<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 24, 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
--------------
N/A
-----------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
------------
Filing of Prospectus and Prospectus Supplement.
- ----------------------------------------------
Pursuant to Rule 424(b) under the Securities Act of 1933, as amended,
Norwest Asset Acceptance Corporation (the "Depositor") is filing a prospectus
and prospectus supplement with the Securities and Exchange Commission relating
to its Series 1998-HE1 Asset Backed Certificates.
The consolidated financial statements of Ambac Assurance Corporation
and its subsidiaries as of December 31, 1997 and December 31, 1996, and for the
three-year period ended December 31, 1997, included in the Annual Report on Form
10-K of Ambac Financial Group, Inc. (which was filed with the Securities and
Exchange Commission on March 31, 1998) are hereby incorporated by reference in
(i) this Current Report on Form 8-K; (ii) the registration statement (No. 333-
32577) of the Depositor; and (iii) the Prospectus Supplement of the Depositor,
and shall be deemed to be part hereof and thereof.
Also included for filing with the offering of the Series 1998-HE1
Asset Backed Certificates, attached hereto as Exhibit 23.1, is the consent of
KPMG Peat Marwick LLP, independent accountants for Ambac Assurance Corporation,
insurer of the Class A Series 1998-HE1 Asset Backed Certificates (the "Offered
Certificates").
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
-------------------------------------------------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of KPMG Peat Marwick LLP.
<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 24, 1998
<PAGE>
EXHIBIT INDEX
-------------
Exhibit Page
- ------- ----
23.1 Consent of KPMG Peat Marwick LLP.
<PAGE>
Exhibit 23.1
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Ambac Assurance Corporation:
We consent to the incorporation by reference in the registration statement (No.
333-32577) of Norwest Asset Acceptance Corporation (the "Registrant"), and the
Prospectus Supplement of the Registrant (the "Prospectus Supplement"), included
in Form 8-K of the Registrant dated April 24, 1998, of our report dated January
29, 1998 on the consolidated financial statements of Ambac Assurance Corporation
as of December 31, 1997 and 1996, and for each of the years in the three-year
period ended December 31, 1997, which report appears in the Form 10-K of Ambac
Financial Group, Inc. dated March 31, 1998 and to the reference to our firm
under the heading "Experts" in the Prospectus Supplement.
/s/ KPMG Peat Marwick LLP
-------------------------
New York, New York
April 24, 1998
