October 8, 1996
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington D.C. 20549
Re: Equivantage Home
Equity Loan Trust, 1996-3
(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 August 27, 1996
(the "Trust Agreement") among Equivantage
Acceptance Corp., as issuer (the "Issuer"),
Equivantage, 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 will represent undivided
ownership interests in a pool of closed-end
fixed-rate, first and junior lien mortgage
loans, representing three classes of beneficial
interests therein. The certificates relating to
three 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 Howie
Schickler, of Dewey Ballantine, counsel to the
Depositor at (212) 259-7008 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)
September 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 September 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 September
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
19963
(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 September 25, 1996.
EXHIBIT 21.1 PAGE 6
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-
2114
11000 Broken Land Parkway
Distribution Date: September 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 0.9882057802
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 2938933.66738661% 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 0.9940778811
Report 1
09/19/96 -- 5:33pm
Page 1 of 1
EXHIBIT 21.1 PAGE 7
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: August 1996
Phone:
(410) 884-2114
11000 Broken Land Parkway
Distribution Date: September 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 08/30/1996 6.85000000%
74,248,000.00 423,832.33
875,697.23 0.00 73,372,302.77
1,299,529.56
A-2 08/30/1996 7.27500000%
10,000,000.00 60,625.00
0.00
0.00 10,000,000.00 60,625.00
A-3 08/30/1996 7.70000000%
15,752,000.00 101,075.33
0.00
0.00 15,752,000.00 101,075.33
B 08/30/1996
115.75 0.00
0.00
(0.01) 283,600.40
0.00
RU 08/30/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
__________________________________________________________
__
__________________________________________________________
__ ____________________________________
Totals
100,000,115.75 585,532.66 875,697.23
(0.01) 99,407,903.17 1,461,229.89
Notes:
The Record Date is 08/31/96, the last day of the
preceding calendar month.
Report 2
09/19/96 -- 5:33pm
Page 1 of 1
EXHIBIT 21.1 PAGE 8
Equivantage
Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting
Month: August 1996 Phone:
(410) 884-2114
11000 Broken Land Parkway
Distribution
Date: September 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
5.70833329 0.85340521 7.12273664 11.79421978
0.00000000 0.9882057802
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
(0.08639309) 2450.1114470842
RU N/A 0.00
N/A N/A N/A N/A
N/A N/A
__________________________________________________________
__
__________________________________________________________
__ _____________________________
Totals 100,000,115.75
0.9940778811
Report 3
09/19/96 -- 5:33pm
Page 1 of 1
EXHIBIT 21.1 PAGE 9
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-
2114
11000 Broken Land Parkway
Distribution Date: September 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 74,248,000.00 63,363.63
528,848.95 283,484.65
0.00
875,697.23 0.00
73,372,302.77
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 115.75 0.00
0.00 (283,484.64) 0.00 0.00
(0.01) 283,600.40 0.00
RU 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
__________________________________________________________
__
__________________________________________________________
__ ____________________________________________
Totals 100,000,115.75 63,363.63
528,848.95 0.01
0.00
875,697.23 (0.01)
99,407,903.17 0.00
*Principal Balance Reduction
Realized Losses Principal Balance
Reduction (0.01)
Negative Amortization Principal Balance
Reduction 0.00
Other
0.00
Report 4
09/19/96 -- 5:33pm
Page 1 of 1
EXHIBIT 21.1 PAGE 10
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-2114 11000
Broken Land Parkway
Distribution Date: September 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% 74,248,000.00
423,832.33 0.00 0.00
0.00 0.00 423,832.33 73,372,302.77
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 2938933.66738661% 115.75
283,484.64 0.01 283,484.64
0.01 0.00 (0.00) 283,600.40
RU 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
__________________________________________________________
__
__________________________________________________________
__ _____________________________________________
Totals
869,017.30 0.01 283,484.64
0.01 0.00 585,532.66
Report 5
09/19/96 -- 5:33pm
Page 1 of 1
EXHIBIT 21.1 PAGE 11
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Andy
Rosenfeld
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-
2114
11000 Broken Land Parkway
Distribution Date: September 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
884,642.31 Interest Payments
585,532.66
Scheduled Principal
63,363.63
Scheduled Principal Payment
63,363.63
Other Principal
528,848.95
Other Principal Payments
812,333.60
Negative Amortization
0.00
Reserve Fund 1
0.00
Deposits from Reserve Fund
0.00
Fees and Expenses
15,625.00
Gain/Loss Adjustment
0.00
Other Withdrawals
0.00
Other Deposits
0.00
Total Deposit
1,476,854.89 Total Withdrawals
1,476,854.89
Ending Balance
0.00
__________________________________________________________
__
__________________________________________________________
__ ______________________________________________________
Report 6
09/19/96 -- 5:33pm
Page 1 of 1
EXHIBIT 21.1 PAGE 12
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-
2114
11000 Broken Land Parkway
Distribution Date: September 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 7 295,780.96 1
36,375.00
0 0.00 0 0.00 0
0.00 8 332,155.96
0 0.00 0
0.00 0 0.00 0
0.00 0
0.00 0 0.00
__________________________________________________________
__
__________________________________________________________
__ ________________________________________
Totals 7 295,780.96 1
36,375.00
0 0.00 0 0.00 0
0.00 8 332,155.96
Report 7
09/19/96 -- 5:33pm
Page 1 of 1
EXHIBIT 21.1 PAGE 13
Equivantage
Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Andy Rosenfeld
Securities Administration Services
Reporting
Month: August 1996 Phone:
(410) 884-2114
11000 Broken Land Parkway
Distribution Date: September 25, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
__________________________________________________________
__ _____________________________________________
Monthly P&I Constant
958,337.81| 958,337.81
|
Positive Amortization
63,363.63| 63,363.63
Negative Amortization
0.00| 0.00
Regular Curtailments
5,348.47| 5,348.47
Regular Curtailment Interest
0.00| 0.00
Prepaid Curtailments
0.00| 0.00
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
523,500.48| 523,500.48
Principal Adjustments
0.00| 0.00
Total Principal Trust Distribution
592,212.58| 592,212.58
|
Scheduled Interest
894,974.18| 894,974.18
Servicing Fee
10,331.87| 10,331.87
Master Servicing Fee
2,291.67| 2,291.67
Spread
0.00| 0.00
Total Pass-Through Interest
869,017.31| 869,017.31
|
Beginning Balance
100,000,115.75| 100,000,115.75
Ending Balance
99,407,903.17| 99,407,903.17
Gross P&I Distribution
1,476,854.89| 1,476,854.89
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
1,476,854.89| 1,476,854.89
|
Beginning Loan Count
1659| 1659
Number of Loan Payoffs
7| 7
Ending Loan Count
1652| 1652
|
Weighted Average Maturity
243.0000000000| 243.0000000000
Weighted Average Gross Rate
10.739677720%| 10.739677720%
Weighted Average Net Rate
10.615695432%| 10.615695432%
Weighted Average Pass-Through Rate
10.428195648%| 10.428195648%
Weighted Average Margin
0.000000000%| 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00
Current Period Interest
673,964.94| 673,964.94
|
|
Report 8
09/19/96 -- 5:33pm
Page 1 of 1
EXHIBIT 21.1 PAGE 14
Equivantage Home Equity Loan Trust 1996-3
Norwest Bank Minnesota, N.A.
Contact: Andy
Rosenfeld
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-
2114
11000 Broken Land Parkway
Distribution Date: September 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 (0.01) 0.00
0.28528959% 283,600.40 99,407,903.17
Principal
Distribution
Scheduled Unscheduled
Amount Percentage
Payment Payment
__________________________________________________________
_ Senior 592,212.58 100.00000000%
100.00000000% 100.00000000%
Subordinate 0.00 0.00000000%
0.00000000% 0.00000000%
Report 9
09/19/96 -- 5:35pm
Page 1 of 1
