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) May 28,
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 May 28, 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 May 28,
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 May 28, 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: April 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway Distribution Date:
May 28, 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
0.9404342091
R Residual Residual Residual 0.00
0.00000000% 0.00 0.00 0.00
0.0000000000
SUB. Subordinate Support Accretion 4,579.76
587.29153669% 0.00 0.00 0.00
155.8823650148
____________________________________________________________
____________________________________________________________
_______________________________________________ Totals
75,009,579.76 0.00 0.00 0.00
0.9498942921
Report 1 05/16/96 -- 3:00pm
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:
April 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway Distribution Date:
May 28, 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 04/30/1996
6.55000000% 71,477,363.15 390,147.27
940,095.30 0.00 70,537,267.85 1,330,242.57
R 04/30/1996 0.00000000% 0.00 0.00
0.00 0.00 0.00 0.00
SUB. 04/30/1996 587.29153669% 479,320.00 0.00
0.00 0.00 713,903.82 0.00
____________________________________________________________
____________________________________________________________
____________________________________ Totals
71,956,683.15 390,147.27 940,095.30 0.00
71,251,171.67 1,330,242.57
Report 2 05/16/96 -- 3:00pm
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: April 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway Distribution Date:
May 28, 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 5.20161683 0.91166736
8.49452530 12.53376842 0.00000000 0.9404342091
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
155.8823650148
____________________________________________________________
____________________________________________________________
_____________________________ Totals
75,009,579.76
0.9498942921
Report 3 05/16/96 -- 3:00pm
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:
April 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway Distribution Date:
May 28, 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
71,477,363.15 68,379.61 637,131.87
234,583.82 0.00 940,095.30
0.00 70,537,267.85 0.00
R 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00
SUB. 479,320.00 0.00 0.00
(234,583.82) 0.00 0.00
0.00 713,903.82 0.00
____________________________________________________________
____________________________________________________________
____________________________________________ Totals
71,956,683.15 68,379.61 637,131.87
0.00 0.00 940,095.30 0.00
71,251,171.67 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 05/16/96 -- 3:00pm
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: April 1996
Phone: (410) 884-2085
11000 Broken Land Parkway Distribution
Date: May 28, 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% 71,477,363.15 390,147.27 0.00
0.00 0.00 0.00 390,147.27
70,537,267.85
R 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
SUB. 587.29153669% 479,320.00 234,583.82
0.00 234,583.82 0.00 0.00
0.00 713,903.82
____________________________________________________________
____________________________________________________________
_____________________________________________ Totals
624,731.09 0.00 234,583.82
0.00 0.00 390,147.27
Report 5 05/16/96 -- 3:00pm
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: April 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway Distribution Date:
May 28, 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
636,758.26 Interest Payments
390,147.27
Scheduled Principal
68,379.61 Scheduled Principal Payment
68,379.61
Other Principal
637,131.87 Other Principal Payments
871,715.69
Negative Amortization 0.00 Reserve
Fund 1 0.00
Deposits from Reserve Fund 0.00 Fees
and Expenses 12,027.17
Gain/Loss Adjustment 0.00 Other
Withdrawals 0.00
Other Deposits 0.00
Total Deposit 1,342,269.74 Total
Withdrawals
1,342,269.74
Ending Balance
0.00
____________________________________________________________
____________________________________________________________
______________________________________________________
Report 6
05/16/96 -- 3:00pm
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:
April 1996 Phone: (410) 884-
2085
11000 Broken Land Parkway Distribution Date:
May 28, 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 16 808,399.31 1
43,923.52 2 76,215.41 3 249,669.01
0 0.00 22 1,178,207.25
____________________________________________________________
____________________________________________________________
________________________________________ Totals
16 808,399.31 1 43,923.52 2
76,215.41 3 249,669.01 0 0.00
22 1,178,207.25
Report 7 05/16/96 -- 3:00pm
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:
April 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway Distribution Date:
May 28, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
____________________________________________________________
_____________________________________________ Monthly P&I
Constant 735,461.20| 735,461.20
|
Positive Amortization 68,379.61| 68,379.61
Negative Amortization 0.00|
0.00
Regular Curtailments 4,479.33| 4,479.33
Regular Curtailment Interest 0.00|
0.00
Prepaid Curtailments 0.00|
0.00
Prepaid Curtailment Interest 0.00|
0.00
Liquidations 632,652.54| 632,652.54
Principal Adjustments 0.00|
0.00
Total Principal Trust Distribution
705,511.48| 705,511.48
|
Scheduled Interest 667,081.59| 667,081.59
Servicing Fee 30,323.33| 30,323.33
Master Servicing Fee 2,590.92| 2,590.92
Spread 0.00| 0.00
Total Pass-Through Interest
624,731.09| 624,731.09
|
Beginning Balance 71,956,683.15|
71,956,683.15
Ending Balance 71,251,171.67| 71,251,171.67
Gross P&I Distribution 1,342,269.74|
1,342,269.74
Realized Losses/(Gains) 0.00|
0.00
Net P&I Trust Distribution 1,342,269.74|
1,342,269.74
|
Beginning Loan Count 1249| 1249
Number of Loan Payoffs 12| 12
Ending Loan Count 1237| 1237
|
Weighted Average Maturity 245.0000000000|
245.0000000000
Weighted Average Gross Rate 11.124719380%|
11.124719380%
Weighted Average Net Rate 10.619026310%|
10.619026310%
Weighted Average Pass-Through Rate 10.418452810%|
10.418452810%
Weighted Average Margin 0.000000000%|
0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00|
0.00
Current Period Interest 585,466.43| 585,466.43
|
|
Report 8
05/16/96 -- 3:00pm
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: April 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway
Distribution Date: May 28, 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
1.00195380% 713,903.82 71,251,171.67
Principal
Distribution Scheduled
Unscheduled
Amount Percentage
Payment Payment
___________________________________________________________
Senior 705,511.48 100.00000000% 100.00000000%
100.00000000%
Subordinate 0.00 0.00000000%
0.00000000% 0.00000000%
Report 9 05/16/96 -- 3:00pm
Page 1 of 1
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