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: May 25, 2000
(Date of earliest event reported)
Commission File No. 333-65481
Wells Fargo Asset Securities Corporation
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Delaware 52-1972128
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(State of Incorporation) (I.R.S. Employer Identification
No.)
7485 New Horizon Way, Frederick, Maryland 21703
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Address of principal executive offices (Zip Code)
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(301) 846-8881
Registrant's Telephone Number, including area code
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Norwest Asset Securities Corporation
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(Former name, former address and former fiscal year, if changed since last
report)
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ITEM 5. Other Events
On May 25, 2000, Wells Fargo Asset Securities Corporation, a
Delaware corporation (the "Registrant"), sold Mortgage Pass-Through
Certificates, Series 2000-2, Class I-A-1, Class I-A-2, Class I-A-6, Class I-A-7,
Class I-A-R, Class I-A-LR, Class I-A-PO, Class II-A-1, Class II-A-2, Class
II-A-PO, Class A-3, Class A-4, Class A-5, Class I-B-1, Class I-B-2, Class I-B-3,
Class II-B-1, Class II-B-2, Class II-B-3 (the "Offered Certificates"), having an
aggregate original principal balance of $263,471,383. The Offered Certificates
were issued pursuant to a Pooling and Servicing Agreement, dated as of May 25,
2000, among the Registrant, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer" or "Norwest Bank") United States Trust
Company of New York, as trustee, and First Union National Bank, as trust
administrator (the "Agreement"), a copy of which is filed as an exhibit hereto.
Mortgage Pass-Through Certificates, Series 2000-2, Class I-B-4, Class I-B-5,
Class I-B-6, Class II-B-4, Class II-B-5 and Class II-B-6 Certificates, having an
aggregate initial principal balance of $1,962,274.64 (the "Private Class B
Certificates" and, together with the Offered Certificates, the "Certificates"),
were also issued pursuant to the Agreement.
As of the date of initial issuance, the Offered Certificates
evidenced an approximate 99.26% undivided interest in a trust fund (the "Trust
Estate"), consisting principally of two pools of fixed interest rate,
conventional, monthly pay, fully-amortizing, one-to four-family residential
first mortgage loans, other than the Fixed Retained Yield (as defined in the
Agreement), which may include loans secured by shares issued by cooperative
housing corporations. Some of the mortgage loans were originated in connection
with the relocation of employees by various corporate employers that
participated in the relocation program of Wells Fargo Home Mortgage, Inc. and of
the employees of various non-participant employers. The remaining undivided
interests in the Trust Estate are evidenced by the Private Class B Certificates.
Distributions on the Private Class B Certificates are subordinated to
distributions on the Offered Certificates.
Interest on the Offered Certificates will be distributed on each
Distribution Date (as defined in the Agreement). Monthly distributions in
reduction of the principal balance of the Offered Certificates will be allocated
to the Offered Certificates in accordance with the priorities set forth in the
Agreement. Distributions of interest and in reduction of principal balance on
any Distribution Date will be made to the extent that the Pool Distribution
Amounts are sufficient therefor.
An election will be made to treat the Trust Estate as two REMICs for
federal income tax purposes (the "Upper-Tier REMIC" and "Lower-Tier REMIC,"
respectively). The Class I-A-1, Class I-A-2, Class I-A-6, Class I-A-7, Class
I-A-PO, Class II-A-1, Class II-A-2, Class II-A-PO, Class I-B-1, Class I-B-2,
Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class II-B-1, Class II-B-2,
Class II-B-3, Class II-B-4, Class II-B-5 and Class II-B-6 Certificates and each
Component of the Class A-3, Class A-4 and Class A-5 Certificates will be treated
as "regular interests" in the Upper-Tier REMIC and the Class I-A-R and Class
I-A-LR Certificates will be treated as the "residual interests" in the
Upper-Tier REMIC and Lower-Tier REMIC, respectively.
<PAGE>
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(EX-4) Pooling and Servicing Agreement, dated
as of May 25, 2000, among Wells Fargo
Asset Securities Corporation, Norwest
Bank Minnesota, National Association,
United States Trust Company of New
York, as trustee, and First Union
National Bank, as trust administrator.
<PAGE>
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.
WELLS FARGO ASSET SECURITIES
CORPORATION
May 25, 2000
/s/ Alan McKenney
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Alan McKenney
Vice President
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INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
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(EX-4) Pooling and Servicing Agreement, E
dated as of May 25, 2000 among
Wells Fargo Asset Securities
Corporation, Norwest Bank
Minnesota, National Association,
United States Trust Company of New
York, as trustee, and First Union
National Bank, as trust
administrator.
