SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No.1
(Mark One)
/ x / ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998 or
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 333-21263-22
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Series 1998-1 Trust
(Exact name of registrant as specified in its charter)
New York 52-2089131
(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification No.)
organization)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code:
(410) 884-2000
Securities to be registered pursuant to Section 12(b)
of the Act:
NONE
Securities to be registered pursuant to Section 12(g)
of the Act:
NONE
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No ___
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the "Original Form 10-K") filed on March 25, 1999, on behalf of
Norwest Asset Securities Corporation Mortgage Pass-Through Certificates Series
1998-01 Trust established pursuant to a Pooling and Servicing Agreement among
NORWEST ASSET SECURITIES CORPORATION (Seller) and NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION (Master Servicer) and FIRST UNION NATIONAL BANK (Trustee),
pursuant to which the Norwest Asset Securities Corporation Mortgage Pass-Through
Certificates Series 1998-01 Trust registered under the Securities Act of 1933
(the "Certificates") were issued.
Item 14 of the Original Form 10-K is amended to read in its entirety as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports
on Form 8-K.
(a) Exhibits
(99.1) Annual Independent Accountants' Servicing
Reports concerning servicing activities for
the year ended December 31, 1998.
a) CHASE MANHATTAN MTG CORP <F1>
(99.2) Report of Management as to Compliance with
Minimum Servicing Standards for the year
ended December 31, 1998.
a) CHASE MANHATTAN MTG CORP <F1>
(99.3) Annual Statements of Compliance under the
Pooling and Servicing Agreements for the
year ended December 31, 1998.
a) CHASE MANHATTAN MTG CORP <F1>
(99.4) Aggregate Statement of Principal and
Interest Distributions to Certificate
Holders. <F2>
(b) On October 6, 1998, November 10, 1998, and
December 10, 1998, reports on Form 8-K were filed
by the Company in order to provide the
statements for the monthly distributions to
holders of the Certificates. No other reports on
Form 8-K have been filed during the last quarter
of the period covered by this report.
(c) Not applicable.
(d) Omitted.
<F1> Filed herewith.
<F2> Previously filed.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized:
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Series 1998-1 Trust
Signed: Norwest Bank Minnesota, N.A., as Master Servicer
By: Sherri J. Sharps, Vice President
By: /s/ Sherri J. Sharps, Vice President
Dated: December 17, 1999
Exhibits
Exhibit No.
(99.1) Annual Independent Accountants' Servicing
Reports concerning servicing activities for the year
ended December 31, 1998.
a) CHASE MANHATTAN MTG CORP <F1>
(99.2) Report of Management as to Compliance with
Minimum Servicing Standards for the year ended
December 31, 1998.
a) CHASE MANHATTAN MTG CORP <F1>
(99.3) Annual Statements of Compliance under the Pooling
and Servicing Agreement for the year ended
December 31, 1998.
a) CHASE MANHATTAN MTG CORP <F1>
(99.4) Aggregate Statement of Principal and Interest
Distributions to Certificate Holders. <F2>
<F1> Filed herewith.
<F2> Previously filed.
(logo)
Report of Independent Accountants
PricewaterhouseCoopers LLP
650 Third Avenue South
Park Building
Suite 1300
Minneapolis MN 55402-4333
Telephone (612) 596 6000
Facsimile (612) 373 7160
March 5, 1999
To the Board of Directors and Stockholder of Chase Manhattan Mortgage
Corporation:
We have examined management's assertion about Chase Manhattan Mortgage
Corporation's (the "Company") compliance with the minimum servicing standards
("standards") identified in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers ("USAP") as of and for
the year ended December 31, 1998 included in the accompanying management
assertion (see Exhibit I). The Company performs loan subservicing functions for
the residential loan servicing portfolio of Chemical Mortgage Company.
Management is responsible for the Company's compliance with those minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion about the entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
standards and performing such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for
our opinion. Our examination does not provide a legal determination on the
Company's compliance with the standards.
In our opinion, management's assertion that the Company complied with the
aforementioned standards as of and for the year ended December 31, 1998 is
fairly stated, in all material respects.
PricewaterhouseCoopers LLP
(LOGO)
Chase Corporation
3415 Vision Drive
Columbus OH 43219
Exhibit I
Management's Assertion Concerning Compliance with USAP Minimum
Servicing Standards
March 5, 1999
As of and for the year ended December 31, 1998, Chase Manhattan Mortgage
Corporation ("CMMC") and Chase Mortgage Company ("CMC") and their subsidiaries
(collectively, the "Group") have complied in all material respects with the
minimum servicing standards (the "Standards") set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
("USAP").
As noted in our assertion dated March 26, 1998, certain CMMC's custodial
accounts and related bank clearing accounts were not being consistently
reconciled within 45 days. In addition, a significant number and dollar amount
of reconciling items documented on the reconciliations were not being resolved
within 90 days after identification. These instances of noncompliance have been
remedied and procedural and operational enhancements have been implemented
during 1998 and reconciliations since this time have been completed within the
45 day minimum standard with reconciling items being resolved within 90 days of
identification.
As of and for this same period, the Group had in effect fidelity bond and errors
and omissions policy in the amounts of $250,000,000 and $25,000,000
respectively.
Thomas Jacob
Chief Executive Officer
Patrick Coon
Executive Vice President of Servicing
Chase Manhattan Mortgage Corporation
Page 2
Glenn Mouridy
Executive Vice President and Chief Financial Officer
Lucy Gambino
Vice President of Risk Management
<PAGE>
Chase Manhattan Mortgage Corporation
3415 Vision Drive
Columbus, OH 43219
September 15, 1998
Ms. Kimberly Wiggins
Contracts & Compliance Administrator
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044
Dear Ms. Wiggins:
This letter is in response to your letter dated August 26, 1998, regarding the
exception disclosed on the 1997 USAP Report.
Chase Manhattan Mortgage Corporation (CMMC) is pleased to report that all
custodial accounts are reconciled current as of March 31,1998. Additionally, all
clearing accounts are reconciled current as of April 30,1998.
CMMC has increased its management and staffing levels in the areas responsible
for maintaining the custodial and clearing account. Management continues to
diligently monitor alt the custodial and clearing accounts to ensure that all
accounts are reconciled timely.
Should you have any questions regarding the information provided, please do not
hesitate to contact me at (614) 422-7722.
Sincerely,
Lucy P. Gambino
Vice President
Risk Management Department
cc: N. Taylor
(LOGO) CHASE
Chase Manhattan Mortgage Corporation
3415 Vision Drive
Columbus, OH 43219
1-800-848-9136 Customer Service
1-800-582-0542 TDD / Text Telephone
Ms. Kimberly J. Wiggins
Norwest Bank Minnesota, N. A.
Attn: Master Servicing Department
11000 Broken Land Parkway
Columbia, MD 21044-3562
RE: Annual Certification
Dear Ms. Wiggins:
Pursuant to the servicing agreement, the undersigned Officer certifies to the
following:
a) All hazard (or mortgage impairment, if applicable) flood or other casualty
insurance and primary mortgage guaranty insurance premiums, taxes, ground rents,
assessments and other changes have been paid by/in connection with the Mortgaged
Properties;
b) All property inspections have been completed;
c) Compliance relative to Adjustable Rate Mortgages have been met;
d) Compliance with IRS Foreclosure reporting regulations enacted as IRS Section
6060J by the Deficit Reduction Act, regarding Acquired and/or Abandonment
property have been completed;
e) All loans CMMC services in state that have statutes requiring payment of
interest on escrow/impound accounts have been completed;
f) That such officer has confirmed that the Fidelity Bond, the Errors and
Omissions Insurance Policy, and any other bonds required under the terms of the
Servicing Agreement are in full force and effect.
g) Enclosed is a copy of our most recent independent audit statement.
CERTIFIED BY:
Lucy P.Gambino
Vice President
Chase Manhattan Mortgage Corporation
3415 Vision Drive
Columbus, OH 43219
DATE: March 26, 1999
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