July 10, 1996
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington D.C. 20549
Re: Equivantage Home Equity Loan Trust
1996-2
(File #33-99364)
Dear Sirs:
Enclosed herewith for filing on behalf of the trust
fund ( the "Trust") created pursuant to a Trust Agreement
date as of May 23, 1996 (the "Trust Agreement") among
Equivantage Acceptance Corp., as issuer (the "Issuer"),
Equivantage Acceptance Corp. as servicer (the "Servicer")
and Norwest Bank Minnesota, N.A., as trustee ( the
"Trustee"), are exhibits, of a current Report on Form 8-K
(the "Report").
The Trust consists of conventional fixed-rate mortgage
loans representing four classes of beneficial interests
therein. The certificates relating to four of such classes
as registered under the Securities Act of 1933, as amended,
by a Registration Statement on form S-11 (File No. 33-
99364). As a result, the Trust is subject to the filing
requirements in a manner substantially in accordance with
the procedures outlined in numerous no-action letters
already inssued by the staff with respect to substantially
similar trusts (see, for example, Nissan Motor Acceptance
Corp. (August 29,1986) and Security Pacific National Bank
(July 1,1987)), for the same reasons as discussed in such
letters. In particular:
1. The Trust has already filed, within 15 days of its
formation, a Current Report on Form 8-K containing detailed
information about its mortgage pool.
2. The Trust will file, promptly after each
Distribution Date (as defined in the Trust Agreement), a
Current Report on Form 8-K in substantially the form
enclosed herewith ,including as exhibits thereto the
applicable Distribution Date reports. Each such Current
Report will also disclose under Item 5 any matter occurring
during the relevant reporting period which would be
reportable under Item 1, 2, 4 , or 5 of Part II of Form 10-
Q.
3. The Trust will file a Current Report on Form 8-K
within 15 days after the occurrence of any event described
under Item 2,3,4 of 5 thereof, responding to the
requirements of the applicable Item.
4. Within 90 days after the end of each fiscal year,
the Trust will file an annual report on Form 10-K which
responds to Items 2, 3, and 4 of Part I, Items 5 and 9 of
Part II, Items 12 and 13 of Part III and Item 14 of
Part IV thereof, and include as exhibits thereto certain
information form the Distribution Date reports aggregated
for such year and a copy of the independent accountants'
annual compliance statement required the Trust Agreement, in
the manner described in the applicable no-action letters.
The Trust will follow the above procedures except
for any fiscal year as to which its reporting obligations
under Section 15(d) of the Exchange Act have been suspended
pursuant to such Section. In such event, the Trust will
file a Form 15 as required under rule 15d 6.
We have been advised by representatives of the
Office of the Chief Counsel of the Division of Corporation
Finance that following the above procedures would be
acceptable. We assume that the Staff will promptly inform
us if our understanding is incorrect. Please direct any
questions or comments concerning the foregoing to Michael
Knopf, of Dewey Ballantine, counsel to the Depositor at
(212) 259-6768 or, in his absence, Barry Schwartz of
Norwest Bank Minnesota, N.A. at (410) 884-2115.
Very truly yours,
Patrick G. Benz
Tax Accountant
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 1996-2
(Exact name of registrant as specified in its charter)
New York 33-99364
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 1996-2
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 1996-2 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
1996-2
(Registrant)
By: Equivantage Acceptance Corp
(as Sponsor)
Name: John E. Smith
Title: President
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, Series 1996-02
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2080
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
EquiVantage Home Equity Loan Trust, Series 1996-02
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2080
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-1 Senior Sequential Pay Fixed
38,868,000.00 6.72500000% 0.00
0.00 0.00 0.9634844602
A-2 Senior Sequential Pay Fixed
30,620,000.00 7.07500000% 0.00
0.00 0.00 1.0000000000
A-3 Senior Sequential Pay Fixed
15,083,000.00 7.47500000% 0.00
0.00 0.00 1.0000000000
A-4 Senior Sequential Pay Fixed
15,429,000.00 8.05000000% 0.00
0.00 0.00 1.0000000000
SUB. Subordinate Support Accretion
709,671.63 349.21840260% 0.00
0.00 0.00 1.2910153249
R Residual Residual Residual
0.00 0.00000000% 0.00 0.00
0.00 0.0000000000
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
100,709,671.63 0.00
0.00 0.00 0.9879578529
Report 1
06/20/96 -- 4:44pm
Page 1 of 1
EXHIBIT 21.1 PAGE 7
EquiVantage
Home Equity Loan Trust, Series 1996-02
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: May 1996 Phone:
(410) 884-2080
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-1 05/31/1996 6.72500000%
38,868,000.00 217,822.75 1,419,286.00
0.00 37,448,714.00 1,637,108.75
A-2 05/31/1996 7.07500000%
30,620,000.00 180,530.42 0.00
0.00 30,620,000.00 180,530.42
A-3 05/31/1996 7.47500000%
15,083,000.00 93,954.52 0.00
0.00 15,083,000.00 93,954.52
A-4 05/31/1996 8.05000000%
15,429,000.00 103,502.88 0.00
0.00 15,429,000.00 103,502.88
SUB. 05/31/1996 349.21840260%
709,671.63 0.00 0.00
0.01 916,196.95 0.00
R 05/31/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________
Totals
100,709,671.63 595,810.57 1,419,286.00
0.01 99,496,910.95 2,015,096.57
Report 2
06/20/96 -- 4:44pm
Page 1 of 1
EXHIBIT 21.1 PAGE 8
EquiVantage Home
Equity Loan Trust, Series 1996-02
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services Reporting
Month: May 1996 Phone:
(410) 884-2080
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-1 29476YAG4 38,868,000.00
5.60416667 2.01451683 29.18751775 36.51553978
0.00000000 0.9634844602
A-2 29476YAH2 30,620,000.00
5.89583344 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-3 29476YAJ8 15,083,000.00
6.22916661 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-4 29476YAK5 15,429,000.00
6.70833366 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
SUB. N/A 709,671.63
0.00000000 0.00000000 0.00000000 0.00000000
0.00001409 1.2910153249
R N/A 0.00
N/A N/A N/A N/A
N/A N/A
____________________________________________________________
____________________________________________________________
_____________________________
Totals 100,709,671.63
0.9879578529
Report 3
06/20/96 -- 4:44pm
Page 1 of 1
EXHIBIT 21.1 PAGE 9
EquiVantage
Home Equity Loan Trust, Series 1996-02
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2080
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-1 38,868,000.00 78,300.24
1,134,460.44 206,525.32 0.00
1,419,286.00 0.00 37,448,714.00
0.00
A-2 30,620,000.00 0.00
0.00 0.00 0.00 0.00
0.00 30,620,000.00 0.00
A-3 15,083,000.00 0.00
0.00 0.00 0.00 0.00
0.00 15,083,000.00 0.00
A-4 15,429,000.00 0.00
0.00 0.00 0.00 0.00
0.00 15,429,000.00 0.00
SUB. 709,671.63 0.00
0.00 (206,525.33) 0.00 0.00
0.01 916,196.95 0.00
R 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________________
Totals 100,709,671.63 78,300.24
1,134,460.44 (0.01) 0.00
1,419,286.00 0.01 99,496,910.95
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.01
Negative Amortization Principal Balance Reduction
0.00
Other
0.00
Report 4
06/20/96 -- 4:44pm
Page 1 of 1
EXHIBIT 21.1 PAGE 10
EquiVantage
Home Equity Loan Trust, Series 1996-02
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2080
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-1 6.72500000% 38,868,000.00
217,822.75 0.00 0.00
0.00 0.00 217,822.75 37,448,714.00
A-2 7.07500000% 30,620,000.00
180,530.42 0.00 0.00
0.00 0.00 180,530.42 30,620,000.00
A-3 7.47500000% 15,083,000.00
93,954.52 0.00 0.00 0.00
0.00 93,954.52 15,083,000.00
A-4 8.05000000% 15,429,000.00
103,502.88 0.00 0.00
0.00 0.00 103,502.88 15,429,000.00
SUB. 349.21840260% 709,671.63
206,525.33 (0.01) 206,525.33
(0.01) 0.00 0.00 916,196.95
R 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
802,335.90 (0.01) 206,525.33
(0.01) 0.00 595,810.57
Report 5
06/20/96 -- 4:44pm
Page 1 of 1
EXHIBIT 21.1 PAGE 11
EquiVantage Home Equity Loan Trust, Series 1996-02
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2080
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 819,049.19
Interest Payments 595,810.57
Scheduled Principal 78,300.24
Scheduled Principal Payment 78,300.24
Other Principal 1,134,460.44
Other Principal Payments 1,340,985.76
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 16,713.30
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
2,031,809.87 Total Withdrawals
2,031,809.87
Ending Balance
(0.00)
____________________________________________________________
____________________________________________________________
______________________________________________________
Report 6
06/20/96 -- 4:44pm
Page 1 of 1
EXHIBIT 21.1 PAGE 12
EquiVantage Home Equity Loan Trust, Series 1996-02
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2080
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 8 572,365.85 0 0.00
0 0.00 0 0.00 0
0.00 8 572,365.85
____________________________________________________________
____________________________________________________________
________________________________________
Totals 8 572,365.85 0 0.00
0 0.00 0 0.00 0
0.00 8 572,365.85
Report 7
06/20/96 -- 4:45pm
Page 1 of 1
EXHIBIT 21.1 PAGE 13
EquiVantage Home
Equity Loan Trust, Series 1996-02
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services Reporting
Month: May 1996 Phone:
(410) 884-2080
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
908,327.82| 908,327.82
|
Positive Amortization
78,300.24| 78,300.24
Negative Amortization
0.00| 0.00
Regular Curtailments
10,636.71| 10,636.71
Regular Curtailment Interest
0.00| 0.00
Prepaid Curtailments
0.00| 0.00
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
1,123,823.73| 1,123,823.73
Principal Adjustments
0.00| 0.00
Total Principal Trust Distribution
1,212,760.68| 1,212,760.68
|
Scheduled Interest
830,027.58| 830,027.58
Servicing Fee
10,978.39| 10,978.39
Master Servicing Fee
3,541.67| 3,541.67
Spread
0.00| 0.00
Total Pass-Through Interest
802,335.89| 802,335.89
|
Beginning Balance
100,709,671.63| 100,709,671.63
Ending Balance
99,496,910.95| 99,496,910.95
Gross P&I Distribution
2,031,809.87| 2,031,809.87
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
2,031,809.87| 2,031,809.87
|
Beginning Loan Count
1615| 1615
Number of Loan Payoffs
9| 9
Ending Loan Count
1606| 1606
|
Weighted Average Maturity
483.0000000000| 483.0000000000
Weighted Average Gross Rate
9.890143416%| 9.890143416%
Weighted Average Net Rate
9.759331068%| 9.759331068%
Weighted Average Pass-Through Rate
9.560184756%| 9.560184756%
Weighted Average Margin
0.000000000%| 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00
Current Period Interest
601,445.25| 601,445.25
|
|
Report 8
06/20/96 -- 4:45pm
Page 1 of 1
EXHIBIT 21.1 PAGE 14
EquiVantage
Home Equity Loan Trust, Series 1996-02
Norwest Bank Minnesota, N.A.
Contact: Sandro Bonacci
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2080
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
709,671.63 0.01 0.00 0.00
0.92082954% 916,196.95 99,496,910.95
Principal
Distribution
Scheduled Unscheduled
Amount Percentage
Payment Payment
___________________________________________________________
Senior 1,212,760.68 100.00000000%
100.00000000% 100.00000000%
Subordinate 0.00 0.00000000%
0.00000000% 0.00000000%
Report 9
06/20/96 -- 4:46pm
Page 1 of 1
