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Previous: CORSAIR COMMUNICATIONS INC, 8-K, 1999-02-18 |
Next: STATIA TERMINALS INTERNATIONAL NV, 8-K, 1999-02-18 |
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: February 18, 1999
(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 1999-1
<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.
February 18, 1999
By: /s/ Alan S. McKenney
------------------------
Alan S. McKenney
Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Collateral Term Sheets E
prepared by Norwest Integrated
Structured Assets, Inc. in connection
with Norwest Integrated Structured
Assets, Inc. Mortgage Asset-Backed
Pass-Through Certificates, Series 1999-1
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
NISTAR MORTGAGE LOAN POOL
10-YEAR THROUGH 30-YEAR FIXED RATE MORTGAGES
NISTAR SERIES 1999-1
POOL PROFILE
- ------------------------------------------------------------------------------------------------------------------------
------------------------ -------------------------
Bid Tolerance
------------------------ -------------------------
<S> <C> <C>
AGGREGATE PRINCIPAL BALANCE $222,314,283 (+/- 5.00%)
MORTGAGE LOAN CUTOFF DATE 1-Mar-99
INTEREST RATE RANGE 6.000% - 9.000%
GROSS WAC 7.67% (+/- 10 Bps)
WEIGHTED AVERAGE SERVICE FEE 25 bps
MASTER SERVICING FEE 1.7 bps
WAM (in months) 315 (+/-3 months)
WALTV 76% (maximum 80%)
CALIFORNIA % 22% (maximum 30%)
SINGLE LARGEST ZIP CODE CONCENTRATION 1% (maximum 3%)
AVERAGE LOAN BALANCE $141,857 (maximum $165,000)
LARGEST INDIVIDUAL LOAN BALANCE $954,918 (maximum $1,500,000)
CONFORMING BALANCE % 62% (minimum 57%)
CASH-OUT REFINANCE % 24% (maximum 28%)
PRIMARY RESIDENCE % 61% (minimum 56%)
INVESTOR PROPERTIES % 34% (maximum 39%)
SINGLE-FAMILY DETACHED % 70% (minimum 65%)
FULL DOCUMENTATION % 66% (minimum 60%)
UNINSURED > 80% LTV % 1% (maximum 5%)
TEMPORARY BUYDOWNS 0% (maximum 5%)
RELOCATION % 0% (minimum 0%)
NO RATIO % 20% (maximum 25%)
WEIGHTED AVERAGE FICO SCORE 720 (minimum 700)
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT. SUCH INFORMATION SUPERSEDES
THE INFORMATION IN ALL PRIOR COLLATERAL TERM SHEETS.
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</TABLE>
(1) All dollar amounts are approximate and all percentages are expressed as
approximate percentages of the Aggregate Principal Balance.
<PAGE>
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NISTAR MORTGAGE LOAN POOL
10-YEAR THROUGH 30-YEAR FIXED RATE MORTGAGES
NISTAR SERIES 1999-1
PRICING INFORMATION
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RATING AGENCIES TBD
PASS THRU RATE 6.50%
ASSUMED SIZE OF PRINCIPAL ONLY CLASS 0.10%
PRICING DATE 16-Feb-99
FINAL STRUCTURE DUE DATE 10-Mar-99
SETTLEMENT DATE 29-Mar-99
ASSUMED SUB LEVELS AAA 7.000%
AA 5.500%
A 2.250%
BBB 1.150%
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 1999-1. 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>
<TABLE>
<CAPTION>
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NISTAR MORTGAGE LOAN POOL
10-YEAR THROUGH 30-YEAR FIXED RATE MORTGAGES
NISTAR SERIES 1999-1
POOL PROFILE (1)
RELO/NON-RELO
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--------------------------------------------------------
Proposed Bid
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------------------------------------------------------------------------------
Total Pool 10-Year to 15-Year 20-Year to 30-Year Total Pool Tolerance
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AGGREGATE PRINCIPAL BALANCE $222,314,283 $48,867,858 $173,446,425 (+/- 5.00%)
MORTGAGE LOAN CUTOFF DATE 1-Mar-99 1-Mar-99 1-Mar-99
INTEREST RATE RANGE 6.000% - 9.000% 6.125% - 8.625% 6.125% - 8.750%
GROSS WAC 7.67% 7.34% 7.77% (+/- 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) 315 175 355 (+/-3 months)
WALTV 76% 71% 78% (maximum 80%)
CALIFORNIA % 22% 17% 23% (maximum 30%)
SINGLE LARGEST ZIP CODE CONCENTRATION 1% 2% 1% (maximum 3%)
AVERAGE LOAN BALANCE $141,857 $109,569 $150,954 (maximum $165,000)
LARGEST INDIVIDUAL LOAN BALANCE $954,918 $945,915 $954,918 (maximum $1,500,000)
CONFORMING BALANCE % 62% 76% 58% (minimum 57%)
CASH-OUT REFINANCE % 24% 36% 21% (maximum 28%)
PRIMARY RESIDENCE % 61% 56% 62% (minimum 56%)
INVESTOR PROPERTIES % 34% 38% 33% (maximum 39%)
SINGLE-FAMILY DETACHED % 70% 74% 69% (minimum 65%)
FULL DOCUMENTATION % 66% 55% 69% (minimum 60%)
UNINSURED > 80% LTV % 1% 1% 1% (maximum 5%)
TEMPORARY BUYDOWNS 0% 0% 0% (maximum 5%)
RELOCATION % 0% 0% 0% (minimum 0%)
NO RATIO % 20% 25% 18% (maximum 25%)
WEIGHTED AVERAGE FICO SCORE 720 724 719 (minimum 700)
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT. SUCH INFORMATION SUPERSEDES
THE INFORMATION IN ALL PRIOR COLLATERAL TERM SHEETS.
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</TABLE>
(1) All dollar amounts are approximate and all percentages are expressed as
approximate percentages of the Aggregate Principal Balance.
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
NASCOR MORTGAGE LOAN POOL
20-YEAR THROUGH 30-YEAR FIXED RATE MORTGAGES
UPSIZE
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Updated Updated Updated
9/4/96 9/4/96 9/4/96
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Proposed Bid F20 E10 Non-NMB E-10 NMB (not PMB)
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AGGREGATE PIPELINE $0 $0 $0
PROBABILITY 100% 75% 100%
AGGREGATE PRINCIPAL BALANCE $0 $0 $0 $0
MORTGAGE LOAN CUTOFF DATE 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%
GROSS WAC #DIV/0! 8.56% 8.60% 8.42%
WEIGHTED AVERAGE SERVICE FEE 25 bps 25 bps 25 bps 25 bps
MASTER SERVICING FEE 2 bps 2 bps 2 bps 2 bps
WAM (in months) #DIV/0! 356 353 357
WALTV #DIV/0! 79% 81% 79%
CALIFORNIA % #DIV/0! 21% 43% 24%
SINGLE LARGEST ZIP CODE CONCENTRATION #DIV/0! 6% 3% 4%
AVERAGE LOAN BALANCE #DIV/0! $280,645 $291,632 $302,734
LARGEST INDIVIDUAL LOAN BALANCE $999,439 $649,626 $699,618 $999,425
CASH-OUT REFINANCE % #DIV/0! 8% 0% 8%
PRIMARY RESIDENCE % #DIV/0! 96% 94% 97%
SINGLE-FAMILY DETACHED % #DIV/0! 93% 90% 80%
FULL DOCUMENTATION % #DIV/0! 97% 85% 93%
UNINSURED > 80% LTV % #DIV/0! 8% 11% 0%
TEMPORARY BUYDOWNS #DIV/0! 0% 0% 0%
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Updated Updated
9/4/96
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E-10 NMB (PMB) Note 0 Tolerance
----------------------------------------------------------
<S> <C> <C> <C>
AGGREGATE PIPELINE $0 $0 (+/- 15%)
PROBABILITY 50% 0%
AGGREGATE PRINCIPAL BALANCE $0 $0 (+/- $__M)
MORTGAGE LOAN CUTOFF DATE 1-Oct-96 1-Oct-96
INTEREST RATE RANGE 7.500% - 9.000% 0.000% - 0.000%
GROSS WAC 8.41% 0.00% (+/- __ Bps%)
WEIGHTED AVERAGE SERVICE FEE 25 bps 25 bps
MASTER SERVICING FEE 2 bps 2 bps
WAM (in months) 358 0 (+/- month)
WALTV 73% 0% (maximum %)
CALIFORNIA % 28% 0% (maximum %)
SINGLE LARGEST ZIP CODE CONCENTRATION 3% 0% (maximum %)
AVERAGE LOAN BALANCE $406,758 $0 (maximum $ )
LARGEST INDIVIDUAL LOAN BALANCE $999,439 $0 (maximum $ )
CASH-OUT REFINANCE % 3% 0% (maximum %)
PRIMARY RESIDENCE % 94% 0% (minimum %)
SINGLE-FAMILY DETACHED % 75% 0% (minimum %)
FULL DOCUMENTATION % 98% 0% (minimum %)
UNINSURED > 80% LTV % 0% 0% (maximum %)
TEMPORARY BUYDOWNS 0% 0% (maximum %)
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) All dollar amounts are approximate and all percentages are expressed as
approximate percentages of the Aggregate Principal Balance.
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