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Previous: NORTHPOINT COMMUNICATIONS GROUP INC, S-8, 1999-08-05 |
Next: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1999 2 TRUST, 8-K, 1999-08-05 |
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): July 26, 1999
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1999-1 Trust
New York (governing law of 333-65481-04 52-2159820
Pooling and Servicing Agreement) (Commission 52-2159830
(State or other File Number) IRS EIN
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 July 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 July 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: 7/31/99
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 July 26,
1999 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 6/30/99
Distribution Date: 7/26/99
NASCOR 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>
APO NMB9901PO PO 0.00000% 238,153.29 0.00 232.16
A-1 66937RKX6 PAC 5.75000% 107,988,000.00 517,442.50 0.00
A-2 66937RKY4 PAC 5.90000% 104,531,000.00 513,944.08 0.00
A-3 66937RKZ1 SEQ 6.10000% 47,052,979.62 239,185.98 777,529.51
A-4 66937RLA5 SEQ 6.10000% 102,181,190.91 519,421.05 1,719,895.28
A-5 66937RLB3 SEQ 6.10000% 1,900,000.00 9,658.33 0.00
A-6 66937RLC1 COMP 6.50000% 81,688,862.82 612,617.40 -319,264.96
A-7 66937RLD9 SEQ 6.50000% 0.00 0.00 0.00
A-8 66937RLE7 SEQ 6.50000% 7,407,941.86 40,126.35 1,434,227.73
A-9 66937RLF4 SEQ 6.50000% 4,760,928.05 25,788.36 37,986.35
A-R 66937RLG2 R 6.50000% 100.00 0.54 0.00
A-LR 66937RLH0 R 6.50000% 100.00 1,987.95 0.00
B-1 66937RLJ6 SUB 6.50000% 6,974,480.56 37,778.44 5,862.31
B-2 66937RLK3 SUB 6.50000% 6,725,498.67 36,429.78 5,653.03
B-3 66937RLL1 SUB 6.50000% 2,241,832.89 12,143.26 1,884.34
B-4 66937RLR8 SUB 6.50000% 1,493,891.31 8,091.91 1,255.67
B-5 66937RLS6 SUB 6.50000% 995,927.54 5,394.61 837.11
B-6 66937RLT4 SUB 6.50000% 998,598.54 5,409.08 839.36
Totals 477,179,486.06 2,585,419.62 3,666,937.89
</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 0.00 237,921.13 232.16 0.00
A-1 0.00 107,988,000.00 517,442.50 0.00
A-2 0.00 104,531,000.00 513,944.08 0.00
A-3 0.00 46,275,450.10 1,016,715.49 0.00
A-4 0.00 100,461,295.63 2,239,316.33 0.00
A-5 0.00 1,900,000.00 9,658.33 0.00
A-6 0.00 82,008,127.78 293,352.44 0.00
A-7 0.00 0.00 0.00 0.00
A-8 0.00 5,973,714.13 1,474,354.08 0.00
A-9 0.00 4,722,941.71 63,774.71 0.00
A-R 0.00 100.00 0.54 0.00
A-LR 0.00 100.00 1,987.95 0.00
B-1 0.00 6,968,618.25 43,640.75 0.00
B-2 0.00 6,719,845.64 42,082.81 0.00
B-3 0.00 2,239,948.55 14,027.60 0.00
B-4 0.00 1,492,635.64 9,347.58 0.00
B-5 0.00 995,090.43 6,231.72 0.00
B-6 0.00 997,759.18 6,248.44 681.91
Totals 0.00 473,512,548.17 6,252,357.51 681.91
<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 239,302.50 238,153.29 224.68 7.48 0.00 0.00
A-1 107,988,000.00 107,988,000.00 0.00 0.00 0.00 0.00
A-2 104,531,000.00 104,531,000.00 0.00 0.00 0.00 0.00
A-3 50,000,000.00 47,052,979.62 81,910.19 695,619.32 0.00 0.00
A-4 108,700,000.00 102,181,190.91 181,185.34 1,538,709.94 0.00 0.00
A-5 1,900,000.00 1,900,000.00 0.00 0.00 0.00 0.00
A-6 80,000,000.00 81,688,862.82 6,931.78 58,867.93 -385,064.67 0.00
A-7 11,930,000.00 0.00 0.00 0.00 0.00 0.00
A-8 10,436,000.00 7,407,941.86 155,318.38 1,319,035.70 -40,126.35 0.00
A-9 5,000,000.00 4,760,928.05 4,001.74 33,984.61 0.00 0.00
A-R 100.00 100.00 0.00 0.00 0.00 0.00
A-LR 100.00 100.00 0.00 0.00 0.00 0.00
B-1 7,003,000.00 6,974,480.56 5,862.31 0.00 0.00 0.00
B-2 6,753,000.00 6,725,498.67 5,653.03 0.00 0.00 0.00
B-3 2,251,000.00 2,241,832.89 1,884.34 0.00 0.00 0.00
B-4 1,500,000.00 1,493,891.31 1,255.67 0.00 0.00 0.00
B-5 1,000,000.00 995,927.54 837.11 0.00 0.00 0.00
B-6 1,002,681.91 998,598.54 839.36 0.00 0.00 0.00
Totals 500,234,184.41 477,179,486.06 445,903.93 3,646,224.98 (425,191.02) 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 232.16 237,921.13 0.99422752 232.16
A-1 0.00 107,988,000.00 1.00000000 0.00
A-2 0.00 104,531,000.00 1.00000000 0.00
A-3 777,529.51 46,275,450.10 0.92550900 777,529.51
A-4 1,719,895.28 100,461,295.63 0.92420695 1,719,895.28
A-5 0.00 1,900,000.00 1.00000000 0.00
A-6 (319,264.96) 82,008,127.78 1.02510160 (319,264.96)
A-7 0.00 0.00 0.00000000 0.00
A-8 1,434,227.73 5,973,714.13 0.57241416 1,434,227.73
A-9 37,986.35 4,722,941.71 0.94458834 37,986.35
A-R 0.00 100.00 1.00000000 0.00
A-LR 0.00 100.00 1.00000000 0.00
B-1 5,862.31 6,968,618.25 0.99509043 5,862.31
B-2 5,653.03 6,719,845.64 0.99509042 5,653.03
B-3 1,884.34 2,239,948.55 0.99509043 1,884.34
B-4 1,255.67 1,492,635.64 0.99509043 1,255.67
B-5 837.11 995,090.43 0.99509043 837.11
B-6 839.36 997,759.18 0.99509044 839.36
Totals 3,666,937.89 473,512,548.17 0.94658175 3,666,937.89
</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 239,302.50 995.19766822 0.93889533 0.03125751 0.00000000
A-1 107,988,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2 104,531,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 50,000,000.00 941.05959240 1.63820380 13.91238640 0.00000000
A-4 108,700,000.00 940.02935520 1.66683845 14.15556523 0.00000000
A-5 1,900,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 80,000,000.00 1021.11078525 0.08664725 0.73584913 -4.81330838
A-7 11,930,000.00 0.00000000 0.00000000 0.00000000 0.00000000
A-8 10,436,000.00 709.84494634 14.88294174 126.39284209 -3.84499329
A-9 5,000,000.00 952.18561000 0.80034800 6.79692200 0.00000000
A-R 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-LR 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 7,003,000.00 995.92753963 0.83711409 0.00000000 0.00000000
B-2 6,753,000.00 995.92753887 0.83711388 0.00000000 0.00000000
B-3 2,251,000.00 995.92753887 0.83711239 0.00000000 0.00000000
B-4 1,500,000.00 995.92754000 0.83711333 0.00000000 0.00000000
B-5 1,000,000.00 995.92754000 0.83711000 0.00000000 0.00000000
B-6 1,002,681.91 995.92755194 0.83711493 0.00000000 0.00000000
<FN>
(2) Per $1,000 denominations.
</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 0.97015284 994.22751538 0.99422752 0.97015284
A-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 15.55059020 925.50900200 0.92550900 15.55059020
A-4 0.00000000 15.82240368 924.20695152 0.92420695 15.82240368
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 -3.99081200 1,025.10159725 1.02510160 -3.99081200
A-7 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-8 0.00000000 137.43079053 572.41415581 0.57241416 137.43079053
A-9 0.00000000 7.59727000 944.58834200 0.94458834 7.59727000
A-R 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-LR 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-1 0.00000000 0.83711409 995.09042553 0.99509043 0.83711409
B-2 0.00000000 0.83711388 995.09042500 0.99509042 0.83711388
B-3 0.00000000 0.83711239 995.09042648 0.99509043 0.83711239
B-4 0.00000000 0.83711333 995.09042667 0.99509043 0.83711333
B-5 0.00000000 0.83711000 995.09043000 0.99509043 0.83711000
B-6 0.00000000 0.83711493 995.09043701 0.99509044 0.83711493
<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 239,302.50 0.00000% 238,153.29 0.00 0.00 0.00
A-1 107,988,000.00 5.75000% 107,988,000.00 517,442.50 0.00 0.00
A-2 104,531,000.00 5.90000% 104,531,000.00 513,944.08 0.00 0.00
A-3 50,000,000.00 6.10000% 47,052,979.62 239,185.98 0.00 0.00
A-4 108,700,000.00 6.10000% 102,181,190.91 519,421.05 0.00 0.00
A-5 1,900,000.00 6.10000% 1,900,000.00 9,658.33 0.00 0.00
A-6 80,000,000.00 6.50000% 113,098,596.39 612,617.40 0.00 0.00
A-7 11,930,000.00 6.50000% 0.00 0.00 0.00 0.00
A-8 10,436,000.00 6.50000% 7,407,941.86 40,126.35 0.00 0.00
A-9 5,000,000.00 6.50000% 4,760,928.05 25,788.36 0.00 0.00
A-R 100.00 6.50000% 100.00 0.54 0.00 0.00
A-LR 100.00 6.50000% 100.00 0.54 0.00 0.00
B-1 7,003,000.00 6.50000% 6,974,480.56 37,778.44 0.00 0.00
B-2 6,753,000.00 6.50000% 6,725,498.67 36,429.78 0.00 0.00
B-3 2,251,000.00 6.50000% 2,241,832.89 12,143.26 0.00 0.00
B-4 1,500,000.00 6.50000% 1,493,891.31 8,091.91 0.00 0.00
B-5 1,000,000.00 6.50000% 995,927.54 5,394.61 0.00 0.00
B-6 1,002,681.91 6.50000% 998,598.54 5,409.08 0.00 0.00
Totals 500,234,184.41 2,583,432.21 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 0.00 237,921.13
A-1 0.00 0.00 517,442.50 0.00 107,988,000.00
A-2 0.00 0.00 513,944.08 0.00 104,531,000.00
A-3 0.00 0.00 239,185.98 0.00 46,275,450.10
A-4 0.00 0.00 519,421.05 0.00 100,461,295.63
A-5 0.00 0.00 9,658.33 0.00 1,900,000.00
A-6 0.00 0.00 612,617.40 0.00 113,264,173.67
A-7 0.00 0.00 0.00 0.00 0.00
A-8 0.00 0.00 40,126.35 0.00 5,973,714.13
A-9 0.00 0.00 25,788.36 0.00 4,722,941.71
A-R 0.00 0.00 0.54 0.00 100.00
A-LR 0.00 0.00 1,987.95 0.00 100.00
B-1 0.00 0.00 37,778.44 0.00 6,968,618.25
B-2 0.00 0.00 36,429.78 0.00 6,719,845.64
B-3 0.00 0.00 12,143.26 0.00 2,239,948.55
B-4 0.00 0.00 8,091.91 0.00 1,492,635.64
B-5 0.00 0.00 5,394.61 0.00 995,090.43
B-6 0.00 0.00 5,409.08 0.00 997,759.18
Totals 0.00 0.00 2,585,419.62 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 239,302.50 0.00000% 995.19766822 0.00000000 0.00000000 0.00000000
A-1 107,988,000.00 5.75000% 1000.00000000 4.79166667 0.00000000 0.00000000
A-2 104,531,000.00 5.90000% 1000.00000000 4.91666663 0.00000000 0.00000000
A-3 50,000,000.00 6.10000% 941.05959240 4.78371960 0.00000000 0.00000000
A-4 108,700,000.00 6.10000% 940.02935520 4.77848252 0.00000000 0.00000000
A-5 1,900,000.00 6.10000% 1000.00000000 5.08333158 0.00000000 0.00000000
A-6 80,000,000.00 6.50000% 1413.73245488 7.65771750 0.00000000 0.00000000
A-7 11,930,000.00 6.50000% 0.00000000 0.00000000 0.00000000 0.00000000
A-8 10,436,000.00 6.50000% 709.84494634 3.84499329 0.00000000 0.00000000
A-9 5,000,000.00 6.50000% 952.18561000 5.15767200 0.00000000 0.00000000
A-R 100.00 6.50000% 1000.00000000 5.40000000 0.00000000 0.00000000
A-LR 100.00 6.50000% 1000.00000000 5.40000000 0.00000000 0.00000000
B-1 7,003,000.00 6.50000% 995.92753963 5.39460803 0.00000000 0.00000000
B-2 6,753,000.00 6.50000% 995.92753887 5.39460684 0.00000000 0.00000000
B-3 2,251,000.00 6.50000% 995.92753887 5.39460684 0.00000000 0.00000000
B-4 1,500,000.00 6.50000% 995.92754000 5.39460667 0.00000000 0.00000000
B-5 1,000,000.00 6.50000% 995.92754000 5.39461000 0.00000000 0.00000000
B-6 1,002,681.91 6.50000% 995.92755194 5.39461214 0.00000000 0.00000000
<FN>
(5) Per $1,000 denominations.
</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 994.22751538
A-1 0.00000000 0.00000000 4.79166667 0.00000000 1000.00000000
A-2 0.00000000 0.00000000 4.91666663 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 4.78371960 0.00000000 925.50900200
A-4 0.00000000 0.00000000 4.77848252 0.00000000 924.20695152
A-5 0.00000000 0.00000000 5.08333158 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 7.65771750 0.00000000 1415.80217088
A-7 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-8 0.00000000 0.00000000 3.84499329 0.00000000 572.41415581
A-9 0.00000000 0.00000000 5.15767200 0.00000000 944.58834200
A-R 0.00000000 0.00000000 5.40000000 0.00000000 1000.00000000
A-LR 0.00000000 0.00000000 19879.50000000 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.39460803 0.00000000 995.09042553
B-2 0.00000000 0.00000000 5.39460684 0.00000000 995.09042500
B-3 0.00000000 0.00000000 5.39460684 0.00000000 995.09042648
B-4 0.00000000 0.00000000 5.39460667 0.00000000 995.09042667
B-5 0.00000000 0.00000000 5.39461000 0.00000000 995.09043000
B-6 0.00000000 0.00000000 5.39461214 0.00000000 995.09043701
<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>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Rate Balance Balance Balance Balance Percentage
Class
<S> <C> <C> <C> <C> <C> <C>
A-6 IO 6.50000% 22,109,169.23 22,109,169.23 0.00 0.00 100.00000000%
A-6 IO 6.50000% 9,300,564.34 9,146,876.66 0.00 0.00 92.55090023%
A-6 PAC 6.50000% 0.00 0.00 10,600,000.00 10,600,000.00 100.00000000%
A-6 SCH 6.50000% 0.00 0.00 71,088,862.82 71,408,127.78 102.89355588%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
<S> <C>
Beginning Balance 22,685.69
Deposits
Payments of Interest and Principal 6,239,335.65
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 91,777.78
Realized Losses 0.00
Total Deposits 6,331,113.43
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 101,441.61
Payment of Interest and Principal 6,252,357.52
Total Withdrawals (Pool Distribution Amount) 6,353,799.13
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 4,784.46
Servicing Fee Support 4,784.46
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 99,466.03
Master Servicing Fee 6,760.04
Supported Prepayment/Curtailment Interest Shortfall 4,784.46
Net Servicing Fee 101,441.61
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE DELIQUENCY / CREDIT ENHANCEMENT STATEMENT
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 4 1,411,629.61 0.284900% 0.298119%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 1 239,482.40 0.071225% 0.050576%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 5 1,651,112.01 0.356125% 0.348694%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 681.91
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 885,125.68
</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 19,509,681.91 3.90010969% 19,413,897.69 4.09997534% 95.897964% 100.000000%
Class B-1 12,506,681.91 2.50016538% 12,445,279.44 2.62828926% 1.472426% 0.000000%
Class B-2 5,753,681.91 1.15019767% 5,725,433.80 1.20914088% 1.419862% 0.000000%
Class B-3 3,502,681.91 0.70020843% 3,485,485.25 0.73609142% 0.473287% 0.000000%
Class B-4 2,002,681.91 0.40034887% 1,992,849.61 0.42086522% 0.315385% 0.000000%
Class B-5 1,002,681.91 0.20044250% 997,759.18 0.21071441% 0.210256% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.210820% 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 132,416.57 0.02647092% 132,416.57 0.02796474%
Fraud 10,004,683.69 2.00000000% 10,004,683.69 2.11286559%
Special Hazard 5,477,967.00 1.09508050% 5,477,967.00 1.15687895%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.234194%
Weighted Average Pass-Through Rate 6.500000%
Weighted Average Maturity(Stepdown Calculation ) 351
Begin Scheduled Collateral Loan Count 1,414
Number Of Loans Paid In Full 10
Ending Scheduled Collateral Loan Count 1,404
Beginning Scheduled Collateral Balance 477,179,486.05
Ending Scheduled Collateral Balance 473,512,548.16
Ending Actual Collateral Balance at 30-Jun-1999 475,078,501.24
Ending Scheduled Balance For Norwest 343,231,952.99
Ending Scheduled Balance For Other Services 130,280,595.17
Monthly P &I Constant 3,095,238.26
Class A Optimal Amount 6,128,559.04
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 458,440,423.60
Ending scheduled Balance For discounted Loans 15,072,124.56
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 421,043,370.92
Greater Than 80%, less than or equal to 85% 10,073,323.63
Greater than 85%, less than or equal to 95% 40,286,627.28
Greater than 95% 2,209,503.58
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
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