|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: NORWEST ASSET SECURITIES CORP MOR PAS TH CERT SER 1998-13 TR, 8-K, 1999-01-08 |
Next: ADMIRALTY BANCORP INC, 8-K, 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 1998-14 Trust
New York (governing law of 333-45021-14 52-2106319
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 1998-14
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
1998-14 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 1998-14 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 1998-14 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: 1998-14
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 66937NS33 SEQ 6.50000% 173,176,385.25 938,038.75 3,054,347.00
A-2 66937NS41 SEQ 6.50000% 41,059,106.38 222,403.49 910,205.21
A-3 66937NS58 SEQ 6.50000% 1,389,390.00 7,525.86 0.00
A-4 66937NS66 SEQ 6.50000% 11,361,233.73 61,540.02 38,847.90
A-R 66937NS74 R 6.50000% 0.00 0.00 0.00
APO NMB9814PO PO 0.00000% 424,427.32 0.00 1,611.34
B-1 66937NS82 SUB 6.50000% 2,209,809.72 11,969.80 7,556.09
B-2 66937NS90 SUB 6.50000% 1,473,533.28 7,981.64 5,038.51
B-3 66937NT24 SUB 6.50000% 613,727.10 3,324.36 2,098.54
B-4 66937NT99 SUB 6.50000% 736,276.44 3,988.16 2,517.58
B-5 66937NU22 SUB 6.50000% 368,628.42 1,996.74 1,260.47
B-6 66937NU30 SUB 6.50000% 491,360.03 2,661.53 653.86
Totals 233,303,877.67 1,261,430.35 4,024,136.50
</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 0.00 170,122,038.25 3,992,385.75 0.00
A-2 0.00 40,148,901.17 1,132,608.70 0.00
A-3 0.00 1,389,390.00 7,525.86 0.00
A-4 0.00 11,322,385.83 100,387.92 0.00
A-R 0.00 0.00 0.00 0.00
APO 0.00 422,815.98 1,611.34 0.00
B-1 0.00 2,202,253.63 19,525.89 0.00
B-2 0.00 1,468,494.77 13,020.15 0.00
B-3 0.00 611,628.56 5,422.90 0.00
B-4 0.00 733,758.86 6,505.74 0.00
B-5 0.00 367,367.95 3,257.21 0.00
B-6 1,026.27 489,679.90 3,315.39 5,054.90
Totals 1,026.27 229,278,714.90 5,285,566.85 5,054.90
<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-1 186,149,997.00 173,176,385.25 592,148.67 2,462,198.33 0.00 0.00
A-2 44,863,000.00 41,059,106.38 145,145.77 765,059.44 0.00 0.00
A-3 1,389,390.00 1,389,390.00 0.00 0.00 0.00 0.00
A-4 11,588,428.00 11,361,233.73 38,847.90 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
APO 437,084.88 424,427.32 1,496.98 114.36 0.00 0.00
B-1 2,254,000.00 2,209,809.72 7,556.09 0.00 0.00 0.00
B-2 1,503,000.00 1,473,533.28 5,038.51 0.00 0.00 0.00
B-3 626,000.00 613,727.10 2,098.54 0.00 0.00 0.00
B-4 751,000.00 736,276.44 2,517.58 0.00 0.00 0.00
B-5 376,000.00 368,628.42 1,260.47 0.00 0.00 0.00
B-6 501,185.91 491,360.03 653.86 0.00 0.00 1,026.27
Totals 250,439,185.79 233,303,877.67 796,764.37 3,227,372.13 0.00 1,026.27
<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 3,054,347.00 170,122,038.25 0.91389761 3,054,347.00
A-2 910,205.21 40,148,901.17 0.89492235 910,205.21
A-3 0.00 1,389,390.00 1.00000000 0.00
A-4 38,847.90 11,322,385.83 0.97704243 38,847.90
A-R 0.00 0.00 0.00000000 0.00
APO 1,611.34 422,815.98 0.96735440 1,611.34
B-1 7,556.09 2,202,253.63 0.97704243 7,556.09
B-2 5,038.51 1,468,494.77 0.97704243 5,038.51
B-3 2,098.54 611,628.56 0.97704243 2,098.54
B-4 2,517.58 733,758.86 0.97704242 2,517.58
B-5 1,260.47 367,367.95 0.97704242 1,260.47
B-6 1,680.13 489,679.90 0.97704243 653.86
Totals 4,025,162.77 229,278,714.90 0.91550655 4,024,136.50
</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-1 186,149,997.00 930.30560323 3.18102970 13.22695874 0.00000000
A-2 44,863,000.00 915.21089495 3.23531128 17.05323853 0.00000000
A-3 1,389,390.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 11,588,428.00 980.39472912 3.35230111 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
APO 437,084.88 971.04095662 3.42491829 0.26164254 0.00000000
B-1 2,254,000.00 980.39472937 3.35230257 0.00000000 0.00000000
B-2 1,503,000.00 980.39473054 3.35230206 0.00000000 0.00000000
B-3 626,000.00 980.39472843 3.35230032 0.00000000 0.00000000
B-4 751,000.00 980.39472703 3.35230360 0.00000000 0.00000000
B-5 376,000.00 980.39473404 3.35231383 0.00000000 0.00000000
B-6 501,185.91 980.39474015 1.30462566 0.00000000 0.00000000
<FN>
(2) Per $1000 denominaton.
</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 16.40798845 913.89761478 0.91389761 16.40798845
A-2 0.00000000 20.28854981 894.92234514 0.89492235 20.28854981
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 3.35230111 977.04242802 0.97704243 3.35230111
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 3.68656083 967.35439579 0.96735440 3.68656083
B-1 0.00000000 3.35230257 977.04242680 0.97704243 3.35230257
B-2 0.00000000 3.35230206 977.04242848 0.97704243 3.35230206
B-3 0.00000000 3.35230032 977.04242812 0.97704243 3.35230032
B-4 0.00000000 3.35230360 977.04242344 0.97704242 3.35230360
B-5 0.00000000 3.35231383 977.04242021 0.97704242 3.35231383
B-6 2.04768326 3.35230893 977.04243122 0.97704243 1.30462566
<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-1 186,149,997.00 6.50000% 173,176,385.25 938,038.75 0.00 0.00
A-2 44,863,000.00 6.50000% 41,059,106.38 222,403.49 0.00 0.00
A-3 1,389,390.00 6.50000% 1,389,390.00 7,525.86 0.00 0.00
A-4 11,588,428.00 6.50000% 11,361,233.73 61,540.02 0.00 0.00
A-R 100.00 6.50000% 0.00 0.00 0.00 0.00
APO 437,084.88 0.00000% 424,427.32 0.00 0.00 0.00
B-1 2,254,000.00 6.50000% 2,209,809.72 11,969.80 0.00 0.00
B-2 1,503,000.00 6.50000% 1,473,533.28 7,981.64 0.00 0.00
B-3 626,000.00 6.50000% 613,727.10 3,324.36 0.00 0.00
B-4 751,000.00 6.50000% 736,276.44 3,988.16 0.00 0.00
B-5 376,000.00 6.50000% 368,628.42 1,996.74 0.00 0.00
B-6 501,185.91 6.50000% 491,360.03 2,661.53 0.00 0.00
Totals 250,439,185.79 1,261,430.35 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 0.00 938,038.75 0.00 170,122,038.25
A-2 0.00 0.00 222,403.49 0.00 40,148,901.17
A-3 0.00 0.00 7,525.86 0.00 1,389,390.00
A-4 0.00 0.00 61,540.02 0.00 11,322,385.83
A-R 0.00 0.00 0.00 0.00 0.00
APO 0.00 0.00 0.00 0.00 422,815.98
B-1 0.00 0.00 11,969.80 0.00 2,202,253.63
B-2 0.00 0.00 7,981.64 0.00 1,468,494.77
B-3 0.00 0.00 3,324.36 0.00 611,628.56
B-4 0.00 0.00 3,988.16 0.00 733,758.86
B-5 0.00 0.00 1,996.74 0.00 367,367.95
B-6 0.00 0.00 2,661.53 0.00 489,679.90
Totals 0.00 0.00 1,261,430.35 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-1 186,149,997.00 6.50000% 930.30560323 5.03915533 0.00000000 0.00000000
A-2 44,863,000.00 6.50000% 915.21089495 4.95739228 0.00000000 0.00000000
A-3 1,389,390.00 6.50000% 1000.00000000 5.41666487 0.00000000 0.00000000
A-4 11,588,428.00 6.50000% 980.39472912 5.31047179 0.00000000 0.00000000
A-R 100.00 6.50000% 0.00000000 0.00000000 0.00000000 0.00000000
APO 437,084.88 0.00000% 971.04095662 0.00000000 0.00000000 0.00000000
B-1 2,254,000.00 6.50000% 980.39472937 5.31047028 0.00000000 0.00000000
B-2 1,503,000.00 6.50000% 980.39473054 5.31047239 0.00000000 0.00000000
B-3 626,000.00 6.50000% 980.39472843 5.31047923 0.00000000 0.00000000
B-4 751,000.00 6.50000% 980.39472703 5.31046605 0.00000000 0.00000000
B-5 376,000.00 6.50000% 980.39473404 5.31047872 0.00000000 0.00000000
B-6 501,185.91 6.50000% 980.39474015 5.31046453 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 5.03915533 0.00000000 913.89761478
A-2 0.00000000 0.00000000 4.95739228 0.00000000 894.92234514
A-3 0.00000000 0.00000000 5.41666487 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.31047179 0.00000000 977.04242802
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 967.35439579
B-1 0.00000000 0.00000000 5.31047028 0.00000000 977.04242680
B-2 0.00000000 0.00000000 5.31047239 0.00000000 977.04242848
B-3 0.00000000 0.00000000 5.31047923 0.00000000 977.04242812
B-4 0.00000000 0.00000000 5.31046605 0.00000000 977.04242344
B-5 0.00000000 0.00000000 5.31047872 0.00000000 977.04242021
B-6 0.00000000 0.00000000 5.31046453 0.00000000 977.04243122
<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 30,124.69
Deposits
Payments of Interest and Principal 5,405,166.13
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 5,405,166.13
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 48,815.74
Payment of Interest and Principal 5,285,566.85
Total Withdrawals (Pool Distribution Amount) 5,334,382.59
Ending Balance 100,908.23
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 3,094.35
Servicing Fee Support 3,094.35
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 48,604.95
Master Servicing Fee 3,305.14
Supported Prepayment/Curtailment Interest Shortfall 3,094.35
Net Servicing Fee 48,815.74
</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 2 469,045.43 0.281690% 0.204574%
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 2 469,045.43 0.281690% 0.204574%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 1,026.27
Cumulative Realized Losses - Includes Interest Shortfall 5,054.90
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 644,482.99
</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 6,011,185.910 2.40025773% 5,873,183.670 2.56159132% 97.433676% 100.000000%
Class B-1 3,757,185.910 1.50023883% 3,670,930.040 1.60107755% 0.962288% 0.000000%
Class B-2 2,254,185.910 0.90009313% 2,202,435.270 0.96059299% 0.641668% 0.000000%
Class B-3 1,628,185.910 0.65013225% 1,590,806.710 0.69383096% 0.267255% 0.000000%
Class B-4 877,185.910 0.35025905% 857,047.850 0.37380175% 0.320620% 0.000000%
Class B-5 501,185.910 0.20012280% 489,679.900 0.21357408% 0.160524% 0.000000%
Class B-6 0.00000000% 0.00000000% 0.00000000% 0.00000000% 0.213969% 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 0.03992985% 100,000.00 0.04361504%
Fraud 5,008,783.72 2.00000000% 5,008,783.72 2.18458295%
Special Hazard 2,672,949.45 1.06730480% 2,672,949.45 1.16580793%
<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 7.090607%
Weighted Average Pass-Through Rate 6.500000%
Weighted Average Maturity(Stepdown Calculation ) 171
Begin Scheduled Collateral Loan Count 720
Number Of Loans Paid In Full 10
End Scheduled Collateral Loan Count 710
Begining Scheduled Collateral Balance 233,303,877.67
Ending Scheduled Collateral Balance 229,278,714.91
Ending Actual Collateral Balance at 30-Nov-1998 231,039,537.71
Ending Scheduled Balance For Norwest 152,368,264.96
Ending Scheduled Balance For Other Services 76,910,449.95
Monthly P &I Constant 2,117,558.84
Class A Optimal Amount 5,232,908.23
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 199,693,544.37
Ending scheduled Balance For discounted Loans 29,585,170.54
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 219,808,300.31
Greater Than 80%, less than or equal to 85% 3,134,783.83
Greater than 85%, less than or equal to 95% 6,523,926.76
Greater than 95% 0.00
</TABLE>
|
|