<PAGE> 1
                                    UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C.
20549
                                        FORM 10-Q

               Quarterly Report Pursuant to Section
13 or 15(d) of
                         the Securities Exchange Act
of 1934

For the quarter ended March 31,1999 Commission file
number 0-11281

                    NORWEST CONVENTIONAL 1, INC.
                 (Exact name of registrant as
specified in its charter)

            Delaware
41-1462646
(State or other jurisdiction of              (I.R.S.
Employer Identification No.)
incorporation or organization)


1 Home Campus, Des Moines, Iowa
50328
(Address of principal executive offices)
(Zip code)


Registrant's telephone number, including area code
(515) 221-6000

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN
GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND
IS  THEREFORE  FILING  THIS FORM WITH THE REDUCED
DISCLOSURE FORMAT.

Indicate by check mark whether the registrant (1)
has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to
file such reports), and (2) has been subject to
such filing requirements for the past 90 days.  Yes
X  No    .

On April 23, 1999, 1,000 shares of the registrant's
common stock were outstanding.  All common stock of
registrant is held by an affiliate.














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PART I -- FINANCIAL INFORMATION


Item 1.  Financial Statements.


The following statements of the Company are included
herein:

1.  Balance Sheets - March 31,1999 and December 31,
1998.

2.  Statements of Operations - For the quarters
ended March 31,1999 and 1998.

3.  Statements of Operations - For the three months
ended March 31, 1999 and 1998.

4.  Statements of Stockholder's Equity - For the
three months ended
March 31, 1999 and 1998, and the nine months ended
December 31, 1998.


The financial information for the interim periods is
unaudited.  In the opinion of management, all
adjustments necessary for a fair presentation of the
results of operations have been included.  The
results of operations for an interim period are not
necessarily indicative of the results that may be
expected for a full year or any other interim
period.
























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                          NORWEST MORTGAGE
CONVENTIONAL 1, INC.
                          (a wholly-owned subsidiary
of Norwest Mortgage, Inc.)


BALANCE SHEETS

UNAUDITED

                                     March 31,1999
and December 31,1998


                                             March
31,         December 31,
Assets                                        1999
1998

Money market investment, at cost   $ 19,530        $
48,467
Investment securities, at cost           169,605
169,605
Due from parent company                  9,552
10,107


Total assets
$198,687       $228,179

Stockholder's Equity

Common stock, $1 par value:
1,000 shares authorized, issued
and outstanding                            $
1,000       $   1,000

Additional paid-in capital                 197,687
227,179

Total stockholder's equity              $198,687
$228,179


















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                       NORWEST MORTGAGE CONVENTIONAL
1, INC.
                      (a wholly-owned subsidiary of
Norwest Mortgage, Inc.)

                             STATEMENTS OF
OPERATIONS

UNAUDITED

                       For the quarters ended March
31, 1999 and 1998



1999             1998
Income:
     Other interest income                    $  555
$  799
Total income
555              799

Operating expenses:
     Parent company management fee          --
--
     Other operating expenses                  555
799

Total operating expenses                        555
799

Net income before income taxes                --
--

Provision for income taxes                       --
--

Net income                                       $
--            $     --
























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                    NORWEST MORTGAGE CONVENTIONAL 1,
                        INC.
                       (a wholly-owned subsidiary of
Norwest Mortgage, Inc.)

                                    STATEMENTS OF
OPERATIONS

UNAUDITED

                      For the three months ended
Mach 31,1999 and 1998



1999             1998
Income:
     Other interest income                     $ 555
$799
Total income
555                 799

Operating expenses:
     Parent company management fee         --
--
     Other operating expenses                   555
799

Total operating expenses                        555
799

Net income before income taxes               --
--

Provision for income taxes                      --
--

Net income                                        $
--                    $ --























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                 NORWEST MORTGAGE CONVENTIONAL 1,
INC.
                (a wholly-owned subsidiary of
Norwest Mortgage, Inc.)

                  STATEMENTS OF STOCKHOLDER'S EQUITY
                                        UNAUDITED

           For the three months ended March 31, 1999
and March 31, 1998,
                        and the nine months ended
December 31, 1998



Additional
                                    Common   Paid in
Retained
                                      Stock
Capital    Earnings   Total

Balance, December 31, $  1,000 $227,179     --
228,179
        1997

Net income                    --             --
--          --

Balance, March 31,     $ 1,000  $227,179      --
$228,179
        1998

Net income                     --              --
--          --

Balance, December 31,
        1998                 $ 1,000  $227,179
--   $228,179

Net income                     --              --
--          --

Return of Capital
               to parent          --       (29,492)
--    (29,492)

Balance, March 31,     $ 1,000  $197,687       --
$198,687
        1999















<PAGE> 7

Item 2.  Management's Discussion and Analysis of
Financial Condition and
            Results of Operations.


The following narrative by management of the
Company's results of operations is provided in
accordance with General Instruction (H)(2)(a) of
Form 10-Q.

Norwest Mortgage Conventional 1, Inc. (the
Company), was incorporated on October 20, 1983,
under the laws of the State of Delaware, as a
wholly-owned subsidiary of Norwest Mortgage, Inc.
(the parent company).  The parent is the principal
mortgage banking business of Wells Fargo & Company
and derives its' income primarily from mortgage
origination and servicing operations.  The parent
is a wholly-owned subsidiary of Norwest Nova, Inc.,
which is a wholly owned subsidiary of Wells Fargo &
Company. The Company was organized to issue and
sell one series of obligations, consisting of four
classes, collateralized by fully modified, pass-
through, mortgage-backed certificates guaranteed as
to principal and interest by the Government
National Mortgage Association (GNMA), and does not
intend to engage in any other business activities
except activities incidental and necessary to the
foregoing.

The Company had no net income for the quarter and
three months ended March 31, 1999 and 1998. The
management contract requires all available income of
the Company be paid to the parent company as
compensation for management services, reimbursement
of expenses, and as additional purchase for the GNMA
Certificates securing the obligations.  As a result
of the terms of the management contract, it is
anticipated that the Company will have no net income
for a number of subsequent years.

Year 2000 Readiness Disclosure

      The  Company is aware of the issues associated
with  the  programming  code  in  existing  computer
systems  as  the millennium (year 2000)  approaches.
The  "year  2000 problem" is pervasive and  complex;
virtually every computer operation will be  affected
in  some  way by the rollover of the two-digit  year
value  to 00.  The issue is whether computer systems
will  properly recognize date-sensitive  information
when the year changes to 2000.  Systems that do  not
properly  recognize such information could  generate
erroneous  data,  fail or cause  another  system  to
fail.   "Systems"  include all  hardware,  networks,
system and application software, commercial "off-the-
shelf"   software,  data  and  voice   communication
devices,  and  embedded  technology  such  as  date-
impacted  processors in automated  systems  such  as
elevators,  telephone  systems,  security   systems,
vault  systems,  heating  and  cooling  systems  and
others.




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     The  Company's year 2000 readiness projects are
divided into four phases:
       
Phase  I: comprehensive assessment and inventory  of
Systems    intended   to   determine    year    2000
vulnerability and risk;
       
Phase  II:  date  detection on Systems  intended  to
determine which Systems must be remediated and which
Systems  are  compliant  and require  testing  only;
determination of required resources and  costs;  and
the  development of schedules and high-level testing
plans  for the repair, replacement and/or retirement
of   Systems that are not determined to be year 2000
compliant;
       
Phase III: repair, replacement and/or retirement  of
Systems  that  are not determined to  be  year  2000
compliant;  conduct  testing of individual  Systems;
and  plan the integration testing for those  Systems
that   have  interfaces  with  other  Systems   both
internal and external to the company, such as  those
of customers and suppliers; and
       
Phase  IV: integration testing of applicable Systems
to  validate that interfaces with other Systems  are
year   2000   compliant;  and  the  development   of
contingency   plans,  such  as  plans   to   recover
operations and alternatives to mitigate the  effects
of  counterparties  whose own  failure  to  properly
address year 2000 issues may adversely impact  their
ability to perform certain functions.
     
     The   Company  in  respect  to  the  year  2000
project:  (i) has substantially completed Phases  I,
II  and  III; and (ii) anticipates Phase IV will  be
substantially complete by June 30, 1999.
     
     The  cost  to address the Company's  year  2000
projects  are  included as part  of  the  management
contract with its parent company.
     
     In  the event year 2000 problems arise out of  a
failure  of the efforts described above any resulting
disruptions  could  adversely  affect  the   business
operations.














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                           PART II -- OTHER
INFORMATION


Item 1.  Legal Proceedings.

            None.

Item 2.  Changes in Securities.

            Omitted pursuant to General Instruction
(H)(2)(b) of Form
            10-Q.

Item 3.  Defaults Upon Senior Securities.

            Omitted pursuant to General Instruction
(H)(2)(b) of Form
            10-Q.

Item 4.  Submission of Matters to a Vote of Security
Holders.

            Omitted pursuant to General Instruction
(H)(2)(b) of Form 10-Q.

Item 5.  Other Information.

            Omitted pursuant to General Instruction
(H)(2)(b) of Form 10-Q.

Item 6.  Exhibits and Reports on Form 8-K.

            (a)   None.

            (b)   None.


















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                                          SIGNATURES


Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant had duly caused
this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Norwest Mortgage Conventional 1, Inc.



Dated: April 23, 1999

Robert K. Chapman

Chief Financial Officer

(Principal Accounting and

Financial Officer)