SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark One)
| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the period from November 28, 1995(INCEPTION) to December 31, 1995
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 033-87040-02
Equivantage Home Equity Loan Trust, Series 1995-2
(Exact name of registrant as specified in its charter)
New York (governing law of pooling and servicing agreement)
State or other jurisdiction of incorporation or organization)
52-1971911
(I.R.S. Employer Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (410) 884-2000
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
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
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the "Original Form 10-K") filed on March 27, 1996, by Norwest Bank
Minnesota, N.A. (the "Reporting Person"), on behalf of Equivantage Home Equity
Loan Trust, Series 1995-2 (the "Trust"), established pursuant to a Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement") among Equivantage
Acceptance Corp., as Sponsor, (the "Sponsor"), Equivantage Inc., as Servicer,
(the ("Servicer"), and Norwest Bank Minnesota, N.A., as Trustee, ( the
"Trustee"), pursuant to which the Equivantage Home Equity Loan Trust, Series
1995-2, certificates registered under the Securities Act of 1933 (the
"Certificates") were issued. Item 14 of the Original Form 10-K is amended to
read in its entirety as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) Transworld Mortgage Corporation, as Servicer<F1>
99.2 Management Assertion Letter:
(a) Transworld Mortgage Corporation, as Servicer<F1>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or Servicing Agreement, as applicable, of:
(a) Transworld Mortgage Corporation, as Servicer<F1>
(b) Omitted.
(c) Omitted.
(d) Omitted.
<F1> Filed herewith.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized:
Equivantage Home Equity Loan Trust, Series 1995-2
By: Norwest Bank Minnesota, N.A.,
as Trustee
By: /s/ Sherri J. Sharps
By: Sherri J. Sharps
Title: Vice President
Dated: October 1, 1997
EXHIBIT INDEX
Exhibit No.
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) Transworld Mortgage Corporation, as Servicer<F1>
99.2 Management Assertion Letter:
(a) Transworld Mortgage Corporation, as Servicer<F1>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or Servicing Agreement, as applicable, of:
(a) Transworld Mortgage Corporation, as Servicer<F1>
<F1> Filed herewith.
(logo)ERNST & YOUNG LLP One Houston Center Phone: 713 750 1500
Suite 2400 Fax: 713 750 1501
1221 McKinney Street
Houston, Texas 77010-2007
Report on Management's Assertion on Compliance with Minimum
Servicing Standards Set Forth in the
UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
Chairman of the Board
Transworld Mortgage Corporation
We have examined management's assertion that Transworld Mortgage Corporation
(the "Corporation") complied with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION
PROGRAM FOR MORTGAGE BANKERS (USAP) during the year ended December 31, 1995,
included in the accompanying report titled REPORT OF MANAGEMENT. Management
is responsible for the Corporation's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Corporation's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Corporation's
compliance with those requirements and performing such other procedures as
we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Corporation's compliance with
specified requirements.
In our opinion, management's assertion that the Corporation complied with
the aforementioned requirements during the period ended December 31, 1995,
is fairly stated, in all material respects.
/s/Ernst & Young LLP
March 1, 1996
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
(logo)TRANSWORLD
M 0 R T G A G E C 0 R P 0 R A T I 0 N
Management's Assertion on Compliance with Minimum Servicing
Standards Set Forth in the
UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
Report of Management
We, as members of management of Transworld Mortgage Corporation (the
"Corporation"), are responsible for complying with the minimum servicing
standards as set forth in the Mortgage Bankers Association of America's UNIFORM
SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS (USAP). We are also responsible
for establishing and maintaining effective internal control over compliance with
these standards. We have performed an evaluation of the Corporation's compliance
with the minimum servicing standards as set forth in the USAP as of December 31,
1995, and for the period then ended. Based on this evaluation, we assert that
during the year ended December 31, 1995, the Corporation complied with the
minimum servicing standards set forth in the USAP.
/s/Linda J. Shelton
Linda J. Shelton, Vice President of Quality Control
March 1, 1996
13111 NORTHWEST FREEWAY HOUSTON, TEXAS 77040-6311 (713)895-6600
P.O. BOX 1529 HOUSTON, TEXAS 77210-1529
INVESTOR #EO2
(logo)TRANSWORLD
M 0 R T G A G E C 0 R P 0 R A T I 0 N
OFFICER'S CERTIFICATE
FOR
ANNUAL REPORTING TO NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION
(TRUSTEE)
EQUIVANTAGE HOME EQUITY LOAN TRUST
1995-2
The undersigned Officer certifies the following for the fiscal year ending
December 31, 1995:
(A) all premiums for each Hazard Insurance Policy, Flood Insurance Policy
(if applicable) and Primary Mortgage Insurance Policy (if applicable),
with respect to each Mortgaged Property, have been paid and that all
such insurance policies are in full force and effect;
(B) all real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance
on any Mortgaged Property, have been paid, or if any such costs or
expenses have not been paid with respect to any Mortgaged Property, the
reason for the non-payment has been reported to Norwest Bank Minnesota,
National Association;
(C) that he/she has reviewed the activities and performance of the
Sub-Servicer during the preceding fiscal year under the terms of the
Pooling and Servicing Agreement and to the best of my knowledge, the
Sub-Servicer has fulfilled all of its duties, responsibilities or
obligations under this Agreement throughout such year, or if there has
been a default or failure of the Sub-Servicer to perform any of such
duties, responsibilities or obligations, a description of each default
or failure and the nature and status thereof has been reported to
Norwest Bank Minnesota, National Association;
(D) that he/she has confirmed that the Fidelity Bond, the Errors and
Omissions Insurance Policy and any other bonds required under the terms
of the Pooling and Servicing Agreement are in full force and effect;
(E) that the custodial P&I and T&I accounts have been reconciled in
accordance with the terms of Pooling and Servicing Agreement.
TRANSWORLD MORTGAGE CORPORATION Sub-Servicer for
EquiVantage Inc.
Certified By:
/s/Frank D. Feldhaus
Frank D. Feldhaus, Senior Vice President
and Chief Financial Officer
4/28/96
Date
servcert.eol
13111 NORTHWEST FREEWAY HOUSTON, TEXAS 77040-6311 (713) 895-6600
P.O. BOX 1529 HOUSTON, TEXAS 77210-1529
