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Previous: NORWEST ASSET SEC CORP MORT PS THR CERT SER 1998-2 TRUST, 8-K, 1998-10-06 |
Next: CHAPMAN CAPITAL MANAGEMENT HOLDINGS INC, S-8, 1998-10-06 |
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): September 25, 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
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On September 25, 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 Home Equity Loan
Asset-Backed Certs., Series 1998-2 Trust, relating to the September
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 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 9/30/98
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 September
25, 1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 8/31/98
Distribution Date: 9/25/98
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% 313,029,395.34 1,826,004.81 12,147,659.17
A-2 66937NZD3 SEQ 7.00000% 35,601,000.00 207,672.50 0.00
A-3 66937NZE1 SEQ 7.00000% 49,993,510.32 291,628.81 37,775.29
A-4 66937NZF8 IO 0.55113% 0.00 76,291.95 0.00
A-5 NMB9801IO IO 0.55113% 0.00 108,330.68 0.00
A-R 66937NZG6 R 7.00000% 0.00 0.00 0.00
APO NMB9801PO PO 0.00000% 178,066.92 0.00 179.06
M 66937NZJ0 MEZ 7.00000% 7,384,116.09 43,074.01 5,579.47
B-1 66937NZK7 SUB 7.00000% 8,123,323.62 47,386.05 6,138.01
B-2 66937NZL5 SUB 7.00000% 2,707,111.28 15,791.48 2,045.50
B-3 66937NZW1 SUB 7.00000% 1,476,425.26 8,612.48 1,115.59
B-4 66937NZX9 SUB 7.00000% 1,230,686.02 7,179.00 929.91
B-5 66937NZY7 SUB 7.00000% 1,233,617.53 7,196.10 821.47
Totals 420,957,252.38 2,639,167.87 12,202,243.47
</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 0.00 300,881,736.17 13,973,663.98 0.00
A-2 0.00 35,601,000.00 207,672.50 0.00
A-3 0.00 49,955,735.03 329,404.10 0.00
A-4 0.00 0.00 76,291.95 0.00
A-5 0.00 0.00 108,330.68 0.00
A-R 0.00 0.00 0.00 0.00
APO 0.00 177,887.86 179.06 0.00
M 0.00 7,378,536.63 48,653.48 0.00
B-1 0.00 8,117,185.60 53,524.06 0.00
B-2 0.00 2,705,065.77 17,836.98 0.00
B-3 0.00 1,475,309.67 9,728.07 0.00
B-4 0.00 1,229,756.11 8,108.91 0.00
B-5 110.66 1,232,685.40 8,017.57 2,869.48
Totals 110.66 408,754,898.24 14,841,411.34 2,869.48
<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-1 386,566,125.00 313,029,395.34 263,426.48 11,884,232.69 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 49,993,510.32 37,775.29 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 179,279.81 178,066.92 154.51 24.55 0.00 0.00
M 7,422,000.00 7,384,116.09 5,579.47 0.00 0.00 0.00
B-1 8,165,000.00 8,123,323.62 6,138.01 0.00 0.00 0.00
B-2 2,721,000.00 2,707,111.28 2,045.50 0.00 0.00 0.00
B-3 1,484,000.00 1,476,425.26 1,115.59 0.00 0.00 0.00
B-4 1,237,000.00 1,230,686.02 929.91 0.00 0.00 0.00
B-5 1,239,946.55 1,233,617.53 821.47 0.00 0.00 110.66
Totals 494,865,451.36 420,957,252.38 317,986.23 11,884,257.24 0.00 110.66
<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 12,147,659.17 300,881,736.17 0.77834481 12,147,659.17
A-2 0.00 35,601,000.00 1.00000000 0.00
A-3 37,775.29 49,955,735.03 0.99414398 37,775.29
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 179.06 177,887.86 0.99223588 179.06
M 5,579.47 7,378,536.63 0.99414398 5,579.47
B-1 6,138.01 8,117,185.60 0.99414398 6,138.01
B-2 2,045.50 2,705,065.77 0.99414398 2,045.50
B-3 1,115.59 1,475,309.67 0.99414398 1,115.59
B-4 929.91 1,229,756.11 0.99414399 929.91
B-5 932.13 1,232,685.40 0.99414398 821.47
Totals 12,202,354.13 408,754,898.24 0.82599199 12,202,243.47
</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-1 386,566,125.00 809.76933853 0.68145257 30.74307841 0.00000000
A-2 35,601,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 50,250,000.00 994.89572776 0.75174706 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 179,279.81 993.23465370 0.86183715 0.13693678 0.00000000
M 7,422,000.00 994.89572757 0.75174751 0.00000000 0.00000000
B-1 8,165,000.00 994.89572811 0.75174648 0.00000000 0.00000000
B-2 2,721,000.00 994.89572951 0.75174568 0.00000000 0.00000000
B-3 1,484,000.00 994.89572776 0.75174528 0.00000000 0.00000000
B-4 1,237,000.00 994.89573161 0.75174616 0.00000000 0.00000000
B-5 1,239,946.55 994.89573159 0.66250436 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 31.42453098 778.34480755 0.77834481 31.42453098
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.75174706 994.14398070 0.99414398 0.75174706
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 0.99877393 992.23587977 0.99223588 0.99877393
M 0.00000000 0.75174751 994.14398141 0.99414398 0.75174751
B-1 0.00000000 0.75174648 994.14398040 0.99414398 0.75174648
B-2 0.00000000 0.75174568 994.14398015 0.99414398 0.75174568
B-3 0.00000000 0.75174528 994.14398248 0.99414398 0.75174528
B-4 0.00000000 0.75174616 994.14398545 0.99414399 0.75174616
B-5 0.08924578 0.75175015 994.14398145 0.99414398 0.66250436
<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% 313,029,395.34 1,826,004.81 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% 49,993,510.32 291,628.81 0.00 0.00
A-4 0.00 0.55113% 166,113,478.04 76,291.95 0.00 0.00
A-5 0.00 0.55113% 235,872,670.16 108,330.68 0.00 0.00
A-R 100.00 7.00000% 0.00 0.00 0.00 0.00
APO 179,279.81 0.00000% 178,066.92 0.00 0.00 0.00
M 7,422,000.00 7.00000% 7,384,116.09 43,074.01 0.00 0.00
B-1 8,165,000.00 7.00000% 8,123,323.62 47,386.05 0.00 0.00
B-2 2,721,000.00 7.00000% 2,707,111.28 15,791.48 0.00 0.00
B-3 1,484,000.00 7.00000% 1,476,425.26 8,612.48 0.00 0.00
B-4 1,237,000.00 7.00000% 1,230,686.02 7,179.00 0.00 0.00
B-5 1,239,946.55 7.00000% 1,233,617.53 7,196.10 0.00 0.00
Totals 494,865,451.36 2,639,167.87 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 1,826,004.81 0.00 300,881,736.17
A-2 0.00 0.00 207,672.50 0.00 35,601,000.00
A-3 0.00 0.00 291,628.81 0.00 49,955,735.03
A-4 0.00 0.00 76,291.95 0.00 161,083,094.11
A-5 0.00 0.00 108,330.68 0.00 228,729,781.44
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 177,887.86
M 0.00 0.00 43,074.01 0.00 7,378,536.63
B-1 0.00 0.00 47,386.05 0.00 8,117,185.60
B-2 0.00 0.00 15,791.48 0.00 2,705,065.77
B-3 0.00 0.00 8,612.48 0.00 1,475,309.67
B-4 0.00 0.00 7,179.00 0.00 1,229,756.11
B-5 0.00 0.00 7,196.10 0.00 1,232,685.40
Totals 0.00 0.00 2,639,167.87 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% 809.76933853 4.72365448 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% 994.89572776 5.80355841 0.00000000 0.00000000
A-4 0.00 0.55113% 844.92613614 0.38805438 0.00000000 0.00000000
A-5 0.00 0.55113% 844.92613608 0.38805438 0.00000000 0.00000000
A-R 100.00 7.00000% 0.00000000 0.00000000 0.00000000 0.00000000
APO 179,279.81 0.00000% 993.23465370 0.00000000 0.00000000 0.00000000
M 7,422,000.00 7.00000% 994.89572757 5.80355834 0.00000000 0.00000000
B-1 8,165,000.00 7.00000% 994.89572811 5.80355787 0.00000000 0.00000000
B-2 2,721,000.00 7.00000% 994.89572951 5.80355752 0.00000000 0.00000000
B-3 1,484,000.00 7.00000% 994.89572776 5.80355795 0.00000000 0.00000000
B-4 1,237,000.00 7.00000% 994.89573161 5.80355699 0.00000000 0.00000000
B-5 1,239,946.55 7.00000% 994.89573159 5.80355661 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 4.72365448 0.00000000 778.34480755
A-2 0.00000000 0.00000000 5.83333333 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.80355841 0.00000000 994.14398070
A-4 0.00000000 0.00000000 0.38805438 0.00000000 819.33939323
A-5 0.00000000 0.00000000 0.38805438 0.00000000 819.33939318
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 992.23587977
M 0.00000000 0.00000000 5.80355834 0.00000000 994.14398141
B-1 0.00000000 0.00000000 5.80355787 0.00000000 994.14398040
B-2 0.00000000 0.00000000 5.80355752 0.00000000 994.14398015
B-3 0.00000000 0.00000000 5.80355795 0.00000000 994.14398248
B-4 0.00000000 0.00000000 5.80355699 0.00000000 994.14398545
B-5 0.00000000 0.00000000 5.80355661 0.00000000 994.14398145
<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 15,123,643.25
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 24,831.18
Realized Losses 0.00
Total Deposits 15,148,474.43
Withdrawals
Reimbursement for Servicer Advances 224,132.21
Payment of Service Fee 82,930.87
Payment of Interest and Principal 14,841,411.36
Total Withdrawals (Pool Distribution Amount) 15,148,474.44
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 10,379.27
Servicing Fee Support 10,379.27
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 87,697.51
Master Servicing Fee 5,612.64
Supported Prepayment/Curtailment Interest Shortfall 10,379.27
Net Servicing Fee 82,930.88
</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 1,648,289.92 0.414365% 0.403247%
60 Days 1 255,552.12 0.069061% 0.062520%
90+ Days 1 298,111.34 0.069061% 0.072932%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 8 2,201,953.38 0.552486% 0.538698%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 110.66
Cumulative Realized Losses - Includes Interest Shortfall 2,869.48
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 498,794.58
</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% 22,138,539.18 5.41609147% 94.581550% 100.000000%
Class M 14,846,946.55 3.00019864% 14,760,002.55 3.61096653% 1.805911% 0.000000%
Class B-1 6,681,946.55 1.35025521% 6,642,816.95 1.62513452% 1.986697% 0.000000%
Class B-2 3,960,946.55 0.80040879% 3,937,751.18 0.96335266% 0.662070% 0.000000%
Class B-3 2,476,946.55 0.50052929% 2,462,441.51 0.60242495% 0.361085% 0.000000%
Class B-4 1,239,946.55 0.25056236% 1,232,685.40 0.30157080% 0.300985% 0.000000%
Class B-5 0.00 0.00000000% 0.00 0.00000000% 0.301702% 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 0.02446454%
Fraud 9,897,309.03 2.00000000% 9,897,309.03 2.42133099%
Special Hazard 4,948,654.51 1.00000000% 4,948,654.51 1.21066549%
<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 7.789344%
Weighted Average Pass-Through Rate 7.000000%
Weighted Average Maturity(Stepdown Calculation ) 349
Begin Scheduled Collateral Loan Count 1,483
Number Of Loans Paid In Full 35
End Scheduled Collateral Loan Count 1,448
Begining Scheduled Collateral Balance 420,957,252.37
Ending Scheduled Collateral Balance 408,754,898.23
Ending Actual Collateral Balance at 31-Aug-1998 415,084,001.13
Ending Scheduled Balance For Norwest 346,204,629.63
Ending Scheduled Balance For Other Services 62,550,268.60
Monthly P &I Constant 3,058,861.91
Class A Optimal Amount 14,695,363.21
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 389,812,875.55
Ending scheduled Balance For discounted Loans 18,942,022.68
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 356,577,630.04
Greater Than 80%, less than or equal to 85% 6,221,621.72
Greater than 85%, less than or equal to 95% 46,001,420.44
Greater than 95% 0.00
</TABLE>
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