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Previous: SOUTHERN PACIFIC SEC ASS CORP MORT LN ASS BK PAS THR CERT SE, 8-K, 1997-04-09 |
Next: NORWEST ASS SEC CORP MORT PAS THR CERT SER 1997-03 TRUST, 8-K, 1997-04-09 |
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 : March 25, 1997
(Date of earliest event reported)
Commission File No.: 333-02209-12
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1997-2 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-2026447, 52-2026450
(I.R.S. Employer Identification No.)
7485 New Horizon Way
Frederick, Maryland 21703
(Address of principal executive offices) (Zip Code)
(301) 696-7800
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
On March 25, 1997 a distribution was made to holders of
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1997-2 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 1997-2 Trust, relating to the March 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 1997-2 Trust
April 01, 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 1997-2 Trust, relating to the March 25,1997
distribution
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 28-Feb-1997
Distribution Date: 25-Mar-1997
NASCOR Series 1997-2
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 66937NJG4 7.00000 108,637,000.00 106,397,696.24 0.97938728
A-2 66937NJH2 7.50000 40,398,000.00 39,833,621.46 0.98602954
A-3 66937NJJ8 5.98750 56,868,000.00 56,121,569.79 0.98687434
A-4 66937NJK5 3.01250 0.00 0.00 0.00000000
A-5 66937NJL3 7.00000 61,968,000.00 61,968,000.00 1.00000000
A-6 66937NJM1 7.50000 40,351,000.00 40,351,000.00 1.00000000
A-7 66937NJN9 7.70000 5,338,000.00 5,338,000.00 1.00000000
A-8 66937NJP4 7.50000 80,000,000.00 79,946,043.93 0.99932555
A-9 66937NJQ2 7.50000 5,000,000.00 4,996,627.75 0.99932555
A-10 66937NJR0 7.37500 23,726,000.00 23,726,000.00 1.00000000
A-11 66937NJS8 7.50000 44,266,000.00 43,353,543.27 0.97938696
A-12 66937NKE7 7.50000 25,251,000.00 25,251,000.00 1.00000000
AWIO 66937NJU3 0.46029 0.00 0.00 0.00000000
A-R 66937NJV1 7.50000 500.00 0.00 0.00000000
A-LR 66937NJW9 7.50000 500.00 0.00 0.00000000
APO 66937NJT6 0.00000 1,424,841.01 1,423,551.55 0.99909501
M 66937NJX7 7.50000 7,727,000.00 7,721,788.52 0.99932555
B-1 66937NJY5 7.50000 6,439,000.00 6,434,657.21 0.99932555
B-2 66937NJZ2 7.50000 2,576,000.00 2,574,262.61 0.99932555
B-3 66937NKB3 7.50000 1,545,000.00 1,543,957.97 0.99932555
B-4 66937NKC1 7.50000 1,803,000.00 1,801,783.97 0.99932555
B-5 66937NKD9 7.50000 1,803,338.34 1,802,122.08 0.99932555
</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-1 137,646.84 2,101,656.92 0.00 0.00 0.00 2,239,303.76
A-2 34,691.55 529,686.99 0.00 0.00 0.00 564,378.54
A-3 45,882.01 700,548.20 0.00 0.00 0.00 746,430.21
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 0.00 0.00 0.00 0.00 0.00 0.00
A-7 0.00 0.00 0.00 0.00 0.00 0.00
A-8 53,956.07 0.00 0.00 0.00 0.00 53,956.07
A-9 3,372.25 0.00 0.00 0.00 0.00 3,372.25
A-10 0.00 0.00 0.00 0.00 0.00 0.00
A-11 56,087.43 856,369.30 0.00 0.00 0.00 912,456.73
A-12 0.00 0.00 0.00 0.00 0.00 0.00
AWIO 0.00 0.00 0.00 0.00 0.00 0.00
A-R 30.73 469.27 0.00 0.00 0.00 500.00
A-LR 30.73 469.27 0.00 0.00 0.00 500.00
APO 1,094.42 195.04 0.00 0.00 0.00 1,289.46
M 5,211.48 0.00 0.00 0.00 0.00 5,211.48
B-1 4,342.79 0.00 0.00 0.00 0.00 4,342.79
B-2 1,737.39 0.00 0.00 0.00 0.00 1,737.39
B-3 1,042.03 0.00 0.00 0.00 0.00 1,042.03
B-4 1,216.03 0.00 0.00 0.00 0.00 1,216.03
B-5 610.04 0.00 0.00 0.00 606.22 610.04
<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-1 633,715.83 0.00 0.00 0.00 0.00
A-2 252,487.50 0.00 0.00 0.00 0.00
A-3 283,747.62 0.00 0.00 0.00 0.00
A-4 142,762.38 0.00 0.00 0.00 0.00
A-5 361,480.00 0.00 0.00 0.00 0.00
A-6 252,193.75 0.00 0.00 0.00 0.00
A-7 34,252.17 0.00 0.00 0.00 0.00
A-8 500,000.00 0.00 0.00 0.00 0.00
A-9 31,250.00 0.00 0.00 0.00 0.00
A-10 145,816.04 0.00 0.00 0.00 0.00
A-11 276,662.50 0.00 0.00 0.00 0.00
A-12 157,818.75 0.00 0.00 0.00 0.00
AWIO 161,397.35 0.00 0.00 0.00 0.00
A-R 3.12 0.00 0.00 0.00 0.00
A-LR 3.12 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 0.00
M 48,293.75 0.00 0.00 0.00 0.00
B-1 40,243.75 0.00 0.00 0.00 0.00
B-2 16,100.00 0.00 0.00 0.00 0.00
B-3 9,656.25 0.00 0.00 0.00 0.00
B-4 11,268.75 0.00 0.00 0.00 0.00
B-5 11,270.86 0.00 0.00 0.00 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 0.00 106,397,696.24 0.00 633,715.83
A-2 0.00 39,833,621.46 0.00 252,487.50
A-3 0.00 56,121,569.79 0.00 283,747.62
A-4 0.00 56,121,569.79 0.00 142,762.38
A-5 0.00 61,968,000.00 0.00 361,480.00
A-6 0.00 40,351,000.00 0.00 252,193.75
A-7 0.00 5,338,000.00 0.00 34,252.17
A-8 0.00 79,946,043.93 0.00 500,000.00
A-9 0.00 4,996,627.75 0.00 31,250.00
A-10 0.00 23,726,000.00 0.00 145,816.04
A-11 0.00 43,353,543.27 0.00 276,662.50
A-12 0.00 25,251,000.00 0.00 157,818.75
AWIO 0.00 416,345,770.76 0.00 161,397.35
A-R 0.00 0.00 0.00 3.12
A-LR 0.00 0.00 0.00 3.13
APO 0.00 1,423,551.55 0.00 0.00
M 0.00 7,721,788.52 0.00 48,293.75
B-1 0.00 6,434,657.21 0.00 40,243.75
B-2 0.00 2,574,262.61 0.00 16,100.00
B-3 0.00 1,543,957.97 0.00 9,656.25
B-4 0.00 1,801,783.97 0.00 11,268.75
B-5 0.00 1,802,122.08 0.00 11,270.86
<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 6,411.77
Servicing Fee Support 6,411.77
Non-Supported Prepayment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 107,311.78
Master Servicing Fee 6,867.96
Supported Prepayment/Curtailment Interest Shortfall 6,411.77
Net Servicing Fees 107,767.96
</TABLE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 204,679.40
Reimbursement of Advances 0.00
Ending Cumulative Advances 204,679.40
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Current Unpaid
Number of Number Of Principal
Days Loans Balance
<S> <C> <C>
30 Days 2 521,696.04
60 Days 0 0.00
90+ Days 0 0.00
Foreclosure 0 0.00
REO 0 0.00
Totals 2 521,696.04
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,560,788.38
Current Period Realized Loss - Includes Interest Shortfall 606.22
Cumulative Realized Losses - Includes Interest Shortfall 606.22
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed Ratio Strip
Weighted Average Gross Coupon 8.121255%
Weighted Average Pass-Through Rate 7.500000%
Weighted Average Maturity (Stepdown Calculation) 356 Months
Beginning Scheduled Collateral Loan Count 1,748
Number of Loans Paid in Full 11
Ending Scheduled Collateral Loan Count 1,737
Beginning Scheduled Collateral Balance 515,122,179.35
Ending Scheduled Collateral Balance 510,585,226.35
Ending Actual Collateral Balance at 28-Feb-1997 511,062,308.97
Monthly P&I Constant 3,835,982.66
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 0.01941287% 100,000.00 0.01958537%
Fraud 10,302,441.71 1.99999964% 10,302,441.71 2.01777121%
Special Hazard 5,151,220.86 0.99999982% 5,151,220.86 1.00888561%
<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 21,893,338.34 4.25012535% 21,878,572.36 4.28499910%
M 14,166,338.34 2.75009287% 14,156,783.84 2.77265834%
B-1 7,727,338.34 1.50009816% 7,722,126.63 1.51240699%
B-2 5,151,338.34 1.00002263% 5,147,864.02 1.00822816%
B-3 3,606,338.34 0.70009378% 3,603,906.05 0.70583829%
B-4 1,803,338.34 0.35007973% 1,802,122.08 0.35295226%
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>
<PAGE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Account Beginning Current Period Current Period Ending
Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 1,581.73 0.00
Reserve Fund 2,000.00 0.00 0.00 2,000.00
Reserve Fund 999.99 0.00 0.00 999.99
</TABLE>
<PAGE>
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