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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-10 TR, 8-K, 1999-01-08 |
Next: ALLIANCE LAUNDRY CORP, S-4/A, 1999-01-08 |
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): December 28, 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
On December 28, 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
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1998-11 Trust, relating to the December 28,
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: 12/29/1998
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 December
28, 1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 11/30/1998
Distribution Date: 12/28/1998
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% 89,802,136.83 486,428.24 2,870,826.13
A-2 66937NM70 SEQ 6.50000% 123,601,973.83 669,510.69 5,367,306.46
A-3 66937NM88 SEQ 6.50000% 10,717,400.00 58,052.58 0.00
A-4 66937NM96 SEQ 6.50000% 37,562,946.14 203,465.96 127,487.69
A-R 66937NN20 R 6.50000% 0.00 0.00 0.00
APO NMB9811PO PO 0.00000% 452,011.49 0.00 2,533.33
B-1 66937NN38 SUB 6.50000% 2,640,943.14 14,305.11 8,963.29
B-2 66937NN46 SUB 6.50000% 1,760,628.76 9,536.74 5,975.53
B-3 66937NN53 SUB 6.50000% 733,758.16 3,974.52 2,490.36
B-4 66937NN95 SUB 6.50000% 880,314.38 4,768.37 2,987.76
B-5 66937NP28 SUB 6.50000% 440,645.71 2,386.83 1,495.54
B-6 66937NP36 SUB 6.50000% 586,957.22 3,179.35 1,664.51
Totals 269,179,715.66 1,455,608.39 8,391,730.60
</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 86,931,310.70 3,357,254.37 0.00
A-2 0.00 118,234,667.37 6,036,817.15 0.00
A-3 0.00 10,717,400.00 58,052.58 0.00
A-4 0.00 37,435,458.45 330,953.65 0.00
A-R 0.00 0.00 0.00 0.00
APO 0.00 449,478.16 2,533.33 0.00
B-1 0.00 2,631,979.84 23,268.40 0.00
B-2 0.00 1,754,653.23 15,512.27 0.00
B-3 0.00 731,267.80 6,464.88 0.00
B-4 0.00 877,326.61 7,756.13 0.00
B-5 0.00 439,150.17 3,882.37 0.00
B-6 327.61 584,965.10 4,843.86 4,202.80
Totals 327.61 260,787,657.43 9,847,338.99 4,202.80
<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 89,802,136.83 304,786.18 2,566,039.95 0.00 0.00
A-2 143,064,900.00 123,601,973.83 455,876.56 4,911,429.90 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 37,562,946.14 127,487.69 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
APO 479,877.87 452,011.49 1,622.45 910.88 0.00 0.00
B-1 2,703,000.00 2,640,943.14 8,963.29 0.00 0.00 0.00
B-2 1,802,000.00 1,760,628.76 5,975.53 0.00 0.00 0.00
B-3 751,000.00 733,758.16 2,490.36 0.00 0.00 0.00
B-4 901,000.00 880,314.38 2,987.76 0.00 0.00 0.00
B-5 451,000.00 440,645.71 1,495.54 0.00 0.00 0.00
B-6 600,749.53 586,957.22 1,664.51 0.00 0.00 327.61
Totals 300,348,627.40 269,179,715.66 913,349.87 7,478,380.73 0.00 327.61
<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 2,870,826.13 86,931,310.70 0.86557383 2,870,826.13
A-2 5,367,306.46 118,234,667.37 0.82644078 5,367,306.46
A-3 0.00 10,717,400.00 1.00000000 0.00
A-4 127,487.69 37,435,458.45 0.97372543 127,487.69
A-R 0.00 0.00 0.00000000 0.00
APO 2,533.33 449,478.16 0.93665115 2,533.33
B-1 8,963.29 2,631,979.84 0.97372543 8,963.29
B-2 5,975.53 1,754,653.23 0.97372543 5,975.53
B-3 2,490.36 731,267.80 0.97372543 2,490.36
B-4 2,987.76 877,326.61 0.97372543 2,987.76
B-5 1,495.54 439,150.17 0.97372543 1,495.54
B-6 1,992.12 584,965.10 0.97372544 1,664.51
Totals 8,392,058.21 260,787,657.43 0.86828317 8,391,730.60
</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-1 100,432,000.00 894.15860313 3.03475167 25.55002340 0.00000000
A-2 143,064,900.00 863.95736362 3.18650179 34.33008306 0.00000000
A-3 10,717,400.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 38,445,600.00 977.04148563 3.31605411 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
APO 479,877.87 941.93026655 3.38096441 1.89814963 0.00000000
B-1 2,703,000.00 977.04148724 3.31605253 0.00000000 0.00000000
B-2 1,802,000.00 977.04148724 3.31605438 0.00000000 0.00000000
B-3 751,000.00 977.04149134 3.31605859 0.00000000 0.00000000
B-4 901,000.00 977.04148724 3.31604883 0.00000000 0.00000000
B-5 451,000.00 977.04148559 3.31605322 0.00000000 0.00000000
B-6 600,749.53 977.04149681 2.77072210 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 28.58477507 865.57382806 0.86557383 28.58477507
A-2 0.00000000 37.51658485 826.44077877 0.82644078 37.51658485
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 3.31605411 973.72543152 0.97372543 3.31605411
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 5.27911404 936.65115251 0.93665115 5.27911404
B-1 0.00000000 3.31605253 973.72543100 0.97372543 3.31605253
B-2 0.00000000 3.31605438 973.72543285 0.97372543 3.31605438
B-3 0.00000000 3.31605859 973.72543276 0.97372543 3.31605859
B-4 0.00000000 3.31604883 973.72542730 0.97372543 3.31604883
B-5 0.00000000 3.31605322 973.72543237 0.97372543 3.31605322
B-6 0.54533542 3.31605753 973.72543929 0.97372544 2.77072210
<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% 89,802,136.83 486,428.24 0.00 0.00
A-2 143,064,900.00 6.50000% 123,601,973.83 669,510.69 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% 37,562,946.14 203,465.96 0.00 0.00
A-R 100.00 6.50000% 0.00 0.00 0.00 0.00
APO 479,877.87 0.00000% 452,011.49 0.00 0.00 0.00
B-1 2,703,000.00 6.50000% 2,640,943.14 14,305.11 0.00 0.00
B-2 1,802,000.00 6.50000% 1,760,628.76 9,536.74 0.00 0.00
B-3 751,000.00 6.50000% 733,758.16 3,974.52 0.00 0.00
B-4 901,000.00 6.50000% 880,314.38 4,768.37 0.00 0.00
B-5 451,000.00 6.50000% 440,645.71 2,386.83 0.00 0.00
B-6 600,749.53 6.50000% 586,957.22 3,179.35 0.00 0.00
Totals 300,348,627.40 1,455,608.39 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 0.00 486,428.24 0.00 86,931,310.70
A-2 0.00 0.00 669,510.69 0.00 118,234,667.37
A-3 0.00 0.00 58,052.58 0.00 10,717,400.00
A-4 0.00 0.00 203,465.96 0.00 37,435,458.45
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 449,478.16
B-1 0.00 0.00 14,305.11 0.00 2,631,979.84
B-2 0.00 0.00 9,536.74 0.00 1,754,653.23
B-3 0.00 0.00 3,974.52 0.00 731,267.80
B-4 0.00 0.00 4,768.37 0.00 877,326.61
B-5 0.00 0.00 2,386.83 0.00 439,150.17
B-6 0.00 0.00 3,179.35 0.00 584,965.10
Totals 0.00 0.00 1,455,608.39 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% 894.15860313 4.84335909 0.00000000 0.00000000
A-2 143,064,900.00 6.50000% 863.95736362 4.67976904 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% 977.04148563 5.29230809 0.00000000 0.00000000
A-R 100.00 6.50000% 0.00000000 0.00000000 0.00000000 0.00000000
APO 479,877.87 0.00000% 941.93026655 0.00000000 0.00000000 0.00000000
B-1 2,703,000.00 6.50000% 977.04148724 5.29230855 0.00000000 0.00000000
B-2 1,802,000.00 6.50000% 977.04148724 5.29230855 0.00000000 0.00000000
B-3 751,000.00 6.50000% 977.04149134 5.29230360 0.00000000 0.00000000
B-4 901,000.00 6.50000% 977.04148724 5.29230855 0.00000000 0.00000000
B-5 451,000.00 6.50000% 977.04148559 5.29230599 0.00000000 0.00000000
B-6 600,749.53 6.50000% 977.04149681 5.29230543 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 4.84335909 0.00000000 865.57382806
A-2 0.00000000 0.00000000 4.67976904 0.00000000 826.44077877
A-3 0.00000000 0.00000000 5.41666636 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.29230809 0.00000000 973.72543152
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 936.65115251
B-1 0.00000000 0.00000000 5.29230855 0.00000000 973.72543100
B-2 0.00000000 0.00000000 5.29230855 0.00000000 973.72543285
B-3 0.00000000 0.00000000 5.29230360 0.00000000 973.72543276
B-4 0.00000000 0.00000000 5.29230855 0.00000000 973.72542730
B-5 0.00000000 0.00000000 5.29230599 0.00000000 973.72543237
B-6 0.00000000 0.00000000 5.29230543 0.00000000 973.72543929
<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 29,013.79
Deposits
Payments of Interest and Principal 9,966,080.42
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 9,966,080.42
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 55,024.92
Payment of Interest and Principal 9,847,339.00
Total Withdrawals (Pool Distribution Amount) 9,902,363.92
Ending Balance 92,730.23
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 5,224.58
Servicing Fee Support 5,224.58
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 56,436.83
Master Servicing Fee 3,812.74
Supported Prepayment/Curtailment Interest Shortfall 5,224.58
Net Servicing Fee 55,024.98
</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 327.61
Cumulative Realized Losses - Includes Interest Shortfall 4,202.80
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 874,857.56
</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 7,208,749.530 2.40012734% 7,019,342.750 2.69159316% 97.303760% 100.000000%
Class B-1 4,505,749.530 1.50017317% 4,387,362.910 1.68235067% 1.010985% 0.000000%
Class B-2 2,703,749.530 0.90020372% 2,632,709.680 1.00952235% 0.673990% 0.000000%
Class B-3 1,952,749.530 0.65016096% 1,901,441.880 0.72911498% 0.280891% 0.000000%
Class B-4 1,051,749.530 0.35017624% 1,024,115.270 0.39270082% 0.336995% 0.000000%
Class B-5 600,749.530 0.20001740% 584,965.100 0.22430705% 0.168685% 0.000000%
Class B-6 0.00000000% 0.00000000% 0.00000000% 0.00000000% 0.224694% 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 0.03834537%
Fraud 6,006,972.54 2.00000000% 6,006,972.54 2.30339603%
Special Hazard 3,003,486.27 1.00000000% 3,003,486.27 1.15169801%
<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 7.150027%
Weighted Average Pass-Through Rate 6.500000%
Weighted Average Maturity(Stepdown Calculation ) 169
Begin Scheduled Collateral Loan Count 812
Number Of Loans Paid In Full 20
End Scheduled Collateral Loan Count 792
Begining Scheduled Collateral Balance 269,179,715.65
Ending Scheduled Collateral Balance 260,787,657.44
Ending Actual Collateral Balance at 30-Nov-1998 263,128,710.05
Ending Scheduled Balance For Norwest 161,351,483.25
Ending Scheduled Balance For Other Services 99,436,174.19
Monthly P &I Constant 2,456,608.36
Class A Optimal Amount 9,783,077.75
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 226,648,627.40
Ending scheduled Balance For discounted Loans 34,139,030.04
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 249,540,161.25
Greater Than 80%, less than or equal to 85% 3,608,344.61
Greater than 85%, less than or equal to 95% 7,933,195.90
Greater than 95% 0.00
</TABLE>
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