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: October 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
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On October 30, 2000, Wells Fargo Asset Securities Corporation, a
Delaware corporation (the "Registrant"), sold Mortgage Pass-Through
Certificates, Series 2000-10, Class A-1, Class A-2, Class A-PO, Class A-R, Class
B-1, Class B-2 and Class B-3 (the "Offered Certificates"), having an aggregate
original principal balance of $174,427,767.80. The Offered Certificates were
issued pursuant to a Pooling and Servicing Agreement, dated as of October 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 2000-10, Class B-4,
Class B-5 and Class B-6 Certificates, having an aggregate initial principal
balance of $964,866.96 (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 99.45% 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,
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 employees of various non-participant employees. 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.
An election will be made to treat the Trust Estate as a REMIC for
federal income tax purposes (the "REMIC"). The Class A-1, Class A-2, 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 REMIC and the Class A-R
Certificate will be treated as the "residual interest" in the REMIC.
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ITEM 7. Financial Statements and Exhibits
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(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 October 30, 2000, among Wells Fargo
Asset Securities Corporation, Wells Fargo
Bank Minnesota, National Association and
First Union National Bank, as trustee.
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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
October 30, 2000
/s/ Alan S. McKenney
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Alan S. McKenney
Vice President
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INDEX TO EXHIBITS
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Paper (P) or
Exhibit No. Description Electronic (E)
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(EX-4) Pooling and Servicing E
Agreement, dated as of October 30, 2000
among Wells Fargo Asset Securities
Corporation, Wells Fargo Bank Minnesota,
National Association and First Union
National Bank, as trustee.
