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Previous: NORWEST ASSET SECURITIES CORP MOR PASS THR CER SER 1999-8 TR, 8-K, 2000-01-06 |
Next: SALOMON BROS MORT SEC VII INC FL RT MRT PS THR CERT 1999 AQ1, 8-K, 2000-01-06 |
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): December 27, 1999
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1999-10 Trust
New York (governing law of 333-65481-12 52-2166522
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 December 27, 1999 a distribution was made to holders of NORWEST ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1999-10
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
1999-10 Trust, relating to the December 27,
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 1999-10 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 12/28/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1999-10 Trust, relating to the December
27, 1999 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 11/30/99
Distribution Date: 12/27/99
NASCOR Series: 1999-10
Contact: Customer Service - SecuritiesLink
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 NMB9910PO PO 0.00000% 937,136.40 0.00 4,907.95
A-1 66937RRR2 SEQ 6.25000% 273,848,377.08 1,426,293.63 2,728,276.16
A-R 66937RRS0 R 6.25000% 0.00 0.00 0.00
B-1 66937RRT8 SUB 6.25000% 2,189,218.59 11,402.18 7,804.30
B-2 66937RRU5 SUB 6.25000% 1,167,583.25 6,081.16 4,162.29
B-3 66937RRV3 SUB 6.25000% 875,687.44 4,560.87 3,121.72
B-4 66937RRZ4 SUB 6.25000% 729,739.53 3,800.73 2,601.43
B-5 66937RSA8 SUB 6.25000% 437,843.72 2,280.44 1,560.86
B-6 66937RSB6 SUB 6.25000% 437,868.56 2,280.57 1,425.05
Totals 280,623,454.57 1,456,699.58 2,753,859.76
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
APO 0.00 932,228.45 4,907.95 0.00
A-1 0.00 271,120,100.92 4,154,569.79 0.00
A-R 0.00 0.00 0.00 0.00
B-1 0.00 2,181,414.29 19,206.48 0.00
B-2 0.00 1,163,420.96 10,243.45 0.00
B-3 0.00 872,565.72 7,682.59 0.00
B-4 0.00 727,138.10 6,402.16 0.00
B-5 0.00 436,282.86 3,841.30 0.00
B-6 135.89 436,307.61 3,705.62 4,095.64
Totals 135.89 277,869,458.91 4,210,559.34 4,095.64
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</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 967,834.69 937,136.40 3,477.14 1,430.81 0.00 0.00
A-1 293,033,277.00 273,848,377.08 976,236.40 1,752,039.75 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
B-1 2,250,000.00 2,189,218.59 7,804.30 0.00 0.00 0.00
B-2 1,200,000.00 1,167,583.25 4,162.29 0.00 0.00 0.00
B-3 900,000.00 875,687.44 3,121.72 0.00 0.00 0.00
B-4 750,000.00 729,739.53 2,601.43 0.00 0.00 0.00
B-5 450,000.00 437,843.72 1,560.86 0.00 0.00 0.00
B-6 450,025.53 437,868.56 1,425.05 0.00 0.00 135.89
Totals 300,001,237.22 280,623,454.57 1,000,389.19 1,753,470.56 0.00 135.89
<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 4,907.95 932,228.45 0.96321041 4,907.95
A-1 2,728,276.16 271,120,100.92 0.92521950 2,728,276.16
A-R 0.00 0.00 0.00000000 0.00
B-1 7,804.30 2,181,414.29 0.96951746 7,804.30
B-2 4,162.29 1,163,420.96 0.96951747 4,162.29
B-3 3,121.72 872,565.72 0.96951747 3,121.72
B-4 2,601.43 727,138.10 0.96951747 2,601.43
B-5 1,560.86 436,282.86 0.96951747 1,560.86
B-6 1,560.94 436,307.61 0.96951746 1,425.05
Totals 2,753,995.65 277,869,458.91 0.92622771 2,753,859.76
</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>
APO 967,834.69 968.28147377 3.59270032 1.47836197 0.00000000
A-1 293,033,277.00 934.52996152 3.33148648 5.97897880 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 2,250,000.00 972.98604000 3.46857778 0.00000000 0.00000000
B-2 1,200,000.00 972.98604167 3.46857500 0.00000000 0.00000000
B-3 900,000.00 972.98604444 3.46857778 0.00000000 0.00000000
B-4 750,000.00 972.98604000 3.46857333 0.00000000 0.00000000
B-5 450,000.00 972.98604444 3.46857778 0.00000000 0.00000000
B-6 450,025.53 972.98604370 3.16659813 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 5.07106229 963.21041148 0.96321041 5.07106229
A-1 0.00000000 9.31046531 925.21949621 0.92521950 9.31046531
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 3.46857778 969.51746222 0.96951746 3.46857778
B-2 0.00000000 3.46857500 969.51746667 0.96951747 3.46857500
B-3 0.00000000 3.46857778 969.51746667 0.96951747 3.46857778
B-4 0.00000000 3.46857333 969.51746667 0.96951747 3.46857333
B-5 0.00000000 3.46857778 969.51746667 0.96951747 3.46857778
B-6 0.30196065 3.46855877 969.51746271 0.96951746 3.16659813
<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 967,834.69 0.00000% 937,136.40 0.00 0.00 0.00
A-1 293,033,277.00 6.25000% 273,848,377.08 1,426,293.63 0.00 0.00
A-R 100.00 6.25000% 0.00 0.00 0.00 0.00
B-1 2,250,000.00 6.25000% 2,189,218.59 11,402.18 0.00 0.00
B-2 1,200,000.00 6.25000% 1,167,583.25 6,081.16 0.00 0.00
B-3 900,000.00 6.25000% 875,687.44 4,560.87 0.00 0.00
B-4 750,000.00 6.25000% 729,739.53 3,800.73 0.00 0.00
B-5 450,000.00 6.25000% 437,843.72 2,280.44 0.00 0.00
B-6 450,025.53 6.25000% 437,868.56 2,280.57 0.00 0.00
Totals 300,001,237.22 1,456,699.58 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 0.00 932,228.45
A-1 0.00 0.00 1,426,293.63 0.00 271,120,100.92
A-R 0.00 0.00 0.00 0.00 0.00
B-1 0.00 0.00 11,402.18 0.00 2,181,414.29
B-2 0.00 0.00 6,081.16 0.00 1,163,420.96
B-3 0.00 0.00 4,560.87 0.00 872,565.72
B-4 0.00 0.00 3,800.73 0.00 727,138.10
B-5 0.00 0.00 2,280.44 0.00 436,282.86
B-6 0.00 0.00 2,280.57 0.00 436,307.61
Totals 0.00 0.00 1,456,699.58 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 967,834.69 0.00000% 968.28147377 0.00000000 0.00000000 0.00000000
A-1 293,033,277.00 6.25000% 934.52996152 4.86734355 0.00000000 0.00000000
A-R 100.00 6.25000% 0.00000000 0.00000000 0.00000000 0.00000000
B-1 2,250,000.00 6.25000% 972.98604000 5.06763556 0.00000000 0.00000000
B-2 1,200,000.00 6.25000% 972.98604167 5.06763333 0.00000000 0.00000000
B-3 900,000.00 6.25000% 972.98604444 5.06763333 0.00000000 0.00000000
B-4 750,000.00 6.25000% 972.98604000 5.06764000 0.00000000 0.00000000
B-5 450,000.00 6.25000% 972.98604444 5.06764444 0.00000000 0.00000000
B-6 450,025.53 6.25000% 972.98604370 5.06764583 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 963.21041148
A-1 0.00000000 0.00000000 4.86734355 0.00000000 925.21949621
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 5.06763556 0.00000000 969.51746222
B-2 0.00000000 0.00000000 5.06763333 0.00000000 969.51746667
B-3 0.00000000 0.00000000 5.06763333 0.00000000 969.51746667
B-4 0.00000000 0.00000000 5.06764000 0.00000000 969.51746667
B-5 0.00000000 0.00000000 5.06764444 0.00000000 969.51746667
B-6 0.00000000 0.00000000 5.06764583 0.00000000 969.51746271
<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 ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 60,833.94
Deposits
Payments of Interest and Principal 4,306,004.80
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 4,306,004.80
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 60,916.10
Payment of Interest and Principal 4,210,559.34
Total Withdrawals (Pool Distribution Amount) 4,271,475.44
Ending Balance 95,363.30
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 1,522.62
Servicing Fee Support 1,522.62
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 58,463.22
Master Servicing Fee 3,975.50
Supported Prepayment/Curtailment Interest Shortfall 1,522.62
Net Servicing Fee 60,916.10
</TABLE>
<TABLE>
<CAPTION> CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
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 1 307,054.34 0.127714% 0.110503%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 1 43,358.41 0.127714% 0.015604%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 2 350,412.75 0.255428% 0.126107%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 135.89
Cumulative Realized Losses - Includes Interest Shortfall 4,095.64
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 552,275.88
</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 6,000,025.53 2.00000026% 5,817,129.54 2.09347568% 97.899477% 100.000000%
Class B-1 3,750,025.53 1.25000335% 3,635,715.25 1.30842564% 0.787693% 0.000000%
Class B-2 2,550,025.53 0.85000500% 2,472,294.29 0.88973229% 0.420103% 0.000000%
Class B-3 1,650,025.53 0.55000624% 1,599,728.57 0.57571227% 0.315077% 0.000000%
Class B-4 900,025.53 0.30000727% 872,590.47 0.31402892% 0.262564% 0.000000%
Class B-5 450,025.53 0.15000789% 436,307.61 0.15701892% 0.157539% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.157547% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
<S> Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.03333320% 100,000.00 0.03598812%
Fraud 6,000,024.74 2.00000000% 6,000,024.74 2.15929623%
Special Hazard 9,966,333.82 3.32209757% 9,966,333.82 3.58669638%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 15 Year
Weighted Average Gross Coupon 6.815832%
Weighted Average Pass-Through Rate 6.250000%
Weighted Average Maturity(Stepdown Calculation ) 169
Beginning Scheduled Collateral Loan Count 788
Number Of Loans Paid In Full 5
Ending Scheduled Collateral Loan Count 783
Beginning Scheduled Collateral Balance 280,623,454.57
Ending Scheduled Collateral Balance 277,869,458.91
Ending Actual Collateral Balance at 30-Nov-1999 279,169,275.65
Ending Scheduled Balance For Norwest 214,718,231.95
Ending Scheduled Balance For Other Services 63,151,226.96
Monthly P &I Constant 2,523,248.89
Class A Optimal Amount 4,154,569.78
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 227,692,878.40
Ending scheduled Balance For discounted Loans 50,176,580.51
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 270,653,359.04
Greater Than 80%, less than or equal to 85% 2,386,921.06
Greater than 85%, less than or equal to 95% 4,473,968.43
Greater than 95% 527,219.76
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
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