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 1998-18 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 December 28, 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
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1998-18 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 1998-18 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 1/6/99
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 December
28, 1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 11/30/98
Distribution Date: 12/28/98
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% 381,721.83 0.00 417.98
A-1 66937N3F3 SEQ 6.25000% 281,827,344.84 1,467,850.75 1,805,577.74
A-2 66937N3G1 SEQ 5.84234% 11,823,472.00 57,563.95 0.00
A-3 66937N3H9 SEQ 7.17650% 5,202,328.00 31,112.09 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 0.00 0.00
B-1 66937N3L0 SUB 6.25000% 4,189,630.68 21,820.99 3,649.06
B-2 66937N3M8 SUB 6.25000% 4,364,530.82 22,731.93 3,801.39
B-3 66937N3N6 SUB 6.25000% 873,005.82 4,546.91 760.37
B-4 66937N3P1 SUB 6.25000% 873,005.82 4,546.91 760.37
B-5 66937N3Q9 SUB 6.25000% 349,202.33 1,818.76 304.15
B-6 66937N3R7 SUB 6.25000% 523,824.20 2,728.25 439.71
Totals 345,408,066.34 1,797,012.21 1,815,710.77
</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 0.00 381,303.84 417.98 0.00
A-1 0.00 280,021,767.10 3,273,428.49 0.00
A-2 0.00 11,823,472.00 57,563.95 0.00
A-3 0.00 5,202,328.00 31,112.09 0.00
A-4 0.00 35,000,000.00 182,291.67 0.00
A-R 0.00 0.00 0.00 0.00
B-1 0.00 4,185,981.62 25,470.05 0.00
B-2 0.00 4,360,729.43 26,533.32 0.00
B-3 0.00 872,245.46 5,307.28 0.00
B-4 0.00 872,245.46 5,307.28 0.00
B-5 0.00 348,898.18 2,122.91 0.00
B-6 16.53 523,367.97 3,167.96 248.46
Totals 16.53 343,592,339.06 3,612,722.98 248.46
<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 383,430.52 381,721.83 370.47 47.51 0.00 0.00
A-1 286,738,000.00 281,827,344.84 290,777.33 1,514,800.41 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 4,189,630.68 3,649.06 0.00 0.00 0.00
B-2 4,379,500.00 4,364,530.82 3,801.39 0.00 0.00 0.00
B-3 876,000.00 873,005.82 760.37 0.00 0.00 0.00
B-4 876,000.00 873,005.82 760.37 0.00 0.00 0.00
B-5 350,400.00 349,202.33 304.15 0.00 0.00 0.00
B-6 525,620.78 523,824.20 439.71 0.00 0.00 16.53
Totals 350,358,851.30 345,408,066.34 300,862.85 1,514,847.92 0.00 16.53
<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 417.98 381,303.84 0.99445355 417.98
A-1 1,805,577.74 280,021,767.10 0.97657711 1,805,577.74
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 3,649.06 4,185,981.62 0.99571399 3,649.06
B-2 3,801.39 4,360,729.43 0.99571399 3,801.39
B-3 760.37 872,245.46 0.99571400 760.37
B-4 760.37 872,245.46 0.99571400 760.37
B-5 304.15 348,898.18 0.99571398 304.15
B-6 456.24 523,367.97 0.99571400 439.71
Totals 1,815,727.30 343,592,339.06 0.98068691 1,815,710.77
</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 383,430.52 995.54367764 0.96619852 0.12390772 0.00000000
A-1 286,738,000.00 982.87406915 1.01408718 5.28287290 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 4,204,000.00 996.58198858 0.86799715 0.00000000 0.00000000
B-2 4,379,500.00 996.58198881 0.86799635 0.00000000 0.00000000
B-3 876,000.00 996.58198630 0.86800228 0.00000000 0.00000000
B-4 876,000.00 996.58198630 0.86800228 0.00000000 0.00000000
B-5 350,400.00 996.58199201 0.86800799 0.00000000 0.00000000
B-6 525,620.78 996.58198445 0.83655368 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 1.09010623 994.45354533 0.99445355 1.09010623
A-1 0.00000000 6.29696008 976.57710907 0.97657711 6.29696008
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 0.86799715 995.71399144 0.99571399 0.86799715
B-2 0.00000000 0.86799635 995.71399246 0.99571399 0.86799635
B-3 0.00000000 0.86800228 995.71399543 0.99571400 0.86800228
B-4 0.00000000 0.86800228 995.71399543 0.99571400 0.86800228
B-5 0.00000000 0.86800799 995.71398402 0.99571398 0.86800799
B-6 0.03144853 0.86800221 995.71400126 0.99571400 0.83655368
<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% 381,721.83 0.00 0.00 0.00
A-1 286,738,000.00 6.25000% 281,827,344.84 1,467,850.75 0.00 0.00
A-2 11,823,472.00 5.84234% 11,823,472.00 57,563.95 0.00 0.00
A-3 5,202,328.00 7.17650% 5,202,328.00 31,112.09 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% 4,189,630.68 21,820.99 0.00 0.00
B-2 4,379,500.00 6.25000% 4,364,530.82 22,731.93 0.00 0.00
B-3 876,000.00 6.25000% 873,005.82 4,546.91 0.00 0.00
B-4 876,000.00 6.25000% 873,005.82 4,546.91 0.00 0.00
B-5 350,400.00 6.25000% 349,202.33 1,818.76 0.00 0.00
B-6 525,620.78 6.25000% 523,824.20 2,728.25 0.00 0.00
Totals 350,358,851.30 1,797,012.21 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 0.00 381,303.84
A-1 0.00 0.00 1,467,850.75 0.00 280,021,767.10
A-2 0.00 0.00 57,563.95 0.00 11,823,472.00
A-3 0.00 0.00 31,112.09 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 0.00 0.00 0.00
B-1 0.00 0.00 21,820.99 0.00 4,185,981.62
B-2 0.00 0.00 22,731.93 0.00 4,360,729.43
B-3 0.00 0.00 4,546.91 0.00 872,245.46
B-4 0.00 0.00 4,546.91 0.00 872,245.46
B-5 0.00 0.00 1,818.76 0.00 348,898.18
B-6 0.00 0.00 2,728.25 0.00 523,367.97
Totals 0.00 0.00 1,797,012.21 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% 995.54367764 0.00000000 0.00000000 0.00000000
A-1 286,738,000.00 6.25000% 982.87406915 5.11913576 0.00000000 0.00000000
A-2 11,823,472.00 5.84234% 1000.00000000 4.86861643 0.00000000 0.00000000
A-3 5,202,328.00 7.17650% 1000.00000000 5.98041684 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% 996.58198858 5.19053045 0.00000000 0.00000000
B-2 4,379,500.00 6.25000% 996.58198881 5.19053088 0.00000000 0.00000000
B-3 876,000.00 6.25000% 996.58198630 5.19053653 0.00000000 0.00000000
B-4 876,000.00 6.25000% 996.58198630 5.19053653 0.00000000 0.00000000
B-5 350,400.00 6.25000% 996.58199201 5.19052511 0.00000000 0.00000000
B-6 525,620.78 6.25000% 996.58198445 5.19052919 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 994.45354533
A-1 0.00000000 0.00000000 5.11913576 0.00000000 976.57710907
A-2 0.00000000 0.00000000 4.86861643 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.98041684 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.20833343 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 5.19053045 0.00000000 995.71399144
B-2 0.00000000 0.00000000 5.19053088 0.00000000 995.71399246
B-3 0.00000000 0.00000000 5.19053653 0.00000000 995.71399543
B-4 0.00000000 0.00000000 5.19053653 0.00000000 995.71399543
B-5 0.00000000 0.00000000 5.19052511 0.00000000 995.71398402
B-6 0.00000000 0.00000000 5.19052919 0.00000000 995.71400126
<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 3,749,712.91
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 3,749,712.91
Withdrawals
Reimbursement for Servicer Advances 42,773.47
Payment of Service Fee 76,011.10
Payment of Interest and Principal 3,612,722.97
Total Withdrawals (Pool Distribution Amount) 3,731,507.54
Ending Balance 18,205.37
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 841.64
Servicing Fee Support 841.64
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 71,959.50
Master Servicing Fee 4,893.25
Supported Prepayment/Curtailment Interest Shortfall 841.64
Net Servicing Fee 76,011.10
</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 1 301,324.34 0.093897% 0.087698%
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 1 301,324.34 0.093897% 0.087698%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 16.53
Cumulative Realized Losses - Includes Interest Shortfall 248.46
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 158,356.21
</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% 11,163,468.12 3.24904454% 96.747346% 100.000000%
Class B-1 7,007,520.78 2.00009811% 6,977,486.50 2.03074566% 1.219652% 0.000000%
Class B-2 2,628,020.78 0.75009402% 2,616,757.07 0.76158772% 1.270568% 0.000000%
Class B-3 1,752,020.78 0.50006465% 1,744,511.61 0.50772716% 0.254143% 0.000000%
Class B-4 876,020.78 0.25003529% 872,266.15 0.25386659% 0.254143% 0.000000%
Class B-5 525,620.78 0.15002355% 523,367.97 0.15232236% 0.101657% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.152492% 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 0.04487586%
Fraud 7,007,177.00 1.99999999% 7,007,177.00 2.03938686%
Special Hazard 3,503,589.00 1.00000014% 3,503,589.00 1.01969357%
<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 6.897893%
Weighted Average Pass-Through Rate 6.250000%
Weighted Average Maturity(Stepdown Calculation ) 354
Begin Scheduled Collateral Loan Count 1,069
Number Of Loans Paid In Full 4
End Scheduled Collateral Loan Count 1,065
Begining Scheduled Collateral Balance 345,408,066.34
Ending Scheduled Collateral Balance 343,592,339.05
Ending Actual Collateral Balance at 30-Nov-1998 344,077,210.84
Ending Scheduled Balance For Norwest 327,699,001.14
Ending Scheduled Balance For Other Services 15,893,337.91
Monthly P &I Constant 2,175,786.90
Class A Optimal Amount 3,544,396.20
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 307,863,666.53
Ending scheduled Balance For discounted Loans 35,728,672.52
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 247,949,925.34
Greater Than 80%, less than or equal to 85% 14,832,032.46
Greater than 85%, less than or equal to 95% 80,819,149.44
Greater than 95% 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>