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 1998-12 Trust
New York (governing law of 333-45021-09 52-2106316
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 1998-12
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 1998-12 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 1998-12 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 1998-12 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: 1998-12
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 66937NP44 SEQ 6.75000% 39,553,140.96 222,486.42 361,504.86
A-2 66937NP51 SEQ 6.75000% 24,443,765.67 137,496.18 449,994.01
A-3 66937NP69 SEQ 6.75000% 255,765,905.25 1,438,683.22 3,425,385.96
A-4 66937NP77 SEQ 6.75000% 118,992,628.61 669,333.54 1,526,884.93
A-5 66937NP85 SEQ 6.75000% 49,273,031.01 277,160.80 588,118.48
A-6 66937NP93 SEQ 6.75000% 59,280,712.90 333,454.01 581,903.83
A-7 66937NQ27 SEQ 6.75000% 10,625,000.00 59,765.62 0.00
A-8 66937NQ35 SEQ 6.75000% 7,740,000.00 43,537.50 0.00
A-9 66937NQ43 SEQ 6.75000% 84,254,000.00 473,928.75 0.00
A-10 66937NQ50 SEQ 6.75000% 32,915,160.00 185,147.77 0.00
A-11 66937NQ68 SEQ 6.75000% 75,800,000.00 426,375.00 0.00
A-R 66937NQ76 R 6.75000% 0.00 0.00 0.00
APO NMB9812PO PO 0.00000% 588,546.01 0.00 573.31
B-1 66937NQ84 SUB 6.75000% 12,791,211.03 71,950.56 9,981.61
B-2 66937NQ92 SUB 6.75000% 10,391,922.91 58,454.57 8,109.33
B-3 66937NR26 SUB 6.75000% 3,597,434.50 20,235.57 2,807.25
B-4 66937NT32 SUB 6.75000% 2,397,291.21 13,484.76 1,870.72
B-5 66937NT40 SUB 6.75000% 1,599,525.41 8,997.33 1,248.19
B-6 66937NT57 SUB 6.75000% 1,998,694.54 11,242.66 1,490.79
Totals 792,007,970.01 4,451,734.26 6,959,873.27
</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 39,191,636.11 583,991.28 0.00
A-2 0.00 23,993,771.66 587,490.19 0.00
A-3 0.00 252,340,519.29 4,864,069.18 0.00
A-4 0.00 117,465,743.68 2,196,218.47 0.00
A-5 0.00 48,684,912.52 865,279.28 0.00
A-6 0.00 58,698,809.07 915,357.84 0.00
A-7 0.00 10,625,000.00 59,765.62 0.00
A-8 0.00 7,740,000.00 43,537.50 0.00
A-9 0.00 84,254,000.00 473,928.75 0.00
A-10 0.00 32,915,160.00 185,147.77 0.00
A-11 0.00 75,800,000.00 426,375.00 0.00
A-R 0.00 0.00 0.00 0.00
APO 0.00 587,972.70 573.31 0.00
B-1 0.00 12,781,229.42 81,932.17 0.00
B-2 0.00 10,383,813.58 66,563.90 0.00
B-3 0.00 3,594,627.24 23,042.82 0.00
B-4 0.00 2,395,420.48 15,355.48 0.00
B-5 0.00 1,598,277.22 10,245.52 0.00
B-6 68.89 1,997,134.86 12,733.45 692.77
Totals 68.89 785,048,027.83 11,411,607.53 692.77
<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 40,000,000.00 39,553,140.96 30,865.26 330,639.60 0.00 0.00
A-2 25,000,000.00 24,443,765.67 38,420.46 411,573.55 0.00 0.00
A-3 260,000,000.00 255,765,905.25 292,459.21 3,132,926.75 0.00 0.00
A-4 120,880,000.00 118,992,628.61 130,365.33 1,396,519.60 0.00 0.00
A-5 50,000,000.00 49,273,031.01 50,213.52 537,904.97 0.00 0.00
A-6 60,000,000.00 59,280,712.90 49,682.91 532,220.92 0.00 0.00
A-7 10,625,000.00 10,625,000.00 0.00 0.00 0.00 0.00
A-8 7,740,000.00 7,740,000.00 0.00 0.00 0.00 0.00
A-9 84,254,000.00 84,254,000.00 0.00 0.00 0.00 0.00
A-10 32,915,160.00 32,915,160.00 0.00 0.00 0.00 0.00
A-11 75,800,000.00 75,800,000.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
APO 589,739.45 588,546.01 533.56 39.75 0.00 0.00
B-1 12,811,000.00 12,791,211.03 9,981.61 0.00 0.00 0.00
B-2 10,408,000.00 10,391,922.91 8,109.33 0.00 0.00 0.00
B-3 3,603,000.00 3,597,434.50 2,807.25 0.00 0.00 0.00
B-4 2,401,000.00 2,397,291.21 1,870.72 0.00 0.00 0.00
B-5 1,602,000.00 1,599,525.41 1,248.19 0.00 0.00 0.00
B-6 2,001,786.63 1,998,694.54 1,490.79 0.00 0.00 68.89
Totals 800,630,786.08 792,007,970.01 618,048.14 6,341,825.14 0.00 68.89
<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-1 361,504.86 39,191,636.11 0.97979090 361,504.86
A-2 449,994.01 23,993,771.66 0.95975087 449,994.01
A-3 3,425,385.96 252,340,519.29 0.97054046 3,425,385.96
A-4 1,526,884.93 117,465,743.68 0.97175499 1,526,884.93
A-5 588,118.48 48,684,912.52 0.97369825 588,118.48
A-6 581,903.83 58,698,809.07 0.97831348 581,903.83
A-7 0.00 10,625,000.00 1.00000000 0.00
A-8 0.00 7,740,000.00 1.00000000 0.00
A-9 0.00 84,254,000.00 1.00000000 0.00
A-10 0.00 32,915,160.00 1.00000000 0.00
A-11 0.00 75,800,000.00 1.00000000 0.00
A-R 0.00 0.00 0.00000000 0.00
APO 573.31 587,972.70 0.99700419 573.31
B-1 9,981.61 12,781,229.42 0.99767617 9,981.61
B-2 8,109.33 10,383,813.58 0.99767617 8,109.33
B-3 2,807.25 3,594,627.24 0.99767617 2,807.25
B-4 1,870.72 2,395,420.48 0.99767617 1,870.72
B-5 1,248.19 1,598,277.22 0.99767617 1,248.19
B-6 1,559.68 1,997,134.86 0.99767619 1,490.79
Totals 6,959,942.16 785,048,027.83 0.98053690 6,959,873.27
</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 40,000,000.00 988.82852400 0.77163150 8.26599000 0.00000000
A-2 25,000,000.00 977.75062680 1.53681840 16.46294200 0.00000000
A-3 260,000,000.00 983.71502019 1.12484312 12.04971827 0.00000000
A-4 120,880,000.00 984.38640478 1.07846898 11.55294176 0.00000000
A-5 50,000,000.00 985.46062020 1.00427040 10.75809940 0.00000000
A-6 60,000,000.00 988.01188167 0.82804850 8.87034867 0.00000000
A-7 10,625,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-8 7,740,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-9 84,254,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-10 32,915,160.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-11 75,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
APO 589,739.45 997.97632666 0.90473852 0.06740265 0.00000000
B-1 12,811,000.00 998.45531418 0.77914370 0.00000000 0.00000000
B-2 10,408,000.00 998.45531418 0.77914393 0.00000000 0.00000000
B-3 3,603,000.00 998.45531502 0.77914238 0.00000000 0.00000000
B-4 2,401,000.00 998.45531445 0.77914202 0.00000000 0.00000000
B-5 1,602,000.00 998.45531211 0.77914482 0.00000000 0.00000000
B-6 2,001,786.63 998.45533487 0.74472972 0.00000000 0.00000000
<FN>
(2)Per $1,000 Denomination, except Class A-R, which is Per $100 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 9.03762150 979.79090275 0.97979090 9.03762150
A-2 0.00000000 17.99976040 959.75086640 0.95975087 17.99976040
A-3 0.00000000 13.17456138 970.54045881 0.97054046 13.17456138
A-4 0.00000000 12.63141074 971.75499404 0.97175499 12.63141074
A-5 0.00000000 11.76236960 973.69825040 0.97369825 11.76236960
A-6 0.00000000 9.69839717 978.31348450 0.97831348 9.69839717
A-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-11 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.97214117 997.00418549 0.99700419 0.97214117
B-1 0.00000000 0.77914370 997.67617048 0.99767617 0.77914370
B-2 0.00000000 0.77914393 997.67617025 0.99767617 0.77914393
B-3 0.00000000 0.77914238 997.67616986 0.99767617 0.77914238
B-4 0.00000000 0.77914202 997.67616826 0.99767617 0.77914202
B-5 0.00000000 0.77914482 997.67616729 0.99767617 0.77914482
B-6 0.03441426 0.77914398 997.67619089 0.99767619 0.74472972
<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 40,000,000.00 6.75000% 39,553,140.96 222,486.42 0.00 0.00
A-2 25,000,000.00 6.75000% 24,443,765.67 137,496.18 0.00 0.00
A-3 260,000,000.00 6.75000% 255,765,905.25 1,438,683.22 0.00 0.00
A-4 120,880,000.00 6.75000% 118,992,628.61 669,333.54 0.00 0.00
A-5 50,000,000.00 6.75000% 49,273,031.01 277,160.80 0.00 0.00
A-6 60,000,000.00 6.75000% 59,280,712.90 333,454.01 0.00 0.00
A-7 10,625,000.00 6.75000% 10,625,000.00 59,765.62 0.00 0.00
A-8 7,740,000.00 6.75000% 7,740,000.00 43,537.50 0.00 0.00
A-9 84,254,000.00 6.75000% 84,254,000.00 473,928.75 0.00 0.00
A-10 32,915,160.00 6.75000% 32,915,160.00 185,147.77 0.00 0.00
A-11 75,800,000.00 6.75000% 75,800,000.00 426,375.00 0.00 0.00
A-R 100.00 6.75000% 0.00 0.00 0.00 0.00
APO 589,739.45 0.00000% 588,546.01 0.00 0.00 0.00
B-1 12,811,000.00 6.75000% 12,791,211.03 71,950.56 0.00 0.00
B-2 10,408,000.00 6.75000% 10,391,922.91 58,454.57 0.00 0.00
B-3 3,603,000.00 6.75000% 3,597,434.50 20,235.57 0.00 0.00
B-4 2,401,000.00 6.75000% 2,397,291.21 13,484.76 0.00 0.00
B-5 1,602,000.00 6.75000% 1,599,525.41 8,997.33 0.00 0.00
B-6 2,001,786.63 6.75000% 1,998,694.54 11,242.66 0.00 0.00
Totals 800,630,786.08 4,451,734.26 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 0.00 222,486.42 0.00 39,191,636.11
A-2 0.00 0.00 137,496.18 0.00 23,993,771.66
A-3 0.00 0.00 1,438,683.22 0.00 252,340,519.29
A-4 0.00 0.00 669,333.54 0.00 117,465,743.68
A-5 0.00 0.00 277,160.80 0.00 48,684,912.52
A-6 0.00 0.00 333,454.01 0.00 58,698,809.07
A-7 0.00 0.00 59,765.62 0.00 10,625,000.00
A-8 0.00 0.00 43,537.50 0.00 7,740,000.00
A-9 0.00 0.00 473,928.75 0.00 84,254,000.00
A-10 0.00 0.00 185,147.77 0.00 32,915,160.00
A-11 0.00 0.00 426,375.00 0.00 75,800,000.00
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 587,972.70
B-1 0.00 0.00 71,950.56 0.00 12,781,229.42
B-2 0.00 0.00 58,454.57 0.00 10,383,813.58
B-3 0.00 0.00 20,235.57 0.00 3,594,627.24
B-4 0.00 0.00 13,484.76 0.00 2,395,420.48
B-5 0.00 0.00 8,997.33 0.00 1,598,277.22
B-6 0.00 0.00 11,242.66 0.00 1,997,134.86
Totals 0.00 0.00 4,451,734.26 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 40,000,000.00 6.75000% 988.82852400 5.56216050 0.00000000 0.00000000
A-2 25,000,000.00 6.75000% 977.75062680 5.49984720 0.00000000 0.00000000
A-3 260,000,000.00 6.75000% 983.71502019 5.53339700 0.00000000 0.00000000
A-4 120,880,000.00 6.75000% 984.38640478 5.53717356 0.00000000 0.00000000
A-5 50,000,000.00 6.75000% 985.46062020 5.54321600 0.00000000 0.00000000
A-6 60,000,000.00 6.75000% 988.01188167 5.55756683 0.00000000 0.00000000
A-7 10,625,000.00 6.75000% 1000.00000000 5.62499953 0.00000000 0.00000000
A-8 7,740,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-9 84,254,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-10 32,915,160.00 6.75000% 1000.00000000 5.62499985 0.00000000 0.00000000
A-11 75,800,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-R 100.00 6.75000% 0.00000000 0.00000000 0.00000000 0.00000000
APO 589,739.45 0.00000% 997.97632666 0.00000000 0.00000000 0.00000000
B-1 12,811,000.00 6.75000% 998.45531418 5.61631098 0.00000000 0.00000000
B-2 10,408,000.00 6.75000% 998.45531418 5.61631149 0.00000000 0.00000000
B-3 3,603,000.00 6.75000% 998.45531502 5.61631141 0.00000000 0.00000000
B-4 2,401,000.00 6.75000% 998.45531445 5.61630987 0.00000000 0.00000000
B-5 1,602,000.00 6.75000% 998.45531211 5.61631086 0.00000000 0.00000000
B-6 2,001,786.63 6.75000% 998.45533487 5.61631286 0.00000000 0.00000000
<FN>
(5)Per $1,000 Denomination, except Class A-R, which is Per $100 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 5.56216050 0.00000000 979.79090275
A-2 0.00000000 0.00000000 5.49984720 0.00000000 959.75086640
A-3 0.00000000 0.00000000 5.53339700 0.00000000 970.54045881
A-4 0.00000000 0.00000000 5.53717356 0.00000000 971.75499404
A-5 0.00000000 0.00000000 5.54321600 0.00000000 973.69825040
A-6 0.00000000 0.00000000 5.55756683 0.00000000 978.31348450
A-7 0.00000000 0.00000000 5.62499953 0.00000000 1000.00000000
A-8 0.00000000 0.00000000 5.62500000 0.00000000 1000.00000000
A-9 0.00000000 0.00000000 5.62500000 0.00000000 1000.00000000
A-10 0.00000000 0.00000000 5.62499985 0.00000000 1000.00000000
A-11 0.00000000 0.00000000 5.62500000 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 997.00418549
B-1 0.00000000 0.00000000 5.61631098 0.00000000 997.67617048
B-2 0.00000000 0.00000000 5.61631149 0.00000000 997.67617025
B-3 0.00000000 0.00000000 5.61631141 0.00000000 997.67616986
B-4 0.00000000 0.00000000 5.61630987 0.00000000 997.67616826
B-5 0.00000000 0.00000000 5.61631086 0.00000000 997.67616729
B-6 0.00000000 0.00000000 5.61631286 0.00000000 997.67619089
<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 83,375.70
Deposits
Payments of Interest and Principal 11,308,038.22
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 196,841.79
Realized Losses 0.00
Total Deposits 11,504,880.01
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 176,648.17
Payment of Interest and Principal 11,411,607.54
Total Withdrawals (Pool Distribution Amount) 11,588,255.71
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 1,245.42
Servicing Fee Support 1,245.42
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 166,673.51
Master Servicing Fee 11,220.09
Supported Prepayment/Curtailment Interest Shortfall 1,245.42
Net Servicing Fee 176,648.17
</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 4 1,306,825.22 0.165631% 0.166464%
60 Days 1 599,232.17 0.041408% 0.076331%
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 5 1,906,057.39 0.207039% 0.242795%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 68.89
Cumulative Realized Losses - Includes Interest Shortfall 692.77
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,287,503.46
</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 32,826,786.63 4.10011546% 32,750,502.80 4.17178334% 95.825090% 100.000000%
Class B-1 20,015,786.63 2.50000212% 19,969,273.38 2.54370085% 1.629303% 0.000000%
Class B-2 9,607,786.63 1.20002713% 9,585,459.80 1.22100298% 1.323689% 0.000000%
Class B-3 6,004,786.63 0.75000696% 5,990,832.56 0.76311669% 0.458229% 0.000000%
Class B-4 3,603,786.63 0.45011842% 3,595,412.08 0.45798626% 0.305359% 0.000000%
Class B-5 2,001,786.63 0.25002619% 1,997,134.86 0.25439652% 0.203742% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.254587% 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 0.01249015% 100,000.00 0.01273807%
Fraud 3,506,362.62 0.43795001% 3,506,362.62 0.44664307%
Special Hazard 1,993,893.18 0.24904028% 1,993,893.18 0.25398359%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 7.462001%
Weighted Average Pass-Through Rate 6.750000%
Weighted Average Maturity(Stepdown Calculation ) 354
Begin Scheduled Collateral Loan Count 2,434
Number Of Loans Paid In Full 19
End Scheduled Collateral Loan Count 2,415
Begining Scheduled Collateral Balance 792,007,970.00
Ending Scheduled Collateral Balance 785,048,027.83
Ending Actual Collateral Balance at 31-Jul-1998 789,009,281.97
Ending Scheduled Balance For Norwest 644,906,149.25
Ending Scheduled Balance For Other Services 140,141,878.58
Monthly P &I Constant 5,252,335.67
Class A Optimal Amount 11,201,160.89
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 731,827,351.17
Ending scheduled Balance For discounted Loans 53,220,676.66
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 691,893,098.95
Greater Than 80%, less than or equal to 85% 13,653,950.96
Greater than 85%, less than or equal to 95% 78,761,311.48
Greater than 95% 874,918.74
</TABLE>