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): November 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: (301) 696-7900
Former name or former address, if changed since last report)
ITEM 5. Other Events
On November 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
Monthly report distributed to holders of
EX-99.1 Home Equity Loan Asset-Backed Certs.,
Series 1998-HE1 Trust, relating to the
November 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: 11/30/1998
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
November 25, 1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Acceptance Corporation
Mortgage Pass-Through Certificates
Record Date: 10/30/1998
Distribution Date: 11/25/1998
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 5.39938% 187,024,949.53 841,515.64 8,203,141.94
R NHE98001R R 0.00000% 0.00 0.00 0.00
Totals 187,024,949.53 841,515.64 8,203,141.94
</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 0.00 178,821,807.59 9,044,657.58 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 178,821,807.59 9,044,657.58 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 219,697,000.00 187,024,949.53 0.00 8,203,141.94 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 219,697,000.00 187,024,949.53 0.00 8,203,141.94 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 8,203,141.94 178,821,807.59 0.81394743 8,203,141.94
R 0.00 0.00 0.00000000 0.00
Totals 8,203,141.94 178,821,807.59 0.81394743 8,203,141.94
</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 219,697,000.00 851.28585975 0.00000000 37.33843403 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 37.33843403 813.94742573 0.81394743 37.33843403
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 5.39938% 187,024,949.53 841,515.64 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 219,697,000.00 841,515.64 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 0.00 841,515.64 0.00 178,821,807.59
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 841,515.64 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 5.39938% 851.28585975 3.83034652 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 3.83034652 0.00000000 813.94742573
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
Rate Balance Balance Balance Balance Percentage
Class
<S> <C> <C> <C> <C> <C> <C>
C 0.12000% 187,024,949.53 178,821,807.59 0.00 0.00 81.39474257%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 9,183,555.61
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 318,186.40
Realized Losses 0.00
Total Deposits 9,501,742.01
Withdrawals
Reimbursement for Servicer Advances 358,406.37
Payment of Service Fee 79,975.95
Payment of Interest and Principal 9,063,360.08
Total Withdrawals (Pool Distribution Amount) 9,501,742.40
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 4,848.75
Servicing Fee Support 4,848.75
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 79,275.06
Master Servicing Fee 5,549.25
Supported Prepayment/Curtailment Interest Shortfall 4,848.75
Net Servicing Fee 79,975.56
</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 18,702.49 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 39 3,711,769.89 2.290076% 2.032289%
60 Days 16 1,481,326.87 0.939518% 0.811064%
90+ Days 2 234,012.94 0.117440% 0.128128%
Foreclosure 18 1,702,967.29 1.056958% 0.932418%
REO 0 0.00 0.000000% 0.000000%
Totals 75 7,130,076.99 4.403993% 3.903900%
</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 256,087.27
</TABLE>
<TABLE>
<S> <C> <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 9.631020%
Weighted Average Net Coupon 9.096022%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity(Stepdown Calculation ) 346
Beginning Scheduled Collateral Loan Count 1,760
Number Of Loans Paid In Full 57
End Scheduled Collateral Loan Count 1,703
Beginning Scheduled Collateral Balance 190,261,017.22
Ending Scheduled Collateral Balance 182,639,839.18
Ending Actual Collateral Balance at 30-Oct-1998 186,054,341.30
Monthly P &I Constant 1,636,874.50
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 581,963.90
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 3,236,067.69
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 121,796,527.43
Greater Than 80%, less than or equal to 85% 31,024,122.17
Greater than 85%, less than or equal to 95% 29,838,031.50
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
Weighted Average Coupon Rate 10.106750 9.547143
Weighted Average Net Rate 9.571753 9.012146
Weighted Average Maturity 327.00 349.00
Beginning Loan Count 363 1,397
Loans Paid In Full 9 48
Ending Loan Count 354 1,349
Beginning Scheduled Balance 28,517,263.29 161,743,753.93
Ending scheduled Balance 27,339,511.27 155,300,327.91
Record Date 10/30/1998 10/30/1998
Principal And Interest Constant 261,534.11 1,375,340.39
Scheduled Principal 20,725.42 84,914.55
Unscheduled Principal 1,157,026.60 6,358,511.47
Scheduled Interest 240,180.71 1,286,825.64
Servicing Fees 11,882.14 67,392.92
Master Servicing Fees 831.75 4,717.50
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 Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 227,466.82 1,214,715.22
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptcy
1 Principal Balance 488,114.47 283,828.47 0.00 121,557.90 0.00 53,704.21
Percentage Of Balance 1.785% 1.038% 0.000% 0.445% 0.000% 0.196%
Loan Count 8 4 0 3 0 1
Percentage Of Loans 2.260% 1.130% 0.000% 0.847% 0.000% 0.282%
2 Principal Balance 3,223,655.42 1,197,498.40 234,012.94 1,581,409.39 0.00 465,350.69
Percentage Of Balance 2.076% 0.771% 0.151% 1.018% 0.000% 0.300%
Loan Count 31 12 2 15 0 4
Percentage Of Loans 2.298% 0.890% 0.148% 1.112% 0.000% 0.297%
</TABLE>
