<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): February 17, 1998
EQCC Home Equity Loan Trust 1997-1
----------------------------------
(Exact name of registrant as specified in its charter)
United States
of America 333-20675 59-3433079
-------- -------- ----------
(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
<PAGE>
Item 5. Other Events
------------
On January 9, 1998, Barnett Banks, Inc., the parent and sole
stockholder of EquiCredit Corporation, merged with NationsBank
Corporation. As a result EquiCredit Corporation is now an
indirect wholly-owned subsidiary of Nations Bank Corporation.
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 February 1998
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 February 1998
Remittance Date.
US BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
FROM Jan. 15, 1998
TO Feb. 17, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_____________________________________________________________________________
(i) AVAILABLE PAYMENT AMOUNT 14,847,181.93 12,095,607.31 2,751,574.63
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE
(Beginning) 125,284,410.18
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) 52,403,895.12
POOL PRINCIPAL BALANCE
(Beginning) 479,910,305.30 427,506,410.18 52,403,895.12
(iii)MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 235 206 29
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 11,296,640.00 8,854,869.00 2,441,771.00
(iv) AMOUNT OF CURTAILMENTS
RECEIVED 153,251.19 152,003.15 1,248.04
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 643,460.07 617,795.69 25,664.38
(vi) INTEREST RECEIVED ON
MORTGAGES 4,064,158.60 3,631,728.56 432,430.04
(vii)AGGREGATE ADVANCES 3,297,431.64 2,895,925.95 401,505.69
(viii)a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES &
REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 231 220 11
PRINCIPAL BALANCE 10,316,520.54 9,461,783.20 854,737.34
% OF PRINCIPAL 2.205576% .264603% 1.711693%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 92 86 6
PRINCIPAL BALANCE 4,543,708.20 4,048,958.27 494,749.93
% OF PRINCIPAL 0.971402% 0.969086% 0.990784%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 382 345 37
PRINCIPAL BALANCE 21,397,791.41 18,232,227.97 3,165,563.44
% OF PRINCIPAL 4.574648% 4.363739% 6.339341%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 161 147 14
PRINCIPAL BALANCE 7,933,102.63 6,686,226.66 1,246,875.97
% OF PRINCIPAL 1.696023% 1.600295% 2.496987%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 13 12 1
PRINCIPAL BALANCE 530,268.28 433,539.16 96,729.12
% OF PRINCIPAL 0.11% 0.10% 0.19%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 4 4 0
PRINCIPAL BALANCE 215,061.43 215,061.43 0.00
% OF PRINCIPAL 0.05% 0.05% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 85 80 5
PRINCIPAL BALANCE 4,825,510.82 4,313,066.18 512,444.64
% OF PRINCIPAL 1.03% 1.03% 1.03%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 104 91 13
PRINCIPAL BALANCE 6,136,173.32 5,128,779.90 1,007,393.42
% OF PRINCIPAL 1.311857% 1.227533% 2.017401%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 26,559.20 26,559.20 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 103 90 13
PRINCIPAL BALANCE 6,109,614.12 5,102,220.70 1,007,393.42
% OF PRINCIPAL 1.31% 1.22% 2.02%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in
(viii)a. above):
NUMBER 1 1 0
PRINCIPAL BALANCE 42,705.56 42,705.56 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
e. MORTGAGE LOAN LOSSES 69,704.21 69,704.21 0.00
(ix) ENDING CLASS A-1 PRINCIPAL
BALANCE 115,590,038.13
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 49,935,211.70
(x) WEIGHTED AVERAGE MATURITY OF
MORTGAGE LOANS 157.58481033 164.62862639 98.64861994
WEIGHTED AVERAGE MORTGAGE
INTEREST RATE 10.69358700% 10.691371% 10.712316%
(xi) SERVICING FEES PAID 228,232.53 203,948.17 24,284.36
SERVICING FEES ACCRUED 235,253.62 210,093.73 25,159.89
(xii) SECTION 5.04 SERVICER
PAYMENTS OR REIMBSMTS. 0.00
(xiii)POOL PRINCIPAL BALANCE
(ENDING) 467,747,249.83 417,812,038.13 49,935,211.70
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING
(BEGINNING) 10,333 9,682 651
NUMBER OF MORTGAGES OUTSTANDING
(END) 10,098 9,476 622
(xvii)AGGREGATE INTEREST ACCRUED ON THE
MORTGAGE LOANS 4,195,373.27 3,744,601.14 450,772.13
(xviii)PRINCIPAL BALANCE OF
MORTGAGE LOANS < 8.17% 249,878.75
PRINCIPAL BALANCE OF
MORTGAGE LOANS <8.26% 1,135,486.62
(xix) SUBORDINATED AMOUNT
(REMAINING) 78,416,853.17
SPREAD ACCOUNT BALANCE
(AFTER DISTRIBUTIONS) 28,862,257.04
CUMMULATIVE EXCESS SPREAD
ACCOUNT RECEIPTS 316,035.83
EXCESS SPREAD 1,206,288.98 1,063,567.94 142,721.03
(xx) AGGREGATE MORTGAGE LOAN
LOSSES 316,035.83
(xxi) LIBOR INTEREST CARRYOVER 0
US BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
FROM: Jan. 15, 1998
TO: Feb. 17, 1998
SECURITY ORIGINAL BEGINNING
DESCRIPTION RATE MATURITY FACE BALANCE
PRINCIPAL ENDING INTEREST
REDUCTIONS BALANCE PAYABLE
CLASS A-1 6.310000% May 15, 2005 196,833,000.00 125,284,410.18
9,694,372.05 115,590,038.13 658,787.19
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 5.793750% Nov. 15, 2027 101,043,000.00 52,403,895.12
2,468,683.42 49,935,211.70 278,313.81
CLASS R VARIABLE May 15, 2028 0.00 0.00
0.00 0.00 0.00
______________ _ _____________
____________ _ _____________ _ _________
TOTAL 600,098,000.00 479,910,305.30
12,163,055.47 467,747,249.83 2,710,953.84
BALANCE
CUSIP PER $1,000
BALANCE BALANCE BALANCE
PER $1,000 PER $1,000 PER $1,000
CLASS A-1 268917CZ2 636.50104495
49.25176190 587.24928305 3.34693466
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 518.62964401
24.43200835 494.19763566 2.75440963
CLASS R
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
US BANK NATIONAL ASSOCIATION PYMT PER FROM DATE Jan. 15, 1998
AS TRUSTEE PYMT PER TO DATE Feb. 17, 1998
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2
196,833,000.00 18,259,000.00
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-3 CLASS A-4 CLASS A-5
127,073,000.00 47,407,000.00 25,494,000.00
CLASS A-1 PRINCIPAL BALANCE
(Beginning) 125,284,410.18 636.50104495
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
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) 52,403,895.12
Fixed Rate POOL PRINCIPAL BALANCE
(Beginning) 427,506,410.18 2171.92447496 23413.46241196
3364.25841981 9017.79083637 6768.90288617
Variable Rate POOL PRINCIPAL BALANCE
(Beginning) 52,403,895.12
Total POOL PRINCIPAL BALANCE
(Beginning)479,910,305.30 2438.15978672 26283.49336218
3776.65047099 23.19499863 18824.44125284
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 235
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES
PREPAYING 8,854,869.00 44.98670955
PRINCIPAL BALANCE OF Var. Rate MORTGAGES
PREPAYING 2,441,771.00
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 11,296,640.00
AMOUNT OF Fixed Rate CURTAILMENTS
RECEIVED 152,003.15 0.77224424
AMOUNT OF Variable Rate CURTAILMENTS
RECEIVED 1,248.04
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED 153,251.19
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed
Rate Pool 617,795.69 3.13867944
MONTHLY PAYMENTS RECEIVED - Var.
Rate Pool 25,664.38
MONTHLY PAYMENTS RECEIVED -
Total Pool 643,460.07
ENDING CLASS A-1 PRINCIPAL
BALANCE 115,590,038.13 587.24928305
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
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 49,935,211.70
Fixed Rate POOL PRINCIPAL BALANCE
(Ending) 417,812,038.13 2122.67271306 22882.52577523
3287.96863323 8813.29841859 16388.64196007
Variable Rate POOL PRINCIPAL BALANCE
(Ending) 49,935,211.70
Total POOL PRINCIPAL BALANCE
(Ending) 467,747,249.83 2376.36600484 25617.35307684
3680.93339915 9866.62834244 18347.34642779
PER $1,000 PER $1,000 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) 125,284,410.18
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
1000.00
CLASS A-7 PRINCIPAL BALANCE
(Beginning) 50,000,000.00
1000.00
CLASS A-8 PRINCIPAL BALANCE
(Beginning) 52,403,895.12
518.62964401
Fixed Rate POOL PRINCIPAL BALANCE
(Beginning) 427,506,410.18
12577.78723057 8550.12820360
Variable Rate POOL PRINCIPAL BALANCE
(Beginning) 52,403,895.12
518.62964401
Total POOL PRINCIPAL BALANCE
(Beginning) 479,910,305.30
14119.57707788 9598.20610600 4749.56508912
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 235
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES
PREPAYING 8,854,869.00
PRINCIPAL BALANCE OF Var. Rate MORTGAGES
PREPAYING 2,441,771.00
24.16566214
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 11,296,640.00
AMOUNT OF Fixed Rate CURTAILMENTS
RECEIVED 152,003.15
AMOUNT OF Variable Rate CURTAILMENTS
RECEIVED 1,248.04
.01235157
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED 153,251.19
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED -
Fixed Rate Pool 617,795.69
MONTHLY PAYMENTS RECEIVED -
Var. Rate Pool 25,664.38
.25399464
MONTHLY PAYMENTS RECEIVED -
Total Pool 643,460.07
ENDING CLASS A-1 PRINCIPAL
BALANCE 115,590,038.13
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
1000.00
ENDING CLASS A-7 PRINCIPAL
BALANCE 50,000,000.00
1000.00
ENDING CLASS A-8 PRINCIPAL
BALANCE 49,935,211.70
494.19763566
Fixed Rate POOL PRINCIPAL BALANCE
(Ending) 417,812,038.13
12292.56636353 8356.24076260
Variable Rate POOL PRINCIPAL BALANCE
(Ending) 49,935,211.70
494.19763566
Total POOL PRINCIPAL BALANCE
(Ending) 467,747,249.83
13761.72437642 9354.94499660 4629.19004612
