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Previous: NORWEST ASSET ACCEPTANCE CORP ASS BKED CERT SER 1998-HE1 TR, 8-K, 1998-08-07 |
Next: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-11 TR, 8-K, 1998-08-07 |
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): July 27, 1998
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-10 Trust
New York (governing law of 333-45021-05 52-2101507
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, Maryland (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 July 27, 1998 a distribution was made to holders of NORWEST ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-10
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 Mortgage
Pass-Through Certificates, Series 1998-10 Trust,
relating to the July 27, 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 SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-10 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 8/4/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-10 Trust, relating to the July 27,
1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 6/30/1998
Distribution Date: 7/27/1998
NASCOR Series: 1998-10
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-1 66937NL55 SEQ 6.75000% 441,555,687.80 2,483,750.74 5,290,681.61
A-2 66937NL63 SEQ 6.75000% 44,346,716.43 249,450.28 471,831.82
A-3 66937NL71 SEQ 6.75000% 55,707,000.00 313,351.88 0.00
A-4 66937NL89 SEQ 6.75000% 52,174,255.00 293,480.18 0.00
A-5 66937NL97 SEQ 6.75000% 70,000,000.00 393,750.00 0.00
A-R 66937NM21 R 6.75000% 0.00 0.00 0.00
APO NMB9810PO PO 0.00000% 557,553.41 0.00 530.97
B-1 66937NM39 SUB 6.75000% 10,488,855.30 58,999.81 8,142.22
B-2 66937NM47 SUB 6.75000% 9,090,008.43 51,131.30 7,056.34
B-3 66937NM54 SUB 6.75000% 3,147,155.82 17,702.75 2,443.05
B-4 66937NN61 SUB 6.75000% 2,097,771.06 11,799.96 1,628.44
B-5 66937NN79 SUB 6.75000% 1,398,846.86 7,868.51 1,085.89
B-6 66937NN87 SUB 6.75000% 1,748,202.14 11,133.25 0.00
Totals 692,312,052.25 3,892,418.66 5,783,400.34
</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-1 0.00 436,265,006.19 7,774,432.35 0.00
A-2 0.00 43,874,884.62 721,282.10 0.00
A-3 0.00 55,707,000.00 313,351.88 0.00
A-4 0.00 52,174,255.00 293,480.18 0.00
A-5 0.00 70,000,000.00 393,750.00 0.00
A-R 0.00 0.00 0.00 0.00
APO 0.00 557,022.44 530.97 0.00
B-1 0.00 10,480,713.07 67,142.03 0.00
B-2 0.00 9,082,952.10 58,187.64 0.00
B-3 0.00 3,144,712.77 20,145.80 0.00
B-4 0.00 2,096,142.61 13,428.40 0.00
B-5 0.00 1,397,760.97 8,954.40 0.00
B-6 1,357.08 1,746,845.06 11,133.25 4,047.96
Totals 1,357.08 686,527,294.83 9,675,819.00 4,047.96
<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-1 448,881,000.00 441,555,687.80 473,087.21 4,817,594.40 0.00 0.00
A-2 45,000,000.00 44,346,716.43 42,190.71 429,641.11 0.00 0.00
A-3 55,707,000.00 55,707,000.00 0.00 0.00 0.00 0.00
A-4 52,174,255.00 52,174,255.00 0.00 0.00 0.00 0.00
A-5 70,000,000.00 70,000,000.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
APO 558,644.89 557,553.41 487.17 43.80 0.00 0.00
B-1 10,505,000.00 10,488,855.30 8,142.22 0.00 0.00 0.00
B-2 9,104,000.00 9,090,008.43 7,056.34 0.00 0.00 0.00
B-3 3,152,000.00 3,147,155.82 2,443.05 0.00 0.00 0.00
B-4 2,101,000.00 2,097,771.06 1,628.44 0.00 0.00 0.00
B-5 1,401,000.00 1,398,846.86 1,085.89 0.00 0.00 0.00
B-6 1,750,893.03 1,748,202.14 0.00 0.00 0.00 1,357.08
Totals 700,334,892.92 692,312,052.25 536,121.03 5,247,279.31 0.00 1,357.08
<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-1 5,290,681.61 436,265,006.19 0.97189457 5,290,681.61
A-2 471,831.82 43,874,884.62 0.97499744 471,831.82
A-3 0.00 55,707,000.00 1.00000000 0.00
A-4 0.00 52,174,255.00 1.00000000 0.00
A-5 0.00 70,000,000.00 1.00000000 0.00
A-R 0.00 0.00 0.00000000 0.00
APO 530.97 557,022.44 0.99709574 530.97
B-1 8,142.22 10,480,713.07 0.99768806 8,142.22
B-2 7,056.34 9,082,952.10 0.99768806 7,056.34
B-3 2,443.05 3,144,712.77 0.99768806 2,443.05
B-4 1,628.44 2,096,142.61 0.99768806 1,628.44
B-5 1,085.89 1,397,760.97 0.99768806 1,085.89
B-6 1,357.08 1,746,845.06 0.99768805 0.00
Totals 5,784,757.42 686,527,294.83 0.98028429 5,783,400.34
</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-1 448,881,000.00 983.68094840 1.05392567 10.73245337 0.00000000
A-2 45,000,000.00 985.48258733 0.93757133 9.54758022 0.00000000
A-3 55,707,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 52,174,255.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 70,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
APO 558,644.89 998.04620069 0.87205667 0.07840401 0.00000000
B-1 10,505,000.00 998.46314136 0.77508044 0.00000000 0.00000000
B-2 9,104,000.00 998.46314038 0.77508128 0.00000000 0.00000000
B-3 3,152,000.00 998.46314086 0.77507931 0.00000000 0.00000000
B-4 2,101,000.00 998.46314136 0.77507853 0.00000000 0.00000000
B-5 1,401,000.00 998.46314061 0.77508208 0.00000000 0.00000000
B-6 1,750,893.03 998.46313284 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-1 0.00000000 11.78637904 971.89456936 0.97189457 11.78637904
A-2 0.00000000 10.48515156 974.99743600 0.97499744 10.48515156
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.95046068 997.09574001 0.99709574 0.95046068
B-1 0.00000000 0.77508044 997.68805997 0.99768806 0.77508044
B-2 0.00000000 0.77508128 997.68806019 0.99768806 0.77508128
B-3 0.00000000 0.77507931 997.68806155 0.99768806 0.77507931
B-4 0.00000000 0.77507853 997.68805807 0.99768806 0.77507853
B-5 0.00000000 0.77508208 997.68805853 0.99768806 0.77508208
B-6 0.77507876 0.77507876 997.68805408 0.99768805 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-1 448,881,000.00 6.75000% 441,555,687.80 2,483,750.74 0.00 0.00
A-2 45,000,000.00 6.75000% 44,346,716.43 249,450.28 0.00 0.00
A-3 55,707,000.00 6.75000% 55,707,000.00 313,351.88 0.00 0.00
A-4 52,174,255.00 6.75000% 52,174,255.00 293,480.18 0.00 0.00
A-5 70,000,000.00 6.75000% 70,000,000.00 393,750.00 0.00 0.00
A-R 100.00 6.75000% 0.00 0.00 0.00 0.00
APO 558,644.89 0.00000% 557,553.41 0.00 0.00 0.00
B-1 10,505,000.00 6.75000% 10,488,855.30 58,999.81 0.00 0.00
B-2 9,104,000.00 6.75000% 9,090,008.43 51,131.30 0.00 0.00
B-3 3,152,000.00 6.75000% 3,147,155.82 17,702.75 0.00 0.00
B-4 2,101,000.00 6.75000% 2,097,771.06 11,799.96 0.00 0.00
B-5 1,401,000.00 6.75000% 1,398,846.86 7,868.51 0.00 0.00
B-6 1,750,893.03 6.75000% 1,748,202.14 9,833.64 1,299.62 0.00
Totals 700,334,892.92 3,891,119.05 1,299.62 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-1 0.00 0.00 2,483,750.74 0.00 436,265,006.19
A-2 0.00 0.00 249,450.28 0.00 43,874,884.62
A-3 0.00 0.00 313,351.88 0.00 55,707,000.00
A-4 0.00 0.00 293,480.18 0.00 52,174,255.00
A-5 0.00 0.00 393,750.00 0.00 70,000,000.00
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 557,022.44
B-1 0.00 0.00 58,999.81 0.00 10,480,713.07
B-2 0.00 0.00 51,131.30 0.00 9,082,952.10
B-3 0.00 0.00 17,702.75 0.00 3,144,712.77
B-4 0.00 0.00 11,799.96 0.00 2,096,142.61
B-5 0.00 0.00 7,868.51 0.00 1,397,760.97
B-6 0.00 0.00 11,133.25 239.72 1,746,845.06
Totals 0.00 0.00 3,892,418.66 239.72
<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-1 448,881,000.00 6.75000% 983.68094840 5.53320533 0.00000000 0.00000000
A-2 45,000,000.00 6.75000% 985.48258733 5.54333956 0.00000000 0.00000000
A-3 55,707,000.00 6.75000% 1000.00000000 5.62500009 0.00000000 0.00000000
A-4 52,174,255.00 6.75000% 1000.00000000 5.62499992 0.00000000 0.00000000
A-5 70,000,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-R 100.00 6.75000% 0.00000000 0.00000000 0.00000000 0.00000000
APO 558,644.89 0.00000% 998.04620069 0.00000000 0.00000000 0.00000000
B-1 10,505,000.00 6.75000% 998.46314136 5.61635507 0.00000000 0.00000000
B-2 9,104,000.00 6.75000% 998.46314038 5.61635545 0.00000000 0.00000000
B-3 3,152,000.00 6.75000% 998.46314086 5.61635470 0.00000000 0.00000000
B-4 2,101,000.00 6.75000% 998.46314136 5.61635412 0.00000000 0.00000000
B-5 1,401,000.00 6.75000% 998.46314061 5.61635261 0.00000000 0.00000000
B-6 1,750,893.03 6.75000% 998.46313284 5.61635681 0.74226122 0.00000000
<FN>
(5) Per $1000 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-1 0.00000000 0.00000000 5.53320533 0.00000000 971.89456936
A-2 0.00000000 0.00000000 5.54333956 0.00000000 974.99743600
A-3 0.00000000 0.00000000 5.62500009 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.62499992 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.62500000 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 997.09574001
B-1 0.00000000 0.00000000 5.61635507 0.00000000 997.68805997
B-2 0.00000000 0.00000000 5.61635545 0.00000000 997.68806019
B-3 0.00000000 0.00000000 5.61635470 0.00000000 997.68806155
B-4 0.00000000 0.00000000 5.61635412 0.00000000 997.68805807
B-5 0.00000000 0.00000000 5.61635261 0.00000000 997.68805853
B-6 0.00000000 0.00000000 6.35861232 0.13691299 997.68805408
<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>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 30,928.38
Deposits
Payments of Interest and Principal 9,854,770.80
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 9,854,770.80
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 149,507.12
Payment of Interest and Principal 9,675,819.02
Total Withdrawals (Pool Distribution Amount) 9,825,326.14
Ending Balance 60,373.04
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 3,956.55
Servicing Fee Support 3,956.55
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 144,232.77
Master Servicing Fee 9,230.90
Supported Prepayment/Curtailment Interest Shortfall 3,956.55
Net Servicing Fee 149,507.12
</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 4 1,124,535.46 0.175901% 0.163801%
60 Days 3 711,946.94 0.131926% 0.103703%
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 7 1,836,482.40 0.307828% 0.267503%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 1,357.08
Cumulative Realized Losses - Includes Interest Shortfall 4,047.96
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 992,966.11
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class% Prepayment%
<S> <C> <C> <C> <C> <C> <C> <C>
Class A 28,013,893.03 4.00007101% 27,949,126.58 4.07108746% 95.925607% 100.000000%
Class B-1 17,508,893.03 2.50007435% 17,468,413.51 2.54446016% 1.527867% 0.000000%
Class B-2 8,404,893.03 1.20012484% 8,385,461.41 1.22143161% 1.324103% 0.000000%
Class B-3 5,252,893.03 0.75005445% 5,240,748.64 0.76337076% 0.458433% 0.000000%
Class B-4 3,151,893.03 0.45005512% 3,144,606.03 0.45804530% 0.305573% 0.000000%
Class B-5 1,750,893.03 0.25000797% 1,746,845.06 0.25444656% 0.203764% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.254653% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 214,268.86 0.03059520% 214,268.86 0.03121054%
Fraud 14,006,697.86 2.00000000% 14,006,697.86 2.04022447%
Special Hazard 7,003,348.93 1.00000000% 7,003,348.93 1.02011223%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 7.493815%
Weighted Average Pass-Through Rate 6.750000%
Weighted Average Maturity(Stepdown Calculation ) 354
Begin Scheduled Collateral Loan Count 2,290
Number Of Loans Paid In Full 16
End Scheduled Collateral Loan Count 2,274
Begining Scheduled Collateral Balance 692,312,052.26
Ending Scheduled Collateral Balance 686,527,294.83
Ending Actual Collateral Balance at 30-Jun-1998 689,172,201.34
Ending Scheduled Balance For Norwest 544,390,745.23
Ending Scheduled Balance For Other Services 142,136,549.60
Monthly P &I Constant 4,585,754.43
Class A Optimal Amount 9,496,296.51
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 642,498,837.47
Ending scheduled Balance For discounted Loans 44,028,457.36
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 602,072,977.10
Greater Than 80%, less than or equal to 85% 12,550,955.23
Greater than 85%, less than or equal to 95% 72,004,402.44
Greater than 95% 0.00
</TABLE>
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