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: August 30, 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)
(301) 846-8881
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Registrant's Telephone Number, including area code
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 August 30, 2000, Wells Fargo Asset Securities Corporation, a Delaware
corporation (the "Registrant"), sold Mortgage Pass-Through Certificates, Series
2000-5, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-PO, Class
A-R, Class A-LR, Class B-1, Class B-2 and Class B-3 (the "Offered
Certificates"), having an aggregate original principal balance of
$322,895,942.27. The Offered Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as of August 30, 2000, among the Registrant, Wells
Fargo Bank Minnesota, National Association, as master servicer (the "Master
Servicer" or "Wells Fargo Bank") and First Union National Bank, as trustee (the
"Agreement"), a copy of which is filed as an exhibit hereto. Mortgage
Pass-Through Certificates, Series 2000-5, Class B-4, Class B-5 and Class B-6
Certificates, having an aggregate initial principal balance of $2,768,540.55
(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 99.15% undivided interest in a trust fund (the "Trust Estate"),
consisting principally of a pool 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. 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
Amount is sufficient therefor.
Elections 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 A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class
A-PO, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
Certificates will be treated as "regular interests" in the Upper-Tier REMIC and
the Class A-R and Class A-LR Certificates will be treated as the "residual
interests" in the Upper-Tier REMIC and Lower-Tier REMIC, respectively.
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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 August 30, 2000, among
Wells Fargo Asset Securities
Corporation, Wells Fargo Bank
Minnesota, National Association
and First Union National Bank, as trustee.
<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
August 30, 2000
/s/ Alan S. McKenney
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Alan S. 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 E
Agreement, dated as of August 30, 2000
among Wells Fargo Asset Securities
Corporation, Wells Fargo Bank Minnesota,
National Association and First Union
National Bank, as trustee.
