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Previous: NORWEST ASSET SEC CORP MORT PS THR CERT SER 1998-2 TRUST, 8-K, 1998-11-10 |
Next: JWGENESIS FINANCIAL CORP /, 4, 1998-11-10 |
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): October 26, 1998
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-1 Trust
New York (governing law of 333-21263-22 52-2089131
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 October 26, 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 Mortgage Pass-Through
Certificates, Series 1998-1 Trust, relating to the October 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 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 11/04/1998
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 October 26,
1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 09/30/1998
Distribution Date: 10/26/1998
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% 300,881,736.17 1,755,143.46 16,061,142.39
A-2 66937NZD3 SEQ 7.00000% 35,601,000.00 207,672.50 0.00
A-3 66937NZE1 SEQ 7.00000% 49,955,735.03 291,408.45 37,765.32
A-4 66937NZF8 IO 0.54794% 0.00 73,550.88 0.00
A-5 NMB9801IO IO 0.54794% 0.00 104,438.50 0.00
A-R 66937NZG6 R 7.00000% 0.00 0.00 0.00
APO NMB9801PO PO 0.00000% 177,887.86 0.00 176.52
M 66937NZJ0 MEZ 7.00000% 7,378,536.63 43,041.46 5,577.99
B-1 66937NZK7 SUB 7.00000% 8,117,185.60 47,350.25 6,136.40
B-2 66937NZL5 SUB 7.00000% 2,705,065.77 15,779.55 2,044.96
B-3 66937NZW1 SUB 7.00000% 1,475,309.67 8,605.97 1,115.30
B-4 66937NZX9 SUB 7.00000% 1,229,756.11 7,173.58 929.67
B-5 66937NZY7 SUB 7.00000% 1,232,685.40 7,190.66 764.27
Totals 408,754,898.24 2,561,355.26 16,115,652.82
</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 0.00 284,820,593.77 17,816,285.85 0.00
A-2 0.00 35,601,000.00 207,672.50 0.00
A-3 0.00 49,917,969.71 329,173.77 0.00
A-4 0.00 0.00 73,550.88 0.00
A-5 0.00 0.00 104,438.50 0.00
A-R 0.00 0.00 0.00 0.00
APO 0.00 177,711.34 176.52 0.00
M 0.00 7,372,958.63 48,619.45 0.00
B-1 0.00 8,111,049.21 53,486.65 0.00
B-2 0.00 2,703,020.81 17,824.51 0.00
B-3 0.00 1,474,194.37 9,721.27 0.00
B-4 0.00 1,228,826.44 8,103.25 0.00
B-5 167.61 1,231,753.52 7,954.93 3,037.09
Totals 167.61 392,639,077.80 18,677,008.08 3,037.09
<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-1 386,566,125.00 300,881,736.17 254,372.77 15,806,769.62 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 49,955,735.03 37,765.32 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 179,279.81 177,887.86 155.32 21.20 0.00 0.00
M 7,422,000.00 7,378,536.63 5,577.99 0.00 0.00 0.00
B-1 8,165,000.00 8,117,185.60 6,136.40 0.00 0.00 0.00
B-2 2,721,000.00 2,705,065.77 2,044.96 0.00 0.00 0.00
B-3 1,484,000.00 1,475,309.67 1,115.30 0.00 0.00 0.00
B-4 1,237,000.00 1,229,756.11 929.67 0.00 0.00 0.00
B-5 1,239,946.55 1,232,685.40 764.27 0.00 0.00 167.61
Totals 494,865,451.36 408,754,898.24 308,862.00 15,806,790.82 0.00 167.61
<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 16,061,142.39 284,820,593.77 0.73679657 16,061,142.39
A-2 0.00 35,601,000.00 1.00000000 0.00
A-3 37,765.32 49,917,969.71 0.99339243 37,765.32
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 176.52 177,711.34 0.99125127 176.52
M 5,577.99 7,372,958.63 0.99339243 5,577.99
B-1 6,136.40 8,111,049.21 0.99339243 6,136.40
B-2 2,044.96 2,703,020.81 0.99339243 2,044.96
B-3 1,115.30 1,474,194.37 0.99339243 1,115.30
B-4 929.67 1,228,826.44 0.99339243 929.67
B-5 931.88 1,231,753.52 0.99339243 764.27
Totals 16,115,820.43 392,639,077.80 0.79342592 16,115,652.82
</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-1 386,566,125.00 778.34480755 0.65803171 40.89020894 0.00000000
A-2 35,601,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 50,250,000.00 994.14398070 0.75154866 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 179,279.81 992.23587977 0.86635522 0.11825091 0.00000000
M 7,422,000.00 994.14398141 0.75154810 0.00000000 0.00000000
B-1 8,165,000.00 994.14398040 0.75154930 0.00000000 0.00000000
B-2 2,721,000.00 994.14398015 0.75154723 0.00000000 0.00000000
B-3 1,484,000.00 994.14398248 0.75154987 0.00000000 0.00000000
B-4 1,237,000.00 994.14398545 0.75155214 0.00000000 0.00000000
B-5 1,239,946.55 994.14398145 0.61637334 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 41.54824065 736.79656687 0.73679657 41.54824065
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.75154866 993.39243204 0.99339243 0.75154866
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 0.98460613 991.25127364 0.99125127 0.98460613
M 0.00000000 0.75154810 993.39243196 0.99339243 0.75154810
B-1 0.00000000 0.75154930 993.39243233 0.99339243 0.75154930
B-2 0.00000000 0.75154723 993.39243293 0.99339243 0.75154723
B-3 0.00000000 0.75154987 993.39243261 0.99339243 0.75154987
B-4 0.00000000 0.75155214 993.39243331 0.99339243 0.75155214
B-5 0.13517518 0.75154852 993.39243292 0.99339243 0.61637334
<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-1 386,566,125.00 7.00000% 300,881,736.17 1,755,143.46 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% 49,955,735.03 291,408.45 0.00 0.00
A-4 0.00 0.54794% 161,079,363.93 73,550.88 0.00 0.00
A-5 0.00 0.54794% 228,724,484.79 104,438.50 0.00 0.00
A-R 100.00 7.00000% 0.00 0.00 0.00 0.00
APO 179,279.81 0.00000% 177,887.86 0.00 0.00 0.00
M 7,422,000.00 7.00000% 7,378,536.63 43,041.46 0.00 0.00
B-1 8,165,000.00 7.00000% 8,117,185.60 47,350.25 0.00 0.00
B-2 2,721,000.00 7.00000% 2,705,065.77 15,779.55 0.00 0.00
B-3 1,484,000.00 7.00000% 1,475,309.67 8,605.97 0.00 0.00
B-4 1,237,000.00 7.00000% 1,229,756.11 7,173.58 0.00 0.00
B-5 1,239,946.55 7.00000% 1,232,685.40 7,190.66 0.00 0.00
Totals 494,865,451.36 2,561,355.26 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 1,755,143.46 0.00 284,820,593.77
A-2 0.00 0.00 207,672.50 0.00 35,601,000.00
A-3 0.00 0.00 291,408.45 0.00 49,917,969.71
A-4 0.00 0.00 73,550.88 0.00 154,432,241.35
A-5 0.00 0.00 104,438.50 0.00 219,285,909.59
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 177,711.34
M 0.00 0.00 43,041.46 0.00 7,372,958.63
B-1 0.00 0.00 47,350.25 0.00 8,111,049.21
B-2 0.00 0.00 15,779.55 0.00 2,703,020.81
B-3 0.00 0.00 8,605.97 0.00 1,474,194.37
B-4 0.00 0.00 7,173.58 0.00 1,228,826.44
B-5 0.00 0.00 7,190.66 0.00 1,231,753.52
Totals 0.00 0.00 2,561,355.26 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-1 386,566,125.00 7.00000% 778.34480755 4.54034471 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% 994.14398070 5.79917313 0.00000000 0.00000000
A-4 0.00 0.54794% 819.32041989 0.37411209 0.00000000 0.00000000
A-5 0.00 0.54794% 819.32041990 0.37411209 0.00000000 0.00000000
A-R 100.00 7.00000% 0.00000000 0.00000000 0.00000000 0.00000000
APO 179,279.81 0.00000% 992.23587977 0.00000000 0.00000000 0.00000000
M 7,422,000.00 7.00000% 994.14398141 5.79917273 0.00000000 0.00000000
B-1 8,165,000.00 7.00000% 994.14398040 5.79917330 0.00000000 0.00000000
B-2 2,721,000.00 7.00000% 994.14398015 5.79917310 0.00000000 0.00000000
B-3 1,484,000.00 7.00000% 994.14398248 5.79917116 0.00000000 0.00000000
B-4 1,237,000.00 7.00000% 994.14398545 5.79917542 0.00000000 0.00000000
B-5 1,239,946.55 7.00000% 994.14398145 5.79916933 0.00000000 0.00000000
<FN>
(5) Per $1,000 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 4.54034471 0.00000000 736.79656687
A-2 0.00000000 0.00000000 5.83333333 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.79917313 0.00000000 993.39243204
A-4 0.00000000 0.00000000 0.37411209 0.00000000 785.51023384
A-5 0.00000000 0.00000000 0.37411209 0.00000000 785.51023381
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 991.25127364
M 0.00000000 0.00000000 5.79917273 0.00000000 993.39243196
B-1 0.00000000 0.00000000 5.79917330 0.00000000 993.39243233
B-2 0.00000000 0.00000000 5.79917310 0.00000000 993.39243293
B-3 0.00000000 0.00000000 5.79917116 0.00000000 993.39243261
B-4 0.00000000 0.00000000 5.79917542 0.00000000 993.39243331
B-5 0.00000000 0.00000000 5.79916933 0.00000000 993.39243292
<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 18,564,713.05
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 215,708.89
Realized Losses 0.00
Total Deposits 18,780,421.94
Withdrawals
Reimbursement for Servicer Advances 24,831.18
Payment of Service Fee 78,582.68
Payment of Interest and Principal 18,677,008.10
Total Withdrawals (Pool Distribution Amount) 18,780,421.96
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 12,022.65
Servicing Fee Support 12,022.65
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 85,155.39
Master Servicing Fee 5,449.94
Supported Prepayment/Curtailment Interest Shortfall 12,022.65
Net Servicing Fee 78,582.69
</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 3 590,367.74 0.214439% 0.150359%
60 Days 1 304,049.46 0.071480% 0.077437%
90+ Days 1 297,901.49 0.071480% 0.075872%
Foreclosure 1 255,552.12 0.071480% 0.065086%
REO 0 0.00 0.000000% 0.000000%
Totals 6 1,447,870.81 0.428878% 0.368754%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 167.61
Cumulative Realized Losses - Includes Interest Shortfall 3,037.09
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 679,039.95
</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% 22,121,802.98 5.63413176% 94.363317% 100.000000%
Class M 14,846,946.55 3.00019864% 14,748,844.35 3.75633634% 1.878646% 0.000000%
Class B-1 6,681,946.55 1.35025521% 6,637,795.14 1.69055897% 2.066713% 0.000000%
Class B-2 3,960,946.55 0.80040879% 3,934,774.33 1.00213518% 0.688736% 0.000000%
Class B-3 2,476,946.55 0.50052929% 2,460,579.96 0.62667730% 0.375628% 0.000000%
Class B-4 1,239,946.55 0.25056236% 1,231,753.52 0.31371139% 0.313108% 0.000000%
Class B-5 0.00 0.00000000% 0.00 0.00000000% 0.313853% 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 0.02546868%
Fraud 9,897,309.03 2.00000000% 9,897,309.03 2.52071421%
Special Hazard 4,948,654.51 1.00000000% 4,948,654.51 1.26035710%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 7.785537%
Weighted Average Pass-Through Rate 7.000000%
Weighted Average Maturity(Stepdown Calculation ) 348
Begin Scheduled Collateral Loan Count 1,448
Number Of Loans Paid In Full 49
End Scheduled Collateral Loan Count 1,399
Begining Scheduled Collateral Balance 408,754,898.23
Ending Scheduled Collateral Balance 392,639,077.80
Ending Actual Collateral Balance at 30-Sep-1998 399,968,225.37
Ending Scheduled Balance For Norwest 330,797,814.46
Ending Scheduled Balance For Other Services 61,841,263.34
Monthly P &I Constant 2,972,723.00
Class A Optimal Amount 18,531,121.50
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 373,718,150.94
Ending scheduled Balance For discounted Loans 18,920,926.86
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 343,201,143.05
Greater Than 80%, less than or equal to 85% 6,211,448.06
Greater than 85%, less than or equal to 95% 43,290,802.52
Greater than 95% 0.00
</TABLE>
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