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): June 25, 1999
NORWEST ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1999-17 Trust
New York (governing law of 333-65481-18 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 June 25, 1999 a distribution was made to holders of NORWEST ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1999-17
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
1999-17 Trust, relating to the June 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 1999-17 Trust
By: Norwest Bank Minnesota, N.A., as Master Servicer
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 7/2/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1999-17 Trust, relating to the June 25,
1999 distribution.
<TABLE>
<CAPTION>
Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 5/31/99
Distribution Date: 6/25/99
NASCOR Series: 1999-17
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 NMB9917PO PO 0.00000% 1,663,497.87 0.00 18,489.75
A-1 66937RVV8 SEQ 6.25000% 46,032,900.00 239,754.69 421,600.00
A-2 66937RVW6 SEQ 6.25000% 155,000,000.00 807,291.67 211,842.70
A-3 66937RVX4 SEQ 6.75000% 14,408,000.00 81,045.00 0.00
A-4 66937RVY2 PO 0.00000% 1,292,000.00 0.00 0.00
A-R 66937RVZ9 R 6.25000% 100.00 0.52 100.00
B-1 66937RWA3 SUB 6.25000% 4,165,000.00 21,692.71 3,662.57
B-2 66937RWB1 SUB 6.25000% 901,000.00 4,692.71 792.31
B-3 66937RWC9 SUB 6.25000% 563,000.00 2,932.29 495.08
B-4 66937RXJ3 SUB 6.25000% 563,000.00 2,932.29 495.08
B-5 66937RXK0 SUB 6.25000% 225,000.00 1,171.88 197.86
B-6 66937RXL8 SUB 6.25000% 338,103.87 1,760.96 224.44
Totals 225,151,601.74 1,163,274.72 657,899.79
</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 1,645,008.12 18,489.75 0.00
A-1 0.00 45,611,300.00 661,354.69 0.00
A-2 0.00 154,788,157.30 1,019,134.37 0.00
A-3 0.00 14,408,000.00 81,045.00 0.00
A-4 0.00 1,292,000.00 0.00 0.00
A-R 0.00 0.00 100.52 0.00
B-1 0.00 4,161,337.43 25,355.28 0.00
B-2 0.00 900,207.69 5,485.02 0.00
B-3 0.00 562,504.92 3,427.37 0.00
B-4 0.00 562,504.92 3,427.37 0.00
B-5 0.00 224,802.14 1,369.74 0.00
B-6 72.88 337,806.55 1,985.40 72.88
Totals 72.88 224,493,629.07 1,821,174.51 72.88
<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 1,663,497.87 1,663,497.87 1,602.95 16,886.80 0.00 0.00
A-1 46,032,900.00 46,032,900.00 126,829.55 294,770.45 0.00 0.00
A-2 155,000,000.00 155,000,000.00 63,728.45 148,114.25 0.00 0.00
A-3 14,408,000.00 14,408,000.00 0.00 0.00 0.00 0.00
A-4 1,292,000.00 1,292,000.00 0.00 0.00 0.00 0.00
A-R 100.00 100.00 30.08 69.92 0.00 0.00
B-1 4,165,000.00 4,165,000.00 3,662.57 0.00 0.00 0.00
B-2 901,000.00 901,000.00 792.31 0.00 0.00 0.00
B-3 563,000.00 563,000.00 495.08 0.00 0.00 0.00
B-4 563,000.00 563,000.00 495.08 0.00 0.00 0.00
B-5 225,000.00 225,000.00 197.86 0.00 0.00 0.00
B-6 338,103.87 338,103.87 224.44 0.00 0.00 72.88
Totals 225,151,601.74 225,151,601.74 198,058.37 459,841.42 0.00 72.88
<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 18,489.75 1,645,008.12 0.98888502 18,489.75
A-1 421,600.00 45,611,300.00 0.99084133 421,600.00
A-2 211,842.70 154,788,157.30 0.99863327 211,842.70
A-3 0.00 14,408,000.00 1.00000000 0.00
A-4 0.00 1,292,000.00 1.00000000 0.00
A-R 100.00 0.00 0.00000000 100.00
B-1 3,662.57 4,161,337.43 0.99912063 3,662.57
B-2 792.31 900,207.69 0.99912063 792.31
B-3 495.08 562,504.92 0.99912064 495.08
B-4 495.08 562,504.92 0.99912064 495.08
B-5 197.86 224,802.14 0.99912062 197.86
B-6 297.32 337,806.55 0.99912063 224.44
Totals 657,972.67 224,493,629.07 0.99707765 657,899.79
</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 1,663,497.87 1000.00000000 0.96360208 10.15138060 0.00000000
A-1 46,032,900.00 1000.00000000 2.75519357 6.40347339 0.00000000
A-2 155,000,000.00 1000.00000000 0.41115129 0.95557581 0.00000000
A-3 14,408,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 1,292,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 1000.00000000 300.80000000 699.20000000 0.00000000
B-1 4,165,000.00 1000.00000000 0.87936855 0.00000000 0.00000000
B-2 901,000.00 1000.00000000 0.87936737 0.00000000 0.00000000
B-3 563,000.00 1000.00000000 0.87936057 0.00000000 0.00000000
B-4 563,000.00 1000.00000000 0.87936057 0.00000000 0.00000000
B-5 225,000.00 1000.00000000 0.87937778 0.00000000 0.00000000
B-6 338,103.87 1000.00000000 0.66381967 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 11.11498267 988.88501733 0.98888502 11.11498267
A-1 0.00000000 9.15866695 990.84133305 0.99084133 9.15866695
A-2 0.00000000 1.36672710 998.63327290 0.99863327 1.36672710
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-R 0.00000000 1000.00000000 0.00000000 0.00000000 1000.00000000
B-1 0.00000000 0.87936855 999.12063145 0.99912063 0.87936855
B-2 0.00000000 0.87936737 999.12063263 0.99912063 0.87936737
B-3 0.00000000 0.87936057 999.12063943 0.99912064 0.87936057
B-4 0.00000000 0.87936057 999.12063943 0.99912064 0.87936057
B-5 0.00000000 0.87937778 999.12062222 0.99912062 0.87937778
B-6 0.21555506 0.87937473 999.12062527 0.99912063 0.66381967
<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 1,663,497.87 0.00000% 1,663,497.87 0.00 0.00 0.00
A-1 46,032,900.00 6.25000% 46,032,900.00 239,754.69 0.00 0.00
A-2 155,000,000.00 6.25000% 155,000,000.00 807,291.67 0.00 0.00
A-3 14,408,000.00 6.75000% 14,408,000.00 81,045.00 0.00 0.00
A-4 1,292,000.00 0.00000% 1,292,000.00 0.00 0.00 0.00
A-R 100.00 6.25000% 100.00 0.52 0.00 0.00
B-1 4,165,000.00 6.25000% 4,165,000.00 21,692.71 0.00 0.00
B-2 901,000.00 6.25000% 901,000.00 4,692.71 0.00 0.00
B-3 563,000.00 6.25000% 563,000.00 2,932.29 0.00 0.00
B-4 563,000.00 6.25000% 563,000.00 2,932.29 0.00 0.00
B-5 225,000.00 6.25000% 225,000.00 1,171.88 0.00 0.00
B-6 338,103.87 6.25000% 338,103.87 1,760.96 0.00 0.00
Totals 225,151,601.74 1,163,274.72 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 1,645,008.12
A-1 0.00 0.00 239,754.69 0.00 45,611,300.00
A-2 0.00 0.00 807,291.67 0.00 154,788,157.30
A-3 0.00 0.00 81,045.00 0.00 14,408,000.00
A-4 0.00 0.00 0.00 0.00 1,292,000.00
A-R 0.00 0.00 0.52 0.00 0.00
B-1 0.00 0.00 21,692.71 0.00 4,161,337.43
B-2 0.00 0.00 4,692.71 0.00 900,207.69
B-3 0.00 0.00 2,932.29 0.00 562,504.92
B-4 0.00 0.00 2,932.29 0.00 562,504.92
B-5 0.00 0.00 1,171.88 0.00 224,802.14
B-6 0.00 0.00 1,760.96 0.00 337,806.55
Totals 0.00 0.00 1,163,274.72 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 1,663,497.87 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
A-1 46,032,900.00 6.25000% 1000.00000000 5.20833339 0.00000000 0.00000000
A-2 155,000,000.00 6.25000% 1000.00000000 5.20833335 0.00000000 0.00000000
A-3 14,408,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-4 1,292,000.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 6.25000% 1000.00000000 5.20000000 0.00000000 0.00000000
B-1 4,165,000.00 6.25000% 1000.00000000 5.20833373 0.00000000 0.00000000
B-2 901,000.00 6.25000% 1000.00000000 5.20833518 0.00000000 0.00000000
B-3 563,000.00 6.25000% 1000.00000000 5.20833037 0.00000000 0.00000000
B-4 563,000.00 6.25000% 1000.00000000 5.20833037 0.00000000 0.00000000
B-5 225,000.00 6.25000% 1000.00000000 5.20835556 0.00000000 0.00000000
B-6 338,103.87 6.25000% 1000.00000000 5.20834027 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 988.88501733
A-1 0.00000000 0.00000000 5.20833339 0.00000000 990.84133305
A-2 0.00000000 0.00000000 5.20833335 0.00000000 998.63327290
A-3 0.00000000 0.00000000 5.62500000 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 5.20000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 5.20833373 0.00000000 999.12063145
B-2 0.00000000 0.00000000 5.20833518 0.00000000 999.12063263
B-3 0.00000000 0.00000000 5.20833037 0.00000000 999.12063943
B-4 0.00000000 0.00000000 5.20833037 0.00000000 999.12063943
B-5 0.00000000 0.00000000 5.20835556 0.00000000 999.12062222
B-6 0.00000000 0.00000000 5.20834027 0.00000000 999.12062527
<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 1,916,971.53
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 1,916,971.53
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 61,425.06
Payment of Interest and Principal 1,821,894.90
Total Withdrawals (Pool Distribution Amount) 1,883,319.96
Ending Balance 33,651.43
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 857.77
Servicing Fee Support 857.77
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 59,093.36
Master Servicing Fee 3,189.61
Supported Prepayment/Curtailment Interest Shortfall 857.77
Net Servicing Fee 61,425.20
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 720.40 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 0 0.00 0.000000% 0.000000%
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 0 0.00 0.000000% 0.000000%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 72.88
Cumulative Realized Losses - Includes Interest Shortfall 72.88
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 343,052.89
</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 6,755,103.87 3.00024686% 6,749,163.65 3.00639429% 96.971413% 100.000000%
Class B-1 2,590,103.87 1.15038216% 2,587,826.22 1.15273927% 1.867338% 0.000000%
Class B-2 1,689,103.87 0.75020735% 1,687,618.53 0.75174451% 0.403955% 0.000000%
Class B-3 1,126,103.87 0.50015361% 1,125,113.61 0.50117841% 0.252416% 0.000000%
Class B-4 563,103.87 0.25009987% 562,608.69 0.25061232% 0.252416% 0.000000%
Class B-5 338,103.87 0.15016721% 337,806.55 0.15047489% 0.100877% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.151586% 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 100,000.00 0.04441452% 100,000.00 0.04454469%
Fraud 4,503,032.03 2.00000000% 4,503,032.03 2.00586184%
Special Hazard 2,357,418.60 1.04703612% 2,357,418.60 1.05010490%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 year - Relocation
Weighted Average Gross Coupon 6.728774%
Weighted Average Pass-Through Rate 6.250000%
Weighted Average Maturity(Stepdown Calculation ) 357
Begining Scheduled Collateral Loan Count 642
Number Of Loans Paid In Full 2
Ending Scheduled Collateral Loan Count 640
Beginning Scheduled Collateral Balance 225,151,601.74
Ending Scheduled Collateral Balance 224,493,629.07
Ending Actual Collateral Balance at 31-May-1999 224,380,780.43
Ending Scheduled Balance For Norwest 154,670,680.74
Ending Scheduled Balance For Other Services 69,822,948.33
Monthly P &I Constant 1,426,623.41
Class A Optimal Amount 1,761,634.58
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 115,106,378.36
Ending scheduled Balance For discounted Loans 109,387,250.71
Unpaid Principal Balance Of Outstanding Mortgage Loans
With Original LTV:
Less Than Or Equal To 80% 176,732,921.91
Greater Than 80%, less than or equal to 85% 6,351,404.42
Greater than 85%, less than or equal to 95% 41,449,226.04
Greater than 95% 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
