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Previous: FULCRUM DIRECT INC, S-1, 1997-03-10 |
Next: AMERICAN SKANDIA ADVISOR FUNDS INC, N-1A EL, 1997-03-10 |
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 : Feburary 25, 1997
(Date of earliest event reported)
Commission File No.: 333-02209-11
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1997-1 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
Applied For
(I.R.S. Employer Identification No.)
7485 New Horizon Way
Frederick, Maryland 21703
(Address of principal executive offices) (Zip Code)
(301) 696-7900
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
On Feburary 25, 1997 a distribution was made to holders of
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1997-1 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 1997-1 Trust, relating to the February
25,1997 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 1997-1 Trust
Feburary 27, 1997 by Norwest Bank Minnesota, N.A., as Master Servicer
/s/ 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 1997-1 Trust, relating to the February
25,1997 distribution
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 31-Jan-1997
Distribution Date: 25-Feb-1997
NASCOR Series 1997-1
Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
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 66937NHP6 6.50000 28,214,000.00 27,660,461.54 0.98038072
A-2 66937NHQ4 6.50000 21,976,000.00 21,976,000.00 1.00000000
A-3 66937NHR2 6.50000 27,806,000.00 27,806,000.00 1.00000000
A-4 66937NHS0 7.00000 21,356,000.00 21,356,000.00 1.00000000
A-5 66937NHT8 7.25000 0.00 0.00 0.00000000
A-6 66937NHU5 7.25000 45,834,000.00 43,644,470.24 0.95222914
A-7 66937NHV3 7.25000 11,541,000.00 11,610,726.88 1.00604167
A-8 66937NHW1 7.25000 19,490,000.00 19,430,628.00 0.99695372
APO 66937NHX9 0.00000 1,873,162.03 1,859,081.14 0.99248282
A-R 66937NHY7 7.25000 25.00 25.00 1.00000000
A-LR 66937NHZ4 7.25000 25.00 25.00 1.00000000
M 66937NJA7 7.25000 2,776,000.00 2,767,543.53 0.99695372
B-1 66937NJB5 7.25000 1,850,000.00 1,844,364.38 0.99695372
B-2 66937NJC3 7.25000 925,000.00 922,182.19 0.99695372
B-3 66937NJD1 7.25000 555,000.00 553,309.31 0.99695371
B-4 66937NJE9 7.25000 278,000.00 277,153.13 0.99695371
B-5 66937NJF6 7.25000 555,250.48 553,559.03 0.99695372
</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 98,856.94 454,681.52 0.00 0.00 0.00 553,538.46
A-2 0.00 0.00 0.00 0.00 0.00 0.00
A-3 0.00 0.00 0.00 0.00 0.00 0.00
A-4 0.00 0.00 0.00 0.00 0.00 0.00
A-5 0.00 0.00 0.00 0.00 0.00 0.00
A-6 391,030.12 1,798,499.64 0.00 0.00 0.00 2,189,529.76
A-7 0.00 0.00 (69,726.88) 0.00 0.00 (69,726.88)
A-8 59,372.00 0.00 0.00 0.00 0.00 59,372.00
APO 6,057.78 8,023.11 0.00 0.00 0.00 14,080.89
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 8,456.47 0.00 0.00 0.00 0.00 8,456.47
B-1 5,635.62 0.00 0.00 0.00 0.00 5,635.62
B-2 2,817.81 0.00 0.00 0.00 0.00 2,817.81
B-3 1,690.69 0.00 0.00 0.00 0.00 1,690.69
B-4 846.87 0.00 0.00 0.00 0.00 846.87
B-5 0.00 0.00 0.00 0.00 1,691.45 0.00
<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-1 152,825.83 0.00 0.00 0.00 0.00
A-2 119,036.67 0.00 0.00 0.00 0.00
A-3 150,615.83 0.00 0.00 0.00 0.00
A-4 124,576.67 0.00 0.00 0.00 0.00
A-5 53,196.67 0.00 0.00 0.00 0.00
A-6 276,913.75 0.00 0.00 0.00 0.00
A-7 69,726.88 0.00 0.00 0.00 0.00
A-8 117,752.08 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 0.00
A-R 0.15 0.00 0.00 0.00 0.00
A-LR 0.15 0.00 0.00 0.00 0.00
M 16,771.67 0.00 0.00 0.00 0.00
B-1 11,177.08 0.00 0.00 0.00 0.00
B-2 5,588.54 0.00 0.00 0.00 0.00
B-3 3,353.12 0.00 0.00 0.00 0.00
B-4 1,679.58 0.00 0.00 0.00 0.00
B-5 3,354.64 0.00 0.00 284.25 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 27,660,461.54 0.00 152,825.83
A-2 0.00 21,976,000.00 0.00 119,036.67
A-3 0.00 27,806,000.00 0.00 150,615.83
A-4 0.00 21,356,000.00 0.00 124,576.67
A-5 0.00 8,747,702.92 0.00 53,196.67
A-6 0.00 43,644,470.24 0.00 276,913.75
A-7 0.00 11,610,726.88 0.00 69,726.88
A-8 0.00 19,430,628.00 0.00 117,752.08
APO 0.00 1,859,081.14 0.00 0.00
A-R 0.00 25.00 0.00 0.15
A-LR 0.00 25.00 0.00 0.15
M 0.00 2,767,543.53 0.00 16,771.67
B-1 0.00 1,844,364.38 0.00 11,177.08
B-2 0.00 922,182.19 0.00 5,588.54
B-3 0.00 553,309.31 0.00 3,353.12
B-4 0.00 277,153.13 0.00 1,679.58
B-5 284.25 553,559.03 0.00 3,070.39
<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 5,626.21
Servicing Fee Support 5,626.21
Non-Supported Prepayment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 38,515.95
Master Servicing Fee 2,465.02
Supported Prepayment/Curtailment Interest Shortfall 5,626.21
Net Servicing Fees 35,354.76
</TABLE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 64,456.55
Reimbursement of Advances 0.00
Ending Cumulative Advances 64,456.55
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Current Unpaid
Number of Number Of Principal
Days Loans Balance
<S> <C> <C>
30 Days 0 0.00
60 Days 0 0.00
90+ Days 0 0.00
Foreclosure 0 0.00
REO 0 0.00
Totals 0 0.00
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Principal Balance of Contaminated Properties 0.00
Periodic Advance 674,372.08
Current Period Realized Loss - Includes Interest Shortfall 1,691.45
Cumulative Realized Losses - Includes Interest Shortfall 1,691.45
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed Ratio Strip
Weighted Average Gross Coupon 7.771353%
Weighted Average Pass-Through Rate 7.250000%
Weighted Average Maturity (Stepdown Calculation) 176 Months
Beginning Scheduled Collateral Loan Count 595
Number of Loans Paid in Full 4
Ending Scheduled Collateral Loan Count 591
Beginning Scheduled Collateral Balance 185,029,462.51
Ending Scheduled Collateral Balance 182,261,529.38
Ending Actual Collateral Balance at 31-Jan-1997 182,476,083.29
Monthly P&I Constant 1,715,799.30
Class AP Deferred Amount 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Loss Description Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.05404545% 100,000.00 0.05486621%
Fraud 3,700,589.25 2.00000000% 3,700,589.25 2.03037320%
Special Hazard 2,000,000.00 1.08090894% 2,000,000.00 1.09732427%
<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 6,939,250.48 3.75034894% 6,918,111.57 3.79570587%
M 4,163,250.48 2.25004733% 4,150,568.04 2.27725953%
B-1 2,313,250.48 1.25020656% 2,306,203.66 1.26532663%
B-2 1,388,250.48 0.75028618% 1,384,021.47 0.75936018%
B-3 833,250.48 0.45033395% 830,712.16 0.45578031%
B-4 555,250.48 0.30008760% 553,559.03 0.30371688%
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>
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