<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 15, 1997
EQCC Home Equity Loan Trust 1997-1
----------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-20675 59-3433079
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(State or other (Commission File (IRS employer
Jurisdiction of Number) Identification No.)
Incorporation
EQCC Home Equity Loan Trust 1997-1
10401 Deerwood Park Blvd.
Jacksonville, Florida 32256
(Address of principal executive offices)
----------------------------------------
Registrant's telephone number including area code: (904) 987-5000
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Item 5. Other Events
------------
The Registrant hereby incorporates by reference the information
contained in Exhibit 99 hereto in response to this Item 5.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
------------------------------------------------------------------
(c) Exhibits
99 Trustee's Remittance Report in respect of the December 1997
Remittance Date.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EQCC Home Equity Loan Trust 1997-1
----------------------------------
(Registrant)
Equicredit Corporation Of America
---------------------------------
as Representative
Dated: March 31, 1998 By: \s\ James B. Dodd
-----------------
Name: James B. Dodd
Title: Vice President/General Counsel
(Duly Authorized Officer)
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
Number Exhibit
- ------- -------
99 Trustee's Remittance Report in respect of the December 1997
Remittance Date.
US Bank National Association
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
FROM Nov. 17, 1997
TO Dec. 15, 1997
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT 16,985,433.31 11,163,096.55 5,822,336.76
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE
(Beginning) 145,139,255.66
CLASS A-2 PRINCIPAL BALANCE
(Beginning) 18,259,000.00
CLASS A-3 PRINCIPAL BALANCE
(Beginning) 127,073,000.00
CLASS A-4 PRINCIPAL BALANCE
(Beginning) 47,407,000.00
CLASS A-5 PRINCIPAL BALANCE
(Beginning) 25,494,000.00
CLASS A-6 PRINCIPAL BALANCE
(Beginning) 33,989,000.00
CLASS A-7 PRINCIPAL BALANCE
(Beginning) 50,000,000.00
CLASS A-8 PRINCIPAL BALANCE
(Beginning) 63,454,782.93
POOL PRINCIPAL BALANCE
(Beginning) 510,816,038.59 447,361,255.66 63,454,782.93
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 251 189 62
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING 13,253,452.31 7,877,610.56 5,375,841.75
(iv)AMOUNT OF CURTAILMENTS RECEIVED 94,121.62 58,929.62 35,192.00
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 645,178.81 613,538.21 31,640.60
(vi INTEREST RECEIVED
ON MORTGAGES 4,133,844.28 3,587,105.86 546,738.42
(vii) AGGREGATE ADVANCE S 3,597,108.25 3,131,510.34 465,597.91
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES &
REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 262 238 24
PRINCIPAL BALANCE 14,110,126.96 12,191,325.28 1,918,801.68
% OF PRINCIPAL 2.841345% 2.779178% 3.312067%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 112 101 11
PRINCIPAL BALANCE 5,662,283.37 4,628,590.84 1,033,692.53
% OF PRINCIPAL 1.140210% 1.055150% 1.784270%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 289 265 24
PRINCIPAL BALANCE 16,496,512.78 14,287,083.49 2,209,429.29
% OF PRINCIPAL 3.321890% 3.256935% 3.813723%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 113 103 10
PRINCIPAL BALANCE 5,958,575.84 5,136,593.22 821,982.62
% OF PRINCIPAL 1.199874% 1.170956% 1.418834%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 6 5 1
PRINCIPAL BALANCE 373,442.83 252,121.45 121,321.38
% OF PRINCIPAL 0.08% 0.06% 0.21%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 9 8 1
PRINCIPAL BALANCE 476,846.06 360,829.89 116,016.17
% OF PRINCIPAL 0.10% 0.08% 0.20%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 54 53 1
PRINCIPAL BALANCE 3,116,289.69 2,992,961.94 123,327.75
% OF PRINCIPAL 0.63% 0.68% 0.21%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 62 53 9
PRINCIPAL BALANCE 3,799,556.16 3,103,974.52 695,581.64
% OF PRINCIPAL 0.765114% 0.707593% 1.200652%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 0 1
PRINCIPAL BALANCE 61,124.84 0.00 61,124.84
% OF PRINCIPAL 0.01% 0.00% 0.11%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 59,893.27 59,893.27 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 60 52 8
PRINCIPAL BALANCE 3,678,538.05 3,044,081.25 634,456.80
% OF PRINCIPAL 0.74% 0.69% 1.10%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a. above):
NUMBER 0 0 0
PRINCIPAL BALANCE 0 0 0
% OF PRINCIPAL 0 0 0
e. MORTGAGE LOAN LOSSES 123,757.14 108,866.65 14,890.49
(ix) ENDING CLASS A-1
PRINCIPAL BALANCE 136,444,546.99
ENDING CLASS A-2
PRINCIPAL BALANCE 18,259,000.00
ENDING CLASS A-3
PRINCIPAL BALANCE 127,073,000.00
ENDING CLASS A-4
PRINCIPAL BALANCE 47,407,000.00
ENDING CLASS A-5
PRINCIPAL BALANCE 25,494,000.00
ENDING CLASS A-6
PRINCIPAL BALANCE 33,989,000.00
ENDING CLASS A-7
PRINCIPAL BALANCE 50,000,000.00
ENDING CLASS A-8
PRINCIPAL BALANCE 57,933,654.30
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
158.73367055 166.47733748 100.09957133
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
10.68577984% 10.702484% 10.559296%
(xi) SERVICING FEES PAID 232,542.58 201,316.47 31,226.11
SERVICING FEES ACCRUED 250,407.13 220,677.62 29,729.51
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
10,144.02
(xiii) POOL PRINCIPAL BALANCE (ENDING)
496,600,201.29 438,666,546.99 57,933,654.30
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 20,218.01
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)
10,885 10,110 775
NUMBER OF MORTGAGES OUTSTANDING (END)
10,634 9,921 713
(xvii)AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
4,462,461.04 3,937,437.23 525,023.81
(xviii)PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.17% 601,321.37
PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.26%1,139,446.29
(xviiii)SUBORDINATED AMOUNT (REMAINING)
78,529,753.43
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)
26,289,738.34
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
203,135.57
EXCESS SPREAD 1,338,918.77 1,139,505.08 199,413.69
(xx)AGGREGATE MORTGAGE LOAN LOSSES 203,135.57
(xxi) LIBOR INTEREST CARRYOVER 0
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
FROM: Nov. 17, 1997
TO: Dec. 15, 1997
SECURITY DESC. RATE MATURITY ORIGINAL FACE BEGINNING BALANCE
PRINCIPAL REDUCTIONS ENDING BALANCE INTEREST PAYABLE
CLASS A-1 6.310000% May 15, 2005 196,833,000.00 145,139,255.66
8,694,708.67 136,444,546.99 763,190.59
CLASS A-2 6.610000% June 15, 2006 18,259,000.00 18,259,000.00
0.00 18,259,000.00 100,576.66
CLASS A-3 6.840000% Sept.15, 2011 127,073,000.00 127,073,000.00
0.00 127,073,000.00 724,316.10
CLASS A-4 7.160000% Mar. 15, 2013 47,407,000.00 47,407,000.00
0.00 47,407,000.00 282,861.77
CLASS A-5 7.310000% Oct. 15, 2019 25,494,000.00 25,494,000.00
0.00 25,494,000.00 155,300.95
CLASS A-6 7.560000 May 15, 2028 33,989,000.00 33,989,000.00
0.00 33,989,000.00 214,130.70
CLASS A-7 7.120000% May 15, 2028 50,000,000.00 50,000,000.00
0.00 50,000,000.00 296,666.67
CLASS A-8 5.887500% Nov.15, 2027 101,043,000.00 63,454,782.93
5,521,128.63 57,933,654.30 290,570.03
CLASS R VARIABLE May 15, 2028 0.00 0.00
0.00 0.00 0.00
TOTAL 600,098,000.00 510,816,038.59
14,215,837.30 496,600,201.29 2,827,613.45
CUSIP BAL. PER 1000
BAL. PER 1000 BAL. PER 1000 BAL. PER 1000
CLASS A-1 268917CZ2 737.37257299
44.17302317 693.19954982 3.87735078
CLASS A-2 268917DA6 1,000.00000000
0.00000000 1000.00000000 5.50833333
CLASS A-3 268917DB4 1,000.00000000
0.00000000 1000.00000000 5.70000000
CLASS A-4 268917DC2 1,000.00000000
0.00000000 1000.00000000 5.96666667
CLASS A-5 268917DD0 1,000.00000000
0.00000000 1000.00000000 6.09166667
CLASS A-6 268917DE8 1,000.00000000
0.00000000 1000.00000000 6.30000000
CLASS A-7 268917DF5 1,000.00000000
0.00000000 1000.00000000 5.93333333
CLASS A-8 268917DG3 627.99781212
54.64137674 573.35643538 2.87570665
CLASS R
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
PYMT PER FROM DATE Nov. 17, 1997
PYMT PER TO DATE Dec. 15, 1997
US Bank National Association
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3
196,833,000.00 18,259,000.00 127,073,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
145,139,255.66 737.37257299
CLASS A-2 PRINCIPAL BALANCE (Beginning)
18,259,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning)
127,073,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning)
47,407,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)
25,494,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)
33,989,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)
50,000,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning)
63,454,782.93
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
447,361,255.66 2272.79600301 24500.86289830 3520.50597420
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
63,454,782.93
Total POOL PRINCIPAL BALANCE (Beginning)
510,816,038.59 2595.17478568 27976.12347828 4019.86290235
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
251
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
7,877,610.56 40.02179797
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING
5,375,841.75
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
13,253,452.31
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
58,929.62 0.29938892
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
35,192.00
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
94,121.62
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
613,538.21 3.11704953
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
31,640.60
MONTHLY PAYMENTS RECEIVED - Total Pool
645,178.81
ENDING CLASS A-1 PRINCIPAL BALANCE
136,444,546.99 693.19954982
ENDING CLASS A-2 PRINCIPAL BALANCE
18,259,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE
127,073,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE
47,407,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE
25,494,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE
33,989,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE
50,000,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE
57,933,654.30
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
438,666,546.9 2228.62297984 24024.67533764 3452.08303093
Variable Rate POOL PRINCIPAL BALANCE (Ending)
57,933,654.30
Total POOL PRINCIPAL BALANCE (Ending)
496,600,201.29 2522.95195059 27197.55743962 3907.99147962
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5
47,407,000.00 25,494,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
145,139,255.66
CLASS A-2 PRINCIPAL BALANCE (Beginning)
18,259,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)
127,073,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)
47,407,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning)
25,494,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning)
33,989,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)
50,000,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning)
63,454,782.93
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
447,361,255.66 9436.60758242 17547.70752569
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
63,454,782.93
Total POOL PRINCIPAL BALANCE (Beginning)
510,816,038.59 10775.11841268 20036.71603475
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
251
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
7,877,610.56
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING
5,375,841.75
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
13,253,452.31
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
58,929.62
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
35,192.00
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
94,121.62
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
613,538.21
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
31,640.60
MONTHLY PAYMENTS RECEIVED - Total Pool
645,178.81
ENDING CLASS A-1 PRINCIPAL BALANCE
136,444,546.99
ENDING CLASS A-2 PRINCIPAL BALANCE
18,259,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE
127,073,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE
47,407,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE
25,494,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE
33,989,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE
50,000,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE
57,933,654.30
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
438,666,546.99 9253.20199527 17206.65831137
Variable Rate POOL PRINCIPAL BALANCE (Ending)
57,933,654.30
Total POOL PRINCIPAL BALANCE (Ending)
496,600,201.29 10475.25051765 19479.10101553
PER $1000 PER $1000 PER $1000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-6 CLASS A-7 CLASS A-8
33,989,000.00 50,000,000.00 101,043,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
145,139,255.66
CLASS A-2 PRINCIPAL BALANCE (Beginning)
18,259,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)
127,073,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)
47,407,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)
25,494,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)
33,989,000.00 1000.00000000
CLASS A-7 PRINCIPAL BALANCE (Beginning)
50,000,000.00 1000.00000000
CLASS A-8 PRINCIPAL BALANCE (Beginning)
63,454,782.93 627.99781212
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
447,361,255.66 13161.94226544 6947.22511320
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
63,454,782.93 627.99781212
Total POOL PRINCIPAL BALANCE (Beginning)
510,816,038.59 15028.86341434 10216.32077180 5055.43222776
MORTGAGES:
NUMBER OF PRINCIPAL PAYMENTS
251
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
7,877,610.56 0.0000000 0.00000000
PRINCIPAL BALANCE OF Var.Rate MORTGAGES PREPAYING
5,375,841.75 53.20350494
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
13,253,452.31
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
58,929.62 0.0000000 0.00000000
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
35,192.00 0.34828738
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
94,121.62
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
613,538.21 0.00000000 0.00000000
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
31,640.60 0.31313995
MONTHLY PAYMENTS RECEIVED - Total Pool
645,178.81
ENDING CLASS A-1 PRINCIPAL BALANCE
136,444,546.99
ENDING CLASS A-2 PRINCIPAL BALANCE
18,259,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE
127,073,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE
47,407,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE
25,494,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE
33,989,000.00 1000.00000000
ENDING CLASS A-7 PRINCIPAL BALANCE
50,000,000.00 1000.00000000
ENDING CLASS A-8 PRINCIPAL BALANCE
57,933,654.30 573.35643538
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
438,666,546.99 12906.13277796 8773.33093980
Variable Rate POOL PRINCIPAL BALANCE (Ending)
57,933,654.30 573.35643538
Total POOL PRINCIPAL BALANCE (Ending)
496,600,201.29 14610.61523899 9932.00402580 4914.74126154
