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Previous: NORWEST ASSET SEC CORP MORT PS THR CERT SER 1998-3 TRUST, 8-K, 1998-06-05 |
Next: NORWEST ASSET SEC CORP MORT PS THR CERT SER 1998-1 TRUST, 8-K, 1998-06-05 |
UNITED STATES
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): May 26, 1998
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-2 Trust
New York (governing law of 333-21263-23 52-2079949
Pooling and Servicing Agreement) (Commission (I.R.S. Employer
(State or other File Number) Identification No.)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, Maryland 21703
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (301) 696-7900
Former name or former address, if changed since last report)
ITEM 5. Other Events
On May 26, 1998 a distribution was made to holders of NORWEST ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-2
Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-
Through Certificates, Series 1998-2 Trust, relating to
the May 26, 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 1998-2 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 6/3/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-2 Trust, relating to the May 26,
1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 4/30/1998
Distribution Date: 5/26/1998
NASCOR Series: 1998-2
Contact: 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
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 66937NYV4 SEQ 6.50000% 107,948,250.60 584,719.69 511,603.36
A-2 66937NYW2 SEQ 6.50000% 107,007,607.87 579,624.54 468,325.41
A-3 66937NYX0 SEQ 6.50000% 25,000,000.00 135,416.67 0.00
A-R 66937NYY8 R 6.50000% 100.00 361.43 0.00
APO NMB9802PO PO 0.00000% 330,460.90 0.00 401.86
M 66937NYZ5 MEZ 6.50000% 2,875,975.80 15,578.20 2,370.79
B-1 66937NZA9 SUB 6.50000% 3,000,671.24 16,253.64 2,473.58
B-2 66937NZB7 SUB 6.50000% 750,167.81 4,063.41 618.40
B-3 66937NZZ4 SUB 6.50000% 499,779.35 2,707.14 411.99
B-4 66937NA24 SUB 6.50000% 375,083.91 2,031.70 309.20
B-5 66937NA32 SUB 6.50000% 375,628.93 2,034.66 309.65
Totals 248,163,726.41 1,342,791.08 986,824.24
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 107,436,647.25 1,096,323.05 0.00
A-2 0.00 106,539,282.46 1,047,949.95 0.00
A-3 0.00 25,000,000.00 135,416.67 0.00
A-R 0.00 100.00 361.43 0.00
APO 0.00 330,059.04 401.86 0.00
M 0.00 2,873,605.00 17,948.99 0.00
B-1 0.00 2,998,197.66 18,727.22 0.00
B-2 0.00 749,549.41 4,681.81 0.00
B-3 0.00 499,367.36 3,119.13 0.00
B-4 0.00 374,774.71 2,340.90 0.00
B-5 0.00 375,319.29 2,344.31 368.36
Totals 0.00 247,176,902.18 2,329,615.32 368.36
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 109,241,000.00 107,948,250.60 103,271.09 408,332.26 0.00 0.00
A-2 108,191,000.00 107,007,607.87 94,535.10 373,790.30 0.00 0.00
A-3 25,000,000.00 25,000,000.00 0.00 0.00 0.00 0.00
A-R 100.00 100.00 0.00 0.00 0.00 0.00
APO 331,570.23 330,460.90 338.19 63.66 0.00 0.00
M 2,883,000.00 2,875,975.80 2,370.79 0.00 0.00 0.00
B-1 3,008,000.00 3,000,671.24 2,473.58 0.00 0.00 0.00
B-2 752,000.00 750,167.81 618.40 0.00 0.00 0.00
B-3 501,000.00 499,779.35 411.99 0.00 0.00 0.00
B-4 376,000.00 375,083.91 309.20 0.00 0.00 0.00
B-5 376,546.36 375,628.93 309.65 0.00 0.00 0.00
Totals 250,660,216.59 248,163,726.41 204,637.99 782,186.22 0.00 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>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 511,603.36 107,436,647.25 0.98348282 511,603.36
A-2 468,325.41 106,539,282.46 0.98473332 468,325.41
A-3 0.00 25,000,000.00 1.00000000 0.00
A-R 0.00 100.00 1.00000000 0.00
APO 401.86 330,059.04 0.99544232 401.86
M 2,370.79 2,873,605.00 0.99674124 2,370.79
B-1 2,473.58 2,998,197.66 0.99674124 2,473.58
B-2 618.40 749,549.41 0.99674124 618.40
B-3 411.99 499,367.36 0.99674124 411.99
B-4 309.20 374,774.71 0.99674125 309.20
B-5 309.65 375,319.29 0.99674125 309.65
Totals 986,824.24 247,176,902.18 0.98610344 986,824.24
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 109,241,000.00 988.16607867 0.94535101 3.73790299 0.00000000
A-2 108,191,000.00 989.06200950 0.87377970 3.45491122 0.00000000
A-3 25,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
APO 331,570.23 996.65431363 1.01996491 0.19199552 0.00000000
M 2,883,000.00 997.56357960 0.82233437 0.00000000 0.00000000
B-1 3,008,000.00 997.56357713 0.82233378 0.00000000 0.00000000
B-2 752,000.00 997.56357713 0.82234043 0.00000000 0.00000000
B-3 501,000.00 997.56357285 0.82233533 0.00000000 0.00000000
B-4 376,000.00 997.56359043 0.82234043 0.00000000 0.00000000
B-5 376,546.36 997.56356694 0.82234230 0.00000000 0.00000000
<FN>
(2) Per $1,000 Denomination except for class AR which is $100 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 4.68325409 983.48282467 0.98348282 4.68325409
A-2 0.00000000 4.32869102 984.73331848 0.98473332 4.32869102
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-R 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
APO 0.00000000 1.21199059 995.44232303 0.99544232 1.21199059
M 0.00000000 0.82233437 996.74124176 0.99674124 0.82233437
B-1 0.00000000 0.82233378 996.74124335 0.99674124 0.82233378
B-2 0.00000000 0.82234043 996.74123670 0.99674124 0.82234043
B-3 0.00000000 0.82233533 996.74123752 0.99674124 0.82233533
B-4 0.00000000 0.82234043 996.74125000 0.99674125 0.82234043
B-5 0.00000000 0.82234230 996.74125120 0.99674125 0.82234230
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 109,241,000.00 6.50000% 107,948,250.60 584,719.69 0.00 0.00
A-2 108,191,000.00 6.50000% 107,007,607.87 579,624.54 0.00 0.00
A-3 25,000,000.00 6.50000% 25,000,000.00 135,416.67 0.00 0.00
A-R 100.00 6.50000% 100.00 0.54 0.00 0.00
APO 331,570.23 0.00000% 330,460.90 0.00 0.00 0.00
M 2,883,000.00 6.50000% 2,875,975.80 15,578.20 0.00 0.00
B-1 3,008,000.00 6.50000% 3,000,671.24 16,253.64 0.00 0.00
B-2 752,000.00 6.50000% 750,167.81 4,063.41 0.00 0.00
B-3 501,000.00 6.50000% 499,779.35 2,707.14 0.00 0.00
B-4 376,000.00 6.50000% 375,083.91 2,031.70 0.00 0.00
B-5 376,546.36 6.50000% 375,628.93 2,034.66 0.00 0.00
Totals 250,660,216.59 1,342,430.19 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 584,719.69 0.00 107,436,647.25
A-2 0.00 0.00 579,624.54 0.00 106,539,282.46
A-3 0.00 0.00 135,416.67 0.00 25,000,000.00
A-R 0.00 0.00 361.43 0.00 100.00
APO 0.00 0.00 0.00 0.00 330,059.04
M 0.00 0.00 15,578.20 0.00 2,873,605.00
B-1 0.00 0.00 16,253.64 0.00 2,998,197.66
B-2 0.00 0.00 4,063.41 0.00 749,549.41
B-3 0.00 0.00 2,707.14 0.00 499,367.36
B-4 0.00 0.00 2,031.70 0.00 374,774.71
B-5 0.00 0.00 2,034.66 0.00 375,319.29
Totals 0.00 0.00 1,342,791.08 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 109,241,000.00 6.50000% 988.16607867 5.35256625 0.00000000 0.00000000
A-2 108,191,000.00 6.50000% 989.06200950 5.35741919 0.00000000 0.00000000
A-3 25,000,000.00 6.50000% 1000.00000000 5.41666680 0.00000000 0.00000000
A-R 100.00 6.50000% 1000.00000000 5.40000000 0.00000000 0.00000000
APO 331,570.23 0.00000% 996.65431363 0.00000000 0.00000000 0.00000000
M 2,883,000.00 6.50000% 997.56357960 5.40346861 0.00000000 0.00000000
B-1 3,008,000.00 6.50000% 997.56357713 5.40347074 0.00000000 0.00000000
B-2 752,000.00 6.50000% 997.56357713 5.40347074 0.00000000 0.00000000
B-3 501,000.00 6.50000% 997.56357285 5.40347305 0.00000000 0.00000000
B-4 376,000.00 6.50000% 997.56359043 5.40345745 0.00000000 0.00000000
B-5 376,546.36 6.50000% 997.56356694 5.40347807 0.00000000 0.00000000
<FN>
(5) Per $1,000 Denomination except for class AR which is $100 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 5.35256625 0.00000000 983.48282467
A-2 0.00000000 0.00000000 5.35741919 0.00000000 984.73331848
A-3 0.00000000 0.00000000 5.41666680 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 3614.30000000 0.00000000 1000.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 995.44232303
M 0.00000000 0.00000000 5.40346861 0.00000000 996.74124176
B-1 0.00000000 0.00000000 5.40347074 0.00000000 996.74124335
B-2 0.00000000 0.00000000 5.40347074 0.00000000 996.74123670
B-3 0.00000000 0.00000000 5.40347305 0.00000000 996.74123752
B-4 0.00000000 0.00000000 5.40345745 0.00000000 996.74125000
B-5 0.00000000 0.00000000 5.40347807 0.00000000 996.74125120
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 34,883.42
Deposits
Payments of Interest and Principal 2,284,540.70
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 63,941.32
Realized Losses 0.00
Total Deposits 2,348,482.02
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 53,750.11
Payment of Interest and Principal 2,329,615.31
Total Withdrawals (Pool Distribution Amount) 2,383,365.42
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 1,262.83
Servicing Fee Support 1,262.83
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 51,703.89
Master Servicing Fee 3,309.05
Supported Prepayment/Curtailment Interest Shortfall 1,262.83
Net Servicing Fee 53,750.11
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 3 818,859.38 0.371747% 0.331285%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 3 818,859.38 0.371747% 0.331285%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 368.36
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 394,895.38
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class% Prepayment%
<S> <C> <C> <C> <C> <C> <C> <C>
Class A 7,896,546.36 3.15029903% 7,870,813.43 3.18428355% 96.811459% 100.000000%
Class M 5,013,546.36 2.00013645% 4,997,208.43 2.02171335% 1.164125% 0.000000%
Class B-1 2,005,546.36 0.80010557% 1,999,010.77 0.80873688% 1.214598% 0.000000%
Class B-2 1,253,546.36 0.50009785% 1,249,461.36 0.50549277% 0.303650% 0.000000%
Class B-3 752,546.36 0.30022569% 750,094.00 0.30346444% 0.202298% 0.000000%
Class B-4 376,546.36 0.15022183% 375,319.29 0.15184238% 0.151825% 0.000000%
Class B-5 0.00 0.00000000% 0.00 0.00000000% 0.152045% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 105,930.64 0.04226065% 105,930.64 0.04285621%
Fraud 5,013,204.33 2.00000000% 5,013,204.33 2.02818479%
Special Hazard 2,506,602.17 1.00000000% 2,506,602.17 1.01409240%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 year - Relocation
Weighted Average Gross Coupon 7.236455%
Weighted Average Pass-Through Rate 6.500000%
Weighted Average Maturity(Stepdown Calculation ) 353
Begin Scheduled Collateral Loan Count 810
Number Of Loans Paid In Full 3
End Scheduled Collateral Loan Count 807
Begining Scheduled Collateral Balance 248,163,726.42
Ending Scheduled Collateral Balance 247,176,902.19
Ending Actual Collateral Balance at 30-Apr-1998 247,333,836.62
Ending Scheduled Balance For Norwest 189,370,112.11
Ending Scheduled Balance For Other Services 57,806,790.08
Monthly P &I Constant 1,602,674.38
Class A Optimal Amount 2,279,690.19
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 223,820,898.23
Ending scheduled Balance For discounted Loans 23,356,003.96
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 178,802,649.55
Greater Than 80%, less than or equal to 85% 9,462,393.90
Greater than 85%, less than or equal to 95% 58,956,421.31
Greater than 95% 0.00
</TABLE>
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