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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-10 TR, 8-K, 1998-09-02 |
Next: SALOMON BROTHERS MORT SEC VII INC ASSET BK CERT SER 1998-AQ1, 8-K, 1998-09-02 |
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): August 25, 1998
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-11 Trust
New York (governing law of 333-45021-06 52-2101509
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 August 25, 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 August 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 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: 8/26/98
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 August 25,
1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 7/31/98
Distribution Date: 8/25/98
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% 97,768,407.86 529,578.88 1,571,746.53
A-2 66937NM70 SEQ 6.50000% 138,341,180.96 749,348.06 2,882,372.38
A-3 66937NM88 SEQ 6.50000% 10,717,400.00 58,052.58 0.00
A-4 66937NM96 SEQ 6.50000% 38,071,273.13 206,219.40 125,968.51
A-R 66937NN20 R 6.50000% 0.00 0.00 0.00
APO NMB9811PO PO 0.00000% 474,153.51 0.00 1,776.45
B-1 66937NN38 SUB 6.50000% 2,676,682.15 14,498.69 8,856.48
B-2 66937NN46 SUB 6.50000% 1,784,454.77 9,665.80 5,904.32
B-3 66937NN53 SUB 6.50000% 743,687.86 4,028.31 2,460.68
B-4 66937NN95 SUB 6.50000% 892,227.38 4,832.90 2,952.16
B-5 66937NP28 SUB 6.50000% 446,608.82 2,419.13 1,477.72
B-6 66937NP36 SUB 6.50000% 594,900.31 3,222.38 1,559.09
Totals 292,510,976.75 1,581,866.13 4,605,074.32
</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 96,196,661.33 2,101,325.41 0.00
A-2 0.00 135,458,808.58 3,631,720.44 0.00
A-3 0.00 10,717,400.00 58,052.58 0.00
A-4 0.00 37,945,304.62 332,187.91 0.00
A-R 0.00 0.00 0.00 0.00
APO 0.00 472,377.06 1,776.45 0.00
B-1 0.00 2,667,825.67 23,355.17 0.00
B-2 0.00 1,778,550.44 15,570.12 0.00
B-3 0.00 741,227.18 6,488.99 0.00
B-4 0.00 889,275.22 7,785.06 0.00
B-5 0.00 445,131.10 3,896.85 0.00
B-6 409.29 592,931.93 4,781.47 1,294.09
Totals 409.29 287,905,493.13 6,186,940.45 1,294.09
<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 97,768,407.86 323,491.69 1,248,254.84 0.00 0.00
A-2 143,064,900.00 138,341,180.96 493,198.29 2,389,174.08 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 38,071,273.13 125,968.51 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
APO 479,877.87 474,153.51 1,637.16 139.28 0.00 0.00
B-1 2,703,000.00 2,676,682.15 8,856.48 0.00 0.00 0.00
B-2 1,802,000.00 1,784,454.77 5,904.32 0.00 0.00 0.00
B-3 751,000.00 743,687.86 2,460.68 0.00 0.00 0.00
B-4 901,000.00 892,227.38 2,952.16 0.00 0.00 0.00
B-5 451,000.00 446,608.82 1,477.72 0.00 0.00 0.00
B-6 600,749.53 594,900.31 1,559.09 0.00 0.00 409.29
Totals 300,348,627.40 292,510,976.75 967,506.10 3,637,568.20 0.00 409.29
<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 1,571,746.53 96,196,661.33 0.95782879 1,571,746.53
A-2 2,882,372.38 135,458,808.58 0.94683468 2,882,372.38
A-3 0.00 10,717,400.00 1.00000000 0.00
A-4 125,968.51 37,945,304.62 0.98698693 125,968.51
A-R 0.00 0.00 0.00000000 0.00
APO 1,776.45 472,377.06 0.98436934 1,776.45
B-1 8,856.48 2,667,825.67 0.98698693 8,856.48
B-2 5,904.32 1,778,550.44 0.98698693 5,904.32
B-3 2,460.68 741,227.18 0.98698692 2,460.68
B-4 2,952.16 889,275.22 0.98698693 2,952.16
B-5 1,477.72 445,131.10 0.98698692 1,477.72
B-6 1,968.38 592,931.93 0.98698692 1,559.09
Totals 4,605,483.61 287,905,493.13 0.95857103 4,605,074.32
</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-1 100,432,000.00 973.47865083 3.22100217 12.42885574 0.00000000
A-2 143,064,900.00 966.98198482 3.44737451 16.69993185 0.00000000
A-3 10,717,400.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 38,445,600.00 990.26346656 3.27653906 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
APO 479,877.87 988.07121487 3.41161804 0.29024051 0.00000000
B-1 2,703,000.00 990.26346652 3.27653718 0.00000000 0.00000000
B-2 1,802,000.00 990.26346837 3.27653718 0.00000000 0.00000000
B-3 751,000.00 990.26346205 3.27653795 0.00000000 0.00000000
B-4 901,000.00 990.26346282 3.27653718 0.00000000 0.00000000
B-5 451,000.00 990.26345898 3.27654102 0.00000000 0.00000000
B-6 600,749.53 990.26346304 2.59524131 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 15.64985791 957.82879291 0.95782879 15.64985791
A-2 0.00000000 20.14730643 946.83467839 0.94683468 20.14730643
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 3.27653906 986.98692750 0.98698693 3.27653906
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 3.70187940 984.36933547 0.98436934 3.70187940
B-1 0.00000000 3.27653718 986.98692934 0.98698693 3.27653718
B-2 0.00000000 3.27653718 986.98692564 0.98698693 3.27653718
B-3 0.00000000 3.27653795 986.98692410 0.98698692 3.27653795
B-4 0.00000000 3.27653718 986.98692564 0.98698693 3.27653718
B-5 0.00000000 3.27654102 986.98691796 0.98698692 3.27654102
B-6 0.68129891 3.27654022 986.98692282 0.98698692 2.59524131
<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% 97,768,407.86 529,578.88 0.00 0.00
A-2 143,064,900.00 6.50000% 138,341,180.96 749,348.06 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% 38,071,273.13 206,219.40 0.00 0.00
A-R 100.00 6.50000% 0.00 0.00 0.00 0.00
APO 479,877.87 0.00000% 474,153.51 0.00 0.00 0.00
B-1 2,703,000.00 6.50000% 2,676,682.15 14,498.69 0.00 0.00
B-2 1,802,000.00 6.50000% 1,784,454.77 9,665.80 0.00 0.00
B-3 751,000.00 6.50000% 743,687.86 4,028.31 0.00 0.00
B-4 901,000.00 6.50000% 892,227.38 4,832.90 0.00 0.00
B-5 451,000.00 6.50000% 446,608.82 2,419.13 0.00 0.00
B-6 600,749.53 6.50000% 594,900.31 3,222.38 0.00 0.00
Totals 300,348,627.40 1,581,866.13 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 0.00 529,578.88 0.00 96,196,661.33
A-2 0.00 0.00 749,348.06 0.00 135,458,808.58
A-3 0.00 0.00 58,052.58 0.00 10,717,400.00
A-4 0.00 0.00 206,219.40 0.00 37,945,304.62
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 472,377.06
B-1 0.00 0.00 14,498.69 0.00 2,667,825.67
B-2 0.00 0.00 9,665.80 0.00 1,778,550.44
B-3 0.00 0.00 4,028.31 0.00 741,227.18
B-4 0.00 0.00 4,832.90 0.00 889,275.22
B-5 0.00 0.00 2,419.13 0.00 445,131.10
B-6 0.00 0.00 3,222.38 0.00 592,931.93
Totals 0.00 0.00 1,581,866.13 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% 973.47865083 5.27300940 0.00000000 0.00000000
A-2 143,064,900.00 6.50000% 966.98198482 5.23781906 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% 990.26346656 5.36392721 0.00000000 0.00000000
A-R 100.00 6.50000% 0.00000000 0.00000000 0.00000000 0.00000000
APO 479,877.87 0.00000% 988.07121487 0.00000000 0.00000000 0.00000000
B-1 2,703,000.00 6.50000% 990.26346652 5.36392527 0.00000000 0.00000000
B-2 1,802,000.00 6.50000% 990.26346837 5.36392897 0.00000000 0.00000000
B-3 751,000.00 6.50000% 990.26346205 5.36392810 0.00000000 0.00000000
B-4 901,000.00 6.50000% 990.26346282 5.36392897 0.00000000 0.00000000
B-5 451,000.00 6.50000% 990.26345898 5.36392461 0.00000000 0.00000000
B-6 600,749.53 6.50000% 990.26346304 5.36393262 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 5.27300940 0.00000000 957.82879291
A-2 0.00000000 0.00000000 5.23781906 0.00000000 946.83467839
A-3 0.00000000 0.00000000 5.41666636 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.36392721 0.00000000 986.98692750
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 984.36933547
B-1 0.00000000 0.00000000 5.36392527 0.00000000 986.98692934
B-2 0.00000000 0.00000000 5.36392897 0.00000000 986.98692564
B-3 0.00000000 0.00000000 5.36392810 0.00000000 986.98692410
B-4 0.00000000 0.00000000 5.36392897 0.00000000 986.98692564
B-5 0.00000000 0.00000000 5.36392461 0.00000000 986.98691796
B-6 0.00000000 0.00000000 5.36393262 0.00000000 986.98692282
<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 50,312.07
Deposits
Payments of Interest and Principal 6,153,528.73
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 47,807.64
Realized Losses 0.00
Total Deposits 6,201,336.37
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 64,708.04
Payment of Interest and Principal 6,186,940.45
Total Withdrawals (Pool Distribution Amount) 6,251,648.49
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 747.61
Servicing Fee Support 747.61
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 61,311.78
Master Servicing Fee 4,143.87
Supported Prepayment/Curtailment Interest Shortfall 747.61
Net Servicing Fee 64,708.04
</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 1 267,701.51 0.116959% 0.092982%
60 Days 0 0.00 0.000000% 0.000000%
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 1 267,701.51 0.116959% 0.092982%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 409.29
Cumulative Realized Losses - Includes Interest Shortfall 1,294.09
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,020,533.27
</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% 7,114,941.54 2.47127676% 97.524662% 100.000000%
Class B-1 4,505,749.53 1.50017317% 4,447,115.87 1.54464433% 0.928155% 0.000000%
Class B-2 2,703,749.53 0.90020372% 2,668,565.43 0.92688938% 0.618770% 0.000000%
Class B-3 1,952,749.53 0.65016096% 1,927,338.25 0.66943434% 0.257878% 0.000000%
Class B-4 1,051,749.53 0.35017624% 1,038,063.03 0.36055687% 0.309385% 0.000000%
Class B-5 600,749.53 0.20001740% 592,931.93 0.20594672% 0.154864% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.206285% 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 0.03473362%
Fraud 6,006,972.54 2.00000000% 6,006,972.54 2.08643902%
Special Hazard 3,003,486.27 1.00000000% 3,003,486.27 1.04321951%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 15 Year
Weighted Average Gross Coupon 7.164946%
Weighted Average Pass-Through Rate 6.500000%
Weighted Average Maturity(Stepdown Calculation ) 173
Begin Scheduled Collateral Loan Count 863
Number Of Loans Paid In Full 8
End Scheduled Collateral Loan Count 855
Begining Scheduled Collateral Balance 292,510,976.75
Ending Scheduled Collateral Balance 287,905,493.14
Ending Actual Collateral Balance at 31-Jul-1998 289,148,923.45
Ending Scheduled Balance For Norwest 175,348,200.45
Ending Scheduled Balance For Other Services 112,557,292.69
Monthly P &I Constant 2,623,699.02
Class A Optimal Amount 6,123,286.33
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 252,689,760.01
Ending scheduled Balance For discounted Loans 35,215,733.13
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 276,266,872.90
Greater Than 80%, less than or equal to 85% 3,942,308.13
Greater than 85%, less than or equal to 95% 8,048,255.36
Greater than 95% 0.00
</TABLE>
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