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 1998-28 Trust
New York (governing law of 333-45021-26 PENDING
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 1998-28
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 1998-28 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.
Mortgage Pass-Through Certificates, Series 1998-28 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 1998-28 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: 1998-28
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 NMB9828PO PO 0.00000% 312,346.97 0.00 324.27
A-1 66937RCC1 SEQ 6.00000% 200,500,000.00 1,002,500.00 320,270.15
A-2 66937RCD9 SEQ 6.00000% 250,575,000.00 1,252,875.00 484,299.74
A-3 66937RCE7 SEQ 0.00000% 75,000.00 0.00 0.00
A-4 66937RCF4 SEQ 6.00000% 7,438,000.00 37,190.00 0.00
A-5 66937RCG2 SEQ 6.00000% 45,100,000.00 225,500.00 0.00
A-R 66937RCH0 R 6.00000% 100.00 0.50 0.00
B-1 66937RCJ6 SUB 6.00000% 5,716,000.00 28,580.00 4,955.19
B-2 66937RCK3 SUB 6.00000% 5,975,000.00 29,875.00 5,179.72
B-3 66937RCL1 SUB 6.00000% 1,299,000.00 6,495.00 1,126.10
B-4 66937RDV8 SUB 6.00000% 1,299,000.00 6,495.00 1,126.10
B-5 66937RDW6 SUB 6.00000% 779,000.00 3,895.00 675.31
B-6 66937RDX4 SUB 6.00000% 520,231.19 2,601.16 383.93
Totals 519,588,678.16 2,596,006.66 818,340.51
</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 0.00 312,022.70 324.27 0.00
A-1 0.00 200,179,729.85 1,322,770.15 0.00
A-2 0.00 250,090,700.26 1,737,174.74 0.00
A-3 0.00 75,000.00 0.00 0.00
A-4 0.00 7,438,000.00 37,190.00 0.00
A-5 0.00 45,100,000.00 225,500.00 0.00
A-R 0.00 100.00 0.50 0.00
B-1 0.00 5,711,044.81 33,535.19 0.00
B-2 0.00 5,969,820.28 35,054.72 0.00
B-3 0.00 1,297,873.90 7,621.10 0.00
B-4 0.00 1,297,873.90 7,621.10 0.00
B-5 0.00 778,324.69 4,570.31 0.00
B-6 67.06 519,780.20 2,985.09 67.06
Totals 67.06 518,770,270.59 3,414,347.17 67.06
<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 312,346.97 312,346.97 310.16 14.11 0.00 0.00
A-1 200,500,000.00 200,500,000.00 173,813.07 146,457.08 0.00 0.00
A-2 250,575,000.00 250,575,000.00 262,833.19 221,466.55 0.00 0.00
A-3 75,000.00 75,000.00 0.00 0.00 0.00 0.00
A-4 7,438,000.00 7,438,000.00 0.00 0.00 0.00 0.00
A-5 45,100,000.00 45,100,000.00 0.00 0.00 0.00 0.00
A-R 100.00 100.00 0.00 0.00 0.00 0.00
B-1 5,716,000.00 5,716,000.00 4,955.19 0.00 0.00 0.00
B-2 5,975,000.00 5,975,000.00 5,179.72 0.00 0.00 0.00
B-3 1,299,000.00 1,299,000.00 1,126.10 0.00 0.00 0.00
B-4 1,299,000.00 1,299,000.00 1,126.10 0.00 0.00 0.00
B-5 779,000.00 779,000.00 675.31 0.00 0.00 0.00
B-6 520,231.19 520,231.19 383.93 0.00 0.00 67.06
Totals 519,588,678.16 519,588,678.16 450,402.77 367,937.74 0.00 67.06
<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 324.27 312,022.70 0.99896183 324.27
A-1 320,270.15 200,179,729.85 0.99840264 320,270.15
A-2 484,299.74 250,090,700.26 0.99806725 484,299.74
A-3 0.00 75,000.00 1.00000000 0.00
A-4 0.00 7,438,000.00 1.00000000 0.00
A-5 0.00 45,100,000.00 1.00000000 0.00
A-R 0.00 100.00 1.00000000 0.00
B-1 4,955.19 5,711,044.81 0.99913310 4,955.19
B-2 5,179.72 5,969,820.28 0.99913310 5,179.72
B-3 1,126.10 1,297,873.90 0.99913310 1,126.10
B-4 1,126.10 1,297,873.90 0.99913310 1,126.10
B-5 675.31 778,324.69 0.99913311 675.31
B-6 450.99 519,780.20 0.99913310 383.93
Totals 818,407.57 518,770,270.59 0.99842489 818,340.51
</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 312,346.97 1000.00000000 0.99299827 0.04517412 0.00000000
A-1 200,500,000.00 1000.00000000 0.86689810 0.73045925 0.00000000
A-2 250,575,000.00 1000.00000000 1.04892024 0.88383338 0.00000000
A-3 75,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 7,438,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 45,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 5,716,000.00 1000.00000000 0.86689818 0.00000000 0.00000000
B-2 5,975,000.00 1000.00000000 0.86689874 0.00000000 0.00000000
B-3 1,299,000.00 1000.00000000 0.86689761 0.00000000 0.00000000
B-4 1,299,000.00 1000.00000000 0.86689761 0.00000000 0.00000000
B-5 779,000.00 1000.00000000 0.86689345 0.00000000 0.00000000
B-6 520,231.19 1000.00000000 0.73799881 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>
APO 0.00000000 1.03817239 998.96182761 0.99896183 1.03817239
A-1 0.00000000 1.59735736 998.40264264 0.99840264 1.59735736
A-2 0.00000000 1.93275363 998.06724637 0.99806725 1.93275363
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-R 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-1 0.00000000 0.86689818 999.13310182 0.99913310 0.86689818
B-2 0.00000000 0.86689874 999.13310126 0.99913310 0.86689874
B-3 0.00000000 0.86689761 999.13310239 0.99913310 0.86689761
B-4 0.00000000 0.86689761 999.13310239 0.99913310 0.86689761
B-5 0.00000000 0.86689345 999.13310655 0.99913311 0.86689345
B-6 0.12890423 0.86690304 999.13309696 0.99913310 0.73799881
<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 312,346.97 0.00000% 312,346.97 0.00 0.00 0.00
A-1 200,500,000.00 6.00000% 200,500,000.00 1,002,500.00 0.00 0.00
A-2 250,575,000.00 6.00000% 250,575,000.00 1,252,875.00 0.00 0.00
A-3 75,000.00 0.00000% 75,000.00 0.00 0.00 0.00
A-4 7,438,000.00 6.00000% 7,438,000.00 37,190.00 0.00 0.00
A-5 45,100,000.00 6.00000% 45,100,000.00 225,500.00 0.00 0.00
A-R 100.00 6.00000% 100.00 0.50 0.00 0.00
B-1 5,716,000.00 6.00000% 5,716,000.00 28,580.00 0.00 0.00
B-2 5,975,000.00 6.00000% 5,975,000.00 29,875.00 0.00 0.00
B-3 1,299,000.00 6.00000% 1,299,000.00 6,495.00 0.00 0.00
B-4 1,299,000.00 6.00000% 1,299,000.00 6,495.00 0.00 0.00
B-5 779,000.00 6.00000% 779,000.00 3,895.00 0.00 0.00
B-6 520,231.19 6.00000% 520,231.19 2,601.16 0.00 0.00
Totals 519,588,678.16 2,596,006.66 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 0.00 312,022.70
A-1 0.00 0.00 1,002,500.00 0.00 200,179,729.85
A-2 0.00 0.00 1,252,875.00 0.00 250,090,700.26
A-3 0.00 0.00 0.00 0.00 75,000.00
A-4 0.00 0.00 37,190.00 0.00 7,438,000.00
A-5 0.00 0.00 225,500.00 0.00 45,100,000.00
A-R 0.00 0.00 0.50 0.00 100.00
B-1 0.00 0.00 28,580.00 0.00 5,711,044.81
B-2 0.00 0.00 29,875.00 0.00 5,969,820.28
B-3 0.00 0.00 6,495.00 0.00 1,297,873.90
B-4 0.00 0.00 6,495.00 0.00 1,297,873.90
B-5 0.00 0.00 3,895.00 0.00 778,324.69
B-6 0.00 0.00 2,601.16 0.00 519,780.20
Totals 0.00 0.00 2,596,006.66 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 312,346.97 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
A-1 200,500,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
A-2 250,575,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
A-3 75,000.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 7,438,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
A-5 45,100,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
A-R 100.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
B-1 5,716,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
B-2 5,975,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
B-3 1,299,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
B-4 1,299,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
B-5 779,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
B-6 520,231.19 6.00000% 1000.00000000 5.00000779 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>
APO 0.00000000 0.00000000 0.00000000 0.00000000 998.96182761
A-1 0.00000000 0.00000000 5.00000000 0.00000000 998.40264264
A-2 0.00000000 0.00000000 5.00000000 0.00000000 998.06724637
A-3 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.00000000 0.00000000 999.13310182
B-2 0.00000000 0.00000000 5.00000000 0.00000000 999.13310126
B-3 0.00000000 0.00000000 5.00000000 0.00000000 999.13310239
B-4 0.00000000 0.00000000 5.00000000 0.00000000 999.13310239
B-5 0.00000000 0.00000000 5.00000000 0.00000000 999.13310655
B-6 0.00000000 0.00000000 5.00000779 0.00000000 999.13309696
<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 3,516,601.00
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 13,724.05
Realized Losses 0.00
Total Deposits 3,530,325.05
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 115,605.97
Payment of Interest and Principal 3,414,719.07
Total Withdrawals (Pool Distribution Amount) 3,530,325.04
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 108,245.30
Master Servicing Fee 7,360.68
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 115,605.98
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 371.90 0.00
Reserve Fund 5,600.00 0.00 0.00 5,600.00
Reserve Fund 999.99 0.00 0.00 999.99
</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 0 0.00 0.000000% 0.000000%
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 0 0.00 0.000000% 0.000000%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 67.06
Cumulative Realized Losses - Includes Interest Shortfall 67.06
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 340,729.92
</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 15,588,231.19 3.00010986% 15,574,717.78 3.00223792% 96.995955% 100.000000%
Class B-1 9,872,231.19 1.90000891% 9,863,672.97 1.90135664% 1.101544% 0.000000%
Class B-2 3,897,231.19 0.75006084% 3,893,852.69 0.75059288% 1.151456% 0.000000%
Class B-3 2,598,231.19 0.50005539% 2,595,978.79 0.50041009% 0.250333% 0.000000%
Class B-4 1,299,231.19 0.25004994% 1,298,104.89 0.25022731% 0.250333% 0.000000%
Class B-5 520,231.19 0.10012366% 519,780.20 0.10019468% 0.150123% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.100255% 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 214,453.48 0.04127370% 214,453.48 0.04133881%
Fraud 10,391,773.56 2.00000000% 10,391,773.56 2.00315518%
Special Hazard 5,195,886.78 1.00000000% 5,195,886.78 1.00157759%
<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 6.784826%
Weighted Average Pass-Through Rate 6.000000%
Weighted Average Maturity(Stepdown Calculation ) 357
Begin Scheduled Collateral Loan Count 1,479
Number Of Loans Paid In Full 1
End Scheduled Collateral Loan Count 1,478
Begining Scheduled Collateral Balance 519,588,678.16
Ending Scheduled Collateral Balance 518,770,270.59
Ending Actual Collateral Balance at 30-Oct-1998 518,290,465.70
Ending Scheduled Balance For Norwest 468,453,676.21
Ending Scheduled Balance For Other Services 50,316,594.38
Monthly P & I Constant 3,162,650.74
Class A Optimal Amount 3,322,635.39
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 499,717,086.30
Ending scheduled Balance For discounted Loans 19,053,184.29
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 411,938,561.50
Greater Than 80%, less than or equal to 85% 15,576,572.42
Greater than 85%, less than or equal to 95% 91,225,381.52
Greater than 95% 0.00
</TABLE>
