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): June 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.
7485 New Horizon Way 21703
Frederick, Maryland (Zip Code)
(Address of principal executive offices)
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 June 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 June 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: 7/3/1998
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 June 25,
1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 5/29/1998
Distribution Date: 6/25/1998
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% 218,691,286.52 1,184,577.80 1,531,248.76
A-2 66937NH50 SEQ 6.46406% 13,593,667.00 73,225.23 0.00
A-3 66937NH68 SEQ 6.59344% 5,228,333.00 28,727.27 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% 933,172.41 0.00 903.03
B-1 66937NH92 SUB 6.50000% 3,297,516.60 17,861.55 2,757.40
B-2 66937NJ25 SUB 6.50000% 3,159,745.69 17,115.29 2,642.19
B-3 66937NJ33 SUB 6.50000% 824,628.73 4,466.74 689.56
B-4 66937NL22 SUB 6.50000% 824,628.73 4,466.74 689.56
B-5 66937NL30 SUB 6.50000% 274,543.46 1,487.11 229.57
B-6 66937NL48 SUB 6.50000% 412,867.47 2,236.37 270.13
Totals 274,740,389.61 1,483,122.43 1,539,430.20
</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 0.00 217,160,037.77 2,715,826.56 0.00
A-2 0.00 13,593,667.00 73,225.23 0.00
A-3 0.00 5,228,333.00 28,727.27 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 0.00 932,269.39 903.03 0.00
B-1 0.00 3,294,759.20 20,618.95 0.00
B-2 0.00 3,157,103.50 19,757.48 0.00
B-3 0.00 823,939.18 5,156.30 0.00
B-4 0.00 823,939.18 5,156.30 0.00
B-5 0.00 274,313.89 1,716.68 0.00
B-6 75.12 412,522.23 2,506.50 180.45
Totals 75.12 273,200,884.34 3,022,552.63 180.45
<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-1 219,200,000.00 218,691,286.52 221,605.39 1,309,643.36 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 934,942.89 933,172.41 873.62 29.41 0.00 0.00
B-1 3,303,000.00 3,297,516.60 2,757.40 0.00 0.00 0.00
B-2 3,165,000.00 3,159,745.69 2,642.19 0.00 0.00 0.00
B-3 826,000.00 824,628.73 689.56 0.00 0.00 0.00
B-4 826,000.00 824,628.73 689.56 0.00 0.00 0.00
B-5 275,000.00 274,543.46 229.57 0.00 0.00 0.00
B-6 413,554.02 412,867.47 270.13 0.00 0.00 75.12
Totals 275,265,596.91 274,740,389.61 229,757.42 1,309,672.77 0.00 75.12
<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 1,531,248.76 217,160,037.77 0.99069360 1,531,248.76
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 903.03 932,269.39 0.99714047 903.03
B-1 2,757.40 3,294,759.20 0.99750506 2,757.40
B-2 2,642.19 3,157,103.50 0.99750506 2,642.19
B-3 689.56 823,939.18 0.99750506 689.56
B-4 689.56 823,939.18 0.99750506 689.56
B-5 229.57 274,313.89 0.99750505 229.57
B-6 345.25 412,522.23 0.99750507 270.13
Totals 1,539,505.32 273,200,884.34 0.99249920 1,539,430.20
</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-1 219,200,000.00 997.67922682 1.01097349 5.97465036 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 934,942.89 998.10632284 0.93441002 0.03145647 0.00000000
B-1 3,303,000.00 998.33987284 0.83481683 0.00000000 0.00000000
B-2 3,165,000.00 998.33987046 0.83481517 0.00000000 0.00000000
B-3 826,000.00 998.33986683 0.83481840 0.00000000 0.00000000
B-4 826,000.00 998.33986683 0.83481840 0.00000000 0.00000000
B-5 275,000.00 998.33985455 0.83480000 0.00000000 0.00000000
B-6 413,554.02 998.33987831 0.65319157 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 6.98562391 990.69360297 0.99069360 6.98562391
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 0.96586648 997.14046705 0.99714047 0.96586648
B-1 0.00000000 0.83481683 997.50505601 0.99750506 0.83481683
B-2 0.00000000 0.83481517 997.50505529 0.99750506 0.83481517
B-3 0.00000000 0.83481840 997.50506053 0.99750506 0.83481840
B-4 0.00000000 0.83481840 997.50506053 0.99750506 0.83481840
B-5 0.00000000 0.83480000 997.50505455 0.99750505 0.83480000
B-6 0.18164495 0.83483652 997.50506596 0.99750507 0.65319157
<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% 218,691,286.52 1,184,577.80 0.00 0.00
A-2 13,593,667.00 6.46406% 13,593,667.00 73,225.23 0.00 0.00
A-3 5,228,333.00 6.59344% 5,228,333.00 28,727.27 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% 933,172.41 0.00 0.00 0.00
B-1 3,303,000.00 6.50000% 3,297,516.60 17,861.55 0.00 0.00
B-2 3,165,000.00 6.50000% 3,159,745.69 17,115.29 0.00 0.00
B-3 826,000.00 6.50000% 824,628.73 4,466.74 0.00 0.00
B-4 826,000.00 6.50000% 824,628.73 4,466.74 0.00 0.00
B-5 275,000.00 6.50000% 274,543.46 1,487.11 0.00 0.00
B-6 413,554.02 6.50000% 412,867.47 2,236.37 0.00 0.00
Totals 275,265,596.91 1,483,122.43 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 1,184,577.80 0.00 217,160,037.77
A-2 0.00 0.00 73,225.23 0.00 13,593,667.00
A-3 0.00 0.00 28,727.27 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 0.00 932,269.39
B-1 0.00 0.00 17,861.55 0.00 3,294,759.20
B-2 0.00 0.00 17,115.29 0.00 3,157,103.50
B-3 0.00 0.00 4,466.74 0.00 823,939.18
B-4 0.00 0.00 4,466.74 0.00 823,939.18
B-5 0.00 0.00 1,487.11 0.00 274,313.89
B-6 0.00 0.00 2,236.37 0.00 412,522.23
Totals 0.00 0.00 1,483,122.43 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% 997.67922682 5.40409580 0.00000000 0.00000000
A-2 13,593,667.00 6.46406% 1000.00000000 5.38671648 0.00000000 0.00000000
A-3 5,228,333.00 6.59344% 1000.00000000 5.49453717 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% 998.10632284 0.00000000 0.00000000 0.00000000
B-1 3,303,000.00 6.50000% 998.33987284 5.40767484 0.00000000 0.00000000
B-2 3,165,000.00 6.50000% 998.33987046 5.40767457 0.00000000 0.00000000
B-3 826,000.00 6.50000% 998.33986683 5.40767554 0.00000000 0.00000000
B-4 826,000.00 6.50000% 998.33986683 5.40767554 0.00000000 0.00000000
B-5 275,000.00 6.50000% 998.33985455 5.40767273 0.00000000 0.00000000
B-6 413,554.02 6.50000% 998.33987831 5.40768531 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 5.40409580 0.00000000 990.69360297
A-2 0.00000000 0.00000000 5.38671648 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.49453717 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 997.14046705
B-1 0.00000000 0.00000000 5.40767484 0.00000000 997.50505601
B-2 0.00000000 0.00000000 5.40767457 0.00000000 997.50505529
B-3 0.00000000 0.00000000 5.40767554 0.00000000 997.50506053
B-4 0.00000000 0.00000000 5.40767554 0.00000000 997.50506053
B-5 0.00000000 0.00000000 5.40767273 0.00000000 997.50505455
B-6 0.00000000 0.00000000 5.40768531 0.00000000 997.50506596
<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 3,178,889.60
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 3,178,889.60
Withdrawals
Reimbursement for Servicer Advances 76,993.92
Payment of Service Fee 60,247.77
Payment of Interest and Principal 3,022,552.62
Total Withdrawals (Pool Distribution Amount) 3,159,794.31
Ending Balance 19,095.29
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 650.44
Servicing Fee Support 650.44
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 57,235.16
Master Servicing Fee 3,663.05
Supported Prepayment/Curtailment Interest Shortfall 650.44
Net Servicing Fee 60,247.77
</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 75.12
Cumulative Realized Losses - Includes Interest Shortfall 180.45
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 222,670.19
</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% 8,786,577.18 3.21615986% 96.772828% 100.000000%
Class B-1 5,505,554.02 2.00008794% 5,491,817.98 2.01017577% 1.210113% 0.000000%
Class B-2 2,340,554.02 0.85028934% 2,334,714.48 0.85457794% 1.159555% 0.000000%
Class B-3 1,514,554.02 0.55021551% 1,510,775.30 0.55299063% 0.302620% 0.000000%
Class B-4 688,554.02 0.25014169% 686,836.12 0.25140333% 0.302620% 0.000000%
Class B-5 413,554.02 0.15023818% 412,522.23 0.15099594% 0.100751% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.151513% 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 0.04365792%
Fraud 5,505,311.94 2.00000000% 5,505,311.94 2.01511498%
Special Hazard 2,995,067.50 1.08806459% 2,995,067.50 1.09628763%
<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 7.069451%
Weighted Average Pass-Through Rate 6.500000%
Weighted Average Maturity(Stepdown Calculation ) 355
Begin Scheduled Collateral Loan Count 875
Number Of Loans Paid In Full 4
End Scheduled Collateral Loan Count 871
Begining Scheduled Collateral Balance 274,740,389.63
Ending Scheduled Collateral Balance 273,200,884.32
Ending Actual Collateral Balance at 29-May-1998 274,297,456.80
Ending Scheduled Balance For Norwest 235,382,384.58
Ending Scheduled Balance For Other Services 37,818,499.74
Monthly P &I Constant 1,774,834.83
Class A Optimal Amount 2,966,737.38
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 217,703,465.29
Ending scheduled Balance For discounted Loans 55,497,419.03
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 200,132,192.96
Greater Than 80%, less than or equal to 85% 8,588,878.74
Greater than 85%, less than or equal to 95% 64,501,675.60
Greater than 95% 0.00
</TABLE>
