<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 15, 1998
EQCC Home Equity Loan Trust 1997-1
----------------------------------
(Exact name of registrant as specified in its charter)
Delaware 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
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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 January 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: June 1, 1998 By: ___________________
------------ Name: James B. Dodd
Title: Vice President\General Counsel
(Duly Authorized Officer)
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INDEX TO EXHIBITS
-----------------
Exhibit
Number Exhibit
- ------- -------
99 Trustee's Remittance Report in respect of the January 1998 Remittance
Date
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
FROM Dec. 15, 1997
TO Jan. 15, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
(i)
AVAILABLE PAYMENT AMOUNT 19,653,118.64 13,746,633.25 5,906,485.39
Portions subject to
bankruptcy 0.00
(ii)
CLASS A-1 PRINCIPAL
BALANCE (Beginning) 136,444,546.99
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) 57,933,654.30
POOL PRINCIPAL BALANCE
(Beginning) 496,600,201.29 438,666,546.99 57,933,654.30
(iii)
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 301 239 62
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING 15,654,567.75 10,209,099.12 5,445,468.63
(iv)
AMOUNT OF CURTAILMENTS
RECEIVED 295,889.97 242,530.01 53,359.96
(v)
AGGREGATE AMOUNT OF
PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 696,242.22 665,311.63 30,930.59
(vi)
INTEREST RECEIVED ON
MORTGAGES 4,499,690.51 3,939,143.99 560,546.52
(vii)
AGGREGATE ADVANCES 3,377,393.06 2,960,984.18 416,408.88
(viii)
a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 249 227 22
PRINCIPAL BALANCE 11,306,568.44 9,750,676.95 1,555,891.49
% OF PRINCIPAL 2.355975% 2.280826% 2.969038%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 96 83 13
PRINCIPAL BALANCE 5,667,766.44 4,681,006.79 986,759.65
% OF PRINCIPAL 1.181005% 1.094956% 1.882989%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 340 316 24
PRINCIPAL BALANCE 18,315,995.09 16,172,341.65 2,143,653.44
% OF PRINCIPAL 3.816545% 3.782947% 4.090638%
b MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 136 124 12
PRINCIPAL BALANCE 6,980,261.24 5,942,375.09 1,037,886.15
% OF PRINCIPAL 1.454493% 1.390008% 1.980552%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 9 8 1
PRINCIPAL BALANCE 396,948.87 350,987.58 45,961.29
% OF PRINCIPAL 0.08% 0.08% 0.09%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 8 7 1
PRINCIPAL BALANCE 732,328.65 669,243.93 63,084.72
% OF PRINCIPAL 0.15% 0.16% 0.12%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 65 62 3
PRINCIPAL BALANCE 3,628,851.26 3,230,120.28 398,730.98
% OF PRINCIPAL 0.76% 0.76% 0.76%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 88 78 10
PRINCIPAL BALANCE 5,351,066.02 4,538,321.08 812,744.94
% OF PRINCIPAL 1.115014% 1.061580% 1.550925%
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 0 1
PRINCIPAL BALANCE 61,124.84 0.00 61,124.84
% OF PRINCIPAL 0.01% 0.00% 0.12%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 87 78 9
PRINCIPAL BALANCE 5,289,941.18 4,538,321.08 751,620.10
% OF PRINCIPAL 1.10% 1.06% 1.43%
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 43,196.05 43,196.05 0.00
(ix)
ENDING CLASS A-1
PRINCIPAL BALANCE 125,284,410.18
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 52,403,895.12
(x)
WEIGHTED AVERAGE MATURITY
OF MORTGAGE LOANS 158.18781710 165.35096871 99.75145042
WEIGHTED AVERAGE MORTGAGE
INTEREST RATE 10.68800933% 10.696170% 10.621436%
(xi)
SERVICING FEES PAID 252,714.90 221,004.80 31,710.10
SERVICING FEES ACCRUED 242,724.20 214,975.52 27,748.68
(xii)
SECTION 5.04 SERVICER PAYMENTS
0R REIMBSMTS. 0.00
(xiii)
POOL PRINCIPAL BALANCE
(ENDING) 479,910,305.30 427,506,410.18 52,403,895.12
(xiv)
RESERVED
(xv)
REIMBURSABLE AMOUNTS:
TO SERVICER 162,776.13
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi)
NUMBER OF MORTGAGES
OUTSTANDING (BEGINNING) 10,634 9,921 713
NUMBER OF MORTGAGES
OUTSTANDING (END) 10,333 9,682 651
(xvii)
AGGREGATE INTEREST ACCRUED
ON THE MORTGAGE LOANS 4,326,923.68 3,833,934.06 492,989.62
(xviii)
PRINCIPAL BALANCE OF
MORTGAGE LOANS < 8.17% 250,385.98
PRINCIPAL BALANCE OF
MORTGAGE LOANS < 8.26% 1,137,253.63
(xviiiI)
SUBORDINATED AMOUNT
(REMAINING) 78,486,557.38
SPREAD ACCOUNT BALANCE
(AFTER DISTRIBUTIONS) 27,603,800.98
CUMMULATIVE EXCESS SPREAD
ACCOUNT RECEIPTS 246,331.62
EXCESS SPREAD 1,240,556.91 1,088,446.70 152,110.21
(xx)
AGGREGATE MORTGAGE LOAN
LOSSES 246,331.62
(xxi)
LIBOR INTEREST CARRYOVER 0
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
FROM: Dec. 15, 1997
TO: Jan. 15, 1998
SECURITY ORIGINAL BEGINNING
DESCRIPITON RATE MATURITY FACE BALANCE
PRINCIPAL ENDING INTEREST
REDUCTION BALANCE PAYABLE
CLASS A-1 6.310000% May 15, 2005 196,833,000.00 136,444,546.99
11,160,136.81 125,284,410.18 717,470.91
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 6.180470% Nov. 15, 2027 101,043,000.00 57,933,654.30
5,529,759.18 52,403,895.12 308,327.04
CLASS R VARIABLE May 15, 2028 0.00 0.00
0.00 0.00 0.00
_________________ _________________
TOTAL 600,098,000.00 496,600,201.29
_________________ _________________ ___________
TOTAL 16,689,895.99 479,910,305.30 2,799,650.80
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 268917CZ2 693.19954982 56.69850487 636.50104495 3.64507430
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- 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 573.35643538 54.72679137 518.62964401 3.05144388
CLASS R
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
PYMT PER FROM DATE DEC. 15, 1997
PYMT PER TO DATE JAN. 15, 1998
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
ORIGINAL BAL ORIGINAL BAL
CLASS A-3 CLASS A-4
127,073,000.00 47,407,000.00
CLASS A-1 PRINCIPAL
BALANCE (Beginning) 136,444,546.99 693.19954982
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
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) 57,933,654.30
Fixed Rate POOL
PRINCIPAL BALANCE
(Beginning) 438,666,546.99 2228.62297984 24024.67533764
3452.08303093 9253.20199527
Variable Rate POOL
PRINCIPAL BALANCE
(Beginning) 57,933,654.30
Total POOL
PRINCIPAL BALANCE
(Beginning) 496,600,201.29 2522.95195059 27197.55743962
3907.99147962 10475.25051765
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 301
PRINCIPAL BALANCE OF
Fixed Rate MORTGAGES
PREPAYING 10,209,099.12 51.86680648
PRINCIPAL BALANCE OF
Var. Rate MORTGAGES
PREPAYING 5,445,468.63
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING 15,654,567.75
AMOUNT OF Fixed Rate
CURTAILMENTS RECEIVED 242,530.01 1.23216132
AMOUNT OF Variable Rate
CURTAILMENTS RECEIVED 53,359.96
TOTAL AMOUNT OF
CURTAILMENTS RECEIVED 295,889.97
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED
- Fixed Rate Pool 665,311.63 3.38008174
MONTHLY PAYMENTS RECEIVED
- Var. Rate Pool 30,930.59
MONTHLY PAYMENTS RECEIVED
- Total Pool 696,242.22
ENDING CLASS A-1
PRINCIPAL BALANCE 125,284,410.18 636.50104495
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
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 52,403,895.12
Fixed Rate POOL
PRINCIPAL BALANCE
(Ending) 427,506,410.18 2171.92447496 23413.46241196
3364.25841981 9017.79083637
Variable Rate POOL
PRINCIPAL BALANCE
(Ending) 52,403,895.12
Total POOL
PRINCIPAL BALANCE
(Ending) 479,910,305.30 2438.15978672 26283.49336218
3776.65047099 10123.19499863
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-5 CLASS A-6
25,494,000.00 33,889,000.00
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-7 CLASS A-8
50,000,000.00 101,043,000.00
CLASS A-1 PRINCIPAL
BALANCE (Beginning) 136,444,546.99
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 1000.00000000
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) 57,933,654.30
573.35643538
Fixed Rate POOL
PRINCIPAL BALANCE
(Beginning) 438,666,546.99 17206.65831137 12906.13277796
8773.33093980
Variable Rate POOL
PRINCIPAL BALANCE
(Beginning) 57,933,654.30
573.35643538
Total POOL
PRINCIPAL BALANCE
(Beginning) 496,600,201.29 19479.10101553 14610.61523699
9932.00402580 4914.74126154
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 301
PRINCIPAL BALANCE OF
Fixed Rate MORTGAGES
PREPAYING 10,209,099.12
PRINCIPAL BALANCE
OF Var. Rate
MORTGAGES PREPAYING 5,445,468.63
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING 15,654,567.75
AMOUNT OF Fixed Rate
CURTAILMENTS RECEIVED 242,530.01
AMOUNT OF Variable Rate
CURTAILMENTS RECEIVED 53,359.96
TOTAL AMOUNT OF
CURTAILMENTS RECEIVED 295,889.97
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED
- Fixed Rate Pool 665,311.63
MONTHLY PAYMENTS RECEIVED
- Var. Rate Pool 30,930.59
MONTHLY PAYMENTS RECEIVED
- Total Pool 696,242.22
ENDING CLASS A-1
PRINCIPAL BALANCE 125,284,410.18
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 1000.00000000
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 52,403,895.12
518.62964401
Fixed Rate POOL
PRINCIPAL BALANCE
(Ending) 427,506,410.18 16768.90288617 12577.78723057
Variable Rate POOL
PRINCIPAL BALANCE
(Ending) 52,403,895.12
518.62964401
Total POOL
PRINCIPAL BALANCE
(Ending) 479,910,305.30 18824.44125284 14119.57707788
9598.20610600 4749.56508912
