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): February 25, 1999
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1999-3 Trust
New York (governing law of 333-65481-06 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 February 25, 1999 a distribution was made to holders of NORWEST ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1999-3
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
1999-3 Trust, relating to the February 25,
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 1999-3 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 03/05/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1999-3 Trust, relating to the February 25,
1999 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 01/31/1999
Distribution Date: 02/25/1999
NASCOR Series: 1999-3
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 NMB9903PO PO 0.00000% 442,000.98 0.00 631.65
A-1 66937RKN8 PAC 6.00000% 25,299,000.00 126,495.00 426,207.47
A-2 66937RKP3 PAC 6.00000% 99,531,000.00 497,655.00 0.00
A-3 66937RKQ1 SEQ 6.00000% 76,000,000.00 380,000.00 1,457,963.08
A-4 66937RKR9 SEQ 6.00000% 16,233,000.00 81,165.00 -81,165.00
A-5 66937RKS7 SEQ 6.00000% 25,000,000.00 125,000.00 0.00
A-R 66937RKT5 R 6.00000% 100.00 0.50 100.00
B-1 66937RKU2 SUB 6.00000% 2,750,000.00 13,750.00 2,437.60
B-2 66937RKV0 SUB 6.00000% 2,875,000.00 14,375.00 2,548.40
B-3 66937RKW8 SUB 6.00000% 750,000.00 3,750.00 664.80
B-4 66937RLU1 SUB 6.00000% 500,000.00 2,500.00 443.20
B-5 66937RLV9 SUB 6.00000% 250,000.00 1,250.00 221.60
B-6 66937RLW7 SUB 6.00000% 375,485.88 1,877.43 8.30
Totals 250,005,586.86 1,247,817.93 1,810,061.10
</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 0.00 441,369.33 631.65 0.00
A-1 0.00 24,872,792.53 552,702.47 0.00
A-2 0.00 99,531,000.00 497,655.00 0.00
A-3 0.00 74,542,036.92 1,837,963.08 0.00
A-4 0.00 16,314,165.00 0.00 0.00
A-5 0.00 25,000,000.00 125,000.00 0.00
A-R 0.00 0.00 100.50 0.00
B-1 0.00 2,747,562.40 16,187.60 0.00
B-2 0.00 2,872,451.60 16,923.40 0.00
B-3 0.00 749,335.20 4,414.80 0.00
B-4 0.00 499,556.80 2,943.20 0.00
B-5 0.00 249,778.40 1,471.60 0.00
B-6 324.53 375,153.05 1,885.73 324.53
Totals 324.53 248,195,201.23 3,057,879.03 324.53
<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 442,000.98 442,000.98 439.49 192.16 0.00 0.00
A-1 25,299,000.00 25,299,000.00 50,717.63 375,489.84 0.00 0.00
A-2 99,531,000.00 99,531,000.00 0.00 0.00 0.00 0.00
A-3 76,000,000.00 76,000,000.00 173,493.98 1,284,469.10 0.00 0.00
A-4 16,233,000.00 16,233,000.00 0.00 0.00 -81,165.00 0.00
A-5 25,000,000.00 25,000,000.00 0.00 0.00 0.00 0.00
A-R 100.00 100.00 11.90 88.10 0.00 0.00
B-1 2,750,000.00 2,750,000.00 2,437.60 0.00 0.00 0.00
B-2 2,875,000.00 2,875,000.00 2,548.40 0.00 0.00 0.00
B-3 750,000.00 750,000.00 664.80 0.00 0.00 0.00
B-4 500,000.00 500,000.00 443.20 0.00 0.00 0.00
B-5 250,000.00 250,000.00 221.60 0.00 0.00 0.00
B-6 375,485.88 375,485.88 8.30 0.00 0.00 324.53
Totals 250,005,586.86 250,005,586.86 230,986.90 1,660,239.20 (81,165.00) 324.53
<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 631.65 441,369.33 0.99857093 631.65
A-1 426,207.47 24,872,792.53 0.98315319 426,207.47
A-2 0.00 99,531,000.00 1.00000000 0.00
A-3 1,457,963.08 74,542,036.92 0.98081628 1,457,963.08
A-4 (81,165.00) 16,314,165.00 1.00500000 (81,165.00)
A-5 0.00 25,000,000.00 1.00000000 0.00
A-R 100.00 0.00 0.00000000 100.00
B-1 2,437.60 2,747,562.40 0.99911360 2,437.60
B-2 2,548.40 2,872,451.60 0.99911360 2,548.40
B-3 664.80 749,335.20 0.99911360 664.80
B-4 443.20 499,556.80 0.99911360 443.20
B-5 221.60 249,778.40 0.99911360 221.60
B-6 332.83 375,153.05 0.99911360 8.30
Totals 1,810,385.63 248,195,201.23 0.99275862 1,810,061.10
</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 442,000.98 1000.00000000 0.99431906 0.43475017 0.00000000
A-1 25,299,000.00 1000.00000000 2.00472865 14.84208230 0.00000000
A-2 99,531,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 76,000,000.00 1000.00000000 2.28281553 16.90090921 0.00000000
A-4 16,233,000.00 1000.00000000 0.00000000 0.00000000 -5.00000000
A-5 25,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 1000.00000000 119.00000000 881.00000000 0.00000000
B-1 2,750,000.00 1000.00000000 0.88640000 0.00000000 0.00000000
B-2 2,875,000.00 1000.00000000 0.88640000 0.00000000 0.00000000
B-3 750,000.00 1000.00000000 0.88640000 0.00000000 0.00000000
B-4 500,000.00 1000.00000000 0.88640000 0.00000000 0.00000000
B-5 250,000.00 1000.00000000 0.88640000 0.00000000 0.00000000
B-6 375,485.88 1000.00000000 0.02210469 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 1.42906923 998.57093077 0.99857093 1.42906923
A-1 0.00000000 16.84681094 983.15318906 0.98315319 16.84681094
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 19.18372474 980.81627526 0.98081628 19.18372474
A-4 0.00000000 -5.00000000 1,005.00000000 1.00500000 -5.00000000
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-R 0.00000000 1000.00000000 0.00000000 0.00000000 1000.00000000
B-1 0.00000000 0.88640000 999.11360000 0.99911360 0.88640000
B-2 0.00000000 0.88640000 999.11360000 0.99911360 0.88640000
B-3 0.00000000 0.88640000 999.11360000 0.99911360 0.88640000
B-4 0.00000000 0.88640000 999.11360000 0.99911360 0.88640000
B-5 0.00000000 0.88640000 999.11360000 0.99911360 0.88640000
B-6 0.86429349 0.88639818 999.11360182 0.99911360 0.02210469
<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 442,000.98 0.00000% 442,000.98 0.00 0.00 0.00
A-1 25,299,000.00 6.00000% 25,299,000.00 126,495.00 0.00 0.00
A-2 99,531,000.00 6.00000% 99,531,000.00 497,655.00 0.00 0.00
A-3 76,000,000.00 6.00000% 76,000,000.00 380,000.00 0.00 0.00
A-4 16,233,000.00 6.00000% 16,233,000.00 81,165.00 0.00 0.00
A-5 25,000,000.00 6.00000% 25,000,000.00 125,000.00 0.00 0.00
A-R 100.00 6.00000% 100.00 0.50 0.00 0.00
B-1 2,750,000.00 6.00000% 2,750,000.00 13,750.00 0.00 0.00
B-2 2,875,000.00 6.00000% 2,875,000.00 14,375.00 0.00 0.00
B-3 750,000.00 6.00000% 750,000.00 3,750.00 0.00 0.00
B-4 500,000.00 6.00000% 500,000.00 2,500.00 0.00 0.00
B-5 250,000.00 6.00000% 250,000.00 1,250.00 0.00 0.00
B-6 375,485.88 6.00000% 375,485.88 1,877.43 0.00 0.00
Totals 250,005,586.86 1,247,817.93 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 0.00 441,369.33
A-1 0.00 0.00 126,495.00 0.00 24,872,792.53
A-2 0.00 0.00 497,655.00 0.00 99,531,000.00
A-3 0.00 0.00 380,000.00 0.00 74,542,036.92
A-4 0.00 0.00 81,165.00 0.00 16,314,165.00
A-5 0.00 0.00 125,000.00 0.00 25,000,000.00
A-R 0.00 0.00 0.50 0.00 0.00
B-1 0.00 0.00 13,750.00 0.00 2,747,562.40
B-2 0.00 0.00 14,375.00 0.00 2,872,451.60
B-3 0.00 0.00 3,750.00 0.00 749,335.20
B-4 0.00 0.00 2,500.00 0.00 499,556.80
B-5 0.00 0.00 1,250.00 0.00 249,778.40
B-6 0.00 0.00 1,877.43 0.00 375,153.05
Totals 0.00 0.00 1,247,817.93 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 442,000.98 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
A-1 25,299,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
A-2 99,531,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
A-3 76,000,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
A-4 16,233,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
A-5 25,000,000.00 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 2,750,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
B-2 2,875,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
B-3 750,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
B-4 500,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
B-5 250,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
B-6 375,485.88 6.00000% 1000.00000000 5.00000160 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 998.57093077
A-1 0.00000000 0.00000000 5.00000000 0.00000000 983.15318906
A-2 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.00000000 0.00000000 980.81627526
A-4 0.00000000 0.00000000 5.00000000 0.00000000 1005.00000000
A-5 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 5.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 5.00000000 0.00000000 999.11360000
B-2 0.00000000 0.00000000 5.00000000 0.00000000 999.11360000
B-3 0.00000000 0.00000000 5.00000000 0.00000000 999.11360000
B-4 0.00000000 0.00000000 5.00000000 0.00000000 999.11360000
B-5 0.00000000 0.00000000 5.00000000 0.00000000 999.11360000
B-6 0.00000000 0.00000000 5.00000160 0.00000000 999.11360182
<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 3,143,162.47
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 3,143,162.47
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 54,607.62
Payment of Interest and Principal 3,057,879.04
Total Withdrawals (Pool Distribution Amount) 3,112,486.66
Ending Balance 30,675.59
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 1,954.85
Servicing Fee Support 1,954.85
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 53,021.79
Master Servicing Fee 3,540.90
Supported Prepayment/Curtailment Interest Shortfall 1,954.85
Net Servicing Fee 54,607.84
</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 1 348,208.73 0.140845% 0.140296%
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 1 348,208.73 0.140845% 0.140296%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 324.53
Cumulative Realized Losses - Includes Interest Shortfall 324.53
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 288,959.32
</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 7,500,485.88 3.00012731% 7,493,837.45 3.01933213% 96.975289% 100.000000%
Class B-1 4,750,485.88 1.90015189% 4,746,275.05 1.91231540% 1.108989% 0.000000%
Class B-2 1,875,485.88 0.75017759% 1,873,823.45 0.75497973% 1.159397% 0.000000%
Class B-3 1,125,485.88 0.45018429% 1,124,488.25 0.45306607% 0.302452% 0.000000%
Class B-4 625,485.88 0.25018876% 624,931.45 0.25179030% 0.201634% 0.000000%
Class B-5 375,485.88 0.15019100% 375,153.05 0.15115242% 0.100817% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.151422% 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 105,782.15 0.04231191% 105,782.15 0.04262055%
Fraud 5,000,111.74 2.00000000% 5,000,111.74 2.01458840%
Special Hazard 2,500,055.87 1.00000000% 2,500,055.87 1.00729420%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 6.687682%
Weighted Average Pass-Through Rate 6.000000%
Weighted Average Maturity(Stepdown Calculation ) 356
Begin Scheduled Collateral Loan Count 714
Number Of Loans Paid In Full 4
End Scheduled Collateral Loan Count 710
Begining Scheduled Collateral Balance 250,005,586.86
Ending Scheduled Collateral Balance 248,195,201.22
Ending Actual Collateral Balance at 31-Jan-1999 248,369,169.16
Ending Scheduled Balance For Norwest 195,243,645.15
Ending Scheduled Balance For Other Services 52,951,556.07
Monthly P &I Constant 1,526,633.68
Class A Optimal Amount 3,013,421.05
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 221,339,675.51
Ending scheduled Balance For discounted Loans 26,855,525.71
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 195,919,148.58
Greater Than 80%, less than or equal to 85% 4,152,301.42
Greater than 85%, less than or equal to 95% 48,155,933.78
Greater than 95% 0.00
</TABLE>
