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) April 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 April 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 April 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 April 25, 1996.
EquiVantage
Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway
Distribution Date: April 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Cover Page
Report Name
Report Number
______________________________________________________________
________________
Series Structure Summary
1
Class Distribution Summary
2
Class Distribution Per 1,000 of
Original Balance 3
Class Principal Distribution
4
Class Interest Distribution
5
Fund Account Summary
6
Loss/Delinquency Detail
7
Collateral Summary
8
Credit Enhancement Summary
9
Notes:
**Contact InvestorDirect (SM) at (800) 605-4167 to obtain
additional collateral and security information.
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: April 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 0.9529679775
R Residual Residual Residual
0.00 0.00000000% 0.00 0.00
0.00 0.0000000000
SUB. Subordinate Support Accretion
4,579.76 1176.85990221% 0.00
0.00 0.00 104.6605062274
______________________________________________________________
______________________________________________________________
___________________________________________
Totals
75,009,579.76 0.00
0.00 0.00 0.9592999105
Report 1
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EquiVantage
Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway
Distribution Date: April 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 03/29/1996 6.55000000% 73,252,810.23
399,838.26 1,775,447.08 0.00
71,477,363.15 2,175,285.34
R 03/29/1996 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00
SUB. 03/29/1996 1176.85990221% 241,993.23
0.00 0.00 0.00 479,320.00
0.00
______________________________________________________________
______________________________________________________________
________________________________
Totals 73,494,803.46
399,838.26 1,775,447.08 0.00
71,956,683.15 2,175,285.34
Report 2
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EquiVantage Home
Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway Distribution
Date: April 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
5.33082141 0.87535311 19.63155056 23.67104966
0.00000000 0.9529679775
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 104.6605062274
______________________________________________________________
______________________________________________________________
_________________________
Totals 75,009,579.76
0.9592999105
Report 3
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EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: April 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 73,252,810.23 65,655.86 1,472,464.45
237,326.77 0.00 1,775,447.08 0.00
71,477,363.15 0.00
R 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00
SUB. 241,993.23 0.00 0.00
(237,326.77) 0.00 0.00
0.00 479,320.00 0.00
______________________________________________________________
______________________________________________________________
________________________________________
Totals 73,494,803.46 65,655.86 1,472,464.45
0.00 0.00 1,775,447.08 0.00
71,956,683.15 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
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EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: April 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% 73,252,810.23
399,838.26 0.00 0.00 0.00
0.00 399,838.26 71,477,363.15
R 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
SUB. 1176.85990221% 241,993.23
237,326.77 0.00 237,326.77 0.00
0.00 0.00 479,320.00
______________________________________________________________
______________________________________________________________
_________________________________________
Totals
637,165.03 0.00 237,326.77 0.00
0.00 399,838.26
Report 5
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EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: April 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 649,377.09
Interest Payments 399,838.26
Scheduled Principal 65,655.86
Scheduled Principal Payment 65,655.86
Other Principal 1,472,464.45
Other Principal Payments 1,709,791.22
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 12,212.06
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
2,187,497.40 Total Withdrawals
2,187,497.40
Ending Balance
0.00
______________________________________________________________
______________________________________________________________
__________________________________________________
Report 6
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EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: April 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 10 466,054.64 1 47,250.00
2 154,565.41 1 85,090.00 0
0.00 14 752,960.05
______________________________________________________________
______________________________________________________________
____________________________________
Totals 10 466,054.64 1 47,250.00
2 154,565.41 1 85,090.00 0
0.00 14 752,960.05
Report 7
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EquiVantage Home
Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway Distribution
Date: April 25, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
______________________________________________________________
___________________________________________
Monthly P&I Constant
743,169.84| 743,169.84
|
Positive Amortization
65,655.86| 65,655.86
Negative Amortization
0.00| 0.00
Regular Curtailments
85,933.66| 85,933.66
Regular Curtailment Interest
0.00| 0.00
Prepaid Curtailments
1,386,530.79| 1,386,530.79
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
0.00| 0.00
Principal Adjustments
0.00| 0.00
Total Principal Trust Distribution
1,538,120.31| 1,538,120.31
|
Scheduled Interest
677,513.98| 677,513.98
Servicing Fee
28,136.89| 28,136.89
Master Servicing Fee
2,650.10| 2,650.10
Spread
0.00| 0.00
Total Pass-Through Interest
637,165.03| 637,165.03
|
Beginning Balance
73,494,803.46| 73,494,803.46
Ending Balance
71,956,683.15| 71,956,683.15
Gross P&I Distribution
2,187,497.40| 2,187,497.40
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
2,187,497.40| 2,187,497.40
|
Beginning Loan Count
1271| 1271
Number of Loan Payoffs
22| 22
Ending Loan Count
1249| 1249
|
Weighted Average Maturity
246.0000000000| 246.0000000000
Weighted Average Gross Rate
11.062234848%| 11.062234848%
Weighted Average Net Rate
10.602824568%| 10.602824568%
Weighted Average Pass-Through Rate
10.403429892%| 10.403429892%
Weighted Average Margin
0.000000000%| 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00
Current Period Interest
585,655.69| 585,655.69
|
|
Report 8
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Page 1 of 1
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: April 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 0.66612298%
479,320.00 71,956,683.15
Principal
Distribution
Scheduled Unscheduled
Amount Percentage
Payment Payment
___________________________________________________________
Senior 1,538,120.31 100.00000000%
100.00000000% 100.00000000%
Subordinate 0.00 0.00000000%
0.00000000% 0.00000000%
Report 9
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