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): October 26, 1998
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-13 Trust
New York (governing law of 333-45021-13 52-2106318
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 October 26, 1998 a distribution was made to holders of NORWEST ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-13
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 1998-13 Trust,
relating to the October 26, 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 1998-13 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 11/4/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-13 Trust, relating to the October 26,
1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 9/30/98
Distribution Date: 10/26/98
NASCOR Series: 1998-13
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 66937NR34 SEQ 6.25000% 123,569,418.58 643,590.72 498,455.25
A-2 66937NR42 SEQ 6.25000% 85,378,116.84 444,677.69 343,438.58
A-3 66937NR59 Z 6.25000% 3,062,989.98 15,953.07 -15,953.07
A-4 66937NR67 SEQ 6.25000% 27,500,000.00 143,229.17 0.00
A-R 66937NR75 R 6.25000% 100.00 0.52 0.00
APO NMB9813PO PO 0.00000% 397,782.80 0.00 1,249.25
B-1 66937NR83 SUB 6.25000% 2,992,730.37 15,587.14 2,608.61
B-2 66937NR91 SUB 6.25000% 2,868,157.84 14,938.32 2,500.02
B-3 66937NS25 SUB 6.25000% 748,431.74 3,898.08 652.37
B-4 66937NT65 SUB 6.25000% 748,431.74 3,898.08 652.37
B-5 66937NT73 SUB 6.25000% 249,145.05 1,297.63 217.17
B-6 66937NT81 SUB 6.25000% 375,073.12 1,953.51 326.93
Totals 247,890,378.06 1,289,023.93 834,147.48
</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 0.00 123,070,963.33 1,142,045.97 0.00
A-2 0.00 85,034,678.26 788,116.27 0.00
A-3 0.00 3,078,943.05 0.00 0.00
A-4 0.00 27,500,000.00 143,229.17 0.00
A-R 0.00 100.00 0.52 0.00
APO 0.00 396,533.55 1,249.25 0.00
B-1 0.00 2,990,121.76 18,195.75 0.00
B-2 0.00 2,865,657.82 17,438.34 0.00
B-3 0.00 747,779.37 4,550.45 0.00
B-4 0.00 747,779.37 4,550.45 0.00
B-5 0.00 248,927.89 1,514.80 0.00
B-6 0.00 374,746.19 2,280.44 177.59
Totals 0.00 247,056,230.59 2,123,171.41 177.59
<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-1 125,000,000.00 123,569,418.58 125,992.08 372,463.16 0.00 0.00
A-2 86,381,000.00 85,378,116.84 86,809.28 256,629.30 0.00 0.00
A-3 3,000,000.00 3,062,989.98 0.00 0.00 -15,953.07 0.00
A-4 27,500,000.00 27,500,000.00 0.00 0.00 0.00 0.00
A-R 100.00 100.00 0.00 0.00 0.00 0.00
APO 399,859.74 397,782.80 388.89 860.36 0.00 0.00
B-1 3,003,000.00 2,992,730.37 2,608.61 0.00 0.00 0.00
B-2 2,878,000.00 2,868,157.84 2,500.02 0.00 0.00 0.00
B-3 751,000.00 748,431.74 652.37 0.00 0.00 0.00
B-4 751,000.00 748,431.74 652.37 0.00 0.00 0.00
B-5 250,000.00 249,145.05 217.17 0.00 0.00 0.00
B-6 376,360.19 375,073.12 326.93 0.00 0.00 0.00
Totals 250,290,319.93 247,890,378.06 220,147.72 629,952.82 (15,953.07) 0.00
<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-1 498,455.25 123,070,963.33 0.98456771 498,455.25
A-2 343,438.58 85,034,678.26 0.98441415 343,438.58
A-3 (15,953.07) 3,078,943.05 1.02631435 (15,953.07)
A-4 0.00 27,500,000.00 1.00000000 0.00
A-R 0.00 100.00 1.00000000 0.00
APO 1,249.25 396,533.55 0.99168161 1,249.25
B-1 2,608.61 2,990,121.76 0.99571154 2,608.61
B-2 2,500.02 2,865,657.82 0.99571154 2,500.02
B-3 652.37 747,779.37 0.99571154 652.37
B-4 652.37 747,779.37 0.99571154 652.37
B-5 217.17 248,927.89 0.99571156 217.17
B-6 326.93 374,746.19 0.99571155 326.93
Totals 834,147.48 247,056,230.59 0.98707865 834,147.48
</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-1 125,000,000.00 988.55534864 1.00793664 2.97970528 0.00000000
A-2 86,381,000.00 988.39000289 1.00495803 2.97089985 0.00000000
A-3 3,000,000.00 1020.99666000 0.00000000 0.00000000 -5.31769000
A-4 27,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
APO 399,859.74 994.80582866 0.97256603 2.15165448 0.00000000
B-1 3,003,000.00 996.58020979 0.86866800 0.00000000 0.00000000
B-2 2,878,000.00 996.58020848 0.86866574 0.00000000 0.00000000
B-3 751,000.00 996.58021305 0.86866844 0.00000000 0.00000000
B-4 751,000.00 996.58021305 0.86866844 0.00000000 0.00000000
B-5 250,000.00 996.58020000 0.86868000 0.00000000 0.00000000
B-6 376,360.19 996.58021748 0.86866254 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 3.98764200 984.56770664 0.98456771 3.98764200
A-2 0.00000000 3.97585789 984.41414501 0.98441415 3.97585789
A-3 0.00000000 -5.31769000 1,026.31435000 1.02631435 -5.31769000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-R 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
APO 0.00000000 3.12422051 991.68160816 0.99168161 3.12422051
B-1 0.00000000 0.86866800 995.71154179 0.99571154 0.86866800
B-2 0.00000000 0.86866574 995.71154274 0.99571154 0.86866574
B-3 0.00000000 0.86866844 995.71154461 0.99571154 0.86866844
B-4 0.00000000 0.86866844 995.71154461 0.99571154 0.86866844
B-5 0.00000000 0.86868000 995.71156000 0.99571156 0.86868000
B-6 0.00000000 0.86866254 995.71155493 0.99571155 0.86866254
<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-1 125,000,000.00 6.25000% 123,569,418.58 643,590.72 0.00 0.00
A-2 86,381,000.00 6.25000% 85,378,116.84 444,677.69 0.00 0.00
A-3 3,000,000.00 6.25000% 3,062,989.98 15,953.07 0.00 0.00
A-4 27,500,000.00 6.25000% 27,500,000.00 143,229.17 0.00 0.00
A-R 100.00 6.25000% 100.00 0.52 0.00 0.00
APO 399,859.74 0.00000% 397,782.80 0.00 0.00 0.00
B-1 3,003,000.00 6.25000% 2,992,730.37 15,587.14 0.00 0.00
B-2 2,878,000.00 6.25000% 2,868,157.84 14,938.32 0.00 0.00
B-3 751,000.00 6.25000% 748,431.74 3,898.08 0.00 0.00
B-4 751,000.00 6.25000% 748,431.74 3,898.08 0.00 0.00
B-5 250,000.00 6.25000% 249,145.05 1,297.63 0.00 0.00
B-6 376,360.19 6.25000% 375,073.12 1,953.51 0.00 0.00
Totals 250,290,319.93 1,289,023.93 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 0.00 643,590.72 0.00 123,070,963.33
A-2 0.00 0.00 444,677.69 0.00 85,034,678.26
A-3 0.00 0.00 15,953.07 0.00 3,078,943.05
A-4 0.00 0.00 143,229.17 0.00 27,500,000.00
A-R 0.00 0.00 0.52 0.00 100.00
APO 0.00 0.00 0.00 0.00 396,533.55
B-1 0.00 0.00 15,587.14 0.00 2,990,121.76
B-2 0.00 0.00 14,938.32 0.00 2,865,657.82
B-3 0.00 0.00 3,898.08 0.00 747,779.37
B-4 0.00 0.00 3,898.08 0.00 747,779.37
B-5 0.00 0.00 1,297.63 0.00 248,927.89
B-6 0.00 0.00 1,953.51 0.00 374,746.19
Totals 0.00 0.00 1,289,023.93 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-1 125,000,000.00 6.25000% 988.55534864 5.14872576 0.00000000 0.00000000
A-2 86,381,000.00 6.25000% 988.39000289 5.14786458 0.00000000 0.00000000
A-3 3,000,000.00 6.25000% 1020.99666000 5.31769000 0.00000000 0.00000000
A-4 27,500,000.00 6.25000% 1000.00000000 5.20833345 0.00000000 0.00000000
A-R 100.00 6.25000% 1000.00000000 5.20000000 0.00000000 0.00000000
APO 399,859.74 0.00000% 994.80582866 0.00000000 0.00000000 0.00000000
B-1 3,003,000.00 6.25000% 996.58020979 5.19052281 0.00000000 0.00000000
B-2 2,878,000.00 6.25000% 996.58020848 5.19052120 0.00000000 0.00000000
B-3 751,000.00 6.25000% 996.58021305 5.19051931 0.00000000 0.00000000
B-4 751,000.00 6.25000% 996.58021305 5.19051931 0.00000000 0.00000000
B-5 250,000.00 6.25000% 996.58020000 5.19052000 0.00000000 0.00000000
B-6 376,360.19 6.25000% 996.58021748 5.19053304 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 5.14872576 0.00000000 984.56770664
A-2 0.00000000 0.00000000 5.14786458 0.00000000 984.41414501
A-3 0.00000000 0.00000000 5.31769000 0.00000000 1026.31435000
A-4 0.00000000 0.00000000 5.20833345 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 5.20000000 0.00000000 1000.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 991.68160816
B-1 0.00000000 0.00000000 5.19052281 0.00000000 995.71154179
B-2 0.00000000 0.00000000 5.19052120 0.00000000 995.71154274
B-3 0.00000000 0.00000000 5.19051931 0.00000000 995.71154461
B-4 0.00000000 0.00000000 5.19051931 0.00000000 995.71154461
B-5 0.00000000 0.00000000 5.19052000 0.00000000 995.71156000
B-6 0.00000000 0.00000000 5.19053304 0.00000000 995.71155493
<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 36,975.25
Deposits
Payments of Interest and Principal 2,085,534.95
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 55,820.63
Realized Losses 0.00
Total Deposits 2,141,355.58
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 55,155.54
Payment of Interest and Principal 2,123,175.28
Total Withdrawals (Pool Distribution Amount) 2,178,330.82
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 51,643.76
Master Servicing Fee 3,511.78
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 55,155.54
</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 0.00
Cumulative Realized Losses - Includes Interest Shortfall 177.59
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 188,278.66
</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 8,009,360.19 3.20002795% 7,975,012.40 3.22801509% 96.766796% 100.000000%
Class B-1 5,006,360.19 2.00022126% 4,984,890.64 2.01771501% 1.212246% 0.000000%
Class B-2 2,128,360.19 0.85035657% 2,119,232.82 0.85779372% 1.161786% 0.000000%
Class B-3 1,377,360.19 0.55030502% 1,371,453.45 0.55511794% 0.303162% 0.000000%
Class B-4 626,360.19 0.25025346% 623,674.08 0.25244216% 0.303162% 0.000000%
Class B-5 376,360.19 0.15036946% 374,746.19 0.15168457% 0.100920% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.151928% 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 0.03995360% 100,000.00 0.04047662%
Fraud 6,002,741.10 2.39831133% 6,002,741.10 2.42970642%
Special Hazard 3,001,370.55 1.19915566% 3,001,370.55 1.21485321%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 year - Relocation
Weighted Average Gross Coupon 6.901164%
Weighted Average Pass-Through Rate 6.250000%
Weighted Average Maturity(Stepdown Calculation ) 353
Begin Scheduled Collateral Loan Count 771
Number Of Loans Paid In Full 2
End Scheduled Collateral Loan Count 769
Begining Scheduled Collateral Balance 247,890,378.06
Ending Scheduled Collateral Balance 247,056,230.58
Ending Actual Collateral Balance at 30-Sep-1998 247,832,542.43
Ending Scheduled Balance For Norwest 233,143,507.45
Ending Scheduled Balance For Other Services 13,912,723.13
Monthly P &I Constant 1,560,820.09
Class A Optimal Amount 2,073,391.92
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 217,678,463.67
Ending scheduled Balance For discounted Loans 29,377,766.91
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 186,193,420.61
Greater Than 80%, less than or equal to 85% 5,548,925.00
Greater than 85%, less than or equal to 95% 55,331,467.47
Greater than 95% 0.00
</TABLE>
