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Previous: OPPENHEIMER STABLE VALUE FUND, N-1A, 1998-06-05 |
Next: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-10 TR, 8-K, 1998-06-05 |
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): May 26, 1998
NORWEST ASSET ACCEPTANCE CORPORATION
Asset-Backed Certs., Series 1998-HE1 Trust
New York (governing law of 333-32577-01 PENDING
Pooling and Servicing Agreement) (Commission (I.R.S. Employer
(State or other File Number) Identification No.)
jurisdiction
Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, MD 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 May 26, 1998 a distribution was made to holders of NORWEST ASSET
ACCEPTANCE CORPORATION, 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 the
Asset-Backed Certs., Series 1998-HE1 Trust, relating to the
May 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
Loan Asset-Backed Certs., Series 1998-HE1 Trust
By: Norwest Bank Minnesota, N.A., as Certificate Administrator
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 6/3/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of the
Asset-Backed Certs., Series 1998-HE1 Trust, relating to the
May 26, 1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Acceptance Corporation
Mortgage Pass-Through Certificates
Record Date: 4/30/1998
Distribution Date: 5/26/1998
NAAC Series: 1998-HE1
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (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 66937MAA8 SEQ 5.83625% 219,697,000.00 926,038.11 5,082,997.83
R NHE98001R R 0.00000% 0.00 0.00 0.00
Totals 219,697,000.00 926,038.11 5,082,997.83
</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 0.00 214,614,002.17 6,009,035.94 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 214,614,002.17 6,009,035.94 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 219,697,000.00 219,697,000.00 0.00 5,082,997.83 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 219,697,000.00 219,697,000.00 0.00 5,082,997.83 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 5,082,997.83 214,614,002.17 0.97686360 5,082,997.83
R 0.00 0.00 0.00000000 0.00
Totals 5,082,997.83 214,614,002.17 0.97686360 5,082,997.83
</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 1000.00000000 0.00000000 23.13640072 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 23.13640072 976.86359928 0.97686360 23.13640072
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 5.83625% 219,697,000.00 926,038.11 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 219,697,000.00 926,038.11 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 0.00 926,038.11 0.00 214,614,002.17
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 926,038.11 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 5.83625% 1000.00000000 4.21506944 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 4.21506944 0.00000000 976.86359928
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 Notional Notional Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
C 0.12000% 219,697,000.00 214,614,002.17 0.00 0.00 97.68635993%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,924,645.28
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 198,576.17
Realized Losses 0.00
Total Deposits 6,123,221.45
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 92,215.81
Payment of Interest and Principal 6,031,005.64
Total Withdrawals (Pool Distribution Amount) 6,123,221.45
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 5,722.21
Servicing Fee Support 5,722.21
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 91,530.86
Master Servicing Fee 6,407.16
Supported Prepayment/Curtailment Interest Shortfall 5,722.21
Net Servicing Fee 92,215.81
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 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 16 1,628,722.91 0.823045% 0.756483%
60 Days 2 268,595.94 0.102881% 0.124753%
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 18 1,897,318.85 0.925926% 0.881236%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 229,020.63
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & ARM & Balloon
<S> <C>
Weighted Average Gross Coupon 9.469326%
Weighted AverageNet Coupon 8.934382%
Weighted Average Pass-Through Rate 8.934382%
Weighted Average Maturity(Stepdown Calculation ) 352
Begin Scheduled Collateral Loan Count 1,977
Number Of Loans Paid In Full 33
End Scheduled Collateral Loan Count 1,944
Begining Scheduled Collateral Balance 219,697,000.00
Ending Scheduled Collateral Balance 215,301,999.59
Ending Actual Collateral Balance at 30-Apr-1998 213,026,586.01
Monthly P &I Constant 1,855,550.44
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 723,502.26
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 288.90
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 143,186,901.20
Greater Than 80%, less than or equal to 85% 35,151,067.31
Greater than 85%, less than or equal to 95% 36,977,556.33
Greater than 95% 0.00
</TABLE>
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