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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998 23 TRUST, 8-K, 1998-12-04 |
Next: NORWEST INTEG STRUC ASS INC MORT PASS THR CERT SER 1998 2 TR, 8-K, 1998-12-04 |
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 1998-24 Trust
New York (governing law of 333-45021-24 52-2128251
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 1998-24
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 Morgage
Pass-Through Certificates, Series 1998-24 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 1998-24 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 11/30/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-24 Trust, relating to the November
25, 1998 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 10/30/1998
Distribution Date: 11/25/1998
NASCOR Series: 1998-24
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 66937N6F0 SEQ 6.75000% 52,230,802.63 293,798.26 1,900,303.57
A-2 66937N6G8 SEQ 6.75000% 98,855,724.65 556,063.45 3,019,035.78
A-3 66937N6H6 SEQ 6.75000% 9,993,000.00 56,210.62 0.00
A-4 66937N6J2 SEQ 6.01938% 7,230,750.00 36,270.53 0.00
A-5 66937N6K9 SEQ 8.94186% 2,410,250.00 17,960.10 0.00
A-6 66937N6L7 SEQ 6.75000% 20,000,000.00 112,500.00 0.00
APO NMB9824PO PO 0.00000% 401,238.72 0.00 376.25
A-R 66937N6M5 R 6.75000% 0.00 0.00 0.00
B-1 66937N6N3 SUB 6.75000% 3,007,647.45 16,918.02 2,336.62
B-2 66937N6P8 SUB 6.75000% 2,206,274.27 12,410.29 1,714.04
B-3 66937N6Q6 SUB 6.75000% 902,294.23 5,075.41 700.98
B-4 66937N6R4 SUB 6.75000% 601,529.49 3,383.60 467.32
B-5 66937N6S2 SUB 6.75000% 300,764.74 1,691.80 233.66
B-6 66937N6T0 SUB 6.75000% 501,557.94 2,821.26 375.47
Totals 198,641,834.12 1,115,103.34 4,925,543.69
</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 50,330,499.06 2,194,101.83 0.00
A-2 0.00 95,836,688.87 3,575,099.23 0.00
A-3 0.00 9,993,000.00 56,210.62 0.00
A-4 0.00 7,230,750.00 36,270.53 0.00
A-5 0.00 2,410,250.00 17,960.10 0.00
A-6 0.00 20,000,000.00 112,500.00 0.00
APO 0.00 400,862.46 376.25 0.00
A-R 0.00 0.00 0.00 0.00
B-1 0.00 3,005,310.83 19,254.64 0.00
B-2 0.00 2,204,560.24 14,124.33 0.00
B-3 0.00 901,593.25 5,776.39 0.00
B-4 0.00 601,062.17 3,850.92 0.00
B-5 0.00 300,531.08 1,925.46 0.00
B-6 14.19 501,168.28 3,196.73 120.96
Totals 14.19 193,716,276.24 6,040,647.03 120.96
<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 53,014,000.00 52,230,802.63 57,236.64 1,843,066.93 0.00 0.00
A-2 100,100,000.00 98,855,724.65 90,932.55 2,928,103.23 0.00 0.00
A-3 9,993,000.00 9,993,000.00 0.00 0.00 0.00 0.00
A-4 7,230,750.00 7,230,750.00 0.00 0.00 0.00 0.00
A-5 2,410,250.00 2,410,250.00 0.00 0.00 0.00 0.00
A-6 20,000,000.00 20,000,000.00 0.00 0.00 0.00 0.00
APO 401,646.29 401,238.72 348.39 27.86 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
B-1 3,010,000.00 3,007,647.45 2,336.62 0.00 0.00 0.00
B-2 2,208,000.00 2,206,274.27 1,714.04 0.00 0.00 0.00
B-3 903,000.00 902,294.23 700.98 0.00 0.00 0.00
B-4 602,000.00 601,529.49 467.32 0.00 0.00 0.00
B-5 301,000.00 300,764.74 233.66 0.00 0.00 0.00
B-6 501,950.25 501,557.94 375.47 0.00 0.00 14.19
Totals 200,675,696.54 198,641,834.12 154,345.67 4,771,198.02 0.00 14.19
<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 1,900,303.57 50,330,499.06 0.94938128 1,900,303.57
A-2 3,019,035.78 95,836,688.87 0.95740948 3,019,035.78
A-3 0.00 9,993,000.00 1.00000000 0.00
A-4 0.00 7,230,750.00 1.00000000 0.00
A-5 0.00 2,410,250.00 1.00000000 0.00
A-6 0.00 20,000,000.00 1.00000000 0.00
APO 376.25 400,862.46 0.99804846 376.25
A-R 0.00 0.00 0.00000000 0.00
B-1 2,336.62 3,005,310.83 0.99844214 2,336.62
B-2 1,714.04 2,204,560.24 0.99844214 1,714.04
B-3 700.98 901,593.25 0.99844214 700.98
B-4 467.32 601,062.17 0.99844214 467.32
B-5 233.66 300,531.08 0.99844213 233.66
B-6 389.66 501,168.28 0.99844214 375.47
Totals 4,925,557.88 193,716,276.24 0.96532006 4,925,543.69
</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 53,014,000.00 985.22659354 1.07965141 34.76566435 0.00000000
A-2 100,100,000.00 987.56967682 0.90841708 29.25178052 0.00000000
A-3 9,993,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 7,230,750.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 2,410,250.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 20,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
APO 401,646.29 998.98525143 0.86740500 0.06936451 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 3,010,000.00 999.21842193 0.77628571 0.00000000 0.00000000
B-2 2,208,000.00 999.21841938 0.77628623 0.00000000 0.00000000
B-3 903,000.00 999.21841639 0.77627907 0.00000000 0.00000000
B-4 602,000.00 999.21842193 0.77627907 0.00000000 0.00000000
B-5 301,000.00 999.21840532 0.77627907 0.00000000 0.00000000
B-6 501,950.25 999.21842852 0.74802234 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 35.84531577 949.38127778 0.94938128 35.84531577
A-2 0.00000000 30.16019760 957.40947922 0.95740948 30.16019760
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-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
APO 0.00000000 0.93676951 998.04845701 0.99804846 0.93676951
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.77628571 998.44213621 0.99844214 0.77628571
B-2 0.00000000 0.77628623 998.44213768 0.99844214 0.77628623
B-3 0.00000000 0.77627907 998.44213732 0.99844214 0.77627907
B-4 0.00000000 0.77627907 998.44214286 0.99844214 0.77627907
B-5 0.00000000 0.77627907 998.44212625 0.99844213 0.77627907
B-6 0.02826973 0.77629207 998.44213645 0.99844214 0.74802234
<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 53,014,000.00 6.75000% 52,230,802.63 293,798.26 0.00 0.00
A-2 100,100,000.00 6.75000% 98,855,724.65 556,063.45 0.00 0.00
A-3 9,993,000.00 6.75000% 9,993,000.00 56,210.62 0.00 0.00
A-4 7,230,750.00 6.01938% 7,230,750.00 36,270.53 0.00 0.00
A-5 2,410,250.00 8.94186% 2,410,250.00 17,960.10 0.00 0.00
A-6 20,000,000.00 6.75000% 20,000,000.00 112,500.00 0.00 0.00
APO 401,646.29 0.00000% 401,238.72 0.00 0.00 0.00
A-R 100.00 6.75000% 0.00 0.00 0.00 0.00
B-1 3,010,000.00 6.75000% 3,007,647.45 16,918.02 0.00 0.00
B-2 2,208,000.00 6.75000% 2,206,274.27 12,410.29 0.00 0.00
B-3 903,000.00 6.75000% 902,294.23 5,075.41 0.00 0.00
B-4 602,000.00 6.75000% 601,529.49 3,383.60 0.00 0.00
B-5 301,000.00 6.75000% 300,764.74 1,691.80 0.00 0.00
B-6 501,950.25 6.75000% 501,557.94 2,821.26 0.00 0.00
Totals 200,675,696.54 1,115,103.34 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 0.00 293,798.26 0.00 50,330,499.06
A-2 0.00 0.00 556,063.45 0.00 95,836,688.87
A-3 0.00 0.00 56,210.62 0.00 9,993,000.00
A-4 0.00 0.00 36,270.53 0.00 7,230,750.00
A-5 0.00 0.00 17,960.10 0.00 2,410,250.00
A-6 0.00 0.00 112,500.00 0.00 20,000,000.00
APO 0.00 0.00 0.00 0.00 400,862.46
A-R 0.00 0.00 0.00 0.00 0.00
B-1 0.00 0.00 16,918.02 0.00 3,005,310.83
B-2 0.00 0.00 12,410.29 0.00 2,204,560.24
B-3 0.00 0.00 5,075.41 0.00 901,593.25
B-4 0.00 0.00 3,383.60 0.00 601,062.17
B-5 0.00 0.00 1,691.80 0.00 300,531.08
B-6 0.00 0.00 2,821.26 0.00 501,168.28
Totals 0.00 0.00 1,115,103.34 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>
A-1 53,014,000.00 6.75000% 985.22659354 5.54189950 0.00000000 0.00000000
A-2 100,100,000.00 6.75000% 987.56967682 5.55507942 0.00000000 0.00000000
A-3 9,993,000.00 6.75000% 1000.00000000 5.62499950 0.00000000 0.00000000
A-4 7,230,750.00 6.01938% 1000.00000000 5.01615047 0.00000000 0.00000000
A-5 2,410,250.00 8.94186% 1000.00000000 7.45155067 0.00000000 0.00000000
A-6 20,000,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
APO 401,646.29 0.00000% 998.98525143 0.00000000 0.00000000 0.00000000
A-R 100.00 6.75000% 0.00000000 0.00000000 0.00000000 0.00000000
B-1 3,010,000.00 6.75000% 999.21842193 5.62060465 0.00000000 0.00000000
B-2 2,208,000.00 6.75000% 999.21841938 5.62060236 0.00000000 0.00000000
B-3 903,000.00 6.75000% 999.21841639 5.62060908 0.00000000 0.00000000
B-4 602,000.00 6.75000% 999.21842193 5.62059801 0.00000000 0.00000000
B-5 301,000.00 6.75000% 999.21840532 5.62059801 0.00000000 0.00000000
B-6 501,950.25 6.75000% 999.21842852 5.62059686 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 5.54189950 0.00000000 949.38127778
A-2 0.00000000 0.00000000 5.55507942 0.00000000 957.40947922
A-3 0.00000000 0.00000000 5.62499950 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.01615047 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 7.45155067 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 5.62500000 0.00000000 1000.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 998.04845701
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 5.62060465 0.00000000 998.44213621
B-2 0.00000000 0.00000000 5.62060236 0.00000000 998.44213768
B-3 0.00000000 0.00000000 5.62060908 0.00000000 998.44213732
B-4 0.00000000 0.00000000 5.62059801 0.00000000 998.44214286
B-5 0.00000000 0.00000000 5.62059801 0.00000000 998.44212625
B-6 0.00000000 0.00000000 5.62059686 0.00000000 998.44213645
<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 6,074,555.60
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 32,510.68
Realized Losses 0.00
Total Deposits 6,107,066.28
Withdrawals
Reimbursement for Servicer Advances 24,042.38
Payment of Service Fee 42,376.86
Payment of Interest and Principal 6,040,647.04
Total Withdrawals (Pool Distribution Amount) 6,107,066.28
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 1,820.39
Servicing Fee Support 1,820.39
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 41,383.19
Master Servicing Fee 2,814.06
Supported Prepayment/Curtailment Interest Shortfall 1,820.39
Net Servicing Fee 42,376.86
</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 2 848,125.57 0.334448% 0.437818%
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 2 848,125.57 0.334448% 0.437818%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 14.19
Cumulative Realized Losses - Includes Interest Shortfall 120.96
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 75,328.78
</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 7,525,950.25 3.75030479% 7,514,225.85 3.87898528% 96.112971% 100.000000%
Class B-1 4,515,950.25 2.25037228% 4,508,915.02 2.32758708% 1.554615% 0.000000%
Class B-2 2,307,950.25 1.15008957% 2,304,354.78 1.18955145% 1.140395% 0.000000%
Class B-3 1,404,950.25 0.70010982% 1,402,761.53 0.72413199% 0.466385% 0.000000%
Class B-4 802,950.25 0.40012332% 801,699.36 0.41385235% 0.310923% 0.000000%
Class B-5 501,950.25 0.25013006% 501,168.28 0.25871253% 0.155462% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.259249% 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 0.04983164% 100,000.00 0.05162189%
Fraud 4,013,513.93 2.00000000% 4,013,513.93 2.07185168%
Special Hazard 2,169,110.44 1.08090341% 2,169,110.44 1.11973577%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 7.307658%
Weighted Average Pass-Through Rate 6.750000%
Weighted Average Maturity(Stepdown Calculation ) 356
Begin Scheduled Collateral Loan Count 612
Number Of Loans Paid In Full 14
End Scheduled Collateral Loan Count 598
Begining Scheduled Collateral Balance 198,641,834.13
Ending Scheduled Collateral Balance 193,716,276.25
Ending Actual Collateral Balance at 30-Oct-1998 196,299,654.76
Ending Scheduled Balance For Norwest 190,342,493.90
Ending Scheduled Balance For Other Services 3,373,782.35
Monthly P & I Constant 1,318,679.33
Class A Optimal Amount 5,992,142.31
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 162,647,244.57
Ending scheduled Balance For discounted Loans 31,069,031.68
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 174,245,614.28
Greater Than 80%, less than or equal to 85% 2,765,836.19
Greater than 85%, less than or equal to 95% 16,710,435.00
Greater than 95% 0.00
</TABLE>
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