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Previous: REPUBLIC SERVICES INC, 8-K, 1998-10-01 |
Next: MERRILL LYNCH MORTGAGE INVT INC MOR PA THR CR SR 1998-C2, 8-K, 1998-10-01 |
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 1998-9 Trust
New York (governing law of 333-45021-04 52-2094633
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, Maryland (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 1998-9
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 1998-9 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 1998-9 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 09/28/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-9 Trust, relating to the September
25, 1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 08/31/1998
Distribution Date: 09/25/1998
NASCOR Series: 1998-9
Contact: Customer Service - N. Burgess
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6323
Fax: (301) 815-0329
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 66937NH43 SEQ 6.50000% 215,181,718.02 1,165,567.64 3,234,911.30
A-2 66937NH50 SEQ 6.44844% 13,593,667.00 73,048.29 0.00
A-3 66937NH68 SEQ 6.63406% 5,228,333.00 28,904.21 0.00
A-4 66937NH76 SEQ 6.50000% 27,500,000.00 148,958.33 0.00
A-R 66937NH84 R 6.50000% 0.00 0.00 0.00
APO NMB9809PO PO 0.00000% 930,425.29 0.00 995.59
B-1 66937NH92 SUB 6.50000% 3,289,177.54 17,816.38 2,797.28
B-2 66937NJ25 SUB 6.50000% 3,151,755.04 17,072.01 2,680.41
B-3 66937NJ33 SUB 6.50000% 822,543.34 4,455.44 699.53
B-4 66937NL22 SUB 6.50000% 822,543.34 4,455.44 699.53
B-5 66937NL30 SUB 6.50000% 273,849.17 1,483.35 232.89
B-6 66937NL48 SUB 6.50000% 411,823.37 2,230.71 329.92
Totals 271,205,835.11 1,463,991.80 3,243,346.45
</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 0.00 211,946,806.72 4,400,478.94 0.00
A-2 0.00 13,593,667.00 73,048.29 0.00
A-3 0.00 5,228,333.00 28,904.21 0.00
A-4 0.00 27,500,000.00 148,958.33 0.00
A-R 0.00 0.00 0.00 0.00
APO 0.00 929,429.70 995.59 0.00
B-1 0.00 3,286,380.26 20,613.66 0.00
B-2 0.00 3,149,074.63 19,752.42 0.00
B-3 0.00 821,843.81 5,154.97 0.00
B-4 0.00 821,843.81 5,154.97 0.00
B-5 0.00 273,616.28 1,716.24 0.00
B-6 20.31 411,473.14 2,560.63 252.52
Totals 20.31 267,962,468.35 4,707,338.25 252.52
<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-1 219,200,000.00 215,181,718.02 222,395.56 3,012,515.73 0.00 0.00
A-2 13,593,667.00 13,593,667.00 0.00 0.00 0.00 0.00
A-3 5,228,333.00 5,228,333.00 0.00 0.00 0.00 0.00
A-4 27,500,000.00 27,500,000.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
APO 934,942.89 930,425.29 888.74 106.85 0.00 0.00
B-1 3,303,000.00 3,289,177.54 2,797.28 0.00 0.00 0.00
B-2 3,165,000.00 3,151,755.04 2,680.41 0.00 0.00 0.00
B-3 826,000.00 822,543.34 699.53 0.00 0.00 0.00
B-4 826,000.00 822,543.34 699.53 0.00 0.00 0.00
B-5 275,000.00 273,849.17 232.89 0.00 0.00 0.00
B-6 413,554.02 411,823.37 329.92 0.00 0.00 20.31
Totals 275,265,596.91 271,205,835.11 230,723.86 3,012,622.58 0.00 20.31
<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 3,234,911.30 211,946,806.72 0.96691061 3,234,911.30
A-2 0.00 13,593,667.00 1.00000000 0.00
A-3 0.00 5,228,333.00 1.00000000 0.00
A-4 0.00 27,500,000.00 1.00000000 0.00
A-R 0.00 0.00 0.00000000 0.00
APO 995.59 929,429.70 0.99410318 995.59
B-1 2,797.28 3,286,380.26 0.99496829 2,797.28
B-2 2,680.41 3,149,074.63 0.99496829 2,680.41
B-3 699.53 821,843.81 0.99496829 699.53
B-4 699.53 821,843.81 0.99496829 699.53
B-5 232.89 273,616.28 0.99496829 232.89
B-6 350.23 411,473.14 0.99496830 329.92
Totals 3,243,366.76 267,962,468.35 0.97346879 3,243,346.45
</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-1 219,200,000.00 981.66842162 1.01457828 13.74322870 0.00000000
A-2 13,593,667.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 5,228,333.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 27,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
APO 934,942.89 995.16804711 0.95058213 0.11428506 0.00000000
B-1 3,303,000.00 995.81518014 0.84689071 0.00000000 0.00000000
B-2 3,165,000.00 995.81517852 0.84689100 0.00000000 0.00000000
B-3 826,000.00 995.81518160 0.84688862 0.00000000 0.00000000
B-4 826,000.00 995.81518160 0.84688862 0.00000000 0.00000000
B-5 275,000.00 995.81516364 0.84687273 0.00000000 0.00000000
B-6 413,554.02 995.81517791 0.79776760 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 14.75780703 966.91061460 0.96691061 14.75780703
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 1.06486718 994.10317993 0.99410318 1.06486718
B-1 0.00000000 0.84689071 994.96828943 0.99496829 0.84689071
B-2 0.00000000 0.84689100 994.96828752 0.99496829 0.84689100
B-3 0.00000000 0.84688862 994.96829298 0.99496829 0.84688862
B-4 0.00000000 0.84688862 994.96829298 0.99496829 0.84688862
B-5 0.00000000 0.84687273 994.96829091 0.99496829 0.84687273
B-6 0.04911088 0.84687848 994.96829943 0.99496830 0.79776760
<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-1 219,200,000.00 6.50000% 215,181,718.02 1,165,567.64 0.00 0.00
A-2 13,593,667.00 6.44844% 13,593,667.00 73,048.29 0.00 0.00
A-3 5,228,333.00 6.63406% 5,228,333.00 28,904.21 0.00 0.00
A-4 27,500,000.00 6.50000% 27,500,000.00 148,958.33 0.00 0.00
A-R 100.00 6.50000% 0.00 0.00 0.00 0.00
APO 934,942.89 0.00000% 930,425.29 0.00 0.00 0.00
B-1 3,303,000.00 6.50000% 3,289,177.54 17,816.38 0.00 0.00
B-2 3,165,000.00 6.50000% 3,151,755.04 17,072.01 0.00 0.00
B-3 826,000.00 6.50000% 822,543.34 4,455.44 0.00 0.00
B-4 826,000.00 6.50000% 822,543.34 4,455.44 0.00 0.00
B-5 275,000.00 6.50000% 273,849.17 1,483.35 0.00 0.00
B-6 413,554.02 6.50000% 411,823.37 2,230.71 0.00 0.00
Totals 275,265,596.91 1,463,991.80 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 1,165,567.64 0.00 211,946,806.72
A-2 0.00 0.00 73,048.29 0.00 13,593,667.00
A-3 0.00 0.00 28,904.21 0.00 5,228,333.00
A-4 0.00 0.00 148,958.33 0.00 27,500,000.00
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 929,429.70
B-1 0.00 0.00 17,816.38 0.00 3,286,380.26
B-2 0.00 0.00 17,072.01 0.00 3,149,074.63
B-3 0.00 0.00 4,455.44 0.00 821,843.81
B-4 0.00 0.00 4,455.44 0.00 821,843.81
B-5 0.00 0.00 1,483.35 0.00 273,616.28
B-6 0.00 0.00 2,230.71 0.00 411,473.14
Totals 0.00 0.00 1,463,991.80 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-1 219,200,000.00 6.50000% 981.66842162 5.31737062 0.00000000 0.00000000
A-2 13,593,667.00 6.44844% 1000.00000000 5.37370012 0.00000000 0.00000000
A-3 5,228,333.00 6.63406% 1000.00000000 5.52837970 0.00000000 0.00000000
A-4 27,500,000.00 6.50000% 1000.00000000 5.41666655 0.00000000 0.00000000
A-R 100.00 6.50000% 0.00000000 0.00000000 0.00000000 0.00000000
APO 934,942.89 0.00000% 995.16804711 0.00000000 0.00000000 0.00000000
B-1 3,303,000.00 6.50000% 995.81518014 5.39399939 0.00000000 0.00000000
B-2 3,165,000.00 6.50000% 995.81517852 5.39400000 0.00000000 0.00000000
B-3 826,000.00 6.50000% 995.81518160 5.39399516 0.00000000 0.00000000
B-4 826,000.00 6.50000% 995.81518160 5.39399516 0.00000000 0.00000000
B-5 275,000.00 6.50000% 995.81516364 5.39400000 0.00000000 0.00000000
B-6 413,554.02 6.50000% 995.81517791 5.39399907 0.00000000 0.00000000
<FN>
(5) Per $1000 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 5.31737062 0.00000000 966.91061460
A-2 0.00000000 0.00000000 5.37370012 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.52837970 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.41666655 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 994.10317993
B-1 0.00000000 0.00000000 5.39399939 0.00000000 994.96828943
B-2 0.00000000 0.00000000 5.39400000 0.00000000 994.96828752
B-3 0.00000000 0.00000000 5.39399516 0.00000000 994.96829298
B-4 0.00000000 0.00000000 5.39399516 0.00000000 994.96829298
B-5 0.00000000 0.00000000 5.39400000 0.00000000 994.96829091
B-6 0.00000000 0.00000000 5.39399907 0.00000000 994.96829943
<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 4,853,905.45
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 4,853,905.45
Withdrawals
Reimbursement for Servicer Advances 85,940.93
Payment of Service Fee 56,263.35
Payment of Interest and Principal 4,707,338.25
Total Withdrawals (Pool Distribution Amount) 4,849,542.53
Ending Balance 4,362.92
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 3,853.69
Servicing Fee Support 3,853.69
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 56,500.98
Master Servicing Fee 3,616.06
Supported Prepayment/Curtailment Interest Shortfall 3,853.69
Net Servicing Fee 56,263.35
</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 0 0.00 0.000000% 0.000000%
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 0 0.00 0.000000% 0.000000%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 20.31
Cumulative Realized Losses - Includes Interest Shortfall 252.52
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 240,375.36
</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 8,808,554.02 3.20001995% 8,764,231.93 3.27069383% 96.717922% 100.000000%
Class B-1 5,505,554.02 2.00008794% 5,477,851.67 2.04426079% 1.230702% 0.000000%
Class B-2 2,340,554.02 0.85028934% 2,328,777.04 0.86906836% 1.179283% 0.000000%
Class B-3 1,514,554.02 0.55021551% 1,506,933.23 0.56236727% 0.307769% 0.000000%
Class B-4 688,554.02 0.25014169% 685,089.42 0.25566618% 0.307769% 0.000000%
Class B-5 413,554.02 0.15023818% 411,473.14 0.15355626% 0.102465% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.154091% 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 119,273.83 0.04333045% 119,273.83 0.04451139%
Fraud 5,505,311.94 2.00000000% 5,505,311.94 2.05450859%
Special Hazard 2,995,067.50 1.08806459% 2,995,067.50 1.11771903%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 year - Relocation
Weighted Average Gross Coupon 7.067163%
Weighted Average Pass-Through Rate 6.500000%
Weighted Average Maturity(Stepdown Calculation ) 352
Begin Scheduled Collateral Loan Count 865
Number Of Loans Paid In Full 10
End Scheduled Collateral Loan Count 855
Begining Scheduled Collateral Balance 271,205,835.10
Ending Scheduled Collateral Balance 267,962,468.34
Ending Actual Collateral Balance at 31-Aug-1998 269,012,167.35
Ending Scheduled Balance For Norwest 231,699,703.45
Ending Scheduled Balance For Other Services 36,262,764.89
Monthly P &I Constant 1,757,280.89
Class A Optimal Amount 4,651,389.76
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 212,629,802.61
Ending scheduled Balance For discounted Loans 55,332,665.73
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 197,314,162.67
Greater Than 80%, less than or equal to 85% 8,328,707.17
Greater than 85%, less than or equal to 95% 62,344,680.99
Greater than 95% 0.00
</TABLE>
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