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 1998-13 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 November 25, 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
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1998-13 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.
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: 12/03/98
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 November
25, 1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 10/30/98
Distribution Date: 11/25/98
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% 123,070,963.33 640,994.60 1,598,697.30
A-2 66937NR42 SEQ 6.25000% 85,034,678.26 442,888.95 1,066,381.61
A-3 66937NR59 Z 6.25000% 3,078,943.05 16,036.16 -16,036.16
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% 396,533.55 0.00 510.79
B-1 66937NR83 SUB 6.25000% 2,990,121.76 15,573.55 2,606.89
B-2 66937NR91 SUB 6.25000% 2,865,657.82 14,925.30 2,498.38
B-3 66937NS25 SUB 6.25000% 747,779.37 3,894.68 651.94
B-4 66937NT65 SUB 6.25000% 747,779.37 3,894.68 651.94
B-5 66937NT73 SUB 6.25000% 248,927.89 1,296.50 217.02
B-6 66937NT81 SUB 6.25000% 374,746.19 1,951.80 326.72
Totals 247,056,230.59 1,284,685.91 2,656,506.43
</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 0.00 121,472,266.03 2,239,691.90 0.00
A-2 0.00 83,968,296.65 1,509,270.56 0.00
A-3 0.00 3,094,979.21 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 0.00 396,022.76 510.79 0.00
B-1 0.00 2,987,514.87 18,180.44 0.00
B-2 0.00 2,863,159.44 17,423.68 0.00
B-3 0.00 747,127.43 4,546.62 0.00
B-4 0.00 747,127.43 4,546.62 0.00
B-5 0.00 248,710.86 1,513.52 0.00
B-6 0.00 374,419.47 2,278.52 177.59
Totals 0.00 244,399,724.15 3,941,192.34 177.59
<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-1 125,000,000.00 123,070,963.33 125,584.56 1,473,112.75 0.00 0.00
A-2 86,381,000.00 85,034,678.26 83,768.87 982,612.75 0.00 0.00
A-3 3,000,000.00 3,078,943.05 0.00 0.00 -16,036.16 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 399,859.74 396,533.55 391.54 119.25 0.00 0.00
B-1 3,003,000.00 2,990,121.76 2,606.89 0.00 0.00 0.00
B-2 2,878,000.00 2,865,657.82 2,498.38 0.00 0.00 0.00
B-3 751,000.00 747,779.37 651.94 0.00 0.00 0.00
B-4 751,000.00 747,779.37 651.94 0.00 0.00 0.00
B-5 250,000.00 248,927.89 217.02 0.00 0.00 0.00
B-6 376,360.19 374,746.19 326.72 0.00 0.00 0.00
Totals 250,290,319.93 247,056,230.59 216,697.86 2,455,844.75 (16,036.16) 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 1,598,697.30 121,472,266.03 0.97177813 1,598,697.30
A-2 1,066,381.61 83,968,296.65 0.97206905 1,066,381.61
A-3 (16,036.16) 3,094,979.21 1.03165974 (16,036.16)
A-4 0.00 27,500,000.00 1.00000000 0.00
A-R 0.00 100.00 1.00000000 0.00
APO 510.79 396,022.76 0.99040419 510.79
B-1 2,606.89 2,987,514.87 0.99484345 2,606.89
B-2 2,498.38 2,863,159.44 0.99484345 2,498.38
B-3 651.94 747,127.43 0.99484345 651.94
B-4 651.94 747,127.43 0.99484345 651.94
B-5 217.02 248,710.86 0.99484344 217.02
B-6 326.72 374,419.47 0.99484345 326.72
Totals 2,656,506.43 244,399,724.15 0.97646495 2,656,506.43
</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-1 125,000,000.00 984.56770664 1.00467648 11.78490200 0.00000000
A-2 86,381,000.00 984.41414501 0.96976036 11.37533427 0.00000000
A-3 3,000,000.00 1026.31435000 0.00000000 0.00000000 -5.34538667
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 399,859.74 991.68160816 0.97919335 0.29822957 0.00000000
B-1 3,003,000.00 995.71154179 0.86809524 0.00000000 0.00000000
B-2 2,878,000.00 995.71154274 0.86809590 0.00000000 0.00000000
B-3 751,000.00 995.71154461 0.86809587 0.00000000 0.00000000
B-4 751,000.00 995.71154461 0.86809587 0.00000000 0.00000000
B-5 250,000.00 995.71156000 0.86808000 0.00000000 0.00000000
B-6 376,360.19 995.71155493 0.86810457 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 12.78957840 971.77812824 0.97177813 12.78957840
A-2 0.00000000 12.34509452 972.06905049 0.97206905 12.34509452
A-3 0.00000000 -5.34538667 1,031.65973667 1.03165974 -5.34538667
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 1.27742293 990.40418523 0.99040419 1.27742293
B-1 0.00000000 0.86809524 994.84344655 0.99484345 0.86809524
B-2 0.00000000 0.86809590 994.84344684 0.99484345 0.86809590
B-3 0.00000000 0.86809587 994.84344874 0.99484345 0.86809587
B-4 0.00000000 0.86809587 994.84344874 0.99484345 0.86809587
B-5 0.00000000 0.86808000 994.84344000 0.99484344 0.86808000
B-6 0.00000000 0.86810457 994.84345037 0.99484345 0.86810457
<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% 123,070,963.33 640,994.60 0.00 0.00
A-2 86,381,000.00 6.25000% 85,034,678.26 442,888.95 0.00 0.00
A-3 3,000,000.00 6.25000% 3,078,943.05 16,036.16 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% 396,533.55 0.00 0.00 0.00
B-1 3,003,000.00 6.25000% 2,990,121.76 15,573.55 0.00 0.00
B-2 2,878,000.00 6.25000% 2,865,657.82 14,925.30 0.00 0.00
B-3 751,000.00 6.25000% 747,779.37 3,894.68 0.00 0.00
B-4 751,000.00 6.25000% 747,779.37 3,894.68 0.00 0.00
B-5 250,000.00 6.25000% 248,927.89 1,296.50 0.00 0.00
B-6 376,360.19 6.25000% 374,746.19 1,951.80 0.00 0.00
Totals 250,290,319.93 1,284,685.91 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 0.00 640,994.60 0.00 121,472,266.03
A-2 0.00 0.00 442,888.95 0.00 83,968,296.65
A-3 0.00 0.00 16,036.16 0.00 3,094,979.21
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 0.00 396,022.76
B-1 0.00 0.00 15,573.55 0.00 2,987,514.87
B-2 0.00 0.00 14,925.30 0.00 2,863,159.44
B-3 0.00 0.00 3,894.68 0.00 747,127.43
B-4 0.00 0.00 3,894.68 0.00 747,127.43
B-5 0.00 0.00 1,296.50 0.00 248,710.86
B-6 0.00 0.00 1,951.80 0.00 374,419.47
Totals 0.00 0.00 1,284,685.91 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% 984.56770664 5.12795680 0.00000000 0.00000000
A-2 86,381,000.00 6.25000% 984.41414501 5.12715701 0.00000000 0.00000000
A-3 3,000,000.00 6.25000% 1026.31435000 5.34538667 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% 991.68160816 0.00000000 0.00000000 0.00000000
B-1 3,003,000.00 6.25000% 995.71154179 5.18599734 0.00000000 0.00000000
B-2 2,878,000.00 6.25000% 995.71154274 5.18599722 0.00000000 0.00000000
B-3 751,000.00 6.25000% 995.71154461 5.18599201 0.00000000 0.00000000
B-4 751,000.00 6.25000% 995.71154461 5.18599201 0.00000000 0.00000000
B-5 250,000.00 6.25000% 995.71156000 5.18600000 0.00000000 0.00000000
B-6 376,360.19 6.25000% 995.71155493 5.18598952 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 5.12795680 0.00000000 971.77812824
A-2 0.00000000 0.00000000 5.12715701 0.00000000 972.06905049
A-3 0.00000000 0.00000000 5.34538667 0.00000000 1031.65973667
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 990.40418523
B-1 0.00000000 0.00000000 5.18599734 0.00000000 994.84344655
B-2 0.00000000 0.00000000 5.18599722 0.00000000 994.84344684
B-3 0.00000000 0.00000000 5.18599201 0.00000000 994.84344874
B-4 0.00000000 0.00000000 5.18599201 0.00000000 994.84344874
B-5 0.00000000 0.00000000 5.18600000 0.00000000 994.84344000
B-6 0.00000000 0.00000000 5.18598952 0.00000000 994.84345037
<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 4,043,779.76
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 7,289.88
Realized Losses 0.00
Total Deposits 4,051,069.64
Withdrawals
Reimbursement for Servicer Advances 55,820.63
Payment of Service Fee 54,054.22
Payment of Interest and Principal 3,941,194.81
Total Withdrawals (Pool Distribution Amount) 4,051,069.66
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 915.07
Servicing Fee Support 915.07
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 51,469.37
Master Servicing Fee 3,499.92
Supported Prepayment/Curtailment Interest Shortfall 915.07
Net Servicing Fee 54,054.22
</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 3 927,555.00 0.394218% 0.379524%
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 3 927,555.00 0.394218% 0.379524%
</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 133,078.54
</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% 7,968,059.50 3.26025716% 96.734451% 100.000000%
Class B-1 5,006,360.19 2.00022126% 4,980,544.63 2.03786835% 1.224373% 0.000000%
Class B-2 2,128,360.19 0.85035657% 2,117,385.19 0.86636153% 1.173408% 0.000000%
Class B-3 1,377,360.19 0.55030502% 1,370,257.76 0.56066256% 0.306195% 0.000000%
Class B-4 626,360.19 0.25025346% 623,130.33 0.25496360% 0.306195% 0.000000%
Class B-5 376,360.19 0.15036946% 374,419.47 0.15319963% 0.101929% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.153448% 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 0.04091658%
Fraud 6,002,741.10 2.39831133% 6,002,741.10 2.45611615%
Special Hazard 3,001,370.55 1.19915566% 3,001,370.55 1.22805808%
<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 6.901327%
Weighted Average Pass-Through Rate 6.250000%
Weighted Average Maturity(Stepdown Calculation ) 352
Begin Scheduled Collateral Loan Count 769
Number Of Loans Paid In Full 8
End Scheduled Collateral Loan Count 761
Begining Scheduled Collateral Balance 247,056,230.58
Ending Scheduled Collateral Balance 244,399,724.14
Ending Actual Collateral Balance at 30-Oct-1998 245,392,486.43
Ending Scheduled Balance For Norwest 231,315,560.21
Ending Scheduled Balance For Other Services 13,084,163.93
Monthly P &I Constant 1,556,964.22
Class A Optimal Amount 3,892,192.17
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 215,057,909.14
Ending scheduled Balance For discounted Loans 29,341,815.00
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 184,323,140.81
Greater Than 80%, less than or equal to 85% 5,543,619.18
Greater than 85%, less than or equal to 95% 54,543,758.01
Greater than 95% 0.00
</TABLE>
