-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DqezHqLfpbcxPUDnhNUZDz658CxoaC/12hp1bhkPxtrx/MuPN5xW8F3d9d7uBy+q z46HHp+xJzuZYbtAssFNhw== 0001056404-98-000512.txt : 19981209 0001056404-98-000512.hdr.sgml : 19981209 ACCESSION NUMBER: 0001056404-98-000512 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981125 ITEM INFORMATION: FILED AS OF DATE: 19981208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORWEST ASSET SEC CORP MORT PS THR CERT SER 1998-2 TRUST CENTRAL INDEX KEY: 0001056403 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-21263-23 FILM NUMBER: 98765742 BUSINESS ADDRESS: STREET 1: 7495 NEW HORIZON WAY CITY: FREDERICK STATE: MD ZIP: 21703 BUSINESS PHONE: 3016867900 MAIL ADDRESS: STREET 1: NORWEST BANK MINNESOTA N A STREET 2: 7485 NEW HORIZON WAY CITY: FREDERICK STATE: MD ZIP: 21703 8-K 1 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): November 25, 1998 NORWEST ASSET SECURITIES CORPORATOIN Mortgage Pass-Through Certificates, Series 1998-2 Trust New York (governing law of 333-21263-23 52-2079949 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 November 25, 1998 a distribution was made to holders of NORWEST ASSET SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-2 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 1998-2 Trust, relating to the November 25, 1998 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 1998-2 Trust By: Norwest Bank Minnesota, N.A., as Master Servicer By: /s/ Sherri J. Sharps, Vice President By: Sherri J. Sharps, Vice President Date: 12/04/1998 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 1998-2 Trust, relating to the November 25, 1998 distribution. EX-99.1 2
Norwest Asset Securities Corporation Mortgage Pass-Through Certificates Record Date: 10/30/1998 Distribution Date: 11/25/1998 NASCOR Series: 1998-2 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 A-1 66937NYV4 SEQ 6.50000% 102,296,899.91 554,108.21 1,473,529.15 A-2 66937NYW2 SEQ 6.50000% 101,834,320.65 551,602.57 1,348,879.22 A-3 66937NYX0 SEQ 6.50000% 25,000,000.00 135,416.67 0.00 A-R 66937NYY8 R 6.50000% 100.00 0.54 0.00 APO NMB9802PO PO 0.00000% 327,218.89 0.00 390.16 M 66937NYZ5 MEZ 6.50000% 2,861,512.62 15,499.86 2,464.66 B-1 66937NZA9 SUB 6.50000% 2,985,580.98 16,171.90 2,571.52 B-2 66937NZB7 SUB 6.50000% 746,395.25 4,042.97 642.88 B-3 66937NZZ4 SUB 6.50000% 497,265.98 2,693.52 428.30 B-4 66937NA24 SUB 6.50000% 373,197.62 2,021.49 321.44 B-5 66937NA32 SUB 6.50000% 373,739.91 2,024.42 271.35 Totals 237,296,231.81 1,283,582.15 2,829,498.68
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 100,823,370.76 2,027,637.36 0.00 A-2 0.00 100,485,441.43 1,900,481.79 0.00 A-3 0.00 25,000,000.00 135,416.67 0.00 A-R 0.00 100.00 0.54 0.00 APO 0.00 326,828.74 390.16 0.00 M 0.00 2,859,047.96 17,964.52 0.00 B-1 0.00 2,983,009.46 18,743.42 0.00 B-2 0.00 745,752.36 4,685.85 0.00 B-3 0.00 496,837.68 3,121.82 0.00 B-4 0.00 372,876.18 2,342.93 0.00 B-5 50.55 373,418.00 2,295.77 635.97 Totals 50.55 234,466,682.57 4,113,080.83 635.97 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.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 109,241,000.00 102,296,899.91 103,035.04 1,370,494.12 0.00 0.00 A-2 108,191,000.00 101,834,320.65 94,319.02 1,254,560.21 0.00 0.00 A-3 25,000,000.00 25,000,000.00 0.00 0.00 0.00 0.00 A-R 100.00 100.00 0.00 0.00 0.00 0.00 APO 331,570.23 327,218.89 349.33 40.82 0.00 0.00 M 2,883,000.00 2,861,512.62 2,464.66 0.00 0.00 0.00 B-1 3,008,000.00 2,985,580.98 2,571.52 0.00 0.00 0.00 B-2 752,000.00 746,395.25 642.88 0.00 0.00 0.00 B-3 501,000.00 497,265.98 428.30 0.00 0.00 0.00 B-4 376,000.00 373,197.62 321.44 0.00 0.00 0.00 B-5 376,546.36 373,739.91 271.35 0.00 0.00 50.55 Totals 250,660,216.59 237,296,231.81 204,403.54 2,625,095.15 0.00 50.55 (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.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 1,473,529.15 100,823,370.76 0.92294441 1,473,529.15 A-2 1,348,879.22 100,485,441.43 0.92877819 1,348,879.22 A-3 0.00 25,000,000.00 1.00000000 0.00 A-R 0.00 100.00 1.00000000 0.00 APO 390.16 326,828.74 0.98569989 390.16 M 2,464.66 2,859,047.96 0.99169197 2,464.66 B-1 2,571.52 2,983,009.46 0.99169197 2,571.52 B-2 642.88 745,752.36 0.99169197 642.88 B-3 428.30 496,837.68 0.99169198 428.30 B-4 321.44 372,876.18 0.99169197 321.44 B-5 321.90 373,418.00 0.99169197 271.35 Totals 2,829,549.23 234,466,682.57 0.93539647 2,829,498.68
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 109,241,000.00 936.43320649 0.94319019 12.54560211 0.00000000 A-2 108,191,000.00 941.24576582 0.87178250 11.59579087 0.00000000 A-3 25,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 APO 331,570.23 986.87656609 1.05356262 0.12311117 0.00000000 M 2,883,000.00 992.54686785 0.85489421 0.00000000 0.00000000 B-1 3,008,000.00 992.54686835 0.85489362 0.00000000 0.00000000 B-2 752,000.00 992.54687500 0.85489362 0.00000000 0.00000000 B-3 501,000.00 992.54686627 0.85489022 0.00000000 0.00000000 B-4 376,000.00 992.54686170 0.85489362 0.00000000 0.00000000 B-5 376,546.36 992.54686727 0.72062840 0.00000000 0.00000000 (2) Per $1,000 Denomination except for class AR which is $100 Denomination.
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 13.48879221 922.94441428 0.92294441 13.48879221 A-2 0.00000000 12.46757327 928.77819255 0.92877819 12.46757327 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-R 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 APO 0.00000000 1.17670395 985.69989230 0.98569989 1.17670395 M 0.00000000 0.85489421 991.69197364 0.99169197 0.85489421 B-1 0.00000000 0.85489362 991.69197473 0.99169197 0.85489362 B-2 0.00000000 0.85489362 991.69196809 0.99169197 0.85489362 B-3 0.00000000 0.85489022 991.69197605 0.99169198 0.85489022 B-4 0.00000000 0.85489362 991.69196809 0.99169197 0.85489362 B-5 0.13424642 0.85487482 991.69196590 0.99169197 0.72062840 (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.
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 A-1 109,241,000.00 6.50000% 102,296,899.91 554,108.21 0.00 0.00 A-2 108,191,000.00 6.50000% 101,834,320.65 551,602.57 0.00 0.00 A-3 25,000,000.00 6.50000% 25,000,000.00 135,416.67 0.00 0.00 A-R 100.00 6.50000% 100.00 0.54 0.00 0.00 APO 331,570.23 0.00000% 327,218.89 0.00 0.00 0.00 M 2,883,000.00 6.50000% 2,861,512.62 15,499.86 0.00 0.00 B-1 3,008,000.00 6.50000% 2,985,580.98 16,171.90 0.00 0.00 B-2 752,000.00 6.50000% 746,395.25 4,042.97 0.00 0.00 B-3 501,000.00 6.50000% 497,265.98 2,693.52 0.00 0.00 B-4 376,000.00 6.50000% 373,197.62 2,021.49 0.00 0.00 B-5 376,546.36 6.50000% 373,739.91 2,024.42 0.00 0.00 Totals 250,660,216.59 1,283,582.15 0.00 0.00
Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 554,108.21 0.00 100,823,370.76 A-2 0.00 0.00 551,602.57 0.00 100,485,441.43 A-3 0.00 0.00 135,416.67 0.00 25,000,000.00 A-R 0.00 0.00 0.54 0.00 100.00 APO 0.00 0.00 0.00 0.00 326,828.74 M 0.00 0.00 15,499.86 0.00 2,859,047.96 B-1 0.00 0.00 16,171.90 0.00 2,983,009.46 B-2 0.00 0.00 4,042.97 0.00 745,752.36 B-3 0.00 0.00 2,693.52 0.00 496,837.68 B-4 0.00 0.00 2,021.49 0.00 372,876.18 B-5 0.00 0.00 2,024.42 0.00 373,418.00 Totals 0.00 0.00 1,283,582.15 0.00 (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.
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 A-1 109,241,000.00 6.50000% 936.43320649 5.07234655 0.00000000 0.00000000 A-2 108,191,000.00 6.50000% 941.24576582 5.09841456 0.00000000 0.00000000 A-3 25,000,000.00 6.50000% 1000.00000000 5.41666680 0.00000000 0.00000000 A-R 100.00 6.50000% 1000.00000000 5.40000000 0.00000000 0.00000000 APO 331,570.23 0.00000% 986.87656609 0.00000000 0.00000000 0.00000000 M 2,883,000.00 6.50000% 992.54686785 5.37629553 0.00000000 0.00000000 B-1 3,008,000.00 6.50000% 992.54686835 5.37629654 0.00000000 0.00000000 B-2 752,000.00 6.50000% 992.54687500 5.37628989 0.00000000 0.00000000 B-3 501,000.00 6.50000% 992.54686627 5.37628743 0.00000000 0.00000000 B-4 376,000.00 6.50000% 992.54686170 5.37630319 0.00000000 0.00000000 B-5 376,546.36 6.50000% 992.54686727 5.37628355 0.00000000 0.00000000 (5) Per $1,000 Denomination except for class AR which is $100 Denomination.
Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 5.07234655 0.00000000 922.94441428 A-2 0.00000000 0.00000000 5.09841456 0.00000000 928.77819255 A-3 0.00000000 0.00000000 5.41666680 0.00000000 1000.00000000 A-R 0.00000000 0.00000000 5.40000000 0.00000000 1000.00000000 APO 0.00000000 0.00000000 0.00000000 0.00000000 985.69989230 M 0.00000000 0.00000000 5.37629553 0.00000000 991.69197364 B-1 0.00000000 0.00000000 5.37629654 0.00000000 991.69197473 B-2 0.00000000 0.00000000 5.37628989 0.00000000 991.69196809 B-3 0.00000000 0.00000000 5.37628743 0.00000000 991.69197605 B-4 0.00000000 0.00000000 5.37630319 0.00000000 991.69196809 B-5 0.00000000 0.00000000 5.37628355 0.00000000 991.69196590 (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.
CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 4,207,541.35 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 12,848.09 Realized Losses 0.00 Total Deposits 4,220,389.44 Withdrawals Reimbursement for Servicer Advances 60,597.75 Payment of Service Fee 46,710.82 Payment of Interest and Principal 4,113,080.85 Total Withdrawals (Pool Distribution Amount) 4,220,389.42 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 5,889.05 Servicing Fee Support 5,889.05 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 49,435.97 Master Servicing Fee 3,163.90 Supported Prepayment/Curtailment Interest Shortfall 5,889.05 Net Servicing Fee 46,710.83
DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Number Principal Number Unpaid Of Loans Balance Of Loans Balance 30 Days 1 340,748.49 0.129702% 0.145329% 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 1 340,748.49 0.129702% 0.145329%
OTHER INFORMATION Current Period Realized Loss - Includes Interest Shortfall 50.55 Cumulative Realized Losses - Includes Interest Shortfall 635.97 Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 346,166.52
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Next Original $ Original % Current $ Current % Class% Prepayment% Class A 7,896,546.36 3.15029903% 7,830,941.64 3.33989527% 96.655443% 100.000000% Class M 5,013,546.36 2.00013645% 4,971,893.68 2.12051180% 1.221086% 0.000000% Class B-1 2,005,546.36 0.80010557% 1,988,884.22 0.84825878% 1.274029% 0.000000% Class B-2 1,253,546.36 0.50009785% 1,243,131.86 0.53019553% 0.318507% 0.000000% Class B-3 752,546.36 0.30022569% 746,294.18 0.31829434% 0.212197% 0.000000% Class B-4 376,546.36 0.15022183% 373,418.00 0.15926271% 0.159254% 0.000000% Class B-5 0.00 0.00000000% 0.00 0.00000000% 0.159485% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
CREDIT ENHANCEMENT Original $ Original % Current $ Current % Bankruptcy 105,930.64 0.04226065% 105,930.64 0.04517940% Fraud 5,013,204.33 2.00000000% 5,013,204.33 2.13813079% Special Hazard 2,506,602.17 1.00000000% 2,506,602.17 1.06906540% Limit of Subordinate's Exposure to Certain Types of Losses
COLLATERAL STATEMENT Collateral Description Fixed 30 year - Relocation Weighted Average Gross Coupon 7.229240% Weighted Average Pass-Through Rate 6.500000% Weighted Average Maturity(Stepdown Calculation ) 347 Begin Scheduled Collateral Loan Count 778 Number Of Loans Paid In Full 7 End Scheduled Collateral Loan Count 771 Begining Scheduled Collateral Balance 237,296,231.82 Ending Scheduled Collateral Balance 234,466,682.57 Ending Actual Collateral Balance at 30-Oct-1998 234,868,553.25 Ending Scheduled Balance For Norwest 180,711,115.83 Ending Scheduled Balance For Other Services 53,755,566.74 Monthly P &I Constant 1,542,418.97 Class A Optimal Amount 4,063,536.38 Class AP Deferred Amount 0.00 Ending Scheduled Balance for Premium Loans 211,659,107.30 Ending scheduled Balance For discounted Loans 22,807,575.27 Unpaid Principal Balance Of Outstanding Mortgage Loans With Original LTV: Less Than Or Equal To 80% 168,062,743.73 Greater Than 80%, less than or equal to 85% 9,180,463.94 Greater than 85%, less than or equal to 95% 57,263,623.13 Greater than 95% 0.00
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