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Previous: NORWEST ASSET ACCEPTANCE CORP ASS BKED CERT SER 1998-HE1 TR, 8-K, 1998-11-10 |
Next: SALOMON BROTHERS MORT SEC VII INC ASSET BK CERT SER 1998-AQ1, 8-K, 1998-11-10 |
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): October 26, 1998
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-10 Trust
New York (governing law of 333-45021-07 52-2101507
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, Maryland (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 October 26, 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 October
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 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: 11/04/1998
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 October 26,
1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 09/30/1998
Distribution Date: 10/26/1998
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% 417,673,651.62 2,349,414.29 13,954,995.59
A-2 66937NL63 SEQ 6.75000% 42,216,876.59 237,469.93 1,244,529.80
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% 555,940.49 0.00 544.94
B-1 66937NM39 SUB 6.75000% 10,464,344.02 58,861.94 8,230.75
B-2 66937NM47 SUB 6.75000% 9,068,766.11 51,011.81 7,133.06
B-3 66937NM54 SUB 6.75000% 3,139,801.27 17,661.38 2,469.62
B-4 66937NN61 SUB 6.75000% 2,092,868.80 11,772.39 1,646.15
B-5 66937NN79 SUB 6.75000% 1,395,577.91 7,850.13 1,097.69
B-6 66937NN87 SUB 6.75000% 1,744,116.79 9,810.66 835.05
Totals 666,233,198.60 3,744,434.59 15,221,482.65
</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 0.00 403,718,656.03 16,304,409.88 0.00
A-2 0.00 40,972,346.79 1,481,999.73 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 0.00 555,395.55 544.94 0.00
B-1 0.00 10,456,113.27 67,092.69 0.00
B-2 0.00 9,061,633.05 58,144.87 0.00
B-3 0.00 3,137,331.65 20,131.00 0.00
B-4 0.00 2,091,222.65 13,418.54 0.00
B-5 0.00 1,394,480.22 8,947.82 0.00
B-6 536.79 1,742,744.95 10,645.71 5,068.32
Totals 536.79 651,011,179.16 18,965,917.24 5,068.32
<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-1 448,881,000.00 417,673,651.62 460,566.63 13,494,428.95 0.00 0.00
A-2 45,000,000.00 42,216,876.59 41,074.10 1,203,455.70 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 558,644.89 555,940.49 496.33 48.61 0.00 0.00
B-1 10,505,000.00 10,464,344.02 8,230.75 0.00 0.00 0.00
B-2 9,104,000.00 9,068,766.11 7,133.06 0.00 0.00 0.00
B-3 3,152,000.00 3,139,801.27 2,469.62 0.00 0.00 0.00
B-4 2,101,000.00 2,092,868.80 1,646.15 0.00 0.00 0.00
B-5 1,401,000.00 1,395,577.91 1,097.69 0.00 0.00 0.00
B-6 1,750,893.03 1,744,116.79 835.05 0.00 0.00 536.79
Totals 700,334,892.92 666,233,198.60 523,549.38 14,697,933.26 0.00 536.79
<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 13,954,995.59 403,718,656.03 0.89938905 13,954,995.59
A-2 1,244,529.80 40,972,346.79 0.91049660 1,244,529.80
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 544.94 555,395.55 0.99418353 544.94
B-1 8,230.75 10,456,113.27 0.99534634 8,230.75
B-2 7,133.06 9,061,633.05 0.99534634 7,133.06
B-3 2,469.62 3,137,331.65 0.99534634 2,469.62
B-4 1,646.15 2,091,222.65 0.99534634 1,646.15
B-5 1,097.69 1,394,480.22 0.99534634 1,097.69
B-6 1,371.84 1,742,744.95 0.99534633 835.05
Totals 15,222,019.44 651,011,179.16 0.92957125 15,221,482.65
</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-1 448,881,000.00 930.47745754 1.02603280 30.06237499 0.00000000
A-2 45,000,000.00 938.15281311 0.91275778 26.74346000 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 558,644.89 995.15899984 0.88845349 0.08701413 0.00000000
B-1 10,505,000.00 996.12984484 0.78350785 0.00000000 0.00000000
B-2 9,104,000.00 996.12984512 0.78350835 0.00000000 0.00000000
B-3 3,152,000.00 996.12984454 0.78350888 0.00000000 0.00000000
B-4 2,101,000.00 996.12984293 0.78350785 0.00000000 0.00000000
B-5 1,401,000.00 996.12984297 0.78350464 0.00000000 0.00000000
B-6 1,750,893.03 996.12983781 0.47692805 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 31.08840782 899.38904973 0.89938905 31.08840782
A-2 0.00000000 27.65621778 910.49659533 0.91049660 27.65621778
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 0.97546762 994.18353223 0.99418353 0.97546762
B-1 0.00000000 0.78350785 995.34633698 0.99534634 0.78350785
B-2 0.00000000 0.78350835 995.34633678 0.99534634 0.78350835
B-3 0.00000000 0.78350888 995.34633566 0.99534634 0.78350888
B-4 0.00000000 0.78350785 995.34633508 0.99534634 0.78350785
B-5 0.00000000 0.78350464 995.34633833 0.99534634 0.78350464
B-6 0.30658069 0.78350874 995.34632907 0.99534633 0.47692805
<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% 417,673,651.62 2,349,414.29 0.00 0.00
A-2 45,000,000.00 6.75000% 42,216,876.59 237,469.93 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% 555,940.49 0.00 0.00 0.00
B-1 10,505,000.00 6.75000% 10,464,344.02 58,861.94 0.00 0.00
B-2 9,104,000.00 6.75000% 9,068,766.11 51,011.81 0.00 0.00
B-3 3,152,000.00 6.75000% 3,139,801.27 17,661.38 0.00 0.00
B-4 2,101,000.00 6.75000% 2,092,868.80 11,772.39 0.00 0.00
B-5 1,401,000.00 6.75000% 1,395,577.91 7,850.13 0.00 0.00
B-6 1,750,893.03 6.75000% 1,744,116.79 9,810.66 0.00 0.00
Totals 700,334,892.92 3,744,434.59 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-1 0.00 0.00 2,349,414.29 0.00 403,718,656.03
A-2 0.00 0.00 237,469.93 0.00 40,972,346.79
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 0.00 555,395.55
B-1 0.00 0.00 58,861.94 0.00 10,456,113.27
B-2 0.00 0.00 51,011.81 0.00 9,061,633.05
B-3 0.00 0.00 17,661.38 0.00 3,137,331.65
B-4 0.00 0.00 11,772.39 0.00 2,091,222.65
B-5 0.00 0.00 7,850.13 0.00 1,394,480.22
B-6 0.00 0.00 9,810.66 0.00 1,742,744.95
Totals 0.00 0.00 3,744,434.59 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-1 448,881,000.00 6.75000% 930.47745754 5.23393570 0.00000000 0.00000000
A-2 45,000,000.00 6.75000% 938.15281311 5.27710956 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% 995.15899984 0.00000000 0.00000000 0.00000000
B-1 10,505,000.00 6.75000% 996.12984484 5.60323084 0.00000000 0.00000000
B-2 9,104,000.00 6.75000% 996.12984512 5.60323045 0.00000000 0.00000000
B-3 3,152,000.00 6.75000% 996.12984454 5.60322970 0.00000000 0.00000000
B-4 2,101,000.00 6.75000% 996.12984293 5.60323179 0.00000000 0.00000000
B-5 1,401,000.00 6.75000% 996.12984297 5.60323340 0.00000000 0.00000000
B-6 1,750,893.03 6.75000% 996.12983781 5.60323208 0.00000000 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 5.23393570 0.00000000 899.38904973
A-2 0.00000000 0.00000000 5.27710956 0.00000000 910.49659533
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 994.18353223
B-1 0.00000000 0.00000000 5.60323084 0.00000000 995.34633698
B-2 0.00000000 0.00000000 5.60323045 0.00000000 995.34633678
B-3 0.00000000 0.00000000 5.60322970 0.00000000 995.34633566
B-4 0.00000000 0.00000000 5.60323179 0.00000000 995.34633508
B-5 0.00000000 0.00000000 5.60323340 0.00000000 995.34633833
B-6 0.00000000 0.00000000 5.60323208 0.00000000 995.34632907
<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 51,368.07
Deposits
Payments of Interest and Principal 18,853,685.13
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 198,751.23
Realized Losses 0.00
Total Deposits 19,052,436.36
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 137,887.23
Payment of Interest and Principal 18,965,917.22
Total Withdrawals (Pool Distribution Amount) 19,103,804.45
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 9,786.86
Servicing Fee Support 9,786.86
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 138,791.44
Master Servicing Fee 8,882.65
Supported Prepayment/Curtailment Interest Shortfall 9,786.86
Net Servicing Fee 137,887.23
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loan Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 6 1,625,306.38 0.275862% 0.249659%
60 Days 1 246,944.71 0.045977% 0.037932%
90+ Days 2 512,321.40 0.091954% 0.078696%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 9 2,384,572.49 0.413793% 0.366287%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 536.79
Cumulative Realized Losses - Includes Interest Shortfall 5,068.32
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,187,578.86
</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% 27,883,525.79 4.28311013% 95.713233% 100.000000%
Class B-1 17,508,893.03 2.50007435% 17,427,412.52 2.67697592% 1.607506% 0.000000%
Class B-2 8,404,893.03 1.20012484% 8,365,779.47 1.28504390% 1.393121% 0.000000%
Class B-3 5,252,893.03 0.75005445% 5,228,447.82 0.80312719% 0.482328% 0.000000%
Class B-4 3,151,893.03 0.45005512% 3,137,225.17 0.48190035% 0.321501% 0.000000%
Class B-5 1,750,893.03 0.25000797% 1,742,744.95 0.26769816% 0.214385% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.267927% 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 0.03291324%
Fraud 14,006,697.86 2.00000000% 14,006,697.86 2.15152954%
Special Hazard 7,003,348.93 1.00000000% 7,003,348.93 1.07576477%
<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 7.484469%
Weighted Average Pass-Through Rate 6.750000%
Weighted Average Maturity(Stepdown Calculation ) 351
Begin Scheduled Collateral Loan Count 2,215
Number Of Loans Paid In Full 40
End Scheduled Collateral Loan Count 2,175
Begining Scheduled Collateral Balance 666,233,198.61
Ending Scheduled Collateral Balance 651,011,179.18
Ending Actual Collateral Balance at 30-Sep-1998 657,703,420.32
Ending Scheduled Balance For Norwest 514,673,892.78
Ending Scheduled Balance For Other Services 136,337,286.40
Monthly P &I Constant 4,427,307.46
Class A Optimal Amount 18,786,991.66
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 607,120,447.19
Ending scheduled Balance For discounted Loans 43,890,731.99
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 569,596,173.23
Greater Than 80%, less than or equal to 85% 11,749,477.22
Greater than 85%, less than or equal to 95% 69,794,226.88
Greater than 95% 0.00
</TABLE>
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