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, 1996
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 33-87040-04 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, 1996. 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, 1996.
Principal Interest Ending Balance
652,486.34 120,958.80 19,944,264.47
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, 1996.
EquiVantage Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1995-1
Distribution Date: 26-Dec-96
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Balance
A-1 5657629.04 90514.84 40074.87 130589.71 5567114.20
A-2 14939121.82 561971.55 80883.93 642855.48 14377150.27
R 0.00 0.00 0.00 0.00 0.00
TOTAL 20596750.86 652486.39 120958.80 773445.19 19944264.47
AMOUNTS PER $1,000 UNIT
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Balance
A-1 373.21914638 5.97102975 2.64363546 8.61466522 367.24811663
A-2 474.21267244 17.83866775 2.56749929 20.40616703 456.37400470
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-96 29476YAA7
A-2 6.97500% 6.28750% 6.60000% 25-Dec-96 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 $5,213.65 $8,631.02
Paid-in-Full Loans $61,413.50 $504,361.40
Prepayments $165.63 $550.88
Liquidation & Insurance Proceeds - Principal $0.00 $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 $23,722.06 $48,428.25
less: Subordination Reduction Amount $0.00 $0.00
Total Principal Distribution $90,514.84 $561,971.55
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 $0.00
Cumulative Loss Amount 0.221123%
Rolling Three Month Delinquency Rate 8.883913%
Step Down Loss Amount $0.00
12 Month Loss Amount $103,183.75
xi) Certificate Factors Beginning Ending
Certificate Certificate
Balance Balance
Class A-1 0.37321915 0.36724812
Class A-2 0.47421267 0.45637400
Group 1 Group 2
xii) Beg Balance 6193955.48 15758409.77
End Balance 6127162.70 15244866.47
GROUP 1
Delinquency Advances Made $13,537.15
Paid-In-Full Compensating Interest $317.70
Accrued Servicing Fees $2,606.62
Servicing Fees Retained $1,991.87
Interest Remittance from Servicer 64,242.82
Principal Remittance from Servicer 66,792.78
Certificate Account Investment Earnings 488.69
Total Deposit to the Certificate Account 131,524.29
Trustee Fees $235.73
Premium Amount $698.85
Subordination Reduction Amount $0.00
Total Monthly Excess Spread $23,722.06
Total Monthly Excess Cashflow $23,722.06
Available Funds $106,867.65
Net Monthly Excess Cashflow $23,722.06
Total Available Funds $106,867.65
Total Available Funds Shortfall $0.00
Amortized Subordinated Amount Requirement $0.00
Excess Subordinated Amount $0.00
Initial Specified Subordinated Amount $641,422.79
Specified Subordinated Amount $793,015.03
Before Distributions After Distributions
Subordinated Amount $536,326.44 $560,048.50
Specified Increase Amount $151,592.24
Subordination Deficiency Amount $256,688.59
Subordination Deficit $0.00
Subordination Increase Amount $23,722.06
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 12.96350% 12.95915%
Weighted Average Net Coupon Rate 12.25850% 12.25500%
Remaining Balance of Largest Loan $173,801.38
GROUP 2
Delinquency Advances Made ($377.76)
Paid-In-Full Compensating Interest $2,439.53
Accrued Servicing Fees $6,566.00
Servicing Fees Retained $6,469.99
Interest Remittance from Servicer 131,123.01
Principal Remittance from Servicer 513,543.30
Certificate Account Investment Earnings 614.83
Total Deposit to the Certificate Account 645,281.14
Trustee Fees $622.46
Premium Amount $1,803.20
Subordination Reduction Amount $0.00
Total Monthly Excess Spread $48,428.25
Total Monthly Excess Cashflow $48,428.25
Available Funds $594,427.23
Net Monthly Excess Cashflow $48,428.25
Total Available Funds $594,427.23
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 $1,102,651.62
Before Distributions After Distributions
Subordinated Amount $819,287.95 $867,716.20
Specified Increase Amount $315,043.32
Subordination Deficiency Amount $283,363.67
Subordination Deficit $0.00
Subordination Increase Amount $48,428.25
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 10.28490% 10.50570%
Weighted Average Net Coupon Rate 9.58490% 9.80570%
Remaining Balance of Largest Loan $332,533.89
EquiVantage Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1995-1
Notice of Revision
The Servicer had incorrectly reported the following items on their Group II
October 18, 1996 report. The Servicer has previously reported these differences
as adjustments to the November 18, 1996 report and the distributions had been
processed with the adjustments. The Servicer has since revised their October
October 18, 1996 and November 18, 1996 reports and requested that the Trustee
reports be revised to reflect the corrections as of the October 18, 1996
reports.
Stated Revised Difference
Removal of Balance on Liquidated Loans 40,102.29 39,770.24 332.05
Principal Collected 14,647.20 14,979.25 (332.05)
Principal Collected on Liquidated Loans 6,394.81 6,726.86 (332.05)
Total Interest Due 138,504.73 137,971.08 533.65
Total Remittance Due 655,616.36 655,414.76 201.60
Realized Losses 41,216.59 40,672.61 543.98
Unrecovered Advances 1,114.30 902.37 211.93
Servicer Fees Retained 6,831.90 6,821.57 10.33
October 25, 1996
Item Stated Revised Difference
Class A-1 Principal Distribution 568,987.07 568,785.51 201.56
Class A-1 Interest Distribution 47,313.77 47,313.77 0.00
Class A-1 Total Distribution 616,300.84 616,099.28 201.56
Class A-1 Ending Certificate Balance 6,110,603.56 6,110,805.12 (201.56)
Class A-2 Principal Distribution 557,213.92 557,213.92 0.00
Class A-2 Interest Distribution 85,690.91 85,690.91 0.00
Class A-2 Total Distribution 642,904.83 642,904.83 0.00
Class A-2 Ending Certificate Balance 15478512.21 15,478,512.21 0.00
Class A-2 Liquidation Proceeds - Principal 6,394.81 6,726.86 (332.05)
Class A-1 Subordination Increase Amount 37,458.67 37,257.11 201.56
Class A-2 Subordination Increase Amount 40,102.29 39,770.24 332.05
Current Period Realized Losses 41,216.59 40,672.61 543.98
Cumulative Loss Amount 0.184748% 0.183582% 0.001166%
12 Month Loss Amount 86,209.96 85,665.98 543.98
Group 1 Trustee Fees 278.32 278.32 0.00
Group 1 Premium Amount 768.51 768.51 0.00
Group 1 Subordinated Amount - Ending 511,740.25 511,538.69 201.56
Group 2 Servicing Fees Retained 6,831.90 6,821.57 10.33
Group 2 Premium Amount 1,939.83 1,939.79 0.04
Group 2 Subordinated Amount - Ending 787,608.30 787,608.30 0.00
November 25, 1996
Item Stated Revised Difference
Class A-1 Principal Distribution 453,177.44 453,176.08 1.36
Class A-1 Interest Distribution 43,283.44 43,284.87 (1.43)
Class A-1 Total Distribution 496,460.88 496,460.95 (0.07)
Class A-1 Ending Certificate Balance 5,657,426.12 5,657,629.04 (202.92)
Class A-2 Principal Distribution 539,188.93 539,390.39 (201.46)
Class A-2 Interest Distribution 83,804.32 83,804.32 0.00
Class A-2 Total Distribution 622,993.25 623,194.71 (201.46)
Class A-2 Ending Certificate Balance 14939323.28 14,939,121.82 201.46
Class A-2 Liquidation Proceeds - Principal 4,076.54 3,744.49 332.05
Class A-1 Subordination Increase Amount 24,789.11 24,787.75 1.36
Class A-2 Subordination Increase Amount 48,663.91 49,197.42 (533.51)
Current Period Realized Losses 16,973.79 17,517.77 (543.98)
Cumulative Loss Amount 0.221123% 0.221123% 0.000000%
12 Month Loss Amount 103,183.75 103,183.75 0.00
Group 1 Trustee Fees 254.61 254.62 (0.01)
Group 1 Premium Amount 710.28 710.30 (0.02)
Group 1 Subordinated Amount - Ending 536,529.30 536,326.44 202.86
Group 2 Servicing Fees Retained 6,754.60 6,764.93 (10.33)
Group 2 Premium Amount 1,873.50 1,873.54 (0.04)
Group 2 Subordinated Amount - Ending 819,086.49 819,287.95 (201.46)
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: December 31, 1996
