<PAGE>
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 (date of earliest event reported) April 22, 1998
--------------
Norwest Asset Acceptance Corporation
--------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-32577 52-2049703
- ---------------------- ------------- ------------------
(State or other (Commission (IRS Employer
jurisdiction of incorporation) File Number) ID Number)
7485 New Horizon Way, Frederick, Maryland 21703
- ----------------------------------------- -----------------
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (301) 846-8101
--------------
Directors Asset Conduit Corporation
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
------------
Filing of Computational Materials.
- ---------------------------------
In connection with the offering of the Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1, Donaldson, Lufkin & Jenrette
Securities Corporation (the "Underwriter") prepared and distributed certain
materials (the "Computational Materials") to their potential investors. Although
the Depositor provided the Underwriter with certain information regarding the
characteristics of the Home Equity Loans in the related portfolio, it did not
participate in the preparation of the Computational Materials. The Computational
Materials are attached hereto as Exhibit 99.1.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
------------------------------------------------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials.
<PAGE>
SIGNATURES
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 thereunto duly authorized.
NORWEST ASSET ACCEPTANCE CORPORATION
By: /s/ B. David Bialzak
-------------------------
Name: B. David Bialzak
Title: Vice President
Dated: April 22, 1998
<PAGE>
EXHIBIT INDEX
-------------
Exhibit Page
- ------- ----
99.1 Computational Materials.
<PAGE>
[LETTERHEAD OF DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION APPEARS HERE]
DERIVED INFORMATION
$219,697,000 Certificates
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
Norwest Mortgage, Inc.
as Seller and Servicer
<PAGE>
[LETTERHEAD OF DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
$219,697,000
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
<TABLE>
<CAPTION>
- ------------ -------------- -------------- ----------- ----------- ---------- ----------- ----------- --------------- --------------
Approximate WAL Modified Principal Principal Proposed Expected
Certificate Tranche Type Coupon/(2)/ (Years) Duration Window Window Rating Legal Final
Class/(1)/ Balance /(1)/ /(3,4)/ (Yrs)/(3)/ (to Mat) (to Call) (Mdy/S&P)
- ------------ -------------- -------------- ----------- ----------- ---------- ----------- ----------- --------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A $219,697,000 Adjustable 1ML + [ ]% 2.74* 2.36* 184 83 Aaa/AAA 5/25/28
- ------------ -------------- -------------- ----------- ----------- ---------- ----------- ----------- --------------- --------------
Total $219,697,000
- ------------ --------------
</TABLE>
*Run to 10% call.
Certificate ratings, which are a condition to issuance, are based upon the
claims paying ability of AMBAC Assurance Corporation ("AMBAC").
Class A Certificate:
- --------------------
(1) Class A Certificates are backed by fixed rate mortgage loans (approximately
13.69%) and adjustable rate mortgage loans (approximately 86.31%).
(2) Payable monthly starting 5/26/98. Resets monthly to one month LIBOR
(Actual/360) plus spread, settling flat. After 10% Call Date, spread on
Class A Certificates doubles. Class A coupon subject to the Available Funds
Pass-Through Rate described herein.
(3) Class A Certificates pricing speed: Fixed Rate Loans - 120% of Prepayment
Assumption (100% Prepayment Assumption: 4.0% CPR in month 1, and an
additional 1.455% (precisely 16/11) in each month thereafter until month
12; on and thereafter, 20% CPR). Adjustable Rate Loans - 100% of Prepayment
Assumption (100% Prepayment Assumption: 0% CPR in month 1, and an
additional 2.727% (precisely 30/11) in each month thereafter until month
12; on and thereafter, 30% CPR).
(4) Class A Certificates priced to call.
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
Summary Terms
Underwriter: Donaldson, Lufkin & Jenrette Securities Corporation
Seller and Servicer: Norwest Mortgage, Inc.
Certificate Administrator: Norwest Bank Minnesota, N.A., a national banking
association ("Norwest Bank")
Trustee: First Union National Bank ("Trustee")
Registration: The Class A Certificates will be available in book-
entry form through DTC, Cedel and Euroclear.
Cut-off Date: April [1], 1998
Pricing Date: April [_], 1998
Settlement Date: April [30], 1998
Distribution Dates: [25]th day of each month (or the next succeeding
business day), beginning May 1998
Certificate Ratings: The Class A Certificates are anticipated to be rated
"Aaa" by Moody's Investors Service, Inc. ("Moody's")
and "AAA" by Standard & Poor's Rating Services
("S&P").
Certificate Insurer: AMBAC Assurance Corporation ("AMBAC"), claims paying
ability rated Aaa/AAA by Moody's and S&P,
respectively.
Optional Termination: 10% optional clean-up call (outstanding mortgage pool
balance is less than 10% of the initial mortgage pool
balance as of the Cut-off Date).
Class A Certificate For any distribution date, a fraction, expressed as a
Available Funds Cap: percentage, obtained by dividing (x) the amount of
interest that accrued on the mortgage loans minus the
sum of the amounts of (i) the Servicing Fee: [0.50]%,
(ii) Certificate Administrator Fees: [0.035]%, (iii)
Monoline Premium: [0.12]%, and (iv) starting in month
13, a Surety Carveout: [0.50]% by (y) the product of
(i) the aggregate Class A Certificate balance and
(ii) the actual number of days elapsed during such
accrual period divided by 360.
Mortgage Loans: Fixed rate and adjustable rate (closed-end), first
lien subprime home equity mortgage loans, all of
which are expected to be delivered on the Settlement
Date.
ERISA Eligibility: Subject to the considerations and conditions
described in the Prospectus and Prospectus
Supplement, it is expected that the Certificates may
be purchased by employee benefit plans that are
subject to ERISA.
SMMEA Treatment: The Certificates will constitute "mortgage related
securities" for purposes of SMMEA.
Taxation: REMIC
Credit Enhancement: Excess Spread, Overcollateralization and a 100%
certificate insurance policy provided by AMBAC.
Basis Risk Carry Forward: The Class A Certificate will be entitled to receive
Basis Risk Carry Forward Amounts to the extent
described in the Prospectus Supplement. Neither the
ratings of S&P and Moody's nor the certificate
insurance policy
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
provided by AMBAC covers the likelihood of payment of or payment of any Basis
Risk Carry Forward Amounts.
Bond Summary
<TABLE>
<CAPTION>
Class A (To Maturity)
- ---------------------
- ------------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption - FRM 0.0% PPC 50.0% PPC 75.0% PPC 120.0% PPC 150.0% PPC 175.0% PPC 200.0% PPC
% of Prepay Assumption - ARM 0.0% PPC 50.0% PPC 70.0% PPC 100.0% PPC 120.0% PPC 140.0% PPC 160.0% PPC
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 21.20 6.01 4.34 2.97 2.43 2.05 1.76
Modified Duration (yrs.) 11.15 4.39 3.40 2.49 2.09 1.80 1.57
First Principal Payment Date 5/25/98 5/25/98 5/25/98 5/25/98 5/25/98 5/25/98 5/25/98
Last Principal Payment Date 1/25/28 4/25/25 6/25/20 8/25/13 9/25/10 8/25/08 1/25/07
Payment Window (mos.) 357 324 266 184 149 124 105
Yield @ 100.00000 6.017 6.025 6.027 6.030 6.031 6.032 6.033
---------------
<CAPTION>
Class A (To 10% Call)
- ---------------------
- ------------------------------------------------------------------------------------------------------------------------------------
% of Prepay Assumption - FRM 0.0% PPC 50.0% PPC 75.0% PPC 120.0% PPC 150.0% PPC 175.0% PPC 200.0% PPC
% of Prepay Assumption - ARM 0.0% PPC 50.0% PPC 70.0% PPC 100.0% PPC 120.0% PPC 140.0% PPC 160.0% PPC
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Average Life (yrs.) 21.15 5.59 4.01 2.74 2.25 1.90 1.63
Modified Duration (yrs.) 11.15 4.24 3.25 2.36 1.98 1.70 1.48
First Principal Payment Date 5/25/98 5/25/98 5/25/98 5/25/98 5/25/98 5/25/98 5/25/98
Last Principal Payment Date 2/25/27 7/25/12 7/25/08 3/25/05 11/25/03 12/25/02 3/25/02
Payment Window (mos.) 346 171 123 83 67 56 47
Yield @ 100.00000 6.017 6.018 6.018 6.019 6.020 6.020 6.020
---------------
</TABLE>
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DLJ APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
AVAILABLE FUNDS CAP*
<TABLE>
<CAPTION>
Available Available Available
Period Funds Cap Period Funds Cap Period Funds Cap
------ --------- ------ --------- ------ ---------
<S> <C> <C> <C> <C> <C>
2 8.560% 27 11.261% 52 13.385%
3 8.863% 28 10.989% 53 13.405%
4 8.577% 29 11.092% 54 13.873%
5 8.578% 30 11.737% 55 13.472%
6 8.980% 31 11.441% 56 13.929%
7 8.690% 32 12.163% 57 13.506%
8 9.173% 33 11.889% 58 13.502%
9 8.894% 34 11.982% 59 14.943%
10 8.894% 35 13.654% 60 13.524%
11 10.121% 36 12.601% 61 13.970%
12 9.167% 37 13.031% 62 13.515%
13 8.971% 38 12.744% 63 13.961%
14 8.687% 39 13.180% 64 13.506%
15 8.999% 40 12.846% 65 13.501%
16 8.714% 41 12.947% 66 13.946%
17 8.719% 42 13.484% 67 13.492%
18 9.252% 43 13.112% 68 13.936%
19 8.959% 44 13.564% 69 13.482%
20 9.864% 45 13.203% 70 13.477%
21 9.568% 46 13.218% 71 14.402%
22 9.822% 47 14.651% 72 13.468%
23 11.060% 48 13.313% 73 13.912%
24 10.723% 49 13.775% 74 13.458%
25 11.087% 50 13.348% 75 13.902%
26 10.874% 51 13.812% 76 13.448%
</TABLE>
* Achieved assuming 6 month LIBOR and 1 year CMT increase to a level beyond the
highest maximum obtainable rate on the underlying fixed and adjustable rate
mortgage loans (beginning month 2; June 25, 1998 distribution); run at the
pricing speed.
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DLJ APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
AVAILABLE FUNDS CAP*
<TABLE>
<CAPTION>
Available Available Available
Period Funds Cap Period Funds Cap Period Funds Cap
------ --------- ------ --------- ------ ---------
<S> <C> <C> <C> <C> <C>
77 13.444% 102 14.307% 127 15.254%
78 13.887% 103 13.879% 128 15.858%
79 13.434% 104 14.378% 129 15.443%
80 13.877% 105 13.950% 130 15.545%
81 13.424% 106 13.988% 131 17.328%
82 13.419% 107 15.530% 132 15.762%
83 14.852% 108 14.067% 133 16.407%
84 13.423% 109 14.580% 134 16.000%
85 13.887% 110 14.154% 135 16.665%
86 13.456% 111 14.673% 136 16.261%
87 13.923% 112 14.247% 137 16.402%
88 13.493% 113 14.296% 138 17.101%
89 13.512% 114 14.826% 139 16.705%
90 13.983% 115 14.402% 140 17.430%
91 13.553% 116 14.940% 141 17.040%
92 14.027% 117 14.516% 142 17.221%
93 13.597% 118 14.577% 143 19.277%
94 13.621% 119 15.650% 144 17.613%
95 15.107% 120 14.706% 145 18.420%
96 13.671% 121 15.267% 146 18.051%
97 14.154% 122 14.846% 147 18.899%
98 13.724% 123 15.418% 148 18.541%
99 14.211% 124 14.999%
100 13.783% 125 15.080%
101 13.814% 126 15.671%
</TABLE>
* Achieved assuming 6 month LIBOR and 1 year CMT increase to a level beyond the
highest maximum obtainable rate on the underlying fixed and adjustable rate
mortgage loans (beginning month 2; June 25, 1998 distribution); run at the
pricing speed.
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DLJ APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
Collateral Summary - Home Equity Loan Characteristics as of April 1, 1998
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Total Number of Loans 1,977
Total Outstanding Loan Balance $ 219,697,288.90 Fixed Rate 13.69%
Level Pay (% of Total) 99.81% Adjustable Rate 86.31%
Balloon Loans (% of Total) 0.23%
Arm Adjustment Type*: "2/28" "1 Yr. CMT" "3/1" ** "6 ML"
----- ----------- -------- ------
53.50% 31.21% 10.54% 4.76%
<CAPTION>
-------------------------------------------
Min Max
-------------------------------------------
<S> <C> <C> <C>
Average Loan Original Balance $ 111,415.44 $ 9,000.00 $ 700,000.00
Average Loan Current Balance $ 111,126.60 $ 8,889.58 $ 699,326.61
Weighted Average Original LTV 77.34% 14.00% 91.85%
Weighted Average Coupon 9.47% 5.00% 13.38%
Weighted Average Gross Margin* 6.40% 3.75% 8.88%
Weighted Average Gross Life Cap* 15.36% 11.00% 18.50%
Weighted Average Minimum Rate* 9.35% 5.00% 12.50%
Weighted Average Periodic Cap* 1.44% 1.00% 2.00%
Weighted Average First Adj. Cap* 2.59% 1.00% 3.00%
Weighted Average Rem Term to Mat (months) 353.4 173 360
Weighted Average Seasoning (months) 3.6 0 10
Weighted Average Original Term (months) 357.0 180 360
<CAPTION>
<S> <C> <C> <C> <C>
Range of Original Terms Level Pay 100.00% Balloons 100.00%
------------------------------------ -------------------------------------------
180 months 1.48% 180 months 100.00%
360 months 98.52%
Index* 6 Month LIBOR 58.25%
1 Year CMT 41.75%
Lien Position 1st Lien 100.00%
Occupancy Status Primary 94.33%
Second Home 1.25%
Investment Property 4.42%
Property Type Single Family 93.74% PUD 0.91%
2-4 Family 2.78% Townhouse 0.11%
Condominium 2.46%
Geographic Concentration CA 14.97% UT 4.64%
(states not listed individually account for MI 7.37% NY 4.43%
Less than 4% of the pool balance) NJ 5.25% CO 4.39%
WA 4.87%
Credit Level Gold 55.00% Level 3 4.44%
(per Seller's subprime mortgage Level 1 26.86% Level 4 1.59%
underwriting guidelines) Level 2 12.11%
</TABLE>
* Assumes characteristics for Adjustable Rate loans only.
** "3/1" refers to loans which are fixed for the first three years and adjust
annually off 1 Year CMT.
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DLJ APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
Detailed Collateral Summary - Home Equity Loan Characteristics as of April 1,
1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Count Loan Balance Percent of Total
---------- ------------ ----------------
<S> <C> <C> <C> <C> <C> <C>
Original Balance 0.00+ to 25,000.00 36 727,748.43 0.33
25,000.00+ to 50,000.00 274 10,923,384.10 4.97
50,000.00+ to 75,000.00 486 30,558,171.59 13.91
75,000.00+ to 100,000.00 348 30,283,374.83 13.78
100,000.00+ to 125,000.00 260 29,128,444.53 13.26
125,000.00+ to 150,000.00 163 22,397,689.35 10.19
150,000.00+ to 175,000.00 121 19,607,357.78 8.92
175,000.00+ to 200,000.00 81 15,173,830.82 6.91
200,000.00+ to 225,000.00 58 12,283,291.96 5.59
225,000.00+ to 250,000.00 32 7,536,878.77 3.43
250,000.00+ to 275,000.00 30 7,835,513.02 3.57
275,000.00+ to 300,000.00 21 6,007,942.07 2.73
300,000.00+ to 325,000.00 13 4,057,689.28 1.85
325,000.00+ to 350,000.00 10 3,373,027.42 1.54
350,000.00+ to 375,000.00 14 5,113,307.54 2.33
375,000.00+ to 400,000.00 5 1,954,385.31 0.89
400,000.00+ to 425,000.00 5 2,096,119.15 0.95
425,000.00+ to 450,000.00 3 1,316,031.80 0.60
450,000.00+ to 475,000.00 1 459,761.52 0.21
475,000.00+ to 500,000.00 6 2,945,588.91 1.34
500,000.00+ to 525,000.00 2 1,034,086.10 0.47
525,000.00+ to 550,000.00 3 1,612,971.09 0.73
575,000.00+ to 600,000.00 1 576,459.46 0.26
600,000.00+ to 625,000.00 1 616,275.78 0.28
675,000.00+ to 700,000.00 3 2,077,958.29 0.95
-----------------------------------------------------------------------------------------------
Total 1,977 219,697,288.90 100.00
Current Balance 0.00+ to 25,000.00 36 727,748.43 0.33
25,000.00+ to 50,000.00 276 11,023,144.01 5.02
50,000.00+ to 75,000.00 485 30,533,385.17 13.90
75,000.00+ to 100,000.00 351 30,600,159.26 13.93
100,000.00+ to 125,000.00 256 28,736,686.61 13.08
</TABLE>
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DLJ APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HEI
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DLJ APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
Detailed Collateral Summary - Home Equity Loan Characteristics as of
April 1, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Count Loan Balance Percent of Total
---------- ------------ ----------------
<S> <C> <C> <C> <C> <C> <C>
Current Balance (cont'd) 125,000.00+ to 150,000.00 163 22,397,689.35 10.19
150,000.00+ to 175,000.00 122 19,782,326.11 9.00
175,000.00+ to 200,000.00 80 14,998,862.49 6.83
200,000.00+ to 225,000.00 58 12,283,291.96 5.59
225,000.00+ to 250,000.00 33 7,786,238.72 3.54
250,000.00+ to 275,000.00 29 7,586,153.07 3.45
275,000.00+ to 300,000.00 21 6,007,942.07 2.73
300,000.00+ to 325,000.00 13 4,057,689.28 1.85
325,000.00+ to 350,000.00 10 3,373,027.42 1.54
350,000.00+ to 375,000.00 14 5,113,307.54 2.33
375,000.00+ to 400,000.00 5 1,954,385.31 0.89
400,000.00+ to 425,000.00 5 2,096,119.15 0.95
425,000.00+ to 450,000.00 3 1,316,031.80 0.60
450,000.00+ to 475,000.00 1 459,761.52 0.21
475,000.00+ to 500,000.00 6 2,945,588.91 1.34
500,000.00+ to 525,000.00 2 1,034,086.10 0.47
525,000.00+ to 550,000.00 3 1,612,971.09 0.73
575,000.00+ to 600,000.00 1 576,459.46 0.26
600,000.00+ to 625,000.00 1 616,275.78 0.28
675,000.00+ to 700,000.00 3 2,077,958.29 0.95
-----------------------------------------------------------------------------------------------
Total 1,977 219,697,288.90 100.00
Interest Rate 4.500+ to 5.000 1 74,728.51 0.03
7.000+ to 7.500 13 2,120,927.74 0.97
7.500+ to 8.000 46 6,040,445.52 2.75
8.000+ to 8.500 164 23,684,537.99 10.78
8.500+ to 9.000 304 37,777,337.42 17.20
9.000+ to 9.500 429 51,937,096.30 23.64
9.500+ to 10.000 471 50,681,201.41 23.07
10.000+ to 10.500 281 24,394,818.19 11.10
10.500+ to 11.000 174 15,163,405.76 6.90
11.000+ to 11.500 57 4,921,007.19 2.24
</TABLE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DLJ APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HEI
Detailed Collateral Summary - Home Equity Loan Characteristics as of
April 1, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Loan Count Loan Balance Percent of Total
---------- ------------ ----------------
<S> <C> <C> <C> <C> <C> <C>
Interest Rate (cont'd) 11.500+ to 12.000 27 2,085,303.71 0.95
12.000+ to 12.500 9 737,729.39 0.34
13.000+ to 13.500 1 78,749.77 0.04
-----------------------------------------------------------------------------------------------
Total 1,977 219,697,288.90 100.00
Original LTV 0.000+ to 50.000 90 5,644,471.36 2.57
50.000+ to 55.000 41 3,336,512.25 1.52
55.000+ to 60.000 87 7,088,549.32 3.23
60.000+ to 65.000 123 11,318,221.00 5.15
65.000+ to 70.000 178 20,902,069.64 9.51
70.000+ to 75.000 350 38,160,975.62 17.37
75.000+ to 80.000 501 59,526,946.88 27.09
80.000+ to 85.000 328 35,844,398.89 16.32
85.000+ to 90.000 278 37,761,295.69 17.19
90.000+ to 95.000 1 113,848.25 0.05
-----------------------------------------------------------------------------------------------
Total 1,977 219,697,288.90 100.00
Original Term 121 to 180 57 3,673,393.86 1.67
301 to 360 1,920 216,023,895.04 98.33
-----------------------------------------------------------------------------------------------
Total 1,977 219,697,288.90 100.00
Remaining Term 121 to 180 57 3,673,393.86 1.67
301 to 360 1,920 216,023,895.04 98.33
-----------------------------------------------------------------------------------------------
Total 1,977 219,697,288.90 100.00
State AK 10 1,327,433.29 0.60
AL 26 2,302,966.84 1.05
AR 8 613,147.60 0.28
AZ 71 7,864,700.80 3.58
</TABLE>
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DLJ APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
Detailed Collateral Summary - Home Equity Loan Characteristics as of
April 1, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Count Loan Balance Percent of Total
---------- ------------ ----------------
<S> <C> <C> <C> <C>
State (cont'd) CA 196 32,893,222.01 14.97
CO 74 9,650,894.77 4.39
CT 18 3,496,135.73 1.59
DC 5 598,689.12 0.27
DE 10 803,820.73 0.37
FL 70 6,566,723.41 2.99
GA 15 1,393,365.00 0.63
HI 2 592,897.10 0.27
IA 14 932,187.83 0.42
ID 39 2,899,028.66 1.32
IL 79 7,680,840.07 3.50
IN 66 4,908,830.06 2.23
KS 15 1,624,310.15 0.74
KY 11 1,014,327.32 0.46
LA 19 1,729,775.18 0.79
MA 37 4,467,473.77 2.03
MD 18 2,904,015.37 1.32
ME 3 390,415.04 0.18
MI 164 16,201,565.46 7.37
MN 72 7,622,621.53 3.47
MO 16 1,506,375.05 0.69
MS 4 245,418.34 0.11
MT 36 2,757,408.08 1.26
NC 70 7,626,677.60 3.47
ND 11 561,442.08 0.26
NE 16 977,768.82 0.45
NH 24 2,105,256.85 0.96
NJ 75 11,525,547.29 5.25
NM 37 4,053,484.94 1.85
NV 21 3,755,469.35 1.71
NY 90 9,724,651.78 4.43
OH 89 7,228,361.34 3.29
OK 8 648,435.83 0.30
OR 25 2,973,661.29 1.35
</TABLE>
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DLJ APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HEI
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
Detailed Collateral Summary - Home Equity Loan Characteristics as of
April 1, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Count Loan Balance Percent of Total
---------- ------------ ----------------
<S> <C> <C> <C> <C>
State (cont'd) PA 54 4,104,768.33 1.87
RI 1 66,306.30 0.03
SC 13 1,129,040.65 0.51
SD 9 635,469.20 0.29
TN 22 2,139,670.83 0.97
TX 61 5,909,135.55 2.69
UT 83 10,189,731.80 4.64
VA 29 3,013,912.36 1.37
VT 5 685,767.45 0.31
WA 84 10,703,933.30 4.87
WI 34 3,360,054.92 1.53
WV 6 359,416.90 0.16
WY 12 1,230,735.83 0.56
-----------------------------------------------------------------------------------------------------
Total 1,977 219,697,288.90 100.00
Product Description 1 Yr CMT 452 59,174,617.13 26.93
2/28 - 6 ML 891 101,433,862.55 46.17
3/1 -1 Yr CMT 194 19,988,934.75 9.10
6 Month LIBOR 60 9,016,200.76 4.10
Fixed Rate - Balloon 3 422,301.00 0.19
Fixed Rate - Level Pay 377 29,661,372.71 13.50
-----------------------------------------------------------------------------------------------------
Total 1,977 219,697,288.90 100.00
Gross Margin* 3.500+ to 4.000 7 1,037,237.14 0.55
4.000+ to 4.500 21 2,693,628.22 1.42
4.500+ to 5.000 48 6,610,069.59 3.49
5.000+ to 5.500 171 21,179,260.31 11.17
5.500+ to 6.000 223 27,971,151.92 14.75
6.000+ to 6.500 338 40,424,476.10 21.32
6.500+ to 7.000 436 50,885,589.37 26.84
7.000+ to 7.500 264 27,480,078.95 14.49
7.500+ to 8.000 76 9,989,531.84 5.27
8.000+ to 8.500 11 1,041,205.57 0.55
</TABLE>
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
<TABLE>
8.500+ to 9.000 2 301,386.18 0.16
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Total 1,597 189,613,615.19 100.00
</TABLE>
* Assumes characteristics for Adjustable Rate loans only.
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
Detailed Collateral Summary - Home Equity Loan Characteristics as of April 1,
1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Count Loan Balance Percent of Total
---------- ------------ ----------------
<S> <C> <C> <C> <C> <C> <C>
Maximum Rate* 10.500+ to 11.000 1 74,728.51 0.04
13.000+ to 13.500 13 2,120,927.74 1.12
13.500+ to 14.000 45 5,935,279.60 3.13
14.000+ to 14.500 156 23,047,183.72 12.15
14.500+ to 15.000 277 35,209,505.01 18.57
15.000+ to 15.500 383 47,375,540.10 24.99
15.500+ to 16.000 385 43,826,692.20 23.11
16.000+ to 16.500 197 18,437,959.41 9.72
16.500+ to 17.000 111 10,804,236.55 5.70
17.000+ to 17.500 20 1,719,116.43 0.91
17.500+ to 18.000 6 667,319.60 0.35
18.000+ to 18.500 3 395,126.32 0.21
--------------------------------------------------------------------------------------------------
Total 1,597 189,613,615.19 100.00
Minimum Rate* 4.500+ to 5.000 1 74,728.51 0.04
7.000+ to 7.500 13 2,120,927.74 1.12
7.500+ to 8.000 47 6,238,361.25 3.29
8.000+ to 8.500 158 23,364,780.35 12.32
8.500+ to 9.000 279 35,492,624.29 18.72
9.000+ to 9.500 381 47,057,943.47 24.82
9.500+ to 10.000 384 43,773,530.35 23.09
10.000+ to 10.500 197 18,437,959.41 9.72
10.500+ to 11.000 108 10,271,197.47 5.42
11.000+ to 11.500 20 1,719,116.43 0.91
11.500+ to 12.000 6 667,319.60 0.35
12.000+ to 12.500 3 395,126.32 0.21
--------------------------------------------------------------------------------------------------
Total 1,597 189,613,615.19 100.00
</TABLE>
* Assumes characteristics for Adjustable Rate loans only.
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HE1
Detailed Collateral Summary - Home Equity Loan Characteristics as of April 1,
1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Count Loan Balance Percent of Total
---------- ------------ ----------------
<S> <C> <C> <C> <C>
Initial Rate Cap* 1.000 59 8,893,058.24 4.69
2.000 453 59,297,759.65 31.27
3.000 1,085 121,422,797.30 64.04
--------------------------------------------------------------------------------------------------
Total 1,597 189,613,615.19 100.00
Periodic Rate Cap* 1.000 916 106,221,538.46 56.02
2.000 681 83,392,076.73 43.98
--------------------------------------------------------------------------------------------------
Total 1,597 189,613,615.19 100.00
Index* 1 Yr. CMT 646 79,163,551.88 41.75
6 Month LIBOR 951 110,450,063.31 58.25
--------------------------------------------------------------------------------------------------
Total 1,597 189,613,615.19 100.00
Rate Adjustment Frequency* 12 months 646 79,163,551.88 41.75
6 months 951 110,450,063.31 58.25
--------------------------------------------------------------------------------------------------
Total 1,597 189,613,615.19 100.00
</TABLE>
* Assumes characteristics for Adjustable Rate loans only.
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
[LETTERHEAD OF DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION APPEARS HERE]
Norwest Asset Acceptance Corporation
Asset Backed Certificates, Series 1998-HEI
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
- --------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
<PAGE>
Norwest Asset Acceptance Corporation
- -------------------------------------------------------------------------------
Asset Backed Certificates, Series 1998-HE1
6 Month LIBOR
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Credit Principal Percent Weighted Average Average
Grade Balance of Balance Loan-To-Value Balance
Gold 6,502,499.60 72.12% 80.05 180,624.99
Level 1 1,422,807.04 15.78% 79.30 118,567.25
Level 2 641,745.02 7.12% 77.44 91,677.86
Level 3 322,876.30 3.58% 71.32 107,625.43
Level 4 126,272.80 1.40% 58.49 63,136.40
<CAPTION>
<S> <C> <C> <C>
Weighted Average Weighted Average Weighted Average Weighted Average
Gross Rate Gross Margin Maximum Rate Remaining Term
8.89 5.72 14.79 357
9.03 5.78 14.83 356
9.56 6.36 14.99 356
9.53 5.97 15.26 355
10.01 6.38 16.01 357
</TABLE>
1 Year CMT
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Credit Principal Percent Weighted Average Average
Grade Balance of Balance Loan-To-Value Balance
Gold 34,638,762.20 58.54% 79.61 141,962.14
Level 1 16,356,594.33 27.64% 78.44 132,980.44
Level 2 5,235,280.15 8.85% 74.90 102,652.55
Level 3 2,322,299.47 3.92% 70.24 89,319.21
Level 4 621,680.98 1.05% 55.32 77,710.12
<CAPTION>
<S> <C> <C> <C>
Weighted Average Weighted Average Weighted Average Weighted Average
Gross Rate Gross Margin Maximum Rate Remaining Term
8.75 5.89 14.75 356
9.12 6.76 15.12 356
9.70 6.76 15.70 356
9.80 6.32 15.80 356
10.55 6.95 16.55 357
</TABLE>
2/28 - 6 Month LIBOR
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Credit Principal Percent Weighted Average Average
Grade Balance of Balance Loan-To-Value Balance
Gold 54,521,875.55 53.75% 81.39 125,916.57
Level 1 27,695,042.99 27.30% 78.36 109,900.96
Level 2 12,962,819.35 12.78% 72.72 98,952.82
Level 3 4,378,477.22 4.32% 71.85 93,159.09
Level 4 1,875,647.44 1.85% 58.72 66,987.41
<CAPTION>
<S> <C> <C> <C>
Weighted Average Weighted Average Weighted Average Weighted Average
Gross Rate Gross Margin Maximum Rate Remaining Term
9.32 6.19 15.33 357
9.62 6.93 15.64 356
9.84 6.77 15.89 357
10.33 7.10 16.33 355
10.88 7.47 16.88 358
</TABLE>
3/1 - 1 Year CMT
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Credit Principal Percent Weighted Average Average
Grade Balance of Balance Loan-To-Value Balance
Gold 9,314,968.97 46.60% 78.02 120,973.62
Level 1 6,361,590.39 31.83% 76.55 93,552.80
Level 2 2,864,152.99 14.33% 72.91 92,392.03
Level 3 1,135,893.09 5.68% 73.05 75,726.21
Level 4 312,329.31 1.56% 64.98 104,109.77
<CAPTION>
<S> <C> <C> <C>
Weighted Average Weighted Average Weighted Average Weighted Average
Gross Rate Gross Margin Maximum Rate Remaining Term
9.41 6.17 15.41 356
9.69 6.67 15.69 356
10.03 6.94 16.03 357
10.76 7.32 16.76 356
11.13 6.50 17.13 357
</TABLE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
- -------------------------------------------------------------------------------
Donaldson, Lufkin & Jenrette
<PAGE>
Norwest Asset Acceptance Corporation
- --------------------------------------------------------------------------------
Asset Backed Certificates, Series 1998-HE1
Balance Greater (or equal to) than $400,000
6 Month LIBOR
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Credit Principal Percent Weighted Average Average
Grade Balance of Balance Loan-To-Value Balance
Gold 1,040,572.65 100.00% 76.22 520,286.33
<CAPTION>
<C> <C> <C> <C>
Weighted Average Weighted Average Weighted Average Weighted Average
Gross Rate Gross Margin Maximum Rate Remaining Term
9.00 5.36 15.00 356
</TABLE>
1 Year CMT
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Credit Principal Percent Weighted Average Average
Grade Balance of Balance Loan-To-Value Balance
Gold 3,780,674.53 72.27% 76.79 472,584.32
Level 1 957,579.43 18.30% 78.71 478,789.72
Level 2 493,061.54 9.43% 70.00 493,061.54
<CAPTION>
<S> <C> <C> <C>
Weighted Average Weighted Average Weighted Average Weighted Average
Gross Rate Gross Margin Maximum Rate Remaining Term
8.83 6.17 14.83 357
9.00 7.38 15.00 357
10.00 7.88 16.00 358
</TABLE>
2/28 - 6 Month LIBOR
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Credit Principal Percent Weighted Average Average
Grade Balance of Balance Loan-To-Value Balance
Gold 3,022,284.26 81.21% 76.25 503,714.04
Level 1 699,326.61 18.79% 73.68 699,326.61
<CAPTION>
<S> <C> <C> <C>
Weighted Average Weighted Average Weighted Average Weighted Average
Gross Rate Gross Margin Maximum Rate Remaining Term
9.11 6.35 15.11 357
9.63 7.63 15.63 358
</TABLE>
3/1 - 1 Year CMT
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Credit Principal Percent Weighted Average Average
Grade Balance of Balance Loan-To-Value Balance
Gold 699,252.12 100.00% 63.64 699,252.12
<CAPTION>
<S> <C> <C> <C>
Weighted Average Weighted Average Weighted Average Weighted Average
Gross Rate Gross Margin Maximum Rate Remaining Term
9.13 6.50 15.13 358
</TABLE>
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein is preliminary, does not purport to be complete and is subject to the
same qualifications and assumptions, and should be considered by investors only
in the light of the same warnings, lack of assurances and representations and
other precautionary matters, as disclosed in the Offering Document. Information
regarding the underlying assets has been provided by third parties and has not
been independently verified by Donaldson, Lufkin & Jenrette Securities
Corporation or any affiliate. The analyses contained herein have been prepared
on the basis of certain assumptions (including, in certain cases, assumptions
specified by the recipient hereof) regarding payments, interest rates, losses
and other matters, including, but not limited to, the assumptions described in
the Offering Document. Donaldson, Lufkin & Jenrette Securities Corporation, and
any of its affiliates, make no representation or warranty as to the actual rate
or timing of payments on any of the underlying assets or the payments or yield
on the securities. This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions hereof including,
with respect to any description of the securities or underlying assets, the
information contained in the Offering Document. This information is furnished to
you solely by Donaldson, Lufkin & Jenrette Securities Corporation and not by the
issuer of the securities or any of its affiliates. Donaldson, Lufkin & Jenrette
Securities Corporation is acting as underwriter and not acting as agent for the
issuer or its affiliates in connection with the proposed transaction.
- -------------------------------------------------------------------------------
Donaldson, Lufkin & Jenrette
