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Previous: NORWEST ASSET SEC CORP MORT PS THR CERT SER 1998-2 TRUST, 8-K, 1998-05-06 |
Next: STRUCTURED ASSET SEC CORP MORT PASS THRO CERT SER 1998-2 TR, 8-K, 1998-05-06 |
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): April 27, 1998
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of
333-21263-22
52-2089131
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 April 27, 1998 a distribution was made to holders of NORWEST ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-1
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 1998-1 Trust,
relating to the April 27, 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 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 4/27/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1
Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-1 Trust, relating to the April 27,
1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 3/31/1998
Distribution Date:
4/27/1998
NASCOR Series: 1998-1
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 66937NZC5 SEQ 7.00000% 359,697,844.98 2,098,237.43 10,525,821.99
A-2 66937NZD3 SEQ 7.00000% 35,601,000.00 207,672.50 0.00
A-3 66937NZE1 SEQ 7.00000% 50,178,747.16 292,709.36 36,229.92
A-4 66937NZF8 IO 0.57059% 0.00 88,188.10 0.00
A-5 66937NZXX IO 0.57059% 0.00 125,222.61 0.00
A-R 66937NZG6 R 7.00000% 0.00 0.00 0.00
APO NMB9801PO PO 0.00000% 178,939.80 0.00 169.45
M 66937NZXX MEZ 7.00000% 7,411,475.85 43,233.61 5,351.21
B-1 66937NZK7 SUB 7.00000% 8,153,422.30 47,561.63 5,886.91
B-2 66937NZL5 SUB 7.00000% 2,717,141.71 15,849.99 1,961.82
B-3 66937NZW1 SUB 7.00000% 1,481,895.74 8,644.39 1,069.95
B-4 66937NZX9 SUB 7.00000% 1,235,245.98 7,205.60 891.87
B-5 66937NZY7 SUB 7.00000% 1,238,188.35 7,676.45 300.43
Totals 467,893,901.87 2,942,201.67 10,577,683.55
</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 $349,172,023.00 $12,624,059.42 $0.00
A-2 $0.00 $35,601,000.00 $207,672.50 $0.00
A-3 $0.00 $50,142,517.24 $328,939.28 $0.00
A-4 $0.00 $0.00 $88,188.10 $0.00
A-5 $0.00 $0.00 $125,222.61 $0.00
A-R $0.00 $0.00 $0.00 $0.00
APO $0.00 $178,770.35 $169.45 $0.00
M $0.00 $7,406,124.64 $48,584.82 $0.00
B-1 $0.00 $8,147,535.39 $53,448.54 $0.00
B-2 $0.00 $2,715,179.89 $17,811.81 $0.00
B-3 $0.00 $1,480,825.78 $9,714.34 $0.00
B-4 $0.00 $1,234,354.11 $8,097.47 $0.00
B-5 $593.57 $1,237,294.35 $7,976.88 $2,351.77
Totals $593.57 $457,315,624.75 $13,519,885.22 $2,351.77
<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-1 386,566,125.00 359,697,844.98 285,412.59 10,240,409.40 0.00 0.00
A-2 35,601,000.00 35,601,000.00 0.00 0.00 0.00 0.00
A-3 50,250,000.00 50,178,747.16 36,229.92 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-R 100.00 0.00 0.00 0.00 0.00 0.00
APO 179,279.81 178,939.80 149.37 20.08 0.00 0.00
M 7,422,000.00 7,411,475.85 5,351.21 0.00 0.00 0.00
B-1 8,165,000.00 8,153,422.30 5,886.91 0.00 0.00 0.00
B-2 2,721,000.00 2,717,141.71 1,961.82 0.00 0.00 0.00
B-3 1,484,000.00 1,481,895.74 1,069.95 0.00 0.00 0.00
B-4 1,237,000.00 1,235,245.98 891.87 0.00 0.00 0.00
B-5 1,239,946.55 1,238,188.35 300.43 0.00 0.00 593.57
Totals $494,865,451.36 $467,893,901.87 $337,254.07 $10,240,429.4 $0.00 $593.57
<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 $10,525,821.99 $349,172,023.00 0.90326596 $10,525,821.99
A-2 $0.00 $35,601,000.00 1.00000000 $0.00
A-3 $36,229.92 $50,142,517.24 0.99786104 $36,229.92
A-4 $0.00 $0.00 0.00000000 $0.00
A-5 $0.00 $0.00 0.00000000 $0.00
A-R $0.00 $0.00 0.00000000 $0.00
APO $169.45 $178,770.35 0.99715830 $169.45
M $5,351.21 $7,406,124.64 0.99786104 $5,351.21
B-1 $5,886.91 $8,147,535.39 0.99786104 $5,886.91
B-2 $1,961.82 $2,715,179.89 0.99786104 $1,961.82
B-3 $1,069.95 $1,480,825.78 0.99786104 $1,069.95
B-4 $891.87 $1,234,354.11 0.99786104 $891.87
B-5 $894.00 $1,237,294.35 0.99786104 $300.43
Totals $10,578,277.12 $457,315,624.75 0.92412114 $10,577,683.55
</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-1 386,566,125.00 930.49499611 0.73832799 26.49070557 0.00000000
A-2 35,601,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 50,250,000.00 998.58203303 0.72099343 0.00000000 0.00000000
A-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-5 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
APO 179,279.81 998.10346742 0.83316688 0.11200369 0.00000000
M 7,422,000.00 998.58203314 0.72099299 0.00000000 0.00000000
B-1 8,165,000.00 998.58203307 0.72099326 0.00000000 0.00000000
B-2 2,721,000.00 998.58203234 0.72099228 0.00000000 0.00000000
B-3 1,484,000.00 998.58203504 0.72099057 0.00000000 0.00000000
B-4 1,237,000.00 998.58203719 0.72099434 0.00000000 0.00000000
B-5 1,239,946.55 998.58203565 0.24229270 0.00000000 0.00000000
<FN>
(2) Per $1,000 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 27.22903356 903.26596258 0.90326596 27.22903356
A-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.72099343 997.86103960 0.99786104 0.72099343
A-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-5 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.94517057 997.15829685 0.99715830 0.94517057
M 0.00000000 0.72099299 997.86104015 0.99786104 0.72099299
B-1 0.00000000 0.72099326 997.86103980 0.99786104 0.72099326
B-2 0.00000000 0.72099228 997.86104006 0.99786104 0.72099228
B-3 0.00000000 0.72099057 997.86103774 0.99786104 0.72099057
B-4 0.00000000 0.72099434 997.86104285 0.99786104 0.72099434
B-5 0.47870612 0.72099882 997.86103683 0.99786104 0.24229270
<FN>
(3) 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>
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-1 386,566,125.00 7.00000% 359,697,844.98 2,098,237.43 0.00 0.00
A-2 35,601,000.00 7.00000% 35,601,000.00 207,672.50 0.00 0.00
A-3 50,250,000.00 7.00000% 50,178,747.16 292,709.36 0.00 0.00
A-4 0.00 0.57059% 185,467,037.09 88,188.10 0.00 0.00
A-5 0.00 0.57059% 263,353,737.35 125,222.61 0.00 0.00
A-R 100.00 7.00000% 0.00 0.00 0.00 0.00
APO 179,279.81 0.00000% 178,939.80 0.00 0.00 0.00
M 7,422,000.00 7.00000% 7,411,475.85 43,233.61 0.00 0.00
B-1 8,165,000.00 7.00000% 8,153,422.30 47,561.63 0.00 0.00
B-2 2,721,000.00 7.00000% 2,717,141.71 15,849.99 0.00 0.00
B-3 1,484,000.00 7.00000% 1,481,895.74 8,644.39 0.00 0.00
B-4 1,237,000.00 7.00000% 1,235,245.98 7,205.60 0.00 0.00
B-5 1,239,946.55 7.00000% 1,238,188.35 7,222.77 453.68 0.00
Totals 494,865,451.36 2,941,747.99 453.68 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 2,098,237.43 0.00 349,172,023.00
A-2 0.00 0.00 207,672.50 0.00 35,601,000.00
A-3 0.00 0.00 292,709.36 0.00 50,142,517.24
A-4 0.00 0.00 88,188.10 0.00 181,108,671.12
A-5 0.00 0.00 125,222.61 0.00 257,165,079.87
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 178,770.35
M 0.00 0.00 43,233.61 0.00 7,406,124.64
B-1 0.00 0.00 47,561.63 0.00 8,147,535.39
B-2 0.00 0.00 15,849.99 0.00 2,715,179.89
B-3 0.00 0.00 8,644.39 0.00 1,480,825.78
B-4 0.00 0.00 7,205.60 0.00 1,234,354.11
B-5 0.00 0.00 7,676.45 0.00 1,237,294.35
Totals 0.00 0.00 2,942,201.67 0.00
<FN>
(4) 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>
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-1 386,566,125.00 7.00000% 930.49499611 5.42788748 0.00000000 0.00000000
A-2 35,601,000.00 7.00000% 1000.00000000 5.83333333 0.00000000 0.00000000
A-3 50,250,000.00 7.00000% 998.58203303 5.82506189 0.00000000 0.00000000
A-4 0.00 0.57059% 943.36684103 0.44856342 0.00000000 0.00000000
A-5 0.00 0.57059% 943.36684097 0.44856344 0.00000000 0.00000000
A-R 100.00 7.00000% 0.00000000 0.00000000 0.00000000 0.00000000
APO 179,279.81 0.00000% 998.10346742 0.00000000 0.00000000 0.00000000
M 7,422,000.00 7.00000% 998.58203314 5.82506198 0.00000000 0.00000000
B-1 8,165,000.00 7.00000% 998.58203307 5.82506185 0.00000000 0.00000000
B-2 2,721,000.00 7.00000% 998.58203234 5.82506064 0.00000000 0.00000000
B-3 1,484,000.00 7.00000% 998.58203504 5.82506065 0.00000000 0.00000000
B-4 1,237,000.00 7.00000% 998.58203719 5.82506063 0.00000000 0.00000000
B-5 1,239,946.55 7.00000% 998.58203565 5.82506560 0.36588674 0.00000000
<FN>
(5) Per $1,000 Denomination
</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 5.42788748 0.00000000 903.26596258
A-2 0.00000000 0.00000000 5.83333333 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.82506189 0.00000000 997.86103960
A-4 0.00000000 0.00000000 0.44856342 0.00000000 921.19827673
A-5 0.00000000 0.00000000 0.44856344 0.00000000 921.19827668
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 997.15829685
M 0.00000000 0.00000000 5.82506198 0.00000000 997.86104015
B-1 0.00000000 0.00000000 5.82506185 0.00000000 997.86103980
B-2 0.00000000 0.00000000 5.82506064 0.00000000 997.86104006
B-3 0.00000000 0.00000000 5.82506065 0.00000000 997.86103774
B-4 0.00000000 0.00000000 5.82506063 0.00000000 997.86104285
B-5 0.00000000 0.00000000 6.19095234 0.00000000 997.86103683
<FN>
(6) 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>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 13,671,970.51
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 13,671,970.51
Withdrawals
Reimbursement for Servicer Advances 54,297.34
Payment of Service Fee 93,926.35
Payment of Interest and Principal 13,519,885.22
Total Withdrawals (Pool Distribution Amount) 13,668,108.91
Ending Balance 3,861.60
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 9,787.50
Servicing Fee Support 9,787.50
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 97,475.43
Master Servicing Fee 6,238.43
Supported Prepayment/Curtailment Interest Shortfall 9,787.50
Net Servicing Fee 93,926.35
</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 6 1,262,843.44 0.376884% 0.276143%
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 6 1,262,843.44 0.376884% 0.276143%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 593.57
Cumulative Realized Losses - Includes Interest Shortfall 2,351.77
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 526,564.31
</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 22,268,946.55 4.50000025% 22,221,314.16 4.85907609% 95.139024% 100.000000%
Class M 14,846,946.55 3.00019864% 14,815,189.52 3.23959837% 1.620111% 0.000000%
Class B-1 6,681,946.55 1.35025521% 6,667,654.13 1.45799832% 1.782297% 0.000000%
Class B-2 3,960,946.55 0.80040879% 3,952,474.24 0.86427710% 0.593953% 0.000000%
Class B-3 2,476,946.55 0.50052929% 2,471,648.46 0.54046884% 0.323935% 0.000000%
Class B-4 1,239,946.55 0.25056236% 1,237,294.35 0.27055589% 0.270019% 0.000000%
Class B-5 0.00 0.00000000% 0.00 0.00000000% 0.270662% 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 100,000.00 0.02020751% 100,000.00 0.02186674%
Fraud 9,897,309.03 2.00000000% 9,897,309.03 2.16421843%
Special Hazard 4,948,654.51 1.00000000% 4,948,654.51 1.08210921%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
Collateral Description Fixed 30 Year
<S> <C>
Weighted Average Gross Coupon 7.810668%
Weighted Average Pass-Through Rate 7.000000%
Weighted Average Maturity (Stepdown Calculation) 354
Beginning Scheduled Collateral Loan Count 1,620
Number of Loans Paid in Full 28
Ending Scheduled Collateral Loan Count 1,592
Beginning Scheduled Collateral Balance 467,893,901.87
Ending Scheduled Collateral Balance 457,315,624.75
Ending Actual Collateral Balance at 31-Mar-1998 463,512,220.36
Ending Scheduled Balance For Norwest $391,058,697.00
Ending Scheduled Balance For Other Servicers $66,256,927.75
Monthly P&I Constant 3,391,439.91
Class A Optimal Amount $13,374,081.91
Class AP Deferred Amount $0.00
Ending Scheduled Balance for Premium Loans 438,273,750.99
Ending Scheduled Balance for Discount Loans 19,041,873.76
Unpaid Principal Balance of Outstanding Mortgage
Loans with Original LTV:
Less than or equal to 80% 400,753,285.11
Greater than 80%, less than or equal to 85% 6,525,221.11
Greater than 85%, less than or equal to 95% 50,077,279.56
Greater than 95% 0.00
</TABLE>
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