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Previous: MORTGAGE LENDERS NETWK HM EQ LN TR AST BCK NTS SER 1998-1 TR, 8-K, 1999-01-12 |
Next: CGB&L FINANCIAL GROUP INC, SC 13D/A, 1999-01-12 |
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): December 28, 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 December 28, 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
December 28, 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: 01/11/1999
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
December 28, 1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Acceptance Corporation
Mortgage Pass-Through Certificates
Record Date: 11/30/1998
Distribution Date: 12/28/1998
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 5.22234% 178,821,807.59 856,045.92 8,836,710.50
R NHE98001R R 0.00000% 0.00 0.00 0.00
Totals 178,821,807.59 856,045.92 8,836,710.50
</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 0.00 169,985,097.08 9,692,756.42 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 169,985,097.08 9,692,756.42 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 219,697,000.00 178,821,807.59 0.00 8,836,710.50 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 219,697,000.00 178,821,807.59 0.00 8,836,710.50 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 8,836,710.50 169,985,097.08 0.77372516 8,836,710.50
R 0.00 0.00 0.00000000 0.00
Totals 8,836,710.50 169,985,097.08 0.77372516 8,836,710.50
</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 219,697,000.00 813.94742573 0.00000000 40.22226293 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 40.22226293 773.72516275 0.77372516 40.22226293
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 5.22234% 178,821,807.59 856,045.92 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 219,697,000.00 856,045.92 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 0.00 856,045.92 0.00 169,985,097.08
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 856,045.92 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 5.22234% 813.94742573 3.89648434 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 3.89648434 0.00000000 773.72516275
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% 178,821,807.59 169,985,097.08 0.00 0.00 77.37251627%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 9,747,865.17
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 354,952.30
Realized Losses 0.00
Total Deposits 10,102,817.47
Withdrawals
Reimbursement for Servicer Advances 318,186.40
Payment of Service Fee 73,992.70
Payment of Interest and Principal 9,710,638.60
Total Withdrawals (Pool Distribution Amount) 10,102,817.70
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 7,434.23
Servicing Fee Support 7,434.24
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 76,099.72
Master Servicing Fee 5,326.98
Supported Prepayment/Curtailment Interest Shortfall 7,434.24
Net Servicing Fee 73,992.47
</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 17,882.18 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 40 4,112,089.80 2.446483% 2.358931%
60 Days 16 1,570,624.59 0.978593% 0.901000%
90+ Days 9 848,812.39 0.550459% 0.486928%
Foreclosure 21 1,837,631.86 1.284404% 1.054171%
REO 1 66,040.48 0.061162% 0.037885%
Totals 87 8,435,199.12 5.321101% 4.838915%
</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 253,394.62
</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 9.673379%
Weighted Average Net Coupon 9.138381%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity(Stepdown Calculation ) 345
Begin Scheduled Collateral Loan Count 1,703
Number Of Loans Paid In Full 68
End Scheduled Collateral Loan Count 1,635
Begining Scheduled Collateral Balance 182,639,839.18
Ending Scheduled Collateral Balance 174,320,060.88
Ending Actual Collateral Balance at 30-Nov-1998 178,544,281.40
Monthly P &I Constant 1,578,164.86
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 516,932.20
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 3,818,031.59
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 116,478,825.01
Greater Than 80%, less than or equal to 85% 29,697,613.41
Greater than 85%, less than or equal to 95% 28,163,564.04
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
Weighted Average Coupon Rate 10.109967 9.596521
Weighted Average Net Rate 9.574967 9.061523
Weighted Average Maturity 326.00 348.00
Beginning Loan Count 354 1,349
Loans Paid In Full 7 61
Ending Loan Count 347 1,288
Beginning Scheduled Balance 27,339,511.27 155,300,327.91
Ending scheduled Balance 26,861,958.00 147,458,102.88
Record Date 11/30/1998 11/30/1998
Principal And Interest Constant 251,278.99 1,326,885.87
Scheduled Principal 20,647.49 80,328.31
Unscheduled Principal 456,905.78 7,761,896.72
Scheduled Interest 230,334.62 1,241,952.39
Servicing Fees 11,391.45 64,708.28
Master Servicing Fees 797.40 4,529.58
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 218,145.77 1,172,714.53
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Group ID 1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 0.00 0.00
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 0.00 0.00
Overcollateralization Amount 0.00 0.00
Overcollateralization Deficiency Amount 0.00 0.00
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 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 371,173.81 240,901.01 163,532.90 278,890.91 0.00 0.00
Percentage Of Balance 1.382% 0.897% 0.609% 1.038% 0.000% 0.000%
Loan Count 7 4 2 6 0 0
Percentage Of Loans 2.017% 1.153% 0.576% 1.729% 0.000% 0.000%
2 Principal Balance 3,740,915.99 1,329,723.58 685,279.49 1,558,740.95 66,040.48 763,736.37
Percentage Of Balance 2.537% 0.902% 0.465% 1.057% 0.045% 0.518%
Loan Count 33 12 7 15 1 6
Percentage Of Loans 2.562% 0.932% 0.543% 1.165% 0.078% 0.466%
</TABLE>
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