96 9/4/96 9/4/96
Proposed Bid F20 E10 Non-NMB E-10 NMB (not PMB) E-10 NMB (PMB)
------------ --- ----------- ------------------ --------------
<S> <C> <C> <C> <C> <C>
AGGREGATE PIPELINE $0 $0 $0 $0
PROBABILITY 100% 75% 100% 50%
AGGREGATE PRINCIPAL BALANCE $0 $0 $0 $0 $0
MORTGAGE LOAN CUTOFF DATE 1-Oct-96 1-Oct-96 1-Oct-96 1-Oct-96 1-Oct-96
INTEREST RATE RANGE 7.250% - 9.500% 7.750% - 9.375% 8.125% - 9.125% 7.250% - 9.500% 7.500% - 9.000%
GROSS WAC #DIV/0! 8.56% 8.60% 8.42% 8.41%
WEIGHTED AVERAGE SERVICE FEE 25 bps 25 bps 25 bps 25 bps 25 bps
MASTER SERVICING FEE 2 bps 2 bps 2 bps 2 bps 2 bps
WAM (in months) #DIV/0! 356 353 357 358
WALTV #DIV/0! 79% 81% 79% 73%
CALIFORNIA % #DIV/0! 21% 43% 24% 28%
SINGLE LARGEST ZIP CODE CONCENTRATION #DIV/0! 6% 3% 4% 3%
AVERAGE LOAN BALANCE #DIV/0! $280,645 $291,632 $302,734 $406,758
LARGEST INDIVIDUAL LOAN BALANCE $999,439 $649,626 $699,618 $999,425 $999,439
CASH-OUT REFINANCE % #DIV/0! 8% 0% 8% 3%
PRIMARY RESIDENCE % #DIV/0! 96% 94% 97% 94%
SINGLE-FAMILY DETACHED % #DIV/0! 93% 90% 80% 75%
FULL DOCUMENTATION % #DIV/0! 97% 85% 93% 98%
UNINSURED GREATER THAN 80% LTV % #DIV/0! 8% 11% 0% 0%
TEMPORARY BUYDOWNS #DIV/0! 0% 0% 0% 0%
</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
Note 0 Tolerance
------ ---------
<S> <C> <C>
AGGREGATE PIPELINE $0 (+/- 15%)
PROBABILITY 0%
AGGREGATE PRINCIPAL BALANCE $0 (+/- $__M)
MORTGAGE LOAN CUTOFF DATE 1-Oct-96
INTEREST RATE RANGE 0.000% - 0.000%
GROSS WAC 0.00% (+/- __ Bps%)
WEIGHTED AVERAGE SERVICE FEE 25 bps
MASTER SERVICING FEE 2 bps
WAM (in months) 0 (+/- month)
WALTV 0% (maximum %)
CALIFORNIA % 0% (maximum %)
SINGLE LARGEST ZIP CODE CONCENTRATION 0% (maximum %)
AVERAGE LOAN BALANCE $0 (maximum $ )
LARGEST INDIVIDUAL LOAN BALANCE $0 (maximum $ )
CASH-OUT REFINANCE % 0% (maximum %)
PRIMARY RESIDENCE % 0% (minimum %)
SINGLE-FAMILY DETACHED % 0% (minimum %)
FULL DOCUMENTATION % 0% (minimum %)
UNINSURED GREATER THAN 80% LTV % 0% (maximum %)
TEMPORARY BUYDOWNS 0% (maximum %)
</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.
