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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-10 TR, 8-K, 1998-10-01 |
Next: CURTIS INTERNATIONAL LTD, 424A, 1998-10-01 |
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): September 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.
11000 Broken Land Parkway 21044
Columbia, Maryland (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, Maryland (Zip Code)
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On September 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 September 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: 09/28/1998
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 September
25, 1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 08/31/1998
Distribution Date: 09/25/1998
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% 96,196,661.33 521,065.25 1,832,641.27
A-2 66937NM70 SEQ 6.50000% 135,458,808.58 733,735.21 3,380,800.19
A-3 66937NM88 SEQ 6.50000% 10,717,400.00 58,052.58 0.00
A-4 66937NM96 SEQ 6.50000% 37,945,304.62 205,537.07 126,896.22
A-R 66937NN20 R 6.50000% 0.00 0.00 0.00
APO NMB9811PO PO 0.00000% 472,377.06 0.00 16,838.25
B-1 66937NN38 SUB 6.50000% 2,667,825.67 14,450.72 8,921.71
B-2 66937NN46 SUB 6.50000% 1,778,550.44 9,633.81 5,947.81
B-3 66937NN53 SUB 6.50000% 741,227.18 4,014.98 2,478.80
B-4 66937NN95 SUB 6.50000% 889,275.22 4,816.91 2,973.90
B-5 66937NP28 SUB 6.50000% 445,131.10 2,411.13 1,488.60
B-6 66937NP36 SUB 6.50000% 592,931.93 3,211.71 909.47
Totals 287,905,493.13 1,556,929.37 5,379,896.22
</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 94,364,020.05 2,353,706.52 0.00
A-2 0.00 132,078,008.38 4,114,535.40 0.00
A-3 0.00 10,717,400.00 58,052.58 0.00
A-4 0.00 37,818,408.40 332,433.29 0.00
A-R 0.00 0.00 0.00 0.00
APO 0.00 455,538.81 16,838.25 0.00
B-1 0.00 2,658,903.96 23,372.43 0.00
B-2 0.00 1,772,602.64 15,581.62 0.00
B-3 0.00 738,748.38 6,493.78 0.00
B-4 0.00 886,301.32 7,790.81 0.00
B-5 0.00 443,642.50 3,899.73 0.00
B-6 1,073.41 590,949.06 4,121.18 2,367.50
Totals 1,073.41 282,524,523.50 6,936,825.59 2,367.50
<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 96,196,661.33 321,699.69 1,510,941.58 0.00 0.00
A-2 143,064,900.00 135,458,808.58 488,840.68 2,891,959.52 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 37,945,304.62 126,896.22 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
APO 479,877.87 472,377.06 1,595.75 15,242.50 0.00 0.00
B-1 2,703,000.00 2,667,825.67 8,921.71 0.00 0.00 0.00
B-2 1,802,000.00 1,778,550.44 5,947.81 0.00 0.00 0.00
B-3 751,000.00 741,227.18 2,478.80 0.00 0.00 0.00
B-4 901,000.00 889,275.22 2,973.90 0.00 0.00 0.00
B-5 451,000.00 445,131.10 1,488.60 0.00 0.00 0.00
B-6 600,749.53 592,931.93 909.47 0.00 0.00 1,073.41
Totals 300,348,627.40 287,905,493.13 961,752.63 4,418,143.60 0.00 1,073.41
<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 1,832,641.27 94,364,020.05 0.93958121 1,832,641.27
A-2 3,380,800.19 132,078,008.38 0.92320344 3,380,800.19
A-3 0.00 10,717,400.00 1.00000000 0.00
A-4 126,896.22 37,818,408.40 0.98368626 126,896.22
A-R 0.00 0.00 0.00000000 0.00
APO 16,838.25 455,538.81 0.94928072 16,838.25
B-1 8,921.71 2,658,903.96 0.98368626 8,921.71
B-2 5,947.81 1,772,602.64 0.98368626 5,947.81
B-3 2,478.80 738,748.38 0.98368626 2,478.80
B-4 2,973.90 886,301.32 0.98368626 2,973.90
B-5 1,488.60 443,642.50 0.98368625 1,488.60
B-6 1,982.88 590,949.06 0.98368626 909.47
Totals 5,380,969.63 282,524,523.50 0.94065528 5,379,896.22
</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-1 100,432,000.00 957.82879291 3.20315925 15.04442389 0.00000000
A-2 143,064,900.00 946.83467839 3.41691554 20.21431896 0.00000000
A-3 10,717,400.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 38,445,600.00 986.98692750 3.30066952 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
APO 479,877.87 984.36933547 3.32532525 31.76329011 0.00000000
B-1 2,703,000.00 986.98692934 3.30066963 0.00000000 0.00000000
B-2 1,802,000.00 986.98692564 3.30067148 0.00000000 0.00000000
B-3 751,000.00 986.98692410 3.30066578 0.00000000 0.00000000
B-4 901,000.00 986.98692564 3.30066593 0.00000000 0.00000000
B-5 451,000.00 986.98691796 3.30066519 0.00000000 0.00000000
B-6 600,749.53 986.98692282 1.51389215 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 18.24758314 939.58120967 0.93958121 18.24758314
A-2 0.00000000 23.63123443 923.20344389 0.92320344 23.63123443
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 3.30066952 983.68625799 0.98368626 3.30066952
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 35.08861536 949.28072011 0.94928072 35.08861536
B-1 0.00000000 3.30066963 983.68625971 0.98368626 3.30066963
B-2 0.00000000 3.30067148 983.68625971 0.98368626 3.30067148
B-3 0.00000000 3.30066578 983.68625832 0.98368626 3.30066578
B-4 0.00000000 3.30066593 983.68625971 0.98368626 3.30066593
B-5 0.00000000 3.30066519 983.68625277 0.98368625 3.30066519
B-6 1.78678459 3.30067674 983.68626273 0.98368626 1.51389215
<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% 96,196,661.33 521,065.25 0.00 0.00
A-2 143,064,900.00 6.50000% 135,458,808.58 733,735.21 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% 37,945,304.62 205,537.07 0.00 0.00
A-R 100.00 6.50000% 0.00 0.00 0.00 0.00
APO 479,877.87 0.00000% 472,377.06 0.00 0.00 0.00
B-1 2,703,000.00 6.50000% 2,667,825.67 14,450.72 0.00 0.00
B-2 1,802,000.00 6.50000% 1,778,550.44 9,633.81 0.00 0.00
B-3 751,000.00 6.50000% 741,227.18 4,014.98 0.00 0.00
B-4 901,000.00 6.50000% 889,275.22 4,816.91 0.00 0.00
B-5 451,000.00 6.50000% 445,131.10 2,411.13 0.00 0.00
B-6 600,749.53 6.50000% 592,931.93 3,211.71 0.00 0.00
Totals 300,348,627.40 1,556,929.37 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 0.00 521,065.25 0.00 94,364,020.05
A-2 0.00 0.00 733,735.21 0.00 132,078,008.38
A-3 0.00 0.00 58,052.58 0.00 10,717,400.00
A-4 0.00 0.00 205,537.07 0.00 37,818,408.40
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 455,538.81
B-1 0.00 0.00 14,450.72 0.00 2,658,903.96
B-2 0.00 0.00 9,633.81 0.00 1,772,602.64
B-3 0.00 0.00 4,014.98 0.00 738,748.38
B-4 0.00 0.00 4,816.91 0.00 886,301.32
B-5 0.00 0.00 2,411.13 0.00 443,642.50
B-6 0.00 0.00 3,211.71 0.00 590,949.06
Totals 0.00 0.00 1,556,929.37 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% 957.82879291 5.18823931 0.00000000 0.00000000
A-2 143,064,900.00 6.50000% 946.83467839 5.12868782 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% 986.98692750 5.34617928 0.00000000 0.00000000
A-R 100.00 6.50000% 0.00000000 0.00000000 0.00000000 0.00000000
APO 479,877.87 0.00000% 984.36933547 0.00000000 0.00000000 0.00000000
B-1 2,703,000.00 6.50000% 986.98692934 5.34617832 0.00000000 0.00000000
B-2 1,802,000.00 6.50000% 986.98692564 5.34617647 0.00000000 0.00000000
B-3 751,000.00 6.50000% 986.98692410 5.34617843 0.00000000 0.00000000
B-4 901,000.00 6.50000% 986.98692564 5.34618202 0.00000000 0.00000000
B-5 451,000.00 6.50000% 986.98691796 5.34618625 0.00000000 0.00000000
B-6 600,749.53 6.50000% 986.98692282 5.34617147 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 5.18823931 0.00000000 939.58120967
A-2 0.00000000 0.00000000 5.12868782 0.00000000 923.20344389
A-3 0.00000000 0.00000000 5.41666636 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.34617928 0.00000000 983.68625799
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 949.28072011
B-1 0.00000000 0.00000000 5.34617832 0.00000000 983.68625971
B-2 0.00000000 0.00000000 5.34617647 0.00000000 983.68625971
B-3 0.00000000 0.00000000 5.34617843 0.00000000 983.68625832
B-4 0.00000000 0.00000000 5.34618202 0.00000000 983.68625971
B-5 0.00000000 0.00000000 5.34618625 0.00000000 983.68625277
B-6 0.00000000 0.00000000 5.34617147 0.00000000 983.68626273
<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 7,099,749.68
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 7,099,749.68
Withdrawals
Reimbursement for Servicer Advances 47,807.64
Payment of Service Fee 63,303.46
Payment of Interest and Principal 6,936,825.61
Total Withdrawals (Pool Distribution Amount) 7,047,936.71
Ending Balance 51,812.97
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 1,126.46
Servicing Fee Support 1,126.46
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 60,351.28
Master Servicing Fee 4,078.64
Supported Prepayment/Curtailment Interest Shortfall 1,126.46
Net Servicing Fee 63,303.46
</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 0 0.00 0.000000% 0.000000%
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 0 0.00 0.000000% 0.000000%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 1,073.41
Cumulative Realized Losses - Includes Interest Shortfall 2,367.50
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 939,403.40
</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% 7,091,147.86 2.50992295% 97.486024% 100.000000%
Class B-1 4,505,749.53 1.50017317% 4,432,243.90 1.56879971% 0.942643% 0.000000%
Class B-2 2,703,749.53 0.90020372% 2,659,641.26 0.94138421% 0.628429% 0.000000%
Class B-3 1,952,749.53 0.65016096% 1,920,892.88 0.67990306% 0.261903% 0.000000%
Class B-4 1,051,749.53 0.35017624% 1,034,591.56 0.36619531% 0.314214% 0.000000%
Class B-5 600,749.53 0.20001740% 590,949.06 0.20916735% 0.157282% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.209505% 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 0.03539516%
Fraud 6,006,972.54 2.00000000% 6,006,972.54 2.12617739%
Special Hazard 3,003,486.27 1.00000000% 3,003,486.27 1.06308870%
<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 7.161673%
Weighted Average Pass-Through Rate 6.500000%
Weighted Average Maturity(Stepdown Calculation ) 172
Begin Scheduled Collateral Loan Count 855
Number Of Loans Paid In Full 11
End Scheduled Collateral Loan Count 844
Begining Scheduled Collateral Balance 287,905,493.14
Ending Scheduled Collateral Balance 282,524,523.50
Ending Actual Collateral Balance at 31-Aug-1998 285,134,184.52
Ending Scheduled Balance For Norwest 172,226,232.00
Ending Scheduled Balance For Other Services 110,298,291.50
Monthly P &I Constant 2,596,307.17
Class A Optimal Amount 6,858,727.80
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 247,699,826.26
Ending scheduled Balance For discounted Loans 34,824,697.24
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 271,175,867.29
Greater Than 80%, less than or equal to 85% 3,656,312.04
Greater than 85%, less than or equal to 95% 8,014,325.09
Greater than 95% 0.00
</TABLE>
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