|
|
|
|
|
|
|
|
|
|
Previous: TALISMAN ENTERPRISES INC, 6-K, 1999-06-07 |
Next: FINANCIAL ASSET SECS CORP ASSET BACKED CERTS SRS 1999-1, 8-K, 1999-06-07 |
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): May 26, 1999
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1999-1 Trust
New York (governing law of
333-67329-02
IRS EIN
Pooling and Servicing Agreement)
(Commission
(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 May 26, 1999 a distribution was made to holders of NORWEST ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1999-1
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
1999-1 Trust, relating to the May 26, 1999
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 1999-1 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 06/01/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1
Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1999-1 Trust, relating to the May 26,
1999 distribution.
<TABLE>
<CAPTION>
Option One Mortgage Acceptance Corporation
Mortgage Pass-Through Certificates
Record Date: 04/30/1999
Distribution Date:
05/26/1999
OPN Series: 1999-1
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>
NOTES OPN9901NT SEQ 10.06000% 20,000,000.00 150,900.00 45,191.76
OT OPN9901OT SEQ 0.00000% 0.00 0.00 0.00
Totals 20,000,000.00 150,900.00 45,191.76
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current
Ending
Cumulative
Realized
Certificate
Total
Realized
Class
Loss
Balance
Distribution
Losses
<S> <C> <C> <C> <C>
NOTES 0.00 19,954,808.24 196,091.76 0.00
OT 0.00 0.00 0.00 0.00
Totals 0.00 19,954,808.24 196,091.76 0.00
<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>
NOTES 20,000,000.00 20,000,000.00 0.00 45,191.76 0.00 0.00
OT 0.00 0.00 0.00 0.00 0.00 0.00
Totals 20,000,000.00 20,000,000.00 0.00 45,191.76 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>
NOTES 45,191.76 19,954,808.24 0.99774041 45,191.76
OT 0.00 0.00 0.00000000 0.00
Totals 45,191.76 19,954,808.24 0.99774041 45,191.76
</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>
NOTES 20,000,000.00 1000.00000000 0.00000000 2.25958800 0.00000000
OT 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes Are Per $1,000 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>
NOTES 0.00000000 2.25958800 997.74041200 0.99774041 2.25958800
OT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<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>
NOTES 20,000,000.00 10.06000% 20,000,000.00 150,900.00 0.00 0.00
OT 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 20,000,000.00 150,900.00 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>
NOTES 0.00 0.00 150,900.00 0.00 19,954,808.24
OT 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 150,900.00 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>
NOTES 20,000,000.00 10.06000% 1000.00000000 7.54500000 0.00000000 0.00000000
OT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes Are Per $1,000 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>
NOTES 0.00000000 0.00000000 7.54500000 0.00000000 997.74041200
OT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<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 45,191.76
Liquidations, Insurance Proceeds, Reserve Funds 150,900.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 196,091.76
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 0.00
Payment of Interest and Principal 196,091.76
Total Withdrawals (Pool Distribution Amount) 196,091.76
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 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 0.00
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning
Current
Current
Ending
Account Type
Balance
Withdrawals
Deposits
Balance
<S> <C> <C> <C> <C>
Reserve Fund 900,000.00 150,900.00 0.00 749,100.00
</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 82 8,032,377.20 0.905277% 8,032,377,200
60 Days 4 418,772.13 0.044160% 418,772,130,0
90+ Days 2 359,762.78 0.022080% 359,762,780,0
Foreclosure 104 10,630,286.25 1.148156% 10,630,286,25
REO 0 0.00 0.000000% 0.000000%
Totals 192 19,441,198.36 2.119673% 19,441,198,36
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 9.054000%
Weighted Average Net Coupon 0.000000%
Weighted Average Pass-Through Rate 9.054000%
Weighted Average Maturity(Stepdown Calculation ) 0
Begin Scheduled Collateral Loan Count 0
Number Of Loans Paid In Full 0
End Scheduled Collateral Loan Count 9,058
Begining Scheduled Collateral Balance 20,000,000.00
Ending Scheduled Collateral Balance 0.00
Ending Actual Collateral Balance at 30-Apr-1999 1,941,581,642.32
Monthly P &I Constant 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
|
|