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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-10 TR, 8-K, 1998-06-05 |
Next: CONGRESS STREET ASSOCIATES LP, N-8A, 1998-06-05 |
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): May 26, 1998
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-11 Trust
New York (governing law of 333-45021-06 Pending
Pooling and Servicing Agreement) (Commission (I.R.S. Employer
(State or other File Number) Identification No.)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, Maryland 21703
(Address of principal executive offices) (Zip Code)
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 May 26, 1998 a distribution was made to holders of NORWEST ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-11
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 1998-11 Trust, relating to
the May 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 1998-11 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 6/3/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-11 Trust, relating to the May 26,
1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 4/30/1998
Distribution Date: 5/26/1998
NASCOR Series: 1998-11
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 66937NM62 SEQ 6.50000% 100,432,000.00 544,006.67 671,348.05
A-2 66937NM70 SEQ 6.50000% 143,064,900.00 774,934.88 1,160,754.64
A-3 66937NM88 SEQ 6.50000% 10,717,400.00 58,052.58 0.00
A-4 66937NM98 SEQ 6.50000% 38,445,600.00 208,247.00 124,113.22
A-R 66937NN20 R 6.50000% 100.00 0.54 100.00
APO NMB9811PO PO 0.00000% 479,877.87 0.00 1,704.51
B-1 66937NN38 SUB 6.50000% 2,703,000.00 14,641.25 8,726.04
B-2 66937NN46 SUB 6.50000% 1,802,000.00 9,760.83 5,817.36
B-3 66937NN53 SUB 6.50000% 751,000.00 4,067.92 2,424.44
B-4 66937NN95 SUB 6.50000% 901,000.00 4,880.42 2,908.68
B-5 66937NP28 SUB 6.50000% 451,000.00 2,442.92 1,455.95
B-6 66937NP36 SUB 6.50000% 600,749.53 3,254.06 1,565.62
Totals 300,348,627.40 1,624,289.07 1,980,918.51
</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 99,760,651.95 1,215,354.72 0.00
A-2 0.00 141,904,145.36 1,935,689.52 0.00
A-3 0.00 10,717,400.00 58,052.58 0.00
A-4 0.00 38,321,486.78 332,360.22 0.00
A-R 0.00 0.00 100.54 0.00
APO 0.00 478,173.36 1,704.51 0.00
B-1 0.00 2,694,273.96 23,367.29 0.00
B-2 0.00 1,796,182.64 15,578.19 0.00
B-3 0.00 748,575.56 6,492.36 0.00
B-4 0.00 898,091.32 7,789.10 0.00
B-5 0.00 449,544.05 3,898.87 0.00
B-6 373.77 598,810.14 4,819.68 373.77
Totals 373.77 298,367,335.12 3,605,207.58 373.77
<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-1 100,432,000.00 100,432,000.00 324,222.77 347,125.28 0.00 0.00
A-2 143,064,900.00 143,064,900.00 496,410.11 664,344.53 0.00 0.00
A-3 10,717,400.00 10,717,400.00 0.00 0.00 0.00 0.00
A-4 38,445,600.00 38,445,600.00 124,113.22 0.00 0.00 0.00
A-R 100.00 100.00 42.77 57.23 0.00 0.00
APO 479,877.87 479,877.87 1,610.96 93.55 0.00 0.00
B-1 2,703,000.00 2,703,000.00 8,726.04 0.00 0.00 0.00
B-2 1,802,000.00 1,802,000.00 5,817.36 0.00 0.00 0.00
B-3 751,000.00 751,000.00 2,424.44 0.00 0.00 0.00
B-4 901,000.00 901,000.00 2,908.68 0.00 0.00 0.00
B-5 451,000.00 451,000.00 1,455.95 0.00 0.00 0.00
B-6 600,749.53 600,749.53 1,565.62 0.00 0.00 373.77
Totals 300,348,627.40 300,348,627.40 969,297.92 1,011,620.59 0.00 373.77
<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-1 671,348.05 99,760,651.95 0.99331540 671,348.05
A-2 1,160,754.64 141,904,145.36 0.99188652 1,160,754.64
A-3 0.00 10,717,400.00 1.00000000 0.00
A-4 124,113.22 38,321,486.78 0.99677172 124,113.22
A-R 100.00 0.00 0.00000000 100.00
APO 1,704.51 478,173.36 0.99644803 1,704.51
B-1 8,726.04 2,694,273.96 0.99677172 8,726.04
B-2 5,817.36 1,796,182.64 0.99677172 5,817.36
B-3 2,424.44 748,575.56 0.99677172 2,424.44
B-4 2,908.68 898,091.32 0.99677172 2,908.68
B-5 1,455.95 449,544.05 0.99677173 1,455.95
B-6 1,939.39 598,810.14 0.99677172 1,565.62
Totals 1,981,292.28 298,367,335.12 0.99340336 1,980,918.51
</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-1 100,432,000.00 1000.00000000 3.22828152 3.45632149 0.00000000
A-2 143,064,900.00 1000.00000000 3.46982460 4.64365844 0.00000000
A-3 10,717,400.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 38,445,600.00 1000.00000000 3.22828152 0.00000000 0.00000000
A-R 100.00 1000.00000000 427.70000000 572.30000000 0.00000000
APO 479,877.87 1000.00000000 3.35702082 0.19494543 0.00000000
B-1 2,703,000.00 1000.00000000 3.22827969 0.00000000 0.00000000
B-2 1,802,000.00 1000.00000000 3.22827969 0.00000000 0.00000000
B-3 751,000.00 1000.00000000 3.22828229 0.00000000 0.00000000
B-4 901,000.00 1000.00000000 3.22827969 0.00000000 0.00000000
B-5 451,000.00 1000.00000000 3.22827051 0.00000000 0.00000000
B-6 600,749.53 1000.00000000 2.60611107 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 6.68460301 993.31539699 0.99331540 6.68460301
A-2 0.00000000 8.11348304 991.88651696 0.99188652 8.11348304
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 3.22828152 996.77171848 0.99677172 3.22828152
A-R 0.00000000 1000.00000000 0.00000000 0.00000000 1000.00000000
APO 0.00000000 3.55196625 996.44803375 0.99644803 3.55196625
B-1 0.00000000 3.22827969 996.77172031 0.99677172 3.22827969
B-2 0.00000000 3.22827969 996.77172031 0.99677172 3.22827969
B-3 0.00000000 3.22828229 996.77171771 0.99677172 3.22828229
B-4 0.00000000 3.22827969 996.77172031 0.99677172 3.22827969
B-5 0.00000000 3.22827051 996.77172949 0.99677173 3.22827051
B-6 0.62217277 3.22828384 996.77171616 0.99677172 2.60611107
<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-1 100,432,000.00 6.50000% 100,432,000.00 544,006.67 0.00 0.00
A-2 143,064,900.00 6.50000% 143,064,900.00 774,934.88 0.00 0.00
A-3 10,717,400.00 6.50000% 10,717,400.00 58,052.58 0.00 0.00
A-4 38,445,600.00 6.50000% 38,445,600.00 208,247.00 0.00 0.00
A-R 100.00 6.50000% 100.00 0.54 0.00 0.00
APO 479,877.87 0.00000% 479,877.87 0.00 0.00 0.00
B-1 2,703,000.00 6.50000% 2,703,000.00 14,641.25 0.00 0.00
B-2 1,802,000.00 6.50000% 1,802,000.00 9,760.83 0.00 0.00
B-3 751,000.00 6.50000% 751,000.00 4,067.92 0.00 0.00
B-4 901,000.00 6.50000% 901,000.00 4,880.42 0.00 0.00
B-5 451,000.00 6.50000% 451,000.00 2,442.92 0.00 0.00
B-6 600,749.53 6.50000% 600,749.53 3,254.06 0.00 0.00
Totals 300,348,627.40 1,624,289.07 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 0.00 544,006.67 0.00 99,760,651.95
A-2 0.00 0.00 774,934.88 0.00 141,904,145.36
A-3 0.00 0.00 58,052.58 0.00 10,717,400.00
A-4 0.00 0.00 208,247.00 0.00 38,321,486.78
A-R 0.00 0.00 0.54 0.00 0.00
APO 0.00 0.00 0.00 0.00 478,173.36
B-1 0.00 0.00 14,641.25 0.00 2,694,273.96
B-2 0.00 0.00 9,760.83 0.00 1,796,182.64
B-3 0.00 0.00 4,067.92 0.00 748,575.56
B-4 0.00 0.00 4,880.42 0.00 898,091.32
B-5 0.00 0.00 2,442.92 0.00 449,544.05
B-6 0.00 0.00 3,254.06 0.00 598,810.14
Totals 0.00 0.00 1,624,289.07 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-1 100,432,000.00 6.50000% 1000.00000000 5.41666670 0.00000000 0.00000000
A-2 143,064,900.00 6.50000% 1000.00000000 5.41666670 0.00000000 0.00000000
A-3 10,717,400.00 6.50000% 1000.00000000 5.41666636 0.00000000 0.00000000
A-4 38,445,600.00 6.50000% 1000.00000000 5.41666667 0.00000000 0.00000000
A-R 100.00 6.50000% 1000.00000000 5.40000000 0.00000000 0.00000000
APO 479,877.87 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 2,703,000.00 6.50000% 1000.00000000 5.41666667 0.00000000 0.00000000
B-2 1,802,000.00 6.50000% 1000.00000000 5.41666482 0.00000000 0.00000000
B-3 751,000.00 6.50000% 1000.00000000 5.41667111 0.00000000 0.00000000
B-4 901,000.00 6.50000% 1000.00000000 5.41667037 0.00000000 0.00000000
B-5 451,000.00 6.50000% 1000.00000000 5.41667406 0.00000000 0.00000000
B-6 600,749.53 6.50000% 1000.00000000 5.41666674 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 5.41666670 0.00000000 993.31539699
A-2 0.00000000 0.00000000 5.41666670 0.00000000 991.88651696
A-3 0.00000000 0.00000000 5.41666636 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.41666667 0.00000000 996.77171848
A-R 0.00000000 0.00000000 5.40000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 996.44803375
B-1 0.00000000 0.00000000 5.41666667 0.00000000 996.77172031
B-2 0.00000000 0.00000000 5.41666482 0.00000000 996.77172031
B-3 0.00000000 0.00000000 5.41667111 0.00000000 996.77171771
B-4 0.00000000 0.00000000 5.41667037 0.00000000 996.77172031
B-5 0.00000000 0.00000000 5.41667406 0.00000000 996.77172949
B-6 0.00000000 0.00000000 5.41666674 0.00000000 996.77171616
<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 0.00
Deposits
Payments of Interest and Principal 3,591,168.05
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 81,116.01
Realized Losses 0.00
Total Deposits 3,672,284.06
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 67,076.45
Payment of Interest and Principal 3,605,207.58
Total Withdrawals (Pool Distribution Amount) 3,672,284.03
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 123.26
Servicing Fee Support 123.26
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 62,945.06
Master Servicing Fee 4,254.67
Supported Prepayment/Curtailment Interest Shortfall 123.26
Net Servicing Fee 67,076.47
</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 6 2,075,608.99 0.687285% 0.695656%
60 Days 1 269,574.35 0.114548% 0.090350%
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 2,345,183.34 0.801833% 0.786005%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 373.77
Cumulative Realized Losses - Includes Interest Shortfall 373.77
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,104,003.16
</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 7,208,749.53 2.40012734% 7,185,477.67 2.40826553% 97.587869% 100.000000%
Class B-1 4,505,749.53 1.50017317% 4,491,203.71 1.50525985% 0.904455% 0.000000%
Class B-2 2,703,749.53 0.90020372% 2,695,021.07 0.90325607% 0.602970% 0.000000%
Class B-3 1,952,749.53 0.65016096% 1,946,445.51 0.65236548% 0.251293% 0.000000%
Class B-4 1,051,749.53 0.35017624% 1,048,354.19 0.35136359% 0.301485% 0.000000%
Class B-5 600,749.53 0.20001740% 598,810.14 0.20069561% 0.150910% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.201018% 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 100,000.00 0.03329464% 100,000.00 0.03351573%
Fraud 6,006,972.54 2.00000000% 6,006,972.54 2.01328089%
Special Hazard 3,003,486.27 1.00000000% 3,003,486.27 1.00664045%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
Collateral Description Fixed 15 Year
<S> <C>
Weighted Average Gross Coupon 7.168518%
Weighted Average Pass-Through Rate 6.500000%
Weighted Average Maturity(Stepdown Calculation ) 176
Begin Scheduled Collateral Loan Count 875
Number Of Loans Paid In Full 2
End Scheduled Collateral Loan Count 873
Begining Scheduled Collateral Balance 300,348,627.40
Ending Scheduled Collateral Balance 298,367,335.11
Ending Actual Collateral Balance at 30-Apr-1998 298,508,878.89
Ending Scheduled Balance For Norwest 178,958,679.36
Ending Scheduled Balance For Other Services 119,408,655.75
Monthly P &I Constant 2,663,648.17
Class A Optimal Amount 3,541,557.58
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 262,577,655.33
Ending scheduled Balance For discounted Loans 35,789,679.78
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 286,633,134.04
Greater Than 80%, less than or equal to 85% 3,982,722.00
Greater than 85%, less than or equal to 95% 8,136,864.38
Greater than 95% 0.00
</TABLE>
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