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): November 25, 1998
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-11 Trust
New York (governing law of 333-45021-08 52-2101509
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
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 Mortgage Pass-Through Certificates, Series
1998-11 Trust, relating to the November 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.
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: 12/01/1998
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 November
25, 1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 10/30/1998
Distribution Date: 11/25/1998
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% 92,413,054.52 500,570.71 2,610,917.69
A-2 66937NM70 SEQ 6.50000% 128,471,502.37 695,887.30 4,869,528.54
A-3 66937NM88 SEQ 6.50000% 10,717,400.00 58,052.58 0.00
A-4 66937NM96 SEQ 6.50000% 37,690,744.00 204,158.20 127,797.86
A-R 66937NN20 R 6.50000% 0.00 0.00 0.00
APO NMB9811PO PO 0.00000% 453,774.31 0.00 1,762.83
B-1 66937NN38 SUB 6.50000% 2,649,928.24 14,353.78 8,985.10
B-2 66937NN46 SUB 6.50000% 1,766,618.82 9,569.19 5,990.07
B-3 66937NN53 SUB 6.50000% 736,254.57 3,988.05 2,496.42
B-4 66937NN95 SUB 6.50000% 883,309.41 4,784.59 2,995.03
B-5 66937NP28 SUB 6.50000% 442,144.89 2,394.95 1,499.18
B-6 66937NP36 SUB 6.50000% 588,954.18 3,190.17 1,246.27
Totals 276,813,685.31 1,496,949.52 7,633,218.99
</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 89,802,136.83 3,111,488.40 0.00
A-2 0.00 123,601,973.83 5,565,415.84 0.00
A-3 0.00 10,717,400.00 58,052.58 0.00
A-4 0.00 37,562,946.14 331,956.06 0.00
A-R 0.00 0.00 0.00 0.00
APO 0.00 452,011.49 1,762.83 0.00
B-1 0.00 2,640,943.14 23,338.88 0.00
B-2 0.00 1,760,628.76 15,559.26 0.00
B-3 0.00 733,758.16 6,484.47 0.00
B-4 0.00 880,314.38 7,779.62 0.00
B-5 0.00 440,645.71 3,894.13 0.00
B-6 750.70 586,957.22 4,436.44 3,875.19
Totals 750.70 269,179,715.66 9,130,168.51 3,875.19
<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 92,413,054.52 313,344.58 2,297,573.10 0.00 0.00
A-2 143,064,900.00 128,471,502.37 471,947.27 4,397,581.27 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 37,690,744.00 127,797.86 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
APO 479,877.87 453,774.31 1,615.54 147.28 0.00 0.00
B-1 2,703,000.00 2,649,928.24 8,985.10 0.00 0.00 0.00
B-2 1,802,000.00 1,766,618.82 5,990.07 0.00 0.00 0.00
B-3 751,000.00 736,254.57 2,496.42 0.00 0.00 0.00
B-4 901,000.00 883,309.41 2,995.03 0.00 0.00 0.00
B-5 451,000.00 442,144.89 1,499.18 0.00 0.00 0.00
B-6 600,749.53 588,954.18 1,246.27 0.00 0.00 750.70
Totals 300,348,627.40 276,813,685.31 937,917.32 6,695,301.65 0.00 750.70
<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 2,610,917.69 89,802,136.83 0.89415860 2,610,917.69
A-2 4,869,528.54 123,601,973.83 0.86395736 4,869,528.54
A-3 0.00 10,717,400.00 1.00000000 0.00
A-4 127,797.86 37,562,946.14 0.97704149 127,797.86
A-R 0.00 0.00 0.00000000 0.00
APO 1,762.83 452,011.49 0.94193027 1,762.83
B-1 8,985.10 2,640,943.14 0.97704149 8,985.10
B-2 5,990.07 1,760,628.76 0.97704149 5,990.07
B-3 2,496.42 733,758.16 0.97704149 2,496.42
B-4 2,995.03 880,314.38 0.97704149 2,995.03
B-5 1,499.18 440,645.71 0.97704149 1,499.18
B-6 1,996.97 586,957.22 0.97704150 1,246.27
Totals 7,633,969.69 269,179,715.66 0.89622422 7,633,218.99
</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-1 100,432,000.00 920.15547355 3.11996754 22.87690278 0.00000000
A-2 143,064,900.00 897.99456310 3.29883340 30.73836608 0.00000000
A-3 10,717,400.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 38,445,600.00 980.36560751 3.32412188 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
APO 479,877.87 945.60374289 3.36656491 0.30691142 0.00000000
B-1 2,703,000.00 980.36560858 3.32412135 0.00000000 0.00000000
B-2 1,802,000.00 980.36560488 3.32412320 0.00000000 0.00000000
B-3 751,000.00 980.36560586 3.32412783 0.00000000 0.00000000
B-4 901,000.00 980.36560488 3.32411765 0.00000000 0.00000000
B-5 451,000.00 980.36560976 3.32412417 0.00000000 0.00000000
B-6 600,749.53 980.36561094 2.07452514 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 25.99687042 894.15860313 0.89415860 25.99687042
A-2 0.00000000 34.03719948 863.95736362 0.86395736 34.03719948
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 3.32412188 977.04148563 0.97704149 3.32412188
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 3.67349718 941.93026655 0.94193027 3.67349718
B-1 0.00000000 3.32412135 977.04148724 0.97704149 3.32412135
B-2 0.00000000 3.32412320 977.04148724 0.97704149 3.32412320
B-3 0.00000000 3.32412783 977.04149134 0.97704149 3.32412783
B-4 0.00000000 3.32411765 977.04148724 0.97704149 3.32411765
B-5 0.00000000 3.32412417 977.04148559 0.97704149 3.32412417
B-6 1.24960564 3.32413077 977.04149681 0.97704150 2.07452514
<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% 92,413,054.52 500,570.71 0.00 0.00
A-2 143,064,900.00 6.50000% 128,471,502.37 695,887.30 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% 37,690,744.00 204,158.20 0.00 0.00
A-R 100.00 6.50000% 0.00 0.00 0.00 0.00
APO 479,877.87 0.00000% 453,774.31 0.00 0.00 0.00
B-1 2,703,000.00 6.50000% 2,649,928.24 14,353.78 0.00 0.00
B-2 1,802,000.00 6.50000% 1,766,618.82 9,569.19 0.00 0.00
B-3 751,000.00 6.50000% 736,254.57 3,988.05 0.00 0.00
B-4 901,000.00 6.50000% 883,309.41 4,784.59 0.00 0.00
B-5 451,000.00 6.50000% 442,144.89 2,394.95 0.00 0.00
B-6 600,749.53 6.50000% 588,954.18 3,190.17 0.00 0.00
Totals 300,348,627.40 1,496,949.52 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 0.00 500,570.71 0.00 89,802,136.83
A-2 0.00 0.00 695,887.30 0.00 123,601,973.83
A-3 0.00 0.00 58,052.58 0.00 10,717,400.00
A-4 0.00 0.00 204,158.20 0.00 37,562,946.14
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 452,011.49
B-1 0.00 0.00 14,353.78 0.00 2,640,943.14
B-2 0.00 0.00 9,569.19 0.00 1,760,628.76
B-3 0.00 0.00 3,988.05 0.00 733,758.16
B-4 0.00 0.00 4,784.59 0.00 880,314.38
B-5 0.00 0.00 2,394.95 0.00 440,645.71
B-6 0.00 0.00 3,190.17 0.00 586,957.22
Totals 0.00 0.00 1,496,949.52 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% 920.15547355 4.98417546 0.00000000 0.00000000
A-2 143,064,900.00 6.50000% 897.99456310 4.86413719 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% 980.36560751 5.31031379 0.00000000 0.00000000
A-R 100.00 6.50000% 0.00000000 0.00000000 0.00000000 0.00000000
APO 479,877.87 0.00000% 945.60374289 0.00000000 0.00000000 0.00000000
B-1 2,703,000.00 6.50000% 980.36560858 5.31031447 0.00000000 0.00000000
B-2 1,802,000.00 6.50000% 980.36560488 5.31031632 0.00000000 0.00000000
B-3 751,000.00 6.50000% 980.36560586 5.31031957 0.00000000 0.00000000
B-4 901,000.00 6.50000% 980.36560488 5.31031077 0.00000000 0.00000000
B-5 451,000.00 6.50000% 980.36560976 5.31031042 0.00000000 0.00000000
B-6 600,749.53 6.50000% 980.36561094 5.31031626 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 4.98417546 0.00000000 894.15860313
A-2 0.00000000 0.00000000 4.86413719 0.00000000 863.95736362
A-3 0.00000000 0.00000000 5.41666636 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.31031379 0.00000000 977.04148563
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 941.93026655
B-1 0.00000000 0.00000000 5.31031447 0.00000000 977.04148724
B-2 0.00000000 0.00000000 5.31031632 0.00000000 977.04148724
B-3 0.00000000 0.00000000 5.31031957 0.00000000 977.04149134
B-4 0.00000000 0.00000000 5.31031077 0.00000000 977.04148724
B-5 0.00000000 0.00000000 5.31031042 0.00000000 977.04148559
B-6 0.00000000 0.00000000 5.31031626 0.00000000 977.04149681
<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 9,251,597.95
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 9,251,597.95
Withdrawals
Reimbursement for Servicer Advances 32,739.12
Payment of Service Fee 59,676.53
Payment of Interest and Principal 9,130,168.49
Total Withdrawals (Pool Distribution Amount) 9,222,584.14
Ending Balance 29,013.79
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 2,281.26
Servicing Fee Support 2,281.26
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 58,036.39
Master Servicing Fee 3,921.41
Supported Prepayment/Curtailment Interest Shortfall 2,281.26
Net Servicing Fee 59,676.55
</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 1 121,515.89 0.123153% 0.045143%
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 1 121,515.89 0.123153% 0.045143%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 750.70
Cumulative Realized Losses - Includes Interest Shortfall 3,875.19
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 900,798.43
</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% 7,043,247.37 2.61655948% 97.379039% 100.000000%
Class B-1 4,505,749.53 1.50017317% 4,402,304.23 1.63545170% 0.982758% 0.000000%
Class B-2 2,703,749.53 0.90020372% 2,641,675.47 0.98137984% 0.655172% 0.000000%
Class B-3 1,952,749.53 0.65016096% 1,907,917.31 0.70878941% 0.273049% 0.000000%
Class B-4 1,051,749.53 0.35017624% 1,027,602.93 0.38175348% 0.327586% 0.000000%
Class B-5 600,749.53 0.20001740% 586,957.22 0.21805403% 0.163975% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.218421% 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 0.03714990%
Fraud 6,006,972.54 2.00000000% 6,006,972.54 2.23158440%
Special Hazard 3,003,486.27 1.00000000% 3,003,486.27 1.11579220%
<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 7.156320%
Weighted Average Pass-Through Rate 6.500000%
Weighted Average Maturity(Stepdown Calculation ) 170
Beginning Scheduled Collateral Loan Count 832
Number Of Loans Paid In Full 20
End Scheduled Collateral Loan Count 812
Beginning Scheduled Collateral Balance 276,813,685.32
Ending Scheduled Collateral Balance 269,179,715.65
Ending Actual Collateral Balance at 30-Oct-1998 271,098,851.43
Ending Scheduled Balance For Norwest 165,745,798.19
Ending Scheduled Balance For Other Services 103,433,917.46
Monthly P &I Constant 2,517,300.14
Class A Optimal Amount 9,066,912.87
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 234,615,099.56
Ending scheduled Balance For discounted Loans 34,564,616.09
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 257,902,839.65
Greater Than 80%, less than or equal to 85% 3,626,910.26
Greater than 85%, less than or equal to 95% 7,962,068.41
Greater than 95% 0.00
</TABLE>
