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Previous: COVENTRY HEALTH CARE INC, S-4/A, 1998-03-10 |
Next: NORWEST ASSET SEC CORP MORT PS THR CERT SER 1998-3 TRUST, 8-K, 1998-03-10 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report : February 25, 1998
(Date of earliest event reported)
Commission File No.: 333-21263-25
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1998-4A and 4B Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-2079989, 52-2079990
(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 February 25, 1998 a distribution was made to holders of
Norwest Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1998-4A and 4B 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 1998-4A Trust, relating to the February
25, 1998 distribution
(EX-99.2) Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-4B Trust, relating to the February
25, 1998 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 1998-4A and 4B Trust
March 03, 1998 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 1998-4A Trust, relating to the February
25, 1998 distribution
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 30-Jan-1998
Distribution Date: 25-Feb-1998
NASCOR Series 1998-4A
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 66937NXT0 6.60000 25,000,000.00 25,000,000.00 1.00000000
A-2 66937NXU7 6.35000 38,756,000.00 38,756,000.00 1.00000000
A-3 66937NXV5 6.50000 4,524,000.00 4,524,000.00 1.00000000
A-4 66937NXW3 7.00000 0.00 0.00 0.00000000
A-5 66937NXX1 7.00000 48,075,000.00 47,906,043.40 0.99648556
A-6 66937NXY9 6.75000 23,834,000.00 23,747,283.43 0.99636164
A-7 66937NXZ6 9.00000 4,343,000.00 4,327,558.14 0.99644443
A-8 66937NYA0 6.80000 13,645,000.00 13,598,951.18 0.99662522
A-9 66937NYB8 7.00000 7,512,000.00 6,758,571.76 0.89970338
A-10 66937NYC6 7.00000 3,876,000.00 1,139,195.85 0.29391018
A-11 66937NYD4 7.00000 332,000.00 333,936.67 1.00583334
A-12 66937NYE2 7.00000 22,000,000.00 22,000,000.00 1.00000000
A-R 66937NYF9 7.00000 100.00 100.00 1.00000000
A-LR 66937NYG7 7.00000 100.00 100.00 1.00000000
APO NMB984APO 0.00000 143,813.67 143,668.57 0.99899106
M 66937NYH5 7.00000 2,501,000.00 2,499,203.46 0.99928167
B-1 66937NYJ1 7.00000 2,700,000.00 2,698,060.52 0.99928167
B-2 66937NYK8 7.00000 1,100,800.00 1,100,009.26 0.99928167
B-3 66937NZM3 7.00000 840,000.00 839,396.60 0.99928167
B-4 66937NZN1 7.00000 300,000.00 299,784.50 0.99928167
B-5 66937NZP6 7.00000 560,473.83 560,071.23 0.99928168
</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 6,120.11 162,836.49 0.00 0.00 0.00 168,956.60
A-6 3,141.13 83,575.44 0.00 0.00 0.00 86,716.57
A-7 559.35 14,882.51 0.00 0.00 0.00 15,441.86
A-8 1,668.03 44,380.79 0.00 0.00 0.00 46,048.82
A-9 28,878.70 768,369.54 (43,820.00) 0.00 0.00 753,428.24
A-10 99,954.20 2,659,459.96 (22,610.00) 0.00 0.00 2,736,804.15
A-11 0.00 0.00 (1,936.67) 0.00 0.00 (1,936.67)
A-12 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 129.97 15.13 0.00 0.00 0.00 145.10
M 1,796.54 0.00 0.00 0.00 0.00 1,796.54
B-1 1,939.48 0.00 0.00 0.00 0.00 1,939.48
B-2 790.74 0.00 0.00 0.00 0.00 790.74
B-3 603.40 0.00 0.00 0.00 0.00 603.40
B-4 215.50 0.00 0.00 0.00 0.00 215.50
B-5 260.29 0.00 0.00 0.00 142.31 260.29
<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.
</FN>
</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-1 137,500.00 0.00 0.00 0.00 0.00
A-2 205,083.83 0.00 0.00 0.00 0.00
A-3 24,505.00 0.00 0.00 0.00 0.00
A-4 31,211.17 0.00 0.00 0.00 0.00
A-5 280,437.50 0.00 0.00 0.00 0.00
A-6 134,066.25 0.00 0.00 0.00 0.00
A-7 32,572.50 0.00 0.00 0.00 0.00
A-8 77,321.67 0.00 0.00 0.00 0.00
A-9 43,820.00 0.00 0.00 0.00 0.00
A-10 22,610.00 0.00 0.00 0.00 0.00
A-11 1,936.67 0.00 0.00 0.00 0.00
A-12 128,333.33 0.00 0.00 0.00 0.00
A-R 0.58 0.00 0.00 0.00 0.00
A-LR 0.58 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 0.00
M 14,589.17 0.00 0.00 0.00 0.00
B-1 15,750.00 0.00 0.00 0.00 0.00
B-2 6,421.33 0.00 0.00 0.00 0.00
B-3 4,900.00 0.00 0.00 0.00 0.00
B-4 1,750.00 0.00 0.00 0.00 0.00
B-5 3,269.43 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 25,000,000.00 0.00 137,500.00
A-2 0.00 38,756,000.00 0.00 205,083.83
A-3 0.00 4,524,000.00 0.00 24,505.00
A-4 0.00 5,350,485.71 0.00 31,211.17
A-5 0.00 47,906,043.40 0.00 280,437.50
A-6 0.00 23,747,283.43 0.00 134,066.25
A-7 0.00 4,327,558.14 0.00 32,572.50
A-8 0.00 13,598,951.18 0.00 77,321.67
A-9 0.00 6,758,571.76 0.00 43,820.00
A-10 0.00 1,139,195.85 0.00 22,610.00
A-11 0.00 333,936.67 0.00 1,936.67
A-12 0.00 22,000,000.00 0.00 128,333.33
A-R 0.00 100.00 0.00 0.58
A-LR 0.00 100.00 0.00 0.58
APO 0.00 143,668.57 0.00 0.00
M 0.00 2,499,203.46 0.00 14,589.17
B-1 0.00 2,698,060.52 0.00 15,750.00
B-2 0.00 1,100,009.26 0.00 6,421.33
B-3 0.00 839,396.60 0.00 4,900.00
B-4 0.00 299,784.50 0.00 1,750.00
B-5 0.00 560,071.23 0.00 3,269.43
<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.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PREPAYMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment Interest Shortfall 1,001.88
Servicing Fee Support 1,001.88
Non-Supported Prepayment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 41,671.51
Master Servicing Fee 2,666.98
Supported Prepayment/Curtailment Interest Shortfall 1,001.88
Net Servicing Fees 43,336.61
</TABLE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 75,351.63
Reimbursement of Advances 0.00
Ending Cumulative Advances 75,351.63
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Current Unpaid
Number of Number Of Principal
Days Loans Balance
<S> <C> <C>
30 Days 0 0.00
60 Days 0 0.00
90+ Days 0 0.00
Foreclosure 0 0.00
REO 0 0.00
Totals 0 0.00
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Principal Balance of Contaminated Properties 0.00
Periodic Advance 302,294.14
Current Period Realized Loss - Includes Interest Shortfall 142.31
Cumulative Realized Losses - Includes Interest Shortfall 142.31
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 7.750615%
Weighted Average Pass-Through Rate 7.000000%
Weighted Average Maturity (Stepdown Calculation) 356 Months
Beginning Scheduled Collateral Loan Count 679
Number of Loans Paid in Full 8
Ending Scheduled Collateral Loan Count 671
Beginning Scheduled Collateral Balance 200,043,287.50
Ending Scheduled Collateral Balance 196,231,934.57
Ending Actual Collateral Balance at 30-Jan-1998 196,785,483.47
Monthly P&I Constant 1,355,769.80
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 0.04998918% 100,000.00 0.05096011%
Fraud 4,000,865.75 2.00000000% 4,000,865.75 2.03884539%
Special Hazard 2,649,646.28 1.32453646% 2,649,646.28 1.35026253%
<FN>
Limit of Subordination's Exposure for 100% of Certain Types of Losses
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL
Class Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
A 8,002,273.83 4.00027111% 7,996,525.57 4.07503783%
M 5,501,273.83 2.75004170% 5,497,322.11 2.80144112%
B-1 2,801,273.83 1.40033383% 2,799,261.59 1.42650665%
B-2 1,700,473.83 0.85005293% 1,699,252.33 0.86594077%
B-3 860,473.83 0.43014382% 859,855.73 0.43818338%
B-4 560,473.83 0.28017627% 560,071.23 0.28541289%
B-5 0.00 0.00000000% 0.00 0.00000000%
<FN>
Please refer to the Prospectus Supplement For A Full Description Of Loss Exposure
</FN>
</TABLE>
Exhibit Number Description
(EX-99.2) Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-4B Trust, relating to the February
25, 1998 distribution
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 30-Jan-1998
Distribution Date: 25-Feb-1998
NASCOR Series 1998-4B
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 66937NYL6 6.52000 101,161,000.00 98,713,239.39 0.97580332
A-2 66937NYM4 8.00000 18,613,000.00 18,162,627.15 0.97580332
A-3 66937NYN2 6.75000 75,000,000.00 73,492,136.65 0.97989516
A-4 66937NYP7 6.75000 24,377,000.00 24,377,000.00 1.00000000
A-5 66937NYQ5 6.75000 14,300,000.00 14,300,000.00 1.00000000
A-6 66937NYR8 6.75000 29,919,000.00 29,919,000.00 1.00000000
A-R 66937NXXX 6.75000 0.00 0.00 0.00000000
APO NMB984BPO 0.00000 94,016.24 93,935.34 0.99913951
M 66937NYS1 6.75000 3,431,000.00 3,428,519.53 0.99927704
B-1 66937NYT9 6.75000 3,842,000.00 3,839,222.40 0.99927704
B-2 66937NYU6 6.75000 1,372,000.00 1,371,008.10 0.99927704
B-3 66937NZQ4 6.75000 961,000.00 960,305.24 0.99927704
B-4 66937NZR2 6.75000 548,000.00 547,603.82 0.99927704
B-5 66937NZS0 6.75000 824,299.20 823,703.27 0.99927705
</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-1 105,780.08 2,341,980.53 0.00 0.00 0.00 2,447,760.61
A-2 19,462.88 430,909.97 0.00 0.00 0.00 450,372.85
A-3 65,162.38 1,442,700.97 0.00 0.00 0.00 1,507,863.35
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-R 0.00 0.00 0.00 0.00 0.00 0.00
APO 80.43 0.47 0.00 0.00 0.00 80.90
M 2,480.47 0.00 0.00 0.00 0.00 2,480.47
B-1 2,777.60 0.00 0.00 0.00 0.00 2,777.60
B-2 991.90 0.00 0.00 0.00 0.00 991.90
B-3 694.76 0.00 0.00 0.00 0.00 694.76
B-4 396.18 0.00 0.00 0.00 0.00 396.18
B-5 0.00 0.00 0.00 0.00 595.93 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.
</FN>
</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-1 549,641.43 0.00 0.00 0.00 0.00
A-2 124,086.67 0.00 0.00 0.00 0.00
A-3 421,875.00 0.00 0.00 0.00 0.00
A-4 137,120.62 0.00 0.00 0.00 0.00
A-5 80,437.50 0.00 0.00 0.00 0.00
A-6 168,294.38 0.00 0.00 0.00 0.00
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 0.00
M 19,299.38 0.00 0.00 0.00 0.00
B-1 21,611.25 0.00 0.00 0.00 0.00
B-2 7,717.50 0.00 0.00 0.00 0.00
B-3 5,405.62 0.00 0.00 0.00 0.00
B-4 3,082.50 0.00 0.00 0.00 0.00
B-5 4,636.68 0.00 0.00 80.46 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 98,713,239.39 0.00 549,641.43
A-2 0.00 18,162,627.15 0.00 124,086.67
A-3 0.00 73,492,136.65 0.00 421,875.00
A-4 0.00 24,377,000.00 0.00 137,120.62
A-5 0.00 14,300,000.00 0.00 80,437.50
A-6 0.00 29,919,000.00 0.00 168,294.38
A-R 0.00 0.00 0.00 0.00
APO 0.00 93,935.34 0.00 0.00
M 0.00 3,428,519.53 0.00 19,299.38
B-1 0.00 3,839,222.40 0.00 21,611.25
B-2 0.00 1,371,008.10 0.00 7,717.50
B-3 0.00 960,305.24 0.00 5,405.62
B-4 0.00 547,603.82 0.00 3,082.50
B-5 80.46 823,703.27 0.00 4,556.22
<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.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PREPAYMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment Interest Shortfall 788.74
Servicing Fee Support 788.74
Non-Supported Prepayment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 57,177.96
Master Servicing Fee 3,659.39
Supported Prepayment/Curtailment Interest Shortfall 788.74
Net Servicing Fees 60,048.61
</TABLE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 62,853.62
Reimbursement of Advances 0.00
Ending Cumulative Advances 62,853.62
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Current Unpaid
Number of Number Of Principal
Days Loans Balance
<S> <C> <C>
30 Days 4 1,314,800.79
60 Days 0 0.00
90+ Days 0 0.00
Foreclosure 0 0.00
REO 0 0.00
Totals 4 1,314,800.79
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Principal Balance of Contaminated Properties 0.00
Periodic Advance 542,402.01
Current Period Realized Loss - Includes Interest Shortfall 595.93
Cumulative Realized Losses - Includes Interest Shortfall 595.93
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed Ratio Strip
Weighted Average Gross Coupon 7.682925%
Weighted Average Pass-Through Rate 6.750000%
Weighted Average Maturity (Stepdown Calculation) 357 Months
Beginning Scheduled Collateral Loan Count 903
Number of Loans Paid in Full 11
Ending Scheduled Collateral Loan Count 892
Beginning Scheduled Collateral Balance 274,442,315.44
Ending Scheduled Collateral Balance 270,028,300.89
Ending Actual Collateral Balance at 30-Jan-1998 270,923,794.27
Monthly P&I Constant 1,805,249.25
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 0.03643753% 100,000.00 0.03703316%
Fraud 5,488,846.31 2.00000000% 5,488,846.31 2.03269298%
Special Hazard 3,001,508.88 1.09367569% 3,001,508.88 1.11155344%
<FN>
Limit of Subordination's Exposure for 100% of Certain Types of Losses
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL
Class Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
A 10,978,299.20 4.00022102% 10,970,362.36 4.06267133%
M 7,547,299.20 2.75004938% 7,541,842.83 2.79298237%
B-1 3,705,299.20 1.35011949% 3,702,620.43 1.37119717%
B-2 2,333,299.20 0.85019659% 2,331,612.33 0.86346961%
B-3 1,372,299.20 0.50003193% 1,371,307.09 0.50783828%
B-4 824,299.20 0.30035427% 823,703.27 0.30504331%
B-5 0.00 0.00000000% 0.00 0.00000000%
<FN>
Please refer to the Prospectus Supplement For A Full Description Of Loss Exposure
</FN>
</TABLE>
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