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): December 28, 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 IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, Maryland (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On December 28, 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
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1998-2 Trust, relating to the December 28,
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: 12/29/1998
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 December 28,
1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 11/30/1998
Distribution Date: 12/28/1998
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% 100,823,370.76 546,126.59 2,026,720.51
A-2 66937NYW2 SEQ 6.50000% 100,485,441.43 544,296.14 1,855,274.58
A-3 66937NYX0 SEQ 6.50000% 25,000,000.00 135,416.67 0.00
A-R 66937NYY8 R 6.50000% 100.00 0.54 0.00
APO NMB9802PO PO 0.00000% 326,828.74 0.00 387.62
M 66937NYZ5 MEZ 6.50000% 2,859,047.96 15,486.51 2,473.25
B-1 66937NZA9 SUB 6.50000% 2,983,009.46 16,157.97 2,580.48
B-2 66937NZB7 SUB 6.50000% 745,752.36 4,039.49 645.12
B-3 66937NZZ4 SUB 6.50000% 496,837.68 2,691.20 429.79
B-4 66937NA24 SUB 6.50000% 372,876.18 2,019.75 322.56
B-5 66937NA32 SUB 6.50000% 373,418.00 2,022.68 269.02
Totals 234,466,682.57 1,268,257.54 3,889,102.93
</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 98,796,650.25 2,572,847.10 0.00
A-2 0.00 98,630,166.85 2,399,570.72 0.00
A-3 0.00 25,000,000.00 135,416.67 0.00
A-R 0.00 100.00 0.54 0.00
APO 0.00 326,441.12 387.62 0.00
M 0.00 2,856,574.71 17,959.76 0.00
B-1 0.00 2,980,428.98 18,738.45 0.00
B-2 0.00 745,107.24 4,684.61 0.00
B-3 0.00 496,407.88 3,120.99 0.00
B-4 0.00 372,553.62 2,342.31 0.00
B-5 54.01 373,094.97 2,291.70 689.98
Totals 54.01 230,577,525.62 5,157,360.47 689.98
<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-1 109,241,000.00 100,823,370.76 102,208.41 1,924,512.10 0.00 0.00
A-2 108,191,000.00 100,485,441.43 93,562.31 1,761,712.27 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 331,570.23 326,828.74 351.44 36.18 0.00 0.00
M 2,883,000.00 2,859,047.96 2,473.25 0.00 0.00 0.00
B-1 3,008,000.00 2,983,009.46 2,580.48 0.00 0.00 0.00
B-2 752,000.00 745,752.36 645.12 0.00 0.00 0.00
B-3 501,000.00 496,837.68 429.79 0.00 0.00 0.00
B-4 376,000.00 372,876.18 322.56 0.00 0.00 0.00
B-5 376,546.36 373,418.00 269.02 0.00 0.00 54.01
Totals 250,660,216.59 234,466,682.57 202,842.38 3,686,260.55 0.00 54.01
<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 2,026,720.51 98,796,650.25 0.90439167 2,026,720.51
A-2 1,855,274.58 98,630,166.85 0.91163005 1,855,274.58
A-3 0.00 25,000,000.00 1.00000000 0.00
A-R 0.00 100.00 1.00000000 0.00
APO 387.62 326,441.12 0.98453085 387.62
M 2,473.25 2,856,574.71 0.99083410 2,473.25
B-1 2,580.48 2,980,428.98 0.99083410 2,580.48
B-2 645.12 745,107.24 0.99083410 645.12
B-3 429.79 496,407.88 0.99083409 429.79
B-4 322.56 372,553.62 0.99083410 322.56
B-5 323.03 373,094.97 0.99083409 269.02
Totals 3,889,156.94 230,577,525.62 0.91988082 3,889,102.93
</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-1 109,241,000.00 922.94441428 0.93562316 17.61712269 0.00000000
A-2 108,191,000.00 928.77819255 0.86478829 16.28335324 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 331,570.23 985.69989230 1.05992628 0.10911715 0.00000000
M 2,883,000.00 991.69197364 0.85787374 0.00000000 0.00000000
B-1 3,008,000.00 991.69197473 0.85787234 0.00000000 0.00000000
B-2 752,000.00 991.69196809 0.85787234 0.00000000 0.00000000
B-3 501,000.00 991.69197605 0.85786427 0.00000000 0.00000000
B-4 376,000.00 991.69196809 0.85787234 0.00000000 0.00000000
B-5 376,546.36 991.69196590 0.71444058 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 18.55274586 904.39166842 0.90439167 18.55274586
A-2 0.00000000 17.14814153 911.63005102 0.91163005 17.14814153
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 1.16904343 984.53084886 0.98453085 1.16904343
M 0.00000000 0.85787374 990.83409990 0.99083410 0.85787374
B-1 0.00000000 0.85787234 990.83410239 0.99083410 0.85787234
B-2 0.00000000 0.85787234 990.83409574 0.99083410 0.85787234
B-3 0.00000000 0.85786427 990.83409182 0.99083409 0.85786427
B-4 0.00000000 0.85787234 990.83409574 0.99083410 0.85787234
B-5 0.14343519 0.85787577 990.83409012 0.99083409 0.71444058
<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% 100,823,370.76 546,126.59 0.00 0.00
A-2 108,191,000.00 6.50000% 100,485,441.43 544,296.14 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% 326,828.74 0.00 0.00 0.00
M 2,883,000.00 6.50000% 2,859,047.96 15,486.51 0.00 0.00
B-1 3,008,000.00 6.50000% 2,983,009.46 16,157.97 0.00 0.00
B-2 752,000.00 6.50000% 745,752.36 4,039.49 0.00 0.00
B-3 501,000.00 6.50000% 496,837.68 2,691.20 0.00 0.00
B-4 376,000.00 6.50000% 372,876.18 2,019.75 0.00 0.00
B-5 376,546.36 6.50000% 373,418.00 2,022.68 0.00 0.00
Totals 250,660,216.59 1,268,257.54 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 0.00 546,126.59 0.00 98,796,650.25
A-2 0.00 0.00 544,296.14 0.00 98,630,166.85
A-3 0.00 0.00 135,416.67 0.00 25,000,000.00
A-R 0.00 0.00 0.54 0.00 100.00
APO 0.00 0.00 0.00 0.00 326,441.12
M 0.00 0.00 15,486.51 0.00 2,856,574.71
B-1 0.00 0.00 16,157.97 0.00 2,980,428.98
B-2 0.00 0.00 4,039.49 0.00 745,107.24
B-3 0.00 0.00 2,691.20 0.00 496,407.88
B-4 0.00 0.00 2,019.75 0.00 372,553.62
B-5 0.00 0.00 2,022.68 0.00 373,094.97
Totals 0.00 0.00 1,268,257.54 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% 922.94441428 4.99928223 0.00000000 0.00000000
A-2 108,191,000.00 6.50000% 928.77819255 5.03088187 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% 985.69989230 0.00000000 0.00000000 0.00000000
M 2,883,000.00 6.50000% 991.69197364 5.37166493 0.00000000 0.00000000
B-1 3,008,000.00 6.50000% 991.69197473 5.37166556 0.00000000 0.00000000
B-2 752,000.00 6.50000% 991.69196809 5.37166223 0.00000000 0.00000000
B-3 501,000.00 6.50000% 991.69197605 5.37165669 0.00000000 0.00000000
B-4 376,000.00 6.50000% 991.69196809 5.37167553 0.00000000 0.00000000
B-5 376,546.36 6.50000% 991.69196590 5.37166260 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 4.99928223 0.00000000 904.39166842
A-2 0.00000000 0.00000000 5.03088187 0.00000000 911.63005102
A-3 0.00000000 0.00000000 5.41666680 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 5.40000000 0.00000000 1000.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 984.53084886
M 0.00000000 0.00000000 5.37166493 0.00000000 990.83409990
B-1 0.00000000 0.00000000 5.37166556 0.00000000 990.83410239
B-2 0.00000000 0.00000000 5.37166223 0.00000000 990.83409574
B-3 0.00000000 0.00000000 5.37165669 0.00000000 990.83409182
B-4 0.00000000 0.00000000 5.37167553 0.00000000 990.83409574
B-5 0.00000000 0.00000000 5.37166260 0.00000000 990.83409012
<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 0.00
Deposits
Payments of Interest and Principal 5,243,897.59
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 5,243,897.59
Withdrawals
Reimbursement for Servicer Advances 12,848.09
Payment of Service Fee 49,397.02
Payment of Interest and Principal 5,157,360.47
Total Withdrawals (Pool Distribution Amount) 5,219,605.58
Ending Balance 24,292.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 2,576.48
Servicing Fee Support 2,576.48
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 48,847.28
Master Servicing Fee 3,126.23
Supported Prepayment/Curtailment Interest Shortfall 2,576.48
Net Servicing Fee 49,397.02
</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 2 456,653.42 0.263852% 0.198048%
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 2 456,653.42 0.263852% 0.198048%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 54.01
Cumulative Realized Losses - Includes Interest Shortfall 689.98
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 316,013.53
</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% 7,824,167.40 3.39329142% 96.601898% 100.000000%
Class M 5,013,546.36 2.00013645% 4,967,592.69 2.15441322% 1.240635% 0.000000%
Class B-1 2,005,546.36 0.80010557% 1,987,163.71 0.86182021% 1.294426% 0.000000%
Class B-2 1,253,546.36 0.50009785% 1,242,056.47 0.53867196% 0.323606% 0.000000%
Class B-3 752,546.36 0.30022569% 745,648.59 0.32338303% 0.215594% 0.000000%
Class B-4 376,546.36 0.15022183% 373,094.97 0.16180891% 0.161803% 0.000000%
Class B-5 0.00 0.00000000% 0.00 0.00000000% 0.162038% 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 0.04594144%
Fraud 5,013,204.33 2.00000000% 5,013,204.33 2.17419469%
Special Hazard 2,506,602.17 1.00000000% 2,506,602.17 1.08709735%
<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 7.227594%
Weighted Average Pass-Through Rate 6.500000%
Weighted Average Maturity(Stepdown Calculation ) 346
Begin Scheduled Collateral Loan Count 771
Number Of Loans Paid In Full 13
End Scheduled Collateral Loan Count 758
Begining Scheduled Collateral Balance 234,466,682.57
Ending Scheduled Collateral Balance 230,577,525.63
Ending Actual Collateral Balance at 30-Nov-1998 231,025,990.27
Ending Scheduled Balance For Norwest 179,962,787.91
Ending Scheduled Balance For Other Services 50,614,737.72
Monthly P &I Constant 1,525,153.58
Class A Optimal Amount 5,107,835.03
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 207,795,661.77
Ending scheduled Balance For discounted Loans 22,781,863.86
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 165,889,067.49
Greater Than 80%, less than or equal to 85% 8,890,087.11
Greater than 85%, less than or equal to 95% 55,834,495.82
Greater than 95% 0.00
</TABLE>