NORWEST ASSET ACCEPTANCE CORP ASS BKED CERT SER 1998-HE1 TR
8-K, 1998-10-06
ASSET-BACKED SECURITIES
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                                  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 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

        c/o Norwest Bank Minnesota, N.A.                    
        7485 New Horizon Way                                  21703
        Frederick, MD                                        (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 
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 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 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: 9/29/98


                                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 
                September 25, 1998 distribution. 
                





<TABLE>
<CAPTION>
Norwest Asset Acceptance Corporation 
Mortgage Pass-Through Certificates
Record Date:            8/31/98
Distribution Date:     9/25/98

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          5.82844%    199,238,495.27      999,964.95    6,393,005.38
     R         NHE98001R          R           0.00000%              0.00            0.00            0.00
Totals                                                    199,238,495.27      999,964.95    6,393,005.38
</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         192,845,489.89             7,392,970.33                      0.00
R                              0.00                   0.00                     0.00                      0.00
Totals                         0.00         192,845,489.89             7,392,970.33                      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     199,238,495.27              0.00     6,393,005.38           0.00            0.00
R                             0.00               0.00              0.00             0.00           0.00            0.00
Totals              219,697,000.00     199,238,495.27              0.00     6,393,005.38            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                             6,393,005.38        192,845,489.89           0.87777935      6,393,005.38
R                                     0.00                  0.00           0.00000000              0.00
Totals                        6,393,005.38        192,845,489.89           0.87777935      6,393,005.38
</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        906.87854304         0.00000000         29.09919289        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         29.09919289            877.77935015          0.87777935        29.09919289
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        5.82844%     199,238,495.27          999,964.95           0.00             0.00
R                           0.00        0.00000%               0.00                0.00           0.00             0.00
Totals            219,697,000.00                                             999,964.95           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           999,964.95                0.00     192,845,489.89
 R                              0.00                0.00                 0.00                0.00               0.00
 Totals                         0.00                0.00           999,964.95                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        5.82844%         906.87854304        4.55156397        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         4.55156397          0.00000000          877.77935015
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%   199,238,495.27     192,845,489.89             0.00               0.00     87.77793502%
</TABLE>
<TABLE>
<CAPTION>

                                                      CERTIFICATE ACCOUNT

<S>                                                                                   <C>
Beginning Balance                                                                                        0.00
Deposits
    Payments of Interest and Principal                                                           7,515,948.89
    Liquidations, Insurance Proceeds, Reserve Funds                                                      0.00
    Proceeds from Repurchased Loans                                                                      0.00
    Other Amounts (Servicer Advances)                                                              243,947.74
    Realized Losses                                                                                      0.00
Total Deposits                                                                                   7,759,896.63

Withdrawals
    Reimbursement for Servicer Advances                                                            260,421.17
    Payment of Service Fee                                                                          86,581.28
    Payment of Interest and Principal                                                            7,412,894.18
Total Withdrawals (Pool Distribution Amount)                                                     7,759,896.63

Ending Balance                                                                                           0.00

</TABLE>
<TABLE>
<CAPTION>

                                            PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<S>                                                                                   <C>

Total Prepayment/Curtailment Interest Shortfall                                                      3,249.34
Servicing Fee Support                                                                                3,249.34
Non-Supported Prepayment/Curtailment Interest Shortfall                                                  0.00
</TABLE>
<TABLE>
<CAPTION>

                                                         SERVICING FEES

<S>                                                                                   <C>
Gross Servicing Fee                                                                                 83,953.85
Master Servicing Fee                                                                                 5,876.77
Supported Prepayment/Curtailment Interest Shortfall                                                  3,249.34
Net Servicing Fee                                                                                   86,581.27

</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                                  35      3,626,054.47               1.941209%          1.853953%
60 Days                                   4        317,098.07               0.221852%          0.162128%
90+ Days                                  1        106,103.88               0.055463%          0.054249%
Foreclosure                               7        614,247.00               0.388242%          0.314056%
REO                                       0              0.00               0.000000%          0.000000%
Totals                                   47      4,663,503.42               2.606767%          2.384387%
</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                                                                               232,166.48
</TABLE>
<TABLE>
<S>                  <C>         <C>                    <C>         <C>              <C>             <C>

Class    R                  0.00      0.00000000%               0.00    0.00000000%       0.000000%      0.000000%
<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                                      9.513476%
Weighted AverageNet Coupon                                         8.978478%
Weighted Average Pass-Through Rate                                 0.000000%
Weighted Average Maturity(Stepdown Calculation )                         348
Begin Scheduled Collateral Loan Count                                  1,846

Number Of Loans Paid In Full                                              43
End Scheduled Collateral Loan Count                                    1,803
Begining Scheduled Collateral Balance                         201,490,326.93
Ending Scheduled Collateral Balance                           195,584,996.55
Ending Actual Collateral Balance at 31-Aug-1998               185,054,211.72
Monthly P &I Constant                                           1,713,683.13

Required Overcollateralization Amount                                   0.00
Overcollateralization Increase Amount                             487,675.00
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                                  2,251,831.66
Unpaid Principal Balance Of Outstanding Mortgage Loans 
With Original LTV:
    Less Than Or Equal To 80%                                 130,898,715.80
    Greater Than 80%, less than or equal to 85%                32,493,082.76
    Greater than 85%, less than or equal to 95%                32,207,961.91
    Greater than 95%                                                    0.00
</TABLE>




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