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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1999-6, 8-K, 1999-06-07 |
Next: PHONE COM INC, S-1/A, 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 25, 1999
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1999-7 Trust
New York (governing law of 333-65481-10 52-2159079
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 May 25, 1999 a distribution was made to holders of NORWEST ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1999-7
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
1999-7 Trust, relating to the May 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 1999-7 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 6/4/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1999-7 Trust, relating to the May 25,
1999 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 4/30/99
Distribution Date: 5/25/99
NASCOR Series: 1999-7
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 NMB9907PO PO 0.00000% 161,676.71 0.00 161.59
A-1 66937RMA4 SEQ 6.45000% 217,123,585.48 1,167,039.27 2,799,739.31
A-2 66937RMB2 SEQ 6.00000% 158,563,446.90 792,817.23 2,239,798.90
A-3 66937RMC0 SEQ 6.00000% 15,136,000.00 75,680.00 0.00
A-4 66937RMD8 SEQ 6.55000% 23,638,000.00 129,024.08 0.00
A-5 66937RME6 PO 0.00000% 1,362,000.00 0.00 0.00
A-6 66937RMF3 SEQ 6.25000% 49,918,550.95 259,992.45 41,400.71
A-R 66937RMG1 R 6.25000% 0.00 0.00 0.00
B-1 66937RMH9 SUB 6.25000% 6,988,597.13 36,398.94 5,796.10
B-2 66937RMJ5 SUB 6.25000% 6,739,004.38 35,098.98 5,589.10
B-3 66937RMK2 SUB 6.25000% 2,246,334.79 11,699.66 1,863.03
B-4 66937RPJ2 SUB 6.25000% 1,497,556.53 7,799.77 1,242.02
B-5 66937RPK9 SUB 6.25000% 998,371.02 5,199.85 828.01
B-6 66937RPL7 SUB 6.25000% 998,531.86 5,200.69 644.15
Totals 485,371,655.75 2,525,950.92 5,097,062.92
</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 0.00 161,515.12 161.59 0.00
A-1 0.00 214,323,846.17 3,966,778.58 0.00
A-2 0.00 156,323,647.99 3,032,616.13 0.00
A-3 0.00 15,136,000.00 75,680.00 0.00
A-4 0.00 23,638,000.00 129,024.08 0.00
A-5 0.00 1,362,000.00 0.00 0.00
A-6 0.00 49,877,150.25 301,393.16 0.00
A-R 0.00 0.00 0.00 0.00
B-1 0.00 6,982,801.03 42,195.04 0.00
B-2 0.00 6,733,415.28 40,688.08 0.00
B-3 0.00 2,244,471.76 13,562.69 0.00
B-4 0.00 1,496,314.51 9,041.79 0.00
B-5 0.00 997,543.01 6,027.86 0.00
B-6 184.00 997,703.71 5,844.84 1,553.50
Totals 184.00 480,274,408.83 7,623,013.84 1,553.50
<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 161,998.35 161,676.71 157.37 4.21 0.00 0.00
A-1 225,188,000.00 217,123,585.48 191,593.67 2,608,145.63 0.00 0.00
A-2 165,015,000.00 158,563,446.90 153,275.45 2,086,523.45 0.00 0.00
A-3 15,136,000.00 15,136,000.00 0.00 0.00 0.00 0.00
A-4 23,638,000.00 23,638,000.00 0.00 0.00 0.00 0.00
A-5 1,362,000.00 1,362,000.00 0.00 0.00 0.00 0.00
A-6 50,000,000.00 49,918,550.95 41,400.71 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
B-1 7,000,000.00 6,988,597.13 5,796.10 0.00 0.00 0.00
B-2 6,750,000.00 6,739,004.38 5,589.10 0.00 0.00 0.00
B-3 2,250,000.00 2,246,334.79 1,863.03 0.00 0.00 0.00
B-4 1,500,000.00 1,497,556.53 1,242.02 0.00 0.00 0.00
B-5 1,000,000.00 998,371.02 828.01 0.00 0.00 0.00
B-6 1,000,161.10 998,531.86 644.15 0.00 0.00 184.00
Totals 500,001,259.45 485,371,655.75 402,389.61 4,694,673.29 0.00 184.00
<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 161.59 161,515.12 0.99701707 161.59
A-1 2,799,739.31 214,323,846.17 0.95175518 2,799,739.31
A-2 2,239,798.90 156,323,647.99 0.94732993 2,239,798.90
A-3 0.00 15,136,000.00 1.00000000 0.00
A-4 0.00 23,638,000.00 1.00000000 0.00
A-5 0.00 1,362,000.00 1.00000000 0.00
A-6 41,400.71 49,877,150.25 0.99754300 41,400.71
A-R 0.00 0.00 0.00000000 0.00
B-1 5,796.10 6,982,801.03 0.99754300 5,796.10
B-2 5,589.10 6,733,415.28 0.99754300 5,589.10
B-3 1,863.03 2,244,471.76 0.99754300 1,863.03
B-4 1,242.02 1,496,314.51 0.99754301 1,242.02
B-5 828.01 997,543.01 0.99754301 828.01
B-6 828.15 997,703.71 0.99754301 644.15
Totals 5,097,246.92 480,274,408.83 0.96054640 5,097,062.92
</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 161,998.35 998.01454768 0.97142965 0.02598792 0.00000000
A-1 225,188,000.00 964.18808054 0.85081652 11.58208088 0.00000000
A-2 165,015,000.00 960.90323243 0.92885768 12.64444717 0.00000000
A-3 15,136,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 23,638,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 1,362,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 50,000,000.00 998.37101900 0.82801420 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 7,000,000.00 998.37101857 0.82801429 0.00000000 0.00000000
B-2 6,750,000.00 998.37101926 0.82801481 0.00000000 0.00000000
B-3 2,250,000.00 998.37101778 0.82801333 0.00000000 0.00000000
B-4 1,500,000.00 998.37102000 0.82801333 0.00000000 0.00000000
B-5 1,000,000.00 998.37102000 0.82801000 0.00000000 0.00000000
B-6 1,000,161.10 998.37102243 0.64404624 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 0.99747930 997.01706838 0.99701707 0.99747930
A-1 0.00000000 12.43289745 951.75518309 0.95175518 12.43289745
A-2 0.00000000 13.57330485 947.32992752 0.94732993 13.57330485
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 0.82801420 997.54300500 0.99754300 0.82801420
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.82801429 997.54300429 0.99754300 0.82801429
B-2 0.00000000 0.82801481 997.54300444 0.99754300 0.82801481
B-3 0.00000000 0.82801333 997.54300444 0.99754300 0.82801333
B-4 0.00000000 0.82801333 997.54300667 0.99754301 0.82801333
B-5 0.00000000 0.82801000 997.54301000 0.99754301 0.82801000
B-6 0.18397036 0.82801661 997.54300582 0.99754301 0.64404624
<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 161,998.35 0.00000% 161,676.71 0.00 0.00 0.00
A-1 225,188,000.00 6.45000% 217,123,585.48 1,167,039.27 0.00 0.00
A-2 165,015,000.00 6.00000% 158,563,446.90 792,817.23 0.00 0.00
A-3 15,136,000.00 6.00000% 15,136,000.00 75,680.00 0.00 0.00
A-4 23,638,000.00 6.55000% 23,638,000.00 129,024.08 0.00 0.00
A-5 1,362,000.00 0.00000% 1,362,000.00 0.00 0.00 0.00
A-6 50,000,000.00 6.25000% 49,918,550.95 259,992.45 0.00 0.00
A-R 100.00 6.25000% 0.00 0.00 0.00 0.00
B-1 7,000,000.00 6.25000% 6,988,597.13 36,398.94 0.00 0.00
B-2 6,750,000.00 6.25000% 6,739,004.38 35,098.98 0.00 0.00
B-3 2,250,000.00 6.25000% 2,246,334.79 11,699.66 0.00 0.00
B-4 1,500,000.00 6.25000% 1,497,556.53 7,799.77 0.00 0.00
B-5 1,000,000.00 6.25000% 998,371.02 5,199.85 0.00 0.00
B-6 1,000,161.10 6.25000% 998,531.86 5,200.69 0.00 0.00
Totals 500,001,259.45 2,525,950.92 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 0.00 161,515.12
A-1 0.00 0.00 1,167,039.27 0.00 214,323,846.17
A-2 0.00 0.00 792,817.23 0.00 156,323,647.99
A-3 0.00 0.00 75,680.00 0.00 15,136,000.00
A-4 0.00 0.00 129,024.08 0.00 23,638,000.00
A-5 0.00 0.00 0.00 0.00 1,362,000.00
A-6 0.00 0.00 259,992.45 0.00 49,877,150.25
A-R 0.00 0.00 0.00 0.00 0.00
B-1 0.00 0.00 36,398.94 0.00 6,982,801.03
B-2 0.00 0.00 35,098.98 0.00 6,733,415.28
B-3 0.00 0.00 11,699.66 0.00 2,244,471.76
B-4 0.00 0.00 7,799.77 0.00 1,496,314.51
B-5 0.00 0.00 5,199.85 0.00 997,543.01
B-6 0.00 0.00 5,200.69 0.00 997,703.71
Totals 0.00 0.00 2,525,950.92 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 161,998.35 0.00000% 998.01454768 0.00000000 0.00000000 0.00000000
A-1 225,188,000.00 6.45000% 964.18808054 5.18251092 0.00000000 0.00000000
A-2 165,015,000.00 6.00000% 960.90323243 4.80451613 0.00000000 0.00000000
A-3 15,136,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
A-4 23,638,000.00 6.55000% 1000.00000000 5.45833319 0.00000000 0.00000000
A-5 1,362,000.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 50,000,000.00 6.25000% 998.37101900 5.19984900 0.00000000 0.00000000
A-R 100.00 6.25000% 0.00000000 0.00000000 0.00000000 0.00000000
B-1 7,000,000.00 6.25000% 998.37101857 5.19984857 0.00000000 0.00000000
B-2 6,750,000.00 6.25000% 998.37101926 5.19984889 0.00000000 0.00000000
B-3 2,250,000.00 6.25000% 998.37101778 5.19984889 0.00000000 0.00000000
B-4 1,500,000.00 6.25000% 998.37102000 5.19984667 0.00000000 0.00000000
B-5 1,000,000.00 6.25000% 998.37102000 5.19985000 0.00000000 0.00000000
B-6 1,000,161.10 6.25000% 998.37102243 5.19985230 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 997.01706838
A-1 0.00000000 0.00000000 5.18251092 0.00000000 951.75518309
A-2 0.00000000 0.00000000 4.80451613 0.00000000 947.32992752
A-3 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.45833319 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 5.19984900 0.00000000 997.54300500
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 5.19984857 0.00000000 997.54300429
B-2 0.00000000 0.00000000 5.19984889 0.00000000 997.54300444
B-3 0.00000000 0.00000000 5.19984889 0.00000000 997.54300444
B-4 0.00000000 0.00000000 5.19984667 0.00000000 997.54300667
B-5 0.00000000 0.00000000 5.19985000 0.00000000 997.54301000
B-6 0.00000000 0.00000000 5.19985230 0.00000000 997.54300582
<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 7,693,069.46
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 85,177.44
Realized Losses 0.00
Total Deposits 7,778,246.90
Withdrawals
Reimbursement for Servicer Advances 48,298.14
Payment of Service Fee 105,752.96
Payment of Interest and Principal 7,624,195.75
Total Withdrawals (Pool Distribution Amount) 7,778,246.85
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 2,241.88
Servicing Fee Support 2,241.88
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 101,118.76
Master Servicing Fee 6,876.07
Supported Prepayment/Curtailment Interest Shortfall 2,241.88
Net Servicing Fee 105,752.96
</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 1,181.90 0.00
Reserve Fund 2,500.00 0.00 0.00 2,500.00
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 5 1,703,945.01 0.380228% 0.354786%
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 5 1,703,945.01 0.380228% 0.354786%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 184.00
Cumulative Realized Losses - Includes Interest Shortfall 1,553.50
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,467,978.11
</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 19,500,161.10 3.90002240% 19,452,249.30 4.05023648% 95.948401% 100.000000%
Class B-1 12,500,161.10 2.50002592% 12,469,448.27 2.59631745% 1.454408% 0.000000%
Class B-2 5,750,161.10 1.15002932% 5,736,032.99 1.19432410% 1.402465% 0.000000%
Class B-3 3,500,161.10 0.70003046% 3,491,561.23 0.72699298% 0.467488% 0.000000%
Class B-4 2,000,161.10 0.40003121% 1,995,246.72 0.41543890% 0.311659% 0.000000%
Class B-5 1,000,161.10 0.20003172% 997,703.71 0.20773618% 0.207773% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.207806% 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 115,049.53 0.02300985% 115,049.53 0.02395496%
Fraud 10,000,025.19 2.00000000% 10,000,025.19 2.08214825%
Special Hazard 6,529,675.24 1.30593176% 6,529,675.24 1.35957176%
<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 7.160323%
Weighted Average Pass-Through Rate 6.250000%
Weighted Average Maturity(Stepdown Calculation ) 354
Begin Scheduled Collateral Loan Count 1,325
Number Of Loans Paid In Full 10
End Scheduled Collateral Loan Count 1,315
Begining Scheduled Collateral Balance 485,371,655.75
Ending Scheduled Collateral Balance 480,274,408.84
Ending Actual Collateral Balance at 30-Apr-1999 482,523,715.16
Ending Scheduled Balance For Norwest 209,263,345.09
Ending Scheduled Balance For Other Services 271,011,063.75
Monthly P &I Constant 3,040,598.43
Class A Optimal Amount 7,505,491.94
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 469,128,458.61
Ending scheduled Balance For discounted Loans 11,145,950.23
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 440,788,363.64
Greater Than 80%, less than or equal to 85% 5,852,203.82
Greater than 85%, less than or equal to 95% 33,823,173.27
Greater than 95% 0.00
</TABLE>
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