|
|
|
|
|
|
|
|
|
|
Previous: PAMARCO TECHNOLOGIES INC, S-1/A, 1998-01-07 |
Next: NATIONWIDE INVESTING FOUNDATION III, N-14/A, 1998-01-07 |
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 : December 26, 1997
(Date of earliest event reported)
Commission File No.: 333-21263-14
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1997-14 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-2061099
52-2061100
(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 December 26, 1997 a distribution was made to holders of
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1997-14 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 1997-14 Trust, relating to the December
26,1997 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 1997-14 Trust
December 30, 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 1997-14 Trust, relating to the December
26,1997 distribution
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 28-Nov-1997
Distribution Date: 26-Dec-1997
NASCOR Series 1997-14
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 66937NTP3 6.75000 11,434,000.00 11,434,000.00 1.00000000
A-2 66937NTQ1 6.75000 23,600,000.00 23,600,000.00 1.00000000
A-3 66937NTR9 6.75000 18,000,000.00 18,000,000.00 1.00000000
A-4 66937NTS7 6.75000 16,800,000.00 16,800,000.00 1.00000000
A-5 66937NTT5 7.25000 0.00 0.00 0.00000000
A-6 66937NTU2 7.25000 30,920,999.99 30,265,841.92 0.97881187
A-7 66937NTV0 7.25000 20,000,000.01 19,634,141.19 0.98170706
A-8 66937NTW8 7.25000 121,216,299.99 119,893,539.24 0.98908760
A-9 66937NTX6 7.25000 8,932,000.00 4,525,232.12 0.50663145
A-10 66937NTY4 7.25000 12,508,500.00 12,508,500.00 1.00000000
A-11 66937NTZ1 7.25000 67,000,000.00 67,000,000.00 1.00000000
AWIO NMB9714IO 0.48925 0.00 0.00 0.00000000
A-R 66937NUA4 7.25000 100.00 0.00 0.00000000
A-LR 66937NUB2 7.25000 100.00 0.00 0.00000000
APO NMB9714PO 0.00000 199,525.68 198,902.23 0.99687534
M 66937NUC0 7.25000 5,180,000.00 5,169,145.03 0.99790445
B-1 66937NUD8 7.25000 4,488,000.00 4,478,595.15 0.99790445
B-2 66937NUE6 7.25000 1,727,000.00 1,723,380.98 0.99790445
B-3 66937NUF3 7.25000 1,381,000.00 1,378,106.04 0.99790445
B-4 66937NUG1 7.25000 863,000.00 861,191.54 0.99790445
B-5 66937NUH9 7.25000 1,036,447.45 1,034,275.55 0.99790448
</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 0.00 0.00 0.00 0.00 0.00 0.00
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 23,734.26 232,636.47 0.00 0.00 0.00 256,370.73
A-7 13,296.02 130,323.82 0.00 0.00 0.00 143,619.84
A-8 48,825.81 478,576.62 0.00 0.00 0.00 527,402.43
A-9 147,932.63 1,449,993.38 (36,771.92) 0.00 0.00 1,561,154.09
A-10 0.00 0.00 0.00 0.00 0.00 0.00
A-11 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 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
APO 157.27 42.81 0.00 0.00 0.00 200.08
M 3,653.94 0.00 0.00 0.00 0.00 3,653.94
B-1 3,165.81 0.00 0.00 0.00 0.00 3,165.81
B-2 1,218.22 0.00 0.00 0.00 0.00 1,218.22
B-3 974.15 0.00 0.00 0.00 0.00 974.15
B-4 608.76 0.00 0.00 0.00 0.00 608.76
B-5 0.00 0.00 0.00 0.00 731.10 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 64,316.25 0.00 0.00 0.00 0.00
A-2 132,750.00 0.00 0.00 0.00 0.00
A-3 101,250.00 0.00 0.00 0.00 0.00
A-4 94,500.00 0.00 0.00 0.00 0.00
A-5 29,097.50 0.00 0.00 0.00 0.00
A-6 184,405.03 0.00 0.00 0.00 0.00
A-7 119,490.64 0.00 0.00 0.00 0.00
A-8 727,543.19 0.00 0.00 0.00 0.00
A-9 36,771.92 0.00 0.00 0.00 0.00
A-10 75,572.19 0.00 0.00 0.00 0.00
A-11 404,791.67 0.00 0.00 0.00 0.00
AWIO 130,447.21 0.00 0.00 0.00 0.00
A-R 0.00 0.00 0.00 0.00 0.00
A-LR 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 0.00
M 31,252.33 0.00 0.00 0.00 0.00
B-1 27,077.31 0.00 0.00 0.00 0.00
B-2 10,419.45 0.00 0.00 0.00 0.00
B-3 8,331.94 0.00 0.00 0.00 0.00
B-4 5,206.71 0.00 0.00 0.00 0.00
B-5 6,253.17 0.00 0.00 627.00 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 11,434,000.00 0.00 64,316.25
A-2 0.00 23,600,000.00 0.00 132,750.00
A-3 0.00 18,000,000.00 0.00 101,250.00
A-4 0.00 16,800,000.00 0.00 94,500.00
A-5 0.00 4,816,137.93 0.00 29,097.50
A-6 0.00 30,265,841.92 0.00 184,405.03
A-7 0.00 19,634,141.19 0.00 119,490.64
A-8 0.00 119,893,539.24 0.00 727,543.19
A-9 0.00 4,525,232.12 0.00 36,771.92
A-10 0.00 12,508,500.00 0.00 75,572.19
A-11 0.00 67,000,000.00 0.00 404,791.67
AWIO 0.00 317,587,556.57 0.00 130,447.21
A-R 0.00 0.00 0.00 0.00
A-LR 0.00 0.00 0.00 0.00
APO 0.00 198,902.23 0.00 0.00
M 0.00 5,169,145.03 0.00 31,252.33
B-1 0.00 4,478,595.15 0.00 27,077.31
B-2 0.00 1,723,380.98 0.00 10,419.45
B-3 0.00 1,378,106.04 0.00 8,331.94
B-4 0.00 861,191.54 0.00 5,206.71
B-5 627.00 1,034,275.55 0.00 5,626.17
<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 919.56
Servicing Fee Support 919.56
Non-Supported Prepayment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 71,021.95
Master Servicing Fee 4,541.58
Supported Prepayment/Curtailment Interest Shortfall 919.56
Net Servicing Fees 74,643.97
</TABLE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 124,205.41
Current Period Advances By Servicer 0.00
Reimbursement of Advances 124,205.41
Ending Cumulative Advances 0.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Current Unpaid
Number of Number Of Principal
Days Loans Balance
<S> <C> <C>
30 Days 4 1,131,467.07
60 Days 0 0.00
90+ Days 2 492,350.00
Foreclosure 0 0.00
REO 0 0.00
Totals 6 1,623,817.07
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Principal Balance of Contaminated Properties 0.00
Periodic Advance 933,427.76
Current Period Realized Loss - Includes Interest Shortfall 731.10
Cumulative Realized Losses - Includes Interest Shortfall 1,038.46
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 7.970758%
Weighted Average Pass-Through Rate 7.250000%
Weighted Average Maturity (Stepdown Calculation) 355 Months
Beginning Scheduled Collateral Loan Count 1,155
Number of Loans Paid in Full 6
Ending Scheduled Collateral Loan Count 1,149
Beginning Scheduled Collateral Balance 341,003,950.13
Ending Scheduled Collateral Balance 338,504,850.99
Ending Actual Collateral Balance at 28-Nov-1997 338,213,582.71
Monthly P&I Constant 2,506,207.94
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 0.02896142% 100,000.00 0.02954167%
Fraud 6,905,739.46 2.00000000% 6,905,739.46 2.04007105%
Special Hazard 3,452,869.73 1.00000000% 3,452,869.73 1.02003552%
<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 14,675,447.45 4.25021753% 14,644,694.29 4.32628786%
M 9,495,447.45 2.75001613% 9,475,549.26 2.79923588%
B-1 5,007,447.45 1.45022774% 4,996,954.11 1.47618390%
B-2 3,280,447.45 0.95006406% 3,273,573.13 0.96706831%
B-3 1,899,447.45 0.55010690% 1,895,467.09 0.55995271%
B-4 1,036,447.45 0.30016987% 1,034,275.55 0.30554231%
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>
|
|