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) November
25, 1996
Equivantage Home Equity Loan Trust 1996-3
(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 1996-3
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 1996-3 makes monthly
remittances to security holders. The latest remittance was
made November 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 November
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
1996-3
(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 November 25, 1996.
Exhibit 21.1 Page 6
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: October 1996
Phone: (410) 715-7491
11000 Broken Land Parkway
Distribution Date: November 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
74,248,000.00 6.85000000% 0.00
0.00 0.00 0.9574570325
A-2 Senior Sequential Pay Fixed
10,000,000.00 7.27500000% 0.00
0.00 0.00 1.0000000000
A-3 Senior Sequential Pay Fixed
15,752,000.00 7.70000000% 0.00
0.00 0.00 1.0000000000
B Subordinate Support Accretion
115.75 674.69076456% 0.00
0.00 0.00
RU Residual Residual Residual
0.00 0.00000000% 0.00 0.00
0.00 0.0000000000
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
100,000,115.75 0.00
0.00 0.00 0.9734115708
Exhibit 21.1 Page 6
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: October 1996 Phone:
(410) 715-7491
11000 Broken Land Parkway
Distribution Date: November 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 10/31/1996 6.85000000%
72,053,074.12 411,302.96 963,804.37
0.00 71,089,269.75 1,375,107.33
A-2 10/31/1996 7.27500000%
10,000,000.00 60,625.00 0.00
0.00 10,000,000.00 60,625.00
A-3 10/31/1996 7.70000000%
15,752,000.00 101,075.33 0.00
0.00 15,752,000.00 101,075.33
B 10/31/1996 674.69076456%
500,000.00 281,121.16 0.00
0.00 500,000.00 281,121.16
RU 10/31/1996 0.00000000%
0.00 1,940.97 0.00
0.00 0.00 1,940.97
____________________________________________________________
____________________________________________________________
____________________________________
Totals
98,305,074.12 856,065.42 963,804.37
0.00 97,341,269.75 1,819,869.79of 1
Exhibit 21.1 Page 6
Equivantage
Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services Reporting
Month: October 1996 Phone:
(410) 715-7491
11000 Broken Land Parkway Distribution
Date: November 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 29476YAL3 74,248,000.00
5.53958302 1.21610293 11.76477696 12.98087989
0.00000000 0.9574570325
A-2 29476YAM1 10,000,000.00
6.06250000 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-3 29476YAN9 15,752,000.00
6.41666646 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
B N/A 115.75
0.00000000 0.00000000 0.00000000 0.00000000
4319.6544276458
RU N/A 0.00
N/A N/A N/A N/A
N/A N/A
____________________________________________________________
____________________________________________________________
_____________________________
Totals 100,000,115.75
0.9734115708
Exhibit 21.1 Page 6
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: October 1996
Phone: (410) 715-7491
11000 Broken Land Parkway
Distribution Date: November 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 72,053,074.12 90,293.21
873,511.16 0.00 0.00
963,804.37 0.00 71,089,269.75
0.00
A-2 10,000,000.00 0.00
0.00 0.00 0.00 0.00
0.00 10,000,000.00 0.00
A-3 15,752,000.00 0.00
0.00 0.00 0.00 0.00
0.00 15,752,000.00 0.00
B 500,000.00 0.00
0.00 0.00 0.00 0.00
0.00 500,000.00 0.00
RU 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________________
Totals 98,305,074.12 90,293.21
873,511.16 0.00 0.00
963,804.37 0.00 97,341,269.75
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other
0.00
Exhibit 21.1 Page 6
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: October 1996
Phone: (410) 715-7491
11000 Broken Land Parkway
Distribution Date: November 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 6.85000000% 72,053,074.12
411,302.96 0.00 0.00
0.00 0.00 411,302.96 71,089,269.75
A-2 7.27500000% 10,000,000.00
60,625.00 0.00 0.00 0.00
0.00 60,625.00 10,000,000.00
A-3 7.70000000% 15,752,000.00
101,075.33 0.00 0.00
0.00 0.00 101,075.33 15,752,000.00
B 674.69076456% 500,000.00
281,121.15 0.00 0.00
0.01 0.00 281,121.16 500,000.00
RU 0.00000000% 0.00
0.00 (1,940.97) 0.00 0.00
0.00 1,940.97 0.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
854,124.44 (1,940.97) 0.00
0.01 0.00 856,065.42
Exhibit 21.1 Page 6
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: October 1996
Phone: (410) 715-7491
11000 Broken Land Parkway
Distribution Date: November 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 871,352.04
Interest Payments 856,065.42
Scheduled Principal 90,293.21
Scheduled Principal Payment 90,293.21
Other Principal 873,511.16
Other Principal Payments 873,511.16
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 15,286.62
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
1,835,156.41 Total Withdrawals
1,835,156.41
Ending Balance
(0.00)
Exhibit 21.1 Page 6
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: October 1996
Phone: (410) 715-7491
11000 Broken Land Parkway
Distribution Date: November 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
20 1,212,764.16 8 511,924.30
3 127,966.81 3 67,320.50 0
0.00 34 1,919,975.77
____________________________________________________________
____________________________________________________________
________________________________________
Totals 20 1,212,764.16 8 511,924.30
3 127,966.81 3 67,320.50 0
0.00 34 1,919,975.77
Exhibit 21.1 Page 6
Equivantage
Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services Reporting
Month: October 1996 Phone:
(410) 715-7491
11000 Broken Land Parkway
Distribution Date: November 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
____________________________________________________________
_____________________________________________
Monthly P&I Constant
1,000,750.21| 1,000,750.21
|
Positive Amortization
90,293.21| 90,293.21
Negative Amortization
0.00| 0.00
Regular Curtailments
6,692.94| 6,692.94
Regular Curtailment Interest
0.00| 0.00
Prepaid Curtailments
0.00| 0.00
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
866,818.22| 866,818.22
Principal Adjustments
0.00| 0.00
Total Principal Trust Distribution
963,804.37| 963,804.37
|
Scheduled Interest
910,457.00| 910,457.00
Servicing Fee
41,045.93| 41,045.93
Master Servicing Fee
2,245.94| 2,245.94
Spread
0.00| 0.00
Total Pass-Through Interest
854,124.45| 854,124.45
|
Beginning Balance
98,305,074.12| 98,305,074.12
Ending Balance
97,341,269.75| 97,341,269.75
Gross P&I Distribution
1,833,215.44| 1,833,215.44
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
1,833,215.44| 1,833,215.44
|
Beginning Loan Count
1639| 1639
Number of Loan Payoffs
15| 15
Ending Loan Count
1624| 1624
|
Weighted Average Maturity
243.0000000000| 243.0000000000
Weighted Average Gross Rate
11.113855661%| 11.113855608%
Weighted Average Net Rate
10.612812132%| 10.612812132%
Weighted Average Pass-Through Rate
10.426209924%| 10.426209920%
Weighted Average Margin
0.000000000%| 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00
Current Period Interest
0.00| 0.00
Exhibit 21.1 Page 6
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: October 1996
Phone: (410) 715-7491
11000 Broken Land Parkway
Distribution Date: November 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
115.75 0.00 0.00 0.00
0.51365675% 500,000.00 97,341,269.75
Principal
Distribution
Scheduled Unscheduled
Amount Percentage
Payment Payment
___________________________________________________________
Senior 963,804.37 100.00000000%
100.00000000% 100.00000000%
Subordinate 0.00 0.00000000%
0.00000000% 0.00000000%
