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 27, 2000
(Date of earliest event reported)
Commission File No. 333-45578
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
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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 27, 2000, Wells Fargo Asset Securities Corporation, a
Delaware corporation (the "Registrant"), sold Mortgage Asset-Backed Pass-Through
Certificates, Series 2000-1, Class I-A-1, Class I-A-PO, Class II-A-1, Class
II-A-PO, Class II-A-R, Class III-A-1, Class III-A-2, Class III-A-3, Class
III-A-PO, Class B-1, Class B-2 and Class B-3 (the "Offered Certificates"),
having an aggregate original principal balance of $144,296,607. The Offered
Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as
of October 27, 2000, among the Registrant, Wells Fargo Bank Minnesota, National
Association, as master servicer (the "Master Servicer" or "Wells Fargo 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 Asset-Backed Pass-Through Certificates, Series 2000-1,
Class B-4, Class B-5 and Class B-6 Certificates, having an aggregate initial
principal balance of $2,124,786.44 (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 98.55% undivided interest in a trust fund (the "Trust
Estate"), consisting principally of three 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 a REMIC for
federal income tax purposes (the "REMIC"). The Class I-A-1, Clasc I-A-PO, Class
II-A-1, Class II-A-PO, Class III-A-1, Class III-A-2, Class III-A-3, Class
III-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
II-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 27, 2000, among Wells
Fargo Asset Securities Corporation,
Wells Fargo 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.
October 27, 2000
WELLS FARGO ASSET SECURITIES CORPORATION
/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 Agreement, dated as of E
October 27, 2000 among Wells Fargo Asset
Securities Corporation, Wells Fargo Bank
Minnesota, National Association, United
States Trust Company of New York, as trustee,
and First Union National Bank, as trust
administrator.
