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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-17 TRUST, 8-K, 1998-11-09 |
Next: PROSPERITY BANCSHARES INC, S-1/A, 1998-11-09 |
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 1998-18 Trust
New York (governing law of 333-45021-18 52-2116839
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 1998-18
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 1998-18 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 1998-18 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 11/04/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-18 Trust, relating to the October 26,
1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 09/30/1998
Distribution Date: 10/26/1998
NASCOR Series: 1998-18
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>
APO NMB9818PO PO 0.00000% 382,573.71 0.00 413.20
A-1 66937N3F3 SEQ 6.25000% 284,014,074.28 1,479,239.97 323,285.88
A-2 66937N3G1 SEQ 6.39375% 11,823,472.00 62,996.94 0.00
A-3 66937N3H9 SEQ 5.92330% 5,202,328.00 25,679.10 0.00
A-4 66937N3J5 SEQ 6.25000% 35,000,000.00 182,291.67 0.00
A-R 66937N3K2 R 6.25000% 0.00 384.41 0.00
B-1 66937N3L0 SUB 6.25000% 4,196,866.93 21,858.68 3,613.64
B-2 66937N3M8 SUB 6.25000% 4,372,069.15 22,771.19 3,764.50
B-3 66937N3N6 SUB 6.25000% 874,513.66 4,554.76 752.99
B-4 66937N3P1 SUB 6.25000% 874,513.66 4,554.76 752.99
B-5 66937N3Q9 SUB 6.25000% 349,805.46 1,821.90 301.19
B-6 66937N3R7 SUB 6.25000% 524,728.94 2,732.96 451.81
Totals 347,614,945.79 1,808,886.34 333,336.20
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
APO 0.00 382,160.51 413.20 0.00
A-1 0.00 283,690,788.40 1,802,525.85 0.00
A-2 0.00 11,823,472.00 62,996.94 0.00
A-3 0.00 5,202,328.00 25,679.10 0.00
A-4 0.00 35,000,000.00 182,291.67 0.00
A-R 0.00 0.00 384.41 0.00
B-1 0.00 4,193,253.28 25,472.32 0.00
B-2 0.00 4,368,304.65 26,535.69 0.00
B-3 0.00 873,760.67 5,307.75 0.00
B-4 0.00 873,760.67 5,307.75 0.00
B-5 0.00 349,504.27 2,123.09 0.00
B-6 0.00 524,277.13 3,184.77 215.44
Totals 0.00 347,281,609.58 2,142,222.54 215.44
<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>
APO 383,430.52 382,573.71 365.97 47.23 0.00 0.00
A-1 286,738,000.00 284,014,074.28 289,341.58 33,944.30 0.00 0.00
A-2 11,823,472.00 11,823,472.00 0.00 0.00 0.00 0.00
A-3 5,202,328.00 5,202,328.00 0.00 0.00 0.00 0.00
A-4 35,000,000.00 35,000,000.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
B-1 4,204,000.00 4,196,866.93 3,613.64 0.00 0.00 0.00
B-2 4,379,500.00 4,372,069.15 3,764.50 0.00 0.00 0.00
B-3 876,000.00 874,513.66 752.99 0.00 0.00 0.00
B-4 876,000.00 874,513.66 752.99 0.00 0.00 0.00
B-5 350,400.00 349,805.46 301.19 0.00 0.00 0.00
B-6 525,620.78 524,728.94 451.81 0.00 0.00 0.00
Totals 350,358,851.30 347,614,945.79 299,344.67 33,991.53 0.00 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>
APO 413.20 382,160.51 0.99668777 413.20
A-1 323,285.88 283,690,788.40 0.98937284 323,285.88
A-2 0.00 11,823,472.00 1.00000000 0.00
A-3 0.00 5,202,328.00 1.00000000 0.00
A-4 0.00 35,000,000.00 1.00000000 0.00
A-R 0.00 0.00 0.00000000 0.00
B-1 3,613.64 4,193,253.28 0.99744369 3,613.64
B-2 3,764.50 4,368,304.65 0.99744369 3,764.50
B-3 752.99 873,760.67 0.99744369 752.99
B-4 752.99 873,760.67 0.99744369 752.99
B-5 301.19 349,504.27 0.99744369 301.19
B-6 451.81 524,277.13 0.99744369 451.81
Totals 333,336.20 347,281,609.58 0.99121689 333,336.20
</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>
APO 383,430.52 997.76541001 0.95446236 0.12317747 0.00000000
A-1 286,738,000.00 990.50029741 1.00908000 0.11838089 0.00000000
A-2 11,823,472.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 5,202,328.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 35,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 4,204,000.00 998.30326594 0.85957184 0.00000000 0.00000000
B-2 4,379,500.00 998.30326521 0.85957301 0.00000000 0.00000000
B-3 876,000.00 998.30326484 0.85957763 0.00000000 0.00000000
B-4 876,000.00 998.30326484 0.85957763 0.00000000 0.00000000
B-5 350,400.00 998.30325342 0.85956050 0.00000000 0.00000000
B-6 525,620.78 998.30326343 0.85957408 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>
APO 0.00000000 1.07763983 996.68777019 0.99668777 1.07763983
A-1 0.00000000 1.12746089 989.37283653 0.98937284 1.12746089
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.85957184 997.44369172 0.99744369 0.85957184
B-2 0.00000000 0.85957301 997.44369220 0.99744369 0.85957301
B-3 0.00000000 0.85957763 997.44368721 0.99744369 0.85957763
B-4 0.00000000 0.85957763 997.44368721 0.99744369 0.85957763
B-5 0.00000000 0.85956050 997.44369292 0.99744369 0.85956050
B-6 0.00000000 0.85957408 997.44368935 0.99744369 0.85957408
<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>
APO 383,430.52 0.00000% 382,573.71 0.00 0.00 0.00
A-1 286,738,000.00 6.25000% 284,014,074.28 1,479,239.97 0.00 0.00
A-2 11,823,472.00 6.39375% 11,823,472.00 62,996.94 0.00 0.00
A-3 5,202,328.00 5.92330% 5,202,328.00 25,679.10 0.00 0.00
A-4 35,000,000.00 6.25000% 35,000,000.00 182,291.67 0.00 0.00
A-R 100.00 6.25000% 0.00 0.00 0.00 0.00
B-1 4,204,000.00 6.25000% 4,196,866.93 21,858.68 0.00 0.00
B-2 4,379,500.00 6.25000% 4,372,069.15 22,771.19 0.00 0.00
B-3 876,000.00 6.25000% 874,513.66 4,554.76 0.00 0.00
B-4 876,000.00 6.25000% 874,513.66 4,554.76 0.00 0.00
B-5 350,400.00 6.25000% 349,805.46 1,821.90 0.00 0.00
B-6 525,620.78 6.25000% 524,728.94 2,732.96 0.00 0.00
Totals 350,358,851.30 1,808,501.93 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>
APO 0.00 0.00 0.00 0.00 382,160.51
A-1 0.00 0.00 1,479,239.97 0.00 283,690,788.40
A-2 0.00 0.00 62,996.94 0.00 11,823,472.00
A-3 0.00 0.00 25,679.10 0.00 5,202,328.00
A-4 0.00 0.00 182,291.67 0.00 35,000,000.00
A-R 0.00 0.00 384.41 0.00 0.00
B-1 0.00 0.00 21,858.68 0.00 4,193,253.28
B-2 0.00 0.00 22,771.19 0.00 4,368,304.65
B-3 0.00 0.00 4,554.76 0.00 873,760.67
B-4 0.00 0.00 4,554.76 0.00 873,760.67
B-5 0.00 0.00 1,821.90 0.00 349,504.27
B-6 0.00 0.00 2,732.96 0.00 524,277.13
Totals 0.00 0.00 1,808,886.34 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>
APO 383,430.52 0.00000% 997.76541001 0.00000000 0.00000000 0.00000000
A-1 286,738,000.00 6.25000% 990.50029741 5.15885571 0.00000000 0.00000000
A-2 11,823,472.00 6.39375% 1000.00000000 5.32812527 0.00000000 0.00000000
A-3 5,202,328.00 5.92330% 1000.00000000 4.93607862 0.00000000 0.00000000
A-4 35,000,000.00 6.25000% 1000.00000000 5.20833343 0.00000000 0.00000000
A-R 100.00 6.25000% 0.00000000 0.00000000 0.00000000 0.00000000
B-1 4,204,000.00 6.25000% 998.30326594 5.19949572 0.00000000 0.00000000
B-2 4,379,500.00 6.25000% 998.30326521 5.19949538 0.00000000 0.00000000
B-3 876,000.00 6.25000% 998.30326484 5.19949772 0.00000000 0.00000000
B-4 876,000.00 6.25000% 998.30326484 5.19949772 0.00000000 0.00000000
B-5 350,400.00 6.25000% 998.30325342 5.19948630 0.00000000 0.00000000
B-6 525,620.78 6.25000% 998.30326343 5.19949002 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>
APO 0.00000000 0.00000000 0.00000000 0.00000000 996.68777019
A-1 0.00000000 0.00000000 5.15885571 0.00000000 989.37283653
A-2 0.00000000 0.00000000 5.32812527 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 4.93607862 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.20833343 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 3844.10000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 5.19949572 0.00000000 997.44369172
B-2 0.00000000 0.00000000 5.19949538 0.00000000 997.44369220
B-3 0.00000000 0.00000000 5.19949772 0.00000000 997.44368721
B-4 0.00000000 0.00000000 5.19949772 0.00000000 997.44368721
B-5 0.00000000 0.00000000 5.19948630 0.00000000 997.44369292
B-6 0.00000000 0.00000000 5.19949002 0.00000000 997.44368935
<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 39,161.08
Deposits
Payments of Interest and Principal 2,084,947.31
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 95,458.50
Realized Losses 0.00
Total Deposits 2,180,405.81
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 77,344.33
Payment of Interest and Principal 2,142,222.54
Total Withdrawals (Pool Distribution Amount) 2,219,566.87
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 72,419.78
Master Servicing Fee 4,924.55
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 77,344.33
</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 1 363,416.09 0.093197% 0.104646%
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 1 363,416.09 0.093197% 0.104646%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 215.44
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 254,565.09
</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 11,211,520.78 3.20001071% 11,182,860.67 3.22011312% 96.776339% 100.000000%
Class B-1 7,007,520.78 2.00009811% 6,989,607.39 2.01266269% 1.208781% 0.000000%
Class B-2 2,628,020.78 0.75009402% 2,621,302.74 0.75480609% 1.259242% 0.000000%
Class B-3 1,752,020.78 0.50006465% 1,747,542.07 0.50320605% 0.251877% 0.000000%
Class B-4 876,020.78 0.25003529% 873,781.40 0.25160601% 0.251877% 0.000000%
Class B-5 525,620.78 0.15002355% 524,277.13 0.15096599% 0.100751% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.151132% 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 154,190.00 0.04400916% 154,190.00 0.04439913%
Fraud 7,007,177.00 1.99999999% 7,007,177.00 2.01772187%
Special Hazard 3,503,589.00 1.00000014% 3,503,589.00 1.00886108%
<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 6.899615%
Weighted Average Pass-Through Rate 6.250000%
Weighted Average Maturity(Stepdown Calculation ) 356
Begin Scheduled Collateral Loan Count 1,073
Number Of Loans Paid In Full 0
End Scheduled Collateral Loan Count 1,073
Begining Scheduled Collateral Balance 347,614,945.79
Ending Scheduled Collateral Balance 347,281,609.59
Ending Actual Collateral Balance at 30-Sep-1998 347,529,719.03
Ending Scheduled Balance For Norwest 330,436,107.40
Ending Scheduled Balance For Other Services 16,845,502.19
Monthly P & I Constant 2,185,223.14
Class A Optimal Amount 2,073,493.56
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 311,470,880.39
Ending scheduled Balance For discounted Loans 35,810,729.20
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 250,734,817.83
Greater Than 80%, less than or equal to 85% 14,861,247.09
Greater than 85%, less than or equal to 95% 81,708,999.31
Greater than 95% 0.00
</TABLE>
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