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): January 27, 1997
EQUIVANTAGE ACCEPTANCE CORPORATION (as sponsor under
the Pooling and Servicing Agreement dated as of February 1, 1995
providing for the issuance of EquiVantage Home Equity Loan Trust 1995-1
Home Equity Loan Asset-Backed Certificates, Series 1995-1)
EquiVantage Home Equity Loan Trust 1995-1
(Exact name of registrant as specified in its charter)
New York 33-87040-05 76-0448074
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o EquiVantage Acceptance Corporation
Attention: John E. Smith
13111 Northwest Freeway Houston, TX 77040
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (713) 895-1900
Item 5. Other Events
On behalf of EquiVantage Home Equity Loan
Trust 1995-1 Home Equity Loan Asset-Backed
Certificates Series 1995-1, a Trust created
pursuant to the Pooling and Servicing
Agreement, dated February 1, 1995, by The
First National Bank of Chicago, as trustee for
the Trust, the Trustee has caused to be filed
with the Commission, the Monthly Report
dated January 27, 1997. The Monthly Report is
filed pursuant to and in accordance with
current Commission policy in the area. The
filing of the Monthly Report will occur
subsequent to each monthly distribution to the
holders of the Trust's Class A-1 and Class A-2
Certificates, Due March 25, 2025.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date January 27, 1997.
Principal Interest Ending Balance
927,998.89 123,779.68 19,016,265.58
B. No delinquency in payment under the Certificate
Insurance Policy has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable
under the Certificate Insurance Policy? NO
Amount:
E. Are there any developments with respect to the
Certificate Insurance Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H. Item 4: Submission of Matters to a Vote of Security
Holders: NONE
I. Item 5: Other Information - Form 10-Q, Part II -
Items 1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report for January 27, 1997.
EquiVantage Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1995-1
Distribution Date: 27-Jan-97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Balance
A-1 5567114.20 181324.48 39433.73 220758.21 5385789.72
A-2 14377150.27 746674.41 84345.95 831020.36 13630475.86
R 0.00 0.00 0.00 0.00 0.00
TOTAL 19944264.47 927998.89 123779.68 1051778.57 19016265.58
AMOUNTS PER $1,000 UNIT
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Balance
A-1 367.24811663 11.96150670 2.60134112 14.56284781 355.28660993
A-2 456.37400470 23.70169222 2.67739422 26.37908644 432.67231248
PASS THROUGH RATES
Original Pass Current Pass Next Pass
Class Through Rate Through Rate Through Rate Record Date CUSIP
A-1 8.50000% 8.50000% 8.50000% 31-Dec-96 29476YAA7
A-2 6.97500% 6.60000% 6.35000% 26-Jan-97 29476YAB5
R NA NA NA
SPONSOR: EquiVantage Acceptance Corp.
SERVICER: Transworld Mortgage Corporation
UNDERWRITER: CS First Boston Corporation
Information pursuant to Section 7.8 (a) of the
Pooling and Servicing Agreement dated February 1, 1995
i) Distributions to Class A and Class R Certificates See Page 1
ii) Principal Distributions to the Certificates: Class A-1 Class A-2
Scheduled Principal $5,994.67 $7,412.75
Paid-in-Full Loans $103,725.26 $697,642.36
Prepayments $216.57 $603.15
Liquidation & Insurance Proceeds - Principal $48,977.75 $0.00
Loan Repurchases $0.00 $0.00
Substitution Amounts $0.00 $0.00
Principal Carry Forward Amount $0.00 $0.00
Subordination Deficiency Amount $0.00 $0.00
Subordination Increase Amount $22,410.23 $41,016.15
less: Subordination Reduction Amount $0.00 $0.00
Total Principal Distribution $181,324.48 $746,674.41
iii) Interest distributions to the Certificates See Above
iv) Certificate Principal Balances See Above
Group 1 Group 2
v) Insured Payment to the Certificateholders $0.00 $0.00
vi) Information furnished by the Sponsor pursuant to Section 6049 (d) (7) (c)
vii) Substitution Amounts & Loan Purchase Price Amounts in the distribution
See (ii)
viii) Available Funds Cap Carry Forward Amount $0.00
Available Funds Cap Carry-Forward Amortization Amount to A-2 $0.00
ix) Subordination Reduction Amount See (ii)
x) Current Period Realized Losses $9,306.50
Cumulative Loss Amount 0.241067%
Rolling Three Month Delinquency Rate 10.116991%
Step Down Loss Amount $0.00
12 Month Loss Amount $94,438.76
xi) Certificate Factors Beginning Ending
Certificate Certificate
Balance Balance
Class A-1 0.36724812 0.35528661
Class A-2 0.45637400 0.43267231
Group 1 Group 2
xii) Beg Balance 6127162.70 15244866.47
End Balance 5958941.95 14539208.21
GROUP 1
Delinquency Advances Made $13,537.15
Paid-In-Full Compensating Interest $434.94
Accrued Servicing Fees $2,573.92
Servicing Fees Retained $2,538.34
Interest Remittance from Servicer 62,602.92
Principal Remittance from Servicer 158,914.25
Certificate Account Investment Earnings 149.02
Total Deposit to the Certificate Account 221,666.19
Trustee Fees $231.96
Premium Amount $676.02
Subordination Reduction Amount $0.00
Total Monthly Excess Spread $22,410.23
Total Monthly Excess Cashflow $22,410.23
Available Funds $198,347.98
Net Monthly Excess Cashflow $22,410.23
Total Available Funds $198,347.98
Total Available Funds Shortfall $0.00
Amortized Subordinated Amount Requirement $0.00
Excess Subordinated Amount $0.00
Initial Specified Subordinated Amount $634,980.50
Specified Subordinated Amount $938,164.98
Before Distributions After Distributions
Subordinated Amount $560,048.50 $573,152.23
Specified Increase Amount $303,184.48
Subordination Deficiency Amount $387,422.98
Subordination Deficit $0.00
Subordination Increase Amount $22,410.23
Before Distributions After Distributions
Principal Carry Forward Amount $0.00 $0.00
Reimbursement Amount paid to the Certificate Insurer $0.00
Current Next
Distribution Distribution
Date Date
Weighted Average Coupon 12.95910% 12.88938%
Weighted Average Net Coupon Rate 12.25500% 12.18510%
Remaining Balance of Largest Loan $173,801.38
GROUP 2
Delinquency Advances Made $7,430.41
Paid-In-Full Compensating Interest $1,920.25
Accrued Servicing Fees $6,352.03
Servicing Fees Retained $5,918.23
Interest Remittance from Servicer 126,936.93
Principal Remittance from Servicer 705,658.26
Certificate Account Investment Earnings 733.16
Total Deposit to the Certificate Account 833,328.35
Trustee Fees $599.05
Premium Amount $1,708.94
Subordination Reduction Amount $0.00
Total Monthly Excess Spread $41,016.15
Total Monthly Excess Cashflow $41,016.15
Available Funds $790,004.21
Net Monthly Excess Cashflow $41,016.15
Total Available Funds $790,004.21
Total Available Funds Shortfall $0.00
Amortized Subordinated Amount Requirement $0.00
Excess Subordinated Amount $0.00
Initial Specified Subordinated Amount $787,608.30
Specified Subordinated Amount $1,417,694.94
Before Distributions After Distributions
Subordinated Amount $867,716.20 $908,732.35
Specified Increase Amount $630,086.64
Subordination Deficiency Amount $549,978.74
Subordination Deficit $0.00
Subordination Increase Amount $41,016.15
Before Distributions After Distributions
Principal Carry Forward Amount $0.00 $0.00
Reimbursement Amount paid to the Certificate Insurer $0.00
Current Next
Distribution Distribution
Date Date
Weighted Average Coupon 10.50530% 10.49770%
Weighted Average Net Coupon Rate 9.80570% 9.79770%
Remaining Balance of Largest Loan $332,356.85
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 1995-1
By
Name: Donna Fanning
Title: Assistant Vice President
Dated: January 31, 1997
