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): December 26, 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 December 26, 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 December 26, 1997.
Principal Interest Ending Balance
$459,638.68 $71,665.82 $11,260,044.31
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 December 26, 1997.
EquiVantage Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1995-1
Distribution Date: 26-Dec-97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Balance
A-1 3613535.64 160529.95 25595.88 186125.83 3453005.69
A-2 8106147.35 299108.73 46069.94 345178.67 7807038.62
R 0.00 0.00 0.00 0.00 0.00
TOTAL 11719682.99 459638.68 71665.82 531304.50 11260044.31
AMOUNTS PER $1,000 UNIT
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Balance
A-1 238.37559470 10.58974537 1.68849396 12.27823933 227.78584933
A-2 257.31350506 9.49461099 1.46239850 10.95700949 247.81889407
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% 30-Nov-97 29476YAA7
A-2 6.97500% 6.60000% 6.97500% 25-Dec-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 $3,316.59 $4,936.89
Paid-in-Full Loans $111,344.35 $262,113.16
Prepayments $416.58 $382.33
Liquidation & Insurance Proceeds - Principal $27,994.84 $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 $17,457.59 $31,676.35
less: Subordination Reduction Amount $0.00 $0.00
Total Principal Distribution $160,529.95 $299,108.73
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 $32,536.16
Cumulative Loss Amount 0.845432%
Rolling Three Month Delinquency Rate 13.767080%
Step Down Loss Amount $0.00
12 Month Loss Amount $291,324.99
xi) Certificate Factors Beginning Ending
Certificate Certificate
Balance Balance
Class A-1 0.23837559 0.22778585
Class A-2 0.25731351 0.24781889
Group 1 Group 2
xii) Beg Balance 4245022.42 9304400.00
End Balance 4069413.90 9036967.62
GROUP 1
Delinquency Advances Made $6,633.60
Paid-In-Full Compensating Interest $677.84
Accrued Servicing Fees $1,779.73
Servicing Fees Retained $1,862.77
Interest Remittance from Servicer 43,469.49
Principal Remittance from Servicer 143,072.36
Certificate Account Investment Earnings 168.35
Total Deposit to the Certificate Account 186,710.20
Trustee Fees $150.56
Premium Amount $433.81
Subordination Reduction Amount $0.00
Total Monthly Excess Spread $17,457.59
Total Monthly Excess Cashflow $17,457.59
Available Funds $168,668.24
Net Monthly Excess Cashflow $17,457.59
Total Available Funds $168,668.24
Total Available Funds Shortfall $0.00
Amortized Subordinated Amount Requirement $0.00
Excess Subordinated Amount $0.00
Initial Specified Subordinated Amount $503,672.32
Specified Subordinated Amount $4,117,207.96
Before Distributions After Distributions
Subordinated Amount $631,486.78 $616,408.21
Specified Increase Amount $3,613,535.64
Subordination Deficiency Amount $3,518,257.34
Subordination Deficit $0.00
Subordination Increase Amount $17,457.59
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 12.93180% 12.94740%
Weighted Average Net Coupon Rate 12.22870% 12.24420%
Remaining Balance of Largest Loan $173,801.38
GROUP 2
Delinquency Advances Made $2,220.11
Paid-In-Full Compensating Interest $427.87
Accrued Servicing Fees $3,876.83
Servicing Fees Retained $3,677.01
Interest Remittance from Servicer 78,312.58
Principal Remittance from Servicer 267,432.38
Certificate Account Investment Earnings 751.31
Total Deposit to the Certificate Account 346,496.27
Trustee Fees $337.76
Premium Amount $979.84
Subordination Reduction Amount $0.00
Total Monthly Excess Spread $31,676.35
Total Monthly Excess Cashflow $31,676.35
Available Funds $313,502.32
Net Monthly Excess Cashflow $31,676.35
Total Available Funds $313,502.32
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 $8,893,755.65
Before Distributions After Distributions
Subordinated Amount $1,198,252.65 $1,229,929.00
Specified Increase Amount $8,106,147.35
Subordination Deficiency Amount $7,695,503.00
Subordination Deficit $0.00
Subordination Increase Amount $31,676.35
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 10.66750% 10.61690%
Weighted Average Net Coupon Rate 9.96750% 9.91690%
Remaining Balance of Largest Loan $330,279.50
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: /s/ Donna Fanning
Name: Donna Fanning
Title: Assistant Vice President
Dated: December 31, 1997
