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Previous: DIGITAL RIVER INC /DE, S-8, 1998-11-10 |
Next: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-10 TR, 8-K, 1998-11-10 |
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): October 26, 1998
NORWEST ASSET ACCEPTANCE CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1998-HE1 Trust
New York (governing law of 333-32577-01 52-2101510
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, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On October 26, 1998 a distribution was made to holders of NORWEST ASSET
ACCEPTANCE CORPORATION, Home Equity Loan Asset-Backed Certs., Series 1998-
HE1 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-HE1 Trust, relating to the October 26,
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 ACCEPTANCE CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1998-HE1 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 11/06/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1998-HE1 Trust, relating to the
October 26, 1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Acceptance Corporation
Mortgage Pass-Through Certificates
Record Date: 09/30/1998
Distribution Date: 10/26/1998
NAAC Series: 1998-HE1
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (310) 846-8130
Fax: (310) 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 66937MAA8 SEQ 5.77375% 192,845,489.89 958,796.97 5,820,540.36
R NHE98001R R 0.00000% 0.00 0.00 0.00
Totals 192,845,489.89 958,796.97 5,820,540.36
</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 0.00 187,024,949.53 6,779,337.33 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 187,024,949.53 6,779,337.33 0.00
<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 219,697,000.00 192,845,489.89 0.00 5,820,540.36 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 219,697,000.00 192,845,489.89 0.00 5,820,540.36 0.00 0.00
<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 5,820,540.36 187,024,949.53 0.85128586 5,820,540.36
R 0.00 0.00 0.00000000 0.00
Totals 5,820,540.36 187,024,949.53 0.85128586 5,820,540.36
</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 219,697,000.00 877.77935015 0.00000000 26.49349040 0.00000000
R 0.00 0.00000000 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 0.00000000 26.49349040 851.28585975 0.85128586 26.49349040
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<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 219,697,000.00 5.77375% 192,845,489.89 958,796.97 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 219,697,000.00 958,796.97 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 0.00 0.00 958,796.97 0.00 187,024,949.53
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 958,796.97 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 219,697,000.00 5.77375% 877.77935015 4.36417871 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 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 0.00000000 0.00000000 4.36417871 0.00000000 851.28585975
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<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>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notational Notational Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
C 0.12000% 192,845,489.89 187,024,949.53 0.00 0.00 85.12858598%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance (0.01)
Deposits
Payments of Interest and Principal 6,767,509.48
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 358,406.37
Realized Losses 0.00
Total Deposits 7,125,915.85
Withdrawals
Reimbursement for Servicer Advances 243,947.74
Payment of Service Fee 83,346.30
Payment of Interest and Principal 6,798,621.89
Total Withdrawals (Pool Distribution Amount) 7,125,915.93
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 3,852.01
Servicing Fee Support 3,852.01
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 81,493.68
Master Servicing Fee 5,704.56
Supported Prepayment/Curtailment Interest Shortfall 3,852.01
Net Servicing Fee 83,346.22
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
AMBAC 0.00 0.00 19,284.55 0.00
</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 35 3,853,101.06 1.988636% 2.025166%
60 Days 9 980,609.62 0.511364% 0.515402%
90+ Days 4 415,957.86 0.227273% 0.218625%
Foreclosure 13 972,935.83 0.738636% 0.511369%
REO 0 0.00 0.000000% 0.000000%
Totals 61 6,222,604.37 3.465909% 3.270562%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds
Principal Balance of Contaminated Properties 0.00
Periodic Advance 301,682.47
</TABLE>
<TABLE>
Class R 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<S> <C> <C> <C> <C> <C> <C>
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss
Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 15/30 & ARM
Weighted Average Gross Coupon 9.582580%
Weighted AverageNet Coupon 9.047581%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity(Stepdown Calculation ) 347
Begin Scheduled Collateral Loan Count 1,803
Number Of Loans Paid In Full 43
End Scheduled Collateral Loan Count 1,760
Beginning Scheduled Collateral Balance 195,584,996.55
Ending Scheduled Collateral Balance 190,261,017.22
Ending Actual Collateral Balance at 30-Sep-1998 193,313,342.34
Monthly P &I Constant 1,674,530.13
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 496,561.03
Overcollateralization reduction Amount 0.00
Specified O/C Amount 5,492,432.22
Overcollateralized Amount 0.00
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 2,739,506.66
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 127,170,229.80
Greater Than 80%, less than or equal to 85% 32,181,369.80
Greater than 85%, less than or equal to 95% 30,931,187.04
Greater than 95% 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Mixed Fixed Mixed ARM
Weigthed Average Coupon Rate 10.132892 9.487016
Weighted Average Net Rate 9.597893 8.952016
Weighted Average Maturity 328.00 350.00
Beginning Loan Count 367.00 1,436.00
Loans Paid In Full 4 39.00
Ending Loan Count 363.00 1,397.00
Beginning Scheduled Balance 28,938,991.14 166,646,005.41
Ending Scheduled Balance 28,517,263.29 161,743,753.93
Record Date 98-09-30 98-09-30
Principal And Interest Constant 265,588.54 1,408,941.59
Scheduled Principal 21,095.01 88,957.45
Unscheduled Principal 400,632.84 4,813,294.03
Scheduled Interest 12,057.89 69,435.79
Master Servicing Fee 844.05 4,860.50
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 0.00 0.00
Pool Insurance Fee 0.00 0.00
Spread 1 0.00 0.00
Spread 2 0.00 0.00
Spread 3 0.00 0.00
Net Interest 231,461.11 1,243,181.45
Realized Loss Amount 0.00 0.00
Cummulative Realized Loss 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C>
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
1 7 437,922.70 2 191,082.82 0 0.00
2 28 3,415,178.36 7 789,526.80 4 415,957.86
Total 35 $3,853,101.06 9 $980,609.62 4 $415,957.86
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
<S> <C>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
1 4 240,421.35 0 0.00 0 0.00
2 9 732,514.48 0 0.00 0 0.00
TOTAL 13 972,935.83 0 0.00 0 0.00
</TABLE>
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