-----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, G/+ry3yskDtKhDw3HlH1S1yn/ixY3IbuosDe9pvtV+l0SPIPlNHeiFpssmiKzma9 0+q7/NXPNskUWIUe6D48+g== 0001056404-99-000566.txt : 19991018 0001056404-99-000566.hdr.sgml : 19991018 ACCESSION NUMBER: 0001056404-99-000566 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990927 ITEM INFORMATION: FILED AS OF DATE: 19991007 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1999-7 CENTRAL INDEX KEY: 0001082126 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 521972128 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-65481-10 FILM NUMBER: 99724700 BUSINESS ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA STREET 2: 11000 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 4108842000 MAIL ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA STREET 2: 11000 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044-3562 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): September 27, 1999 NORWEST ASSET SECURITIES CORPORATION Mortgage Pass-Through Certificates, Series 1999-7 Trust New York (governing law of 333-65481-10 52-2159079 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 September 27, 1999 a distribution was made to holders of NORWEST ASSET SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1999-7 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 1999-7 Trust, relating to the September 27, 1999 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 1999-7 Trust By: Norwest Bank Minnesota, N.A., as Master Servicer By: /s/ Sherri J. Sharps, Vice President By: Sherri J. Sharps, Vice President Date: 10/5/99 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 1999-7 Trust, relating to the September 27, 1999 distribution. EX-99.1 2
Norwest Asset Securities Corporation Mortgage Pass-Through Certificates Record Date: 8/31/99 Distribution Date: 9/27/99 NASCOR Series: 1999-7 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 APO NMB9907PO PO 0.00000% 160,224.22 0.00 167.44 A-1 66937RMA4 SEQ 6.45000% 207,280,063.32 1,114,130.34 1,972,399.41 A-2 66937RMB2 SEQ 6.00000% 150,688,602.94 753,443.01 1,577,924.79 A-3 66937RMC0 SEQ 6.00000% 15,136,000.00 75,680.00 0.00 A-4 66937RMD8 SEQ 6.55000% 23,638,000.00 129,024.08 0.00 A-5 66937RME6 PO 0.00000% 1,362,000.00 0.00 0.00 A-6 66937RMF3 SEQ 6.25000% 49,750,597.92 259,117.70 42,910.99 A-R 66937RMG1 R 6.25000% 0.00 0.00 0.00 B-1 66937RMH9 SUB 6.25000% 6,965,083.71 36,276.48 6,007.54 B-2 66937RMJ5 SUB 6.25000% 6,716,330.72 34,980.89 5,792.98 B-3 66937RMK2 SUB 6.25000% 2,238,776.91 11,660.30 1,930.99 B-4 66937RPJ2 SUB 6.25000% 1,492,517.94 7,773.53 1,287.33 B-5 66937RPK9 SUB 6.25000% 995,011.96 5,182.35 858.22 B-6 66937RPL7 SUB 6.25000% 995,172.26 5,183.19 600.93 Totals 467,418,381.90 2,432,451.87 3,609,880.62
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses APO 0.00 160,056.79 167.44 0.00 A-1 0.00 205,307,663.90 3,086,529.75 0.00 A-2 0.00 149,110,678.15 2,331,367.80 0.00 A-3 0.00 15,136,000.00 75,680.00 0.00 A-4 0.00 23,638,000.00 129,024.08 0.00 A-5 0.00 1,362,000.00 0.00 0.00 A-6 0.00 49,707,686.93 302,028.69 0.00 A-R 0.00 0.00 0.00 0.00 B-1 0.00 6,959,076.17 42,284.02 0.00 B-2 0.00 6,710,537.74 40,773.87 0.00 B-3 0.00 2,236,845.91 13,591.29 0.00 B-4 0.00 1,491,230.61 9,060.86 0.00 B-5 0.00 994,153.74 6,040.57 0.00 B-6 257.43 994,313.90 5,784.12 2,408.43 Totals 257.43 463,808,243.84 6,042,332.49 2,408.43 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) APO 161,998.35 160,224.22 159.99 7.45 0.00 0.00 A-1 225,188,000.00 207,280,063.32 190,763.07 1,781,636.34 0.00 0.00 A-2 165,015,000.00 150,688,602.94 152,610.97 1,425,313.82 0.00 0.00 A-3 15,136,000.00 15,136,000.00 0.00 0.00 0.00 0.00 A-4 23,638,000.00 23,638,000.00 0.00 0.00 0.00 0.00 A-5 1,362,000.00 1,362,000.00 0.00 0.00 0.00 0.00 A-6 50,000,000.00 49,750,597.92 42,910.99 0.00 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 B-1 7,000,000.00 6,965,083.71 6,007.54 0.00 0.00 0.00 B-2 6,750,000.00 6,716,330.72 5,792.98 0.00 0.00 0.00 B-3 2,250,000.00 2,238,776.91 1,930.99 0.00 0.00 0.00 B-4 1,500,000.00 1,492,517.94 1,287.33 0.00 0.00 0.00 B-5 1,000,000.00 995,011.96 858.22 0.00 0.00 0.00 B-6 1,000,161.10 995,172.26 600.93 0.00 0.00 257.43 Totals 500,001,259.45 467,418,381.90 402,923.01 3,206,957.61 0.00 257.43 (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 APO 167.44 160,056.79 0.98801494 167.44 A-1 1,972,399.41 205,307,663.90 0.91171672 1,972,399.41 A-2 1,577,924.79 149,110,678.15 0.90361893 1,577,924.79 A-3 0.00 15,136,000.00 1.00000000 0.00 A-4 0.00 23,638,000.00 1.00000000 0.00 A-5 0.00 1,362,000.00 1.00000000 0.00 A-6 42,910.99 49,707,686.93 0.99415374 42,910.99 A-R 0.00 0.00 0.00000000 0.00 B-1 6,007.54 6,959,076.17 0.99415374 6,007.54 B-2 5,792.98 6,710,537.74 0.99415374 5,792.98 B-3 1,930.99 2,236,845.91 0.99415374 1,930.99 B-4 1,287.33 1,491,230.61 0.99415374 1,287.33 B-5 858.22 994,153.74 0.99415374 858.22 B-6 858.36 994,313.90 0.99415374 600.93 Totals 3,610,138.05 463,808,243.84 0.92761415 3,609,880.62
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion APO 161,998.35 989.04846870 0.98760265 0.04598812 0.00000000 A-1 225,188,000.00 920.47561735 0.84712804 7.91177301 0.00000000 A-2 165,015,000.00 913.18124377 0.92483089 8.63748035 0.00000000 A-3 15,136,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-4 23,638,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-5 1,362,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-6 50,000,000.00 995.01195840 0.85821980 0.00000000 0.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 7,000,000.00 995.01195857 0.85822000 0.00000000 0.00000000 B-2 6,750,000.00 995.01195852 0.85821926 0.00000000 0.00000000 B-3 2,250,000.00 995.01196000 0.85821778 0.00000000 0.00000000 B-4 1,500,000.00 995.01196000 0.85822000 0.00000000 0.00000000 B-5 1,000,000.00 995.01196000 0.85822000 0.00000000 0.00000000 B-6 1,000,161.10 995.01196357 0.60083321 0.00000000 0.00000000 (2) Per $1,000 Denomination, except Class A-R, which is Per $100 Denomination.
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution APO 0.00000000 1.03359077 988.01493966 0.98801494 1.03359077 A-1 0.00000000 8.75890105 911.71671625 0.91171672 8.75890105 A-2 0.00000000 9.56231124 903.61893252 0.90361893 9.56231124 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-6 0.00000000 0.85821980 994.15373860 0.99415374 0.85821980 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.85822000 994.15373857 0.99415374 0.85822000 B-2 0.00000000 0.85821926 994.15373926 0.99415374 0.85821926 B-3 0.00000000 0.85821778 994.15373778 0.99415374 0.85821778 B-4 0.00000000 0.85822000 994.15374000 0.99415374 0.85822000 B-5 0.00000000 0.85822000 994.15374000 0.99415374 0.85822000 B-6 0.25738853 0.85822174 994.15374183 0.99415374 0.60083321 (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 APO 161,998.35 0.00000% 160,224.22 0.00 0.00 0.00 A-1 225,188,000.00 6.45000% 207,280,063.32 1,114,130.34 0.00 0.00 A-2 165,015,000.00 6.00000% 150,688,602.94 753,443.01 0.00 0.00 A-3 15,136,000.00 6.00000% 15,136,000.00 75,680.00 0.00 0.00 A-4 23,638,000.00 6.55000% 23,638,000.00 129,024.08 0.00 0.00 A-5 1,362,000.00 0.00000% 1,362,000.00 0.00 0.00 0.00 A-6 50,000,000.00 6.25000% 49,750,597.92 259,117.70 0.00 0.00 A-R 100.00 6.25000% 0.00 0.00 0.00 0.00 B-1 7,000,000.00 6.25000% 6,965,083.71 36,276.48 0.00 0.00 B-2 6,750,000.00 6.25000% 6,716,330.72 34,980.89 0.00 0.00 B-3 2,250,000.00 6.25000% 2,238,776.91 11,660.30 0.00 0.00 B-4 1,500,000.00 6.25000% 1,492,517.94 7,773.53 0.00 0.00 B-5 1,000,000.00 6.25000% 995,011.96 5,182.35 0.00 0.00 B-6 1,000,161.10 6.25000% 995,172.26 5,183.19 0.00 0.00 Totals 500,001,259.45 2,432,451.87 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 APO 0.00 0.00 0.00 0.00 160,056.79 A-1 0.00 0.00 1,114,130.34 0.00 205,307,663.90 A-2 0.00 0.00 753,443.01 0.00 149,110,678.15 A-3 0.00 0.00 75,680.00 0.00 15,136,000.00 A-4 0.00 0.00 129,024.08 0.00 23,638,000.00 A-5 0.00 0.00 0.00 0.00 1,362,000.00 A-6 0.00 0.00 259,117.70 0.00 49,707,686.93 A-R 0.00 0.00 0.00 0.00 0.00 B-1 0.00 0.00 36,276.48 0.00 6,959,076.17 B-2 0.00 0.00 34,980.89 0.00 6,710,537.74 B-3 0.00 0.00 11,660.30 0.00 2,236,845.91 B-4 0.00 0.00 7,773.53 0.00 1,491,230.61 B-5 0.00 0.00 5,182.35 0.00 994,153.74 B-6 0.00 0.00 5,183.19 0.00 994,313.90 Totals 0.00 0.00 2,432,451.87 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 APO 161,998.35 0.00000% 989.04846870 0.00000000 0.00000000 0.00000000 A-1 225,188,000.00 6.45000% 920.47561735 4.94755644 0.00000000 0.00000000 A-2 165,015,000.00 6.00000% 913.18124377 4.56590619 0.00000000 0.00000000 A-3 15,136,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 A-4 23,638,000.00 6.55000% 1000.00000000 5.45833319 0.00000000 0.00000000 A-5 1,362,000.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 A-6 50,000,000.00 6.25000% 995.01195840 5.18235400 0.00000000 0.00000000 A-R 100.00 6.25000% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 7,000,000.00 6.25000% 995.01195857 5.18235429 0.00000000 0.00000000 B-2 6,750,000.00 6.25000% 995.01195852 5.18235407 0.00000000 0.00000000 B-3 2,250,000.00 6.25000% 995.01196000 5.18235556 0.00000000 0.00000000 B-4 1,500,000.00 6.25000% 995.01196000 5.18235333 0.00000000 0.00000000 B-5 1,000,000.00 6.25000% 995.01196000 5.18235000 0.00000000 0.00000000 B-6 1,000,161.10 6.25000% 995.01196357 5.18235512 0.00000000 0.00000000 (5) Per $1,000 Denomination, except Class A-R, which is Per $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 APO 0.00000000 0.00000000 0.00000000 0.00000000 988.01493966 A-1 0.00000000 0.00000000 4.94755644 0.00000000 911.71671625 A-2 0.00000000 0.00000000 4.56590619 0.00000000 903.61893252 A-3 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 A-4 0.00000000 0.00000000 5.45833319 0.00000000 1000.00000000 A-5 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 A-6 0.00000000 0.00000000 5.18235400 0.00000000 994.15373860 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 5.18235429 0.00000000 994.15373857 B-2 0.00000000 0.00000000 5.18235407 0.00000000 994.15373926 B-3 0.00000000 0.00000000 5.18235556 0.00000000 994.15373778 B-4 0.00000000 0.00000000 5.18235333 0.00000000 994.15374000 B-5 0.00000000 0.00000000 5.18235000 0.00000000 994.15374000 B-6 0.00000000 0.00000000 5.18235512 0.00000000 994.15374183 (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.
CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 6,178,614.49 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Total Deposits 6,178,614.49 Withdrawals Reimbursement for Servicer Advances 30,921.67 Payment of Service Fee 103,687.70 Payment of Interest and Principal 6,043,514.39 Total Withdrawals (Pool Distribution Amount) 6,178,123.76 Ending Balance 490.73
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 312.48 Servicing Fee Support 312.48 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 97,378.44 Master Servicing Fee 6,621.73 Supported Prepayment/Curtailment Interest Shortfall 312.48 Net Servicing Fee 103,687.70
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 1,181.90 0.00 Reserve Fund 2,500.00 0.00 0.00 2,500.00 Reserve Fund 999.99 0.00 0.00 999.99
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Number Principal Number Unpaid Of Loans Balance Of Loans Balance 30 Days 3 1,151,318.20 0.234192% 0.248232% 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 3 1,151,318.20 0.234192% 0.248232%
OTHER INFORMATION Current Period Realized Loss - Includes Interest Shortfall 257.43 Cumulative Realized Losses - Includes Interest Shortfall 2,408.43 Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 1,350,552.61
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Next Original $ Original % Current $ Current % Class% Prepayment% Class A 19,500,161.10 3.90002240% 19,386,158.07 4.17977868% 95.818778% 100.000000% Class B-1 12,500,161.10 2.50002592% 12,427,081.90 2.67935770% 1.500939% 0.000000% Class B-2 5,750,161.10 1.15002932% 5,716,544.16 1.23252319% 1.447334% 0.000000% Class B-3 3,500,161.10 0.70003046% 3,479,698.25 0.75024502% 0.482445% 0.000000% Class B-4 2,000,161.10 0.40003121% 1,988,467.64 0.42872624% 0.321630% 0.000000% Class B-5 1,000,161.10 0.20003172% 994,313.90 0.21438039% 0.214420% 0.000000% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.214454% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
CREDIT ENHANCEMENT Original $ Original % Current $ Current % Bankruptcy 115,049.53 0.02300985% 115,049.53 0.02480541% Fraud 10,000,025.19 2.00000000% 10,000,025.19 2.15606888% Special Hazard 6,529,675.24 1.30593176% 6,529,675.24 1.40783941% Limit of Subordinate's Exposure to Certain Types of Losses
COLLATERAL STATEMENT Collateral Description Fixed 30 Year Weighted Average Gross Coupon 7.152032% Weighted Average Pass-Through Rate 6.250000% Weighted Average Maturity(Stepdown Calculation ) 350 Beginning Scheduled Collateral Loan Count 1,290 Number Of Loans Paid In Full 9 Ending Scheduled Collateral Loan Count 1,281 Beginning Scheduled Collateral Balance 467,418,381.89 Ending Scheduled Collateral Balance 463,808,243.84 Ending Actual Collateral Balance at 31-Aug-1999 260,393,569.93 Ending Scheduled Balance For Norwest 203,594,990.58 Ending Scheduled Balance For Other Services 260,213,253.26 Monthly P &I Constant 2,943,413.36 Class A Optimal Amount 5,924,630.32 Class AP Deferred Amount 0.00 Ending Scheduled Balance for Premium Loans 453,007,043.07 Ending scheduled Balance For discounted Loans 10,801,200.77 Unpaid Principal Balance Of Outstanding Mortgage Loans With Original LTV: Less Than Or Equal To 80% 425,429,751.67 Greater Than 80%, less than or equal to 85% 5,825,582.88 Greater than 85%, less than or equal to 95% 32,732,955.63 Greater than 95% 0.00
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