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Previous: NORWEST ASSET SECURITIES CORP MOR PAS THR CERT SER 1998-7 TR, 8-K, 1998-05-06 |
Next: NORWEST ASSET SECURITIES CORP MOR PAS THR CERT SER 1998-9 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 1998-8 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of
333-45021-03
52-2095164
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 1998-8
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 1998-8 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 1998-8 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 5/1/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1
Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-8 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: 1998-8
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 66937NJ74 SEQ 6.50000% 291,826,900.00 1,580,729.04 4,231,940.03
A-R 66937NJ82 R 6.50000% 100.00 0.54 100.00
APO NMB9708PO PO 0.00000% 303,940.01 0.00 1,330.80
B-1 66937NJ90 SUB 6.50000% 3,004,000.00 16,271.67 9,420.44
B-2 66937NK23 SUB 6.50000% 2,553,000.00 13,828.75 8,006.12
B-3 66937NK31 SUB 6.50000% 751,000.00 4,067.92 2,355.11
B-4 66937NK49 SUB 6.50000% 751,000.00 4,067.92 2,355.11
B-5 66937NK56 SUB 6.50000% 601,000.00 3,255.42 1,884.71
B-6 66937NK64 SUB 6.50000% 601,012.81 1,985.26 0.00
Totals 300,391,952.82 1,624,206.52 4,257,392.32
</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 $287,594,959.97 $5,812,669.07 $0.00
A-R $0.00 $0.00 $100.54 $0.00
APO $0.00 $302,609.21 $1,330.80 $0.00
B-1 $0.00 $2,994,579.56 $25,692.11 $0.00
B-2 $0.00 $2,544,993.88 $21,834.87 $0.00
B-3 $0.00 $748,644.89 $6,423.03 $0.00
B-4 $0.00 $748,644.89 $6,423.03 $0.00
B-5 $0.00 $599,115.29 $5,140.13 $0.00
B-6 $1,884.76 $599,128.05 $1,985.26 $1,884.76
Totals $1,884.76 $296,132,675.74 $5,881,598.84 $1,884.76
<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-1 291,826,900.00 291,826,900.00 915,138.06 3,316,801.97 0.00 0.00
A-R 100.00 100.00 21.62 78.38 0.00 0.00
APO 303,940.01 303,940.01 1,009.19 321.61 0.00 0.00
B-1 3,004,000.00 3,004,000.00 9,420.44 0.00 0.00 0.00
B-2 2,553,000.00 2,553,000.00 8,006.12 0.00 0.00 0.00
B-3 751,000.00 751,000.00 2,355.11 0.00 0.00 0.00
B-4 751,000.00 751,000.00 2,355.11 0.00 0.00 0.00
B-5 601,000.00 601,000.00 1,884.71 0.00 0.00 0.00
B-6 601,012.81 601,012.81 0.00 0.00 0.00 1,884.76
Totals $300,391,952.82 $300,391,952.82 $940,190.36 $3,317,201.96 $0.00 $1,884.76
<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 $4,231,940.03 $287,594,959.97 0.98549846 $4,231,940.03
A-R $100.00 $0.00 0.00000000 $100.00
APO $1,330.80 $302,609.21 0.99562150 $1,330.80
B-1 $9,420.44 $2,994,579.56 0.99686403 $9,420.44
B-2 $8,006.12 $2,544,993.88 0.99686403 $8,006.12
B-3 $2,355.11 $748,644.89 0.99686403 $2,355.11
B-4 $2,355.11 $748,644.89 0.99686403 $2,355.11
B-5 $1,884.71 $599,115.29 0.99686404 $1,884.71
B-6 $1,884.76 $599,128.05 0.99686403 $0.00
Totals $4,259,277.08 $296,132,675.74 0.98582093 $4,257,392.32
</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-1 291,826,900.00 1000.00000000 3.13589344 11.36564851 0.00000000
A-R 100.00 1000.00000000 216.20000000 783.80000000 0.00000000
APO 303,940.01 1000.00000000 3.32035917 1.05813644 0.00000000
B-1 3,004,000.00 1000.00000000 3.13596538 0.00000000 0.00000000
B-2 2,553,000.00 1000.00000000 3.13596553 0.00000000 0.00000000
B-3 751,000.00 1000.00000000 3.13596538 0.00000000 0.00000000
B-4 751,000.00 1000.00000000 3.13596538 0.00000000 0.00000000
B-5 601,000.00 1000.00000000 3.13595674 0.00000000 0.00000000
B-6 601,012.81 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) per $1000 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 14.50154194 985.49845806 0.98549846 14.50154194
A-R 0.00000000 1000.00000000 0.00000000 0.00000000 1000.00000000
APO 0.00000000 4.37849561 995.62150439 0.99562150 4.37849561
B-1 0.00000000 3.13596538 996.86403462 0.99686403 3.13596538
B-2 0.00000000 3.13596553 996.86403447 0.99686403 3.13596553
B-3 0.00000000 3.13596538 996.86403462 0.99686403 3.13596538
B-4 0.00000000 3.13596538 996.86403462 0.99686403 3.13596538
B-5 0.00000000 3.13595674 996.86404326 0.99686404 3.13595674
B-6 3.13597309 3.13597309 996.86402691 0.99686403 0.00000000
<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-1 291,826,900.00 6.50000% 291,826,900.00 1,580,729.04 0.00 0.00
A-R 100.00 6.50000% 100.00 0.54 0.00 0.00
APO 303,940.01 0.00000% 303,940.01 0.00 0.00 0.00
B-1 3,004,000.00 6.50000% 3,004,000.00 16,271.67 0.00 0.00
B-2 2,553,000.00 6.50000% 2,553,000.00 13,828.75 0.00 0.00
B-3 751,000.00 6.50000% 751,000.00 4,067.92 0.00 0.00
B-4 751,000.00 6.50000% 751,000.00 4,067.92 0.00 0.00
B-5 601,000.00 6.50000% 601,000.00 3,255.42 0.00 0.00
B-6 601,012.81 6.50000% 601,012.81 3,255.49 0.00 1,270.23
Totals 300,391,952.82 1,625,476.75 0.00 1,270.23
</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 1,580,729.04 0.00 287,594,959.97
A-R 0.00 0.00 0.54 0.00 0.00
APO 0.00 0.00 0.00 0.00 302,609.21
B-1 0.00 0.00 16,271.67 0.00 2,994,579.56
B-2 0.00 0.00 13,828.75 0.00 2,544,993.88
B-3 0.00 0.00 4,067.92 0.00 748,644.89
B-4 0.00 0.00 4,067.92 0.00 748,644.89
B-5 0.00 0.00 3,255.42 0.00 599,115.29
B-6 0.00 0.00 1,985.26 1,270.23 599,128.05
Totals 0.00 0.00 1,624,206.52 1,270.23
<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-1 291,826,900.00 6.50000% 1000.00000000 5.41666666 0.00000000 0.00000000
A-R 100.00 6.50000% 1000.00000000 5.40000000 0.00000000 0.00000000
APO 303,940.01 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 3,004,000.00 6.50000% 1000.00000000 5.41666778 0.00000000 0.00000000
B-2 2,553,000.00 6.50000% 1000.00000000 5.41666667 0.00000000 0.00000000
B-3 751,000.00 6.50000% 1000.00000000 5.41667111 0.00000000 0.00000000
B-4 751,000.00 6.50000% 1000.00000000 5.41667111 0.00000000 0.00000000
B-5 601,000.00 6.50000% 1000.00000000 5.41667221 0.00000000 0.00000000
B-6 601,012.81 6.50000% 1000.00000000 5.41667323 0.00000000 2.11348241
<FN>
(5) per $1000 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 5.41666666 0.00000000 985.49845806
A-R 0.00000000 0.00000000 5.40000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 995.62150439
B-1 0.00000000 0.00000000 5.41666778 0.00000000 996.86403462
B-2 0.00000000 0.00000000 5.41666667 0.00000000 996.86403447
B-3 0.00000000 0.00000000 5.41667111 0.00000000 996.86403462
B-4 0.00000000 0.00000000 5.41667111 0.00000000 996.86403462
B-5 0.00000000 0.00000000 5.41667221 0.00000000 996.86404326
B-6 0.00000000 0.00000000 3.30319083 2.11348241 996.86402691
<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 5,982,784.51
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 5,982,784.51
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 66,544.96
Payment of Interest and Principal 5,881,598.84
Total Withdrawals (Pool Distribution Amount) 5,948,143.80
Ending Balance 34,708.02
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 103.09
Servicing Fee Support 103.09
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 62,643.49
Master Servicing Fee 4,004.58
Supported Prepayment/Curtailment Interest Shortfall 103.09
Net Servicing Fee 66,544.98
</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 8 3,035,660.69 0.884956% 1.025102%
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 8 3,035,660.69 0.884956% 1.025102%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 1,884.76
Cumulative Realized Losses - Includes Interest Shortfall 1,884.76
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 819,237.00
</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 8,261,012.81 2.75007793% 8,235,106.56 2.78088412% 97.216271% 100.000000%
Class B-1 5,257,012.81 1.75005115% 5,240,527.00 1.76965510% 1.012263% 0.000000%
Class B-2 2,704,012.81 0.90016153% 2,695,533.12 0.91024508% 0.860289% 0.000000%
Class B-3 1,953,012.81 0.65015484% 1,946,888.23 0.65743783% 0.253066% 0.000000%
Class B-4 1,202,012.81 0.40014814% 1,198,243.34 0.40463057% 0.253066% 0.000000%
Class B-5 601,012.81 0.20007620% 599,128.05 0.20231744% 0.202520% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.202524% 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 0.03328984% 100,000.00 0.03376865%
Fraud 6,007,839.06 2.00000000% 6,007,839.06 2.02876601%
Special Hazard 3,003,919.53 1.00000000% 3,003,919.53 1.01438300%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
Collateral Description Fixed 15 Year
<S> <C>
Weighted Average Gross Coupon 7.210336%
Weighted Average Pass-Through Rate 6.500000%
Weighted Average Maturity (Stepdown Calculation) 176
Beginning Scheduled Collateral Loan Count 912
Number of Loans Paid in Full 8
Ending Scheduled Collateral Loan Count 904
Beginning Scheduled Collateral Balance 300,391,952.82
Ending Scheduled Collateral Balance 296,132,675.73
Ending Actual Collateral Balance at 31-Mar-1998 295,630,558.98
Ending Scheduled Balance For Norwest $187,716,791.27
Ending Scheduled Balance For Other Servicers $108,415,884.46
Monthly P&I Constant 2,640,032.35
Class A Optimal Amount $5,812,769.61
Class AP Deferred Amount $0.00
Ending Scheduled Balance for Premium Loans 274,731,033.66
Ending Scheduled Balance for Discount Loans 21,401,642.07
Unpaid Principal Balance of Outstanding Mortgage
Loans with Original LTV:
Less than or equal to 80% 281,687,137.15
Greater than 80%, less than or equal to 85% 3,239,109.35
Greater than 85%, less than or equal to 95% 11,483,244.62
Greater than 95% 0.00
</TABLE>
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