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) June
25, 1996
Equivantage Home Equity Loan Trust 1996-1
(Exact name of registrant as specified in its charter)
New York 33-87040
Applied For
(State or other jurisdiction (Commission
(IRS Employer
of incorporation or File Number)
Identification
organization) Number)
c/o Equivantage Acceptance Corp.
Attention: John Smith
13111 Northwest Freeway
Houston, Texas _______77040_____
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number including area code
(713) 895-1957
Equivantage Home Equity Loan Trust 1996-1
Form 8-K
INDEX
Page
Number
Item 5. Other Events
3
Item 7. Financial Statements and Exhibits
3
SIGNATURES 4
INDEX OF EXHIBITS 5
ITEM 5. OTHER EVENTS
The Equivantage Home Equity Loan Trust 1996-1 makes
monthly remittances to security holders. The latest
remittance was made June 25, 1996. We have furnished a
monthly remittance statement delivered to the trustee with
security holder payment instructions.
Monthly Remittance
Statement.................................................
.. ......Exhibit 21.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
21.1 Monthly Remittance Statement dated as of June 25,
1996.
SIGNATURES
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
thereunto duly authorized.
Equivantage Home Equity Loan
Trust 1996-1
(Registrant)
By: Norwest Bank of Minnesota,
N.A.
Name: Kris Solie - Johnson
Title: Corporate Trust Officer
INDEX OF EXHIBITS
Page of
Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-
14 as of June 25, 1996.
EXHIBIT 21.1 PAGE 6
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2085
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2085
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Series Structure Summary
Aggregate Realized
Aggregate
Ending
Class
Original Principal Losses
Principal
Aggregate Interest Undistributed Principal
Class Description Principal Type Interest Type
Balance Pass Through Rate Balance Reduction
Shortfall Principal Factor
__________________________________________________________
__
__________________________________________________________
__ _______________________________________________
A Senior Pass Through Variable
75,005,000.00 6.55000000% 0.00
0.00 0.00 0.9240073454
R Residual Residual Residual
0.00 0.00000000% 0.00
0.00
0.00 0.0000000000
SUB. Subordinate Support Accretion
4,579.76 391.25722507% 0.00
0.00 0.00 206.7074497354
__________________________________________________________
__
__________________________________________________________
__ _______________________________________________
Totals
75,009,579.76 0.00
0.00 0.00 0.9365715909
Report 1
06/18/96 -- 5:19pm
Page 1 of 1
EXHIBIT 21.1 PAGE 7
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid
Denny Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Class Distribution Summary
Beginning
Principal Ending
Pass Through
Principal Total Interest Total
Principal Balance Principal
Total
Class Record Date Rate
Balance Distribution Distribution
Reduction Balance
Distribution
__________________________________________________________
__
__________________________________________________________
__ ____________________________________
A 05/31/1996 6.55000000%
70,537,267.85 385,015.92
1,232,096.91
0.00 69,305,170.94 1,617,112.83
R 05/31/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
SUB. 05/31/1996 391.25722507%
713,903.82 0.00
0.00
0.00 946,670.51 0.00
__________________________________________________________
__
__________________________________________________________
__ ____________________________________
Totals
71,251,171.67 385,015.92 1,232,096.91
0.00 70,251,841.45 1,617,112.83
Report 2
06/18/96 -- 5:19pm
Page 1 of 1
EXHIBIT 21.1 PAGE 8
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting
Month: May 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway
Distribution
Date: June 25, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class
Distribution Per 1,000 of Original Balance
Total Other
Total Interest Scheduled Principal Total
Principal Principal Ending
Distribution Principal Distribution
Distribution
Balance Principal
Class Cusip Original Balance
Factor Factor Factor Factor
Reduction Factor
__________________________________________________________
__
__________________________________________________________
__ _____________________________
A 29476YAF6 75,005,000.00
5.13320339 0.91240557 12.41110913 16.42686368
0.00000000 0.9240073454
R N/A 0.00
N/A N/A N/A N/A
N/A N/A
SUB. N/A 4,579.76
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 206.7074497354
__________________________________________________________
__
__________________________________________________________
__ _____________________________
Totals 75,009,579.76
0.9365715909
Report 3
06/18/96 -- 5:19pm
Page 1 of 1
EXHIBIT 21.1 PAGE 9
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid
Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2085
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Principal Distribution
Beginning
Principal Ending Current
Principal Scheduled
Unscheduled Other
Total
Principal Balance Principal
Undistributed
Class Balance Principal
Principal Accretion Principal
Distribution Reduction* Balance Principal
__________________________________________________________
__
__________________________________________________________
__ ____________________________________________
A 70,537,267.85 68,434.98
930,895.24 232,766.69 0.00
1,232,096.91 0.00
69,305,170.94
0.00
R 0.00
0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
SUB. 713,903.82 0.00
0.00 (232,766.69) 0.00 0.00
0.00 946,670.51 0.00
__________________________________________________________
__
__________________________________________________________
__ ____________________________________________
Totals 71,251,171.67 68,434.98
930,895.24 0.00 0.00
1,232,096.91 0.00 70,251,841.45
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance
Reduction 0.00
Other
0.00
Notes:
Accretion Amount represents the Subordination
Increase Amount.
Report 4
06/18/96 -- 5:19pm
Page 1 of 1
EXHIBIT 21.1 PAGE 10
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: June 25, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class Interest Distribution
Beginning Negative
Ending
Principal/
Interest
Amortization
Principal/
Notional
Interest Shortfall/
Other
Interest Total Interest Notional
Class Pass-Through Rate Balance
Accrual (Recovery) Accretion Interest
Reduction Distribution Balance
__________________________________________________________
__
__________________________________________________________
__ _____________________________________________
A 6.55000000% 70,537,267.85
385,015.92 0.00 0.00
0.00 0.00 385,015.92 69,305,170.94
R 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
SUB. 391.25722507% 713,903.82
232,766.69 0.00 232,766.69
0.00 0.00 0.00 946,670.51
__________________________________________________________
__
__________________________________________________________
__ _____________________________________________
Totals
617,782.61 0.00 232,766.69
0.00 0.00 385,015.92
Report 5
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Page 1 of 1
EXHIBIT 21.1 PAGE 11
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid
Denny Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2085 11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-
4167 Columbia, MD 21044-7800
Fund Account Summary
__________________________________________________________
__
__________________________________________________________
__ ______________________________________________________
Proceeds Account
Beginning Balance
0.00
DEPOSITS:
WITHDRAWALS:
Interest Net of Servicing Fee
629,613.92 Interest Payments
385,015.92
Scheduled Principal
68,434.98
Scheduled Principal Payment
68,434.98 Other Principal
930,895.24
Other Principal Payments
1,163,661.93 Negative Amortization
0.00
Reserve Fund 1
0.00 Deposits from Reserve Fund
0.00
Fees and Expenses
11,831.31 Gain/Loss Adjustment
0.00
Other Withdrawals
0.00 Other Deposits
0.00
Total Deposit
1,628,944.14 Total Withdrawals
1,628,944.14
Ending Balance
0.00
__________________________________________________________
__
__________________________________________________________
__ ______________________________________________________
Report 6
06/18/96 -- 5:19pm
Page 1 of 1
EXHIBIT 21.1 PAGE 12
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid
Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2085
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Loss/Delinquency Detail
Current Current Current
Current Total Aggregate Aggregate
Aggregate Aggregate Total
Fraud Bankruptcy Special Hazard
Credit Current Fraud Bankruptcy
Special Hazard Credit Aggregate
Pool # Losses Losses Losses
Losses Losses Losses Losses
Losses Losses Losses
__________________________________________________________
__
__________________________________________________________
__ _________________________________________________
X 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
__________________________________________________________
__
__________________________________________________________
__
_________________________________________________
Totals 0.00 0.00
0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
__________________________________________________________
__
__________________________________________________________
__ ________________________________________
30 Days Delinquent 60 Days Delinquent
90 Days Delinquent Foreclosures
REO's Totals
Number Balance Number
Balance Number Balance
Number Balance Number
Balance Number Balance
X 27 1,565,179.39 10
541,888.62
3 120,138.93 3 249,669.01 0
0.00 43 2,476,875.95
__________________________________________________________
__
__________________________________________________________
__ ________________________________________
Totals 27 1,565,179.39 10
541,888.62
3 120,138.93 3 249,669.01 0
0.00 43 2,476,875.95
Report 7
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Page 1 of 1
EXHIBIT 21.1 PAGE 13
EquiVantage
Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting
Month: May 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
__________________________________________________________
__ _____________________________________________
Monthly P&I Constant
726,791.85| 726,791.85
|
Positive Amortization
68,434.98| 68,434.98
Negative Amortization
0.00| 0.00
Regular Curtailments
5,368.65| 5,368.65
Regular Curtailment Interest
0.00| 0.00
Prepaid Curtailments
0.00| 0.00
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
925,526.59| 925,526.59
Principal Adjustments
0.00| 0.00
Total Principal Trust Distribution
999,330.22| 999,330.22
|
Scheduled Interest
658,356.87| 658,356.87
Servicing Fee
28,742.95| 28,742.95
Master Servicing Fee
2,559.58| 2,559.58
Spread
0.00| 0.00
Total Pass-Through Interest
617,782.61| 617,782.61
|
Beginning Balance
71,251,171.67| 71,251,171.67
Ending Balance
70,251,841.45| 70,251,841.45
Gross P&I Distribution
1,628,944.14| 1,628,944.14
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
1,628,944.14| 1,628,944.14
|
Beginning Loan Count
1237| 1237
Number of Loan Payoffs
17| 17
Ending Loan Count
1220| 1220
|
Weighted Average Maturity 245.0000000000|
245.0000000000 Weighted Average Gross Rate
11.087933360%| 11.087933360% Weighted
Average Net Rate 10.603849540%|
10.603849540% Weighted Average Pass-Through
Rate 10.404588640%| 10.404588640%
Weighted Average Margin
0.000000000%| 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00
Current Period Interest
608,895.77| 608,895.77
|
|
Report 8
06/18/96 -- 5:19pm
Page 1 of 1
EXHIBIT 21.1 PAGE 14
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid
Denny Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2085 11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-
4167 Columbia, MD 21044-7800
Credit Enhancement Summary
Initial Current Current
Current Current Current
Coverage Period Period Cumulative
Coverage Coverage Pool
Type/Purpose
Amount Losses Additions Losses
Percentage Amount Balance
__________________________________________________________
__
__________________________________________________________
__ ___________________________________________
Subordination
4,579.76 0.00 0.00 0.00
1.34753836% 946,670.51 70,251,841.45
Principal
Distribution
Scheduled Unscheduled
Amount Percentage
Payment Payment
_________________________________________________________
__ Senior 999,330.22 100.00000000%
100.00000000% 100.00000000%
Subordinate 0.00 0.00000000%
0.00000000% 0.00000000%
Report 9
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