<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): March 16, 1998
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)
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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
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(c) Exhibits
99 Trustee's Remittance Report in respect of the March 1998
Remittance Date.
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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
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(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)
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INDEX TO EXHIBITS
-----------------
Exhibit
Number Exhibit
- ------- -------
99 Trustee's Remittance Report in respect of the March 1998
Remittance Date.
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
FROM Feb. 17, 1998
TO Mar. 16, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT 17,428,220.32 14,190,013.80 3,238,206.52
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning)
115,590,038.13
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)
49,935,211.70
POOL PRINCIPAL BALANCE (Beginning)
467,747,249.83 417,812,038.13 49,935,211.70
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 292 255 37
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
13,929,243.93 11,069,903.29 2,859,340.64
(iv) AMOUNT OF CURTAILMENTS RECEIVED
152,231.41 46,578.83 105,652.58
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF MONTHLY PAYMENTS RECEIVED
652,819.97 626,109.67 26,710.30
(vi) INTEREST RECEIVED ON MORTGAGES
4,048,184.81 3,597,585.39 450,599.42
(vii) AGGREGATE ADVANCES 3,214,287.19 2,827,880.31 386,406.88
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES &
REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 197 184 13
PRINCIPAL BALANCE 9,747,589.82 8,633,833.09 1,113,756.73
% OF PRINCIPAL 2.152432% 2.126971% 2.372596%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 78 75 3
PRINCIPAL BALANCE 3,479,417.40 3,263,881.56 215,535.84
% OF PRINCIPAL 0.768314% 0.804067% 0.459148%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 400 367 33
PRINCIPAL BALANCE 22,333,436.92 19,461,703.08 2,871,733.84
% OF PRINCIPAL 4.931599% 4.794450% 6.117552%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 170 155 15
PRINCIPAL BALANCE 7,845,991.75 6,584,856.51 1,261,135.24
% OF PRINCIPAL 1.732527% 1.622200% 2.686551%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 11 10 1
PRINCIPAL BALANCE 402,802.85 306,124.55 96,678.30
% OF PRINCIPAL 0.09% 0.08% 0.21%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 14 14 0
PRINCIPAL BALANCE 650,093.00 650,093.00 0.00
% OF PRINCIPAL 0.14% 0.16% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 90 84 6
PRINCIPAL BALANCE 4,584,834.65 4,057,704.92 527,129.73
% OF PRINCIPAL 1.01% 1.00% 1.12%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 117 104 13
PRINCIPAL BALANCE 7,046,615.87 5,937,780.88 1,108,834.99
% OF PRINCIPAL 1.556011% 1.462790% 2.362112%
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 104,040.07 0.00 104,040.07
% OF PRINCIPAL 0.02% 0.00% 0.22%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 115 103 12
PRINCIPAL BALANCE 6,913,896.05 5,909,101.13 1,004,794.92
% OF PRINCIPAL 1.53% 1.46% 2.14%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a.
above):
NUMBER 2 2 0
PRINCIPAL BALANCE 61,050.24 61,050.24 0.00
% OF PRINCIPAL 0.01% 0.02% 0.00%
e. MORTGAGE LOAN LOSSES 120,374.74 119,400.29 974.45
(ix)ENDING CLASS A-1 PRINCIPAL BALANCE
103,699,497.30
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
46,942,533.73
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
157.13255917 163.98233820 97.90114708
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
10.70205908% 10.685813% 10.842542%
(xi) SERVICING FEES PAID 227,244.59 202,099.27 25,145.32
SERVICING FEES ACCRUED 227,455.02 204,054.13 23,400.89
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
5,112.03
(xiii) POOL PRINCIPAL BALANCE (ENDING)
452,864,031.03 405,921,497.30 46,942,533.73
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 24,045.48
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)
10,098 9,476 622
NUMBER OF MORTGAGES OUTSTANDING (END)
9,806 9,221 585
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
4,059,875.49 3,635,065.98 424,809.51
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.17%
249,368.08
PRINCIPAL BALANCE OF MORTGAGE LOANS <8.26%
1,049,894.46
(xviiiI) SUBORDINATED AMOUNT (REMAINING)
78,296,478.43
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)
30,045,968.82
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
436,410.57
EXCESS SPREAD 1,191,089.69 1,012,138.59 178,951.10
(xx) AGGREGATE MORTGAGE LOAN LOSSES
436,410.57
(xxi) LIBOR INTEREST CARRYOVER 0
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
FROM: Feb. 17, 1998
TO: Mar. 16, 1998
SECURITY ORIGINAL BEGINNING PRINCIPAL
DESCRIPT RATE MATURITY FACE BALANCE REDUCTIONS
ENDING BALANCE INTEREST PAYABLE
CLASS A-1 6.310000% May 15, 2005 196,833,000.00 115,590,038.13 11,890,540.83
103,699,497.30 607,810.95
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 5.825000% NoV 15, 2027 101,043,000.00 49,935,211.70 2,992,677.97
46,942,533.73 218,154.46
CLASS R VARIABLE May 15, 2028 0.00 0.00 0.00
0.00 0.00
_________________ _________________ _____________
_________________ _________________
TOTAL 600,098,000.00 467,747,249.83 14,883,218.80
452,864,031.03 2,599,818.25
SECURITY BALANCE BALANCE BALANCE BALANCE
DESCRIPTION CUSIP PER $1000 PER $1000 PER $1,000 PER $1,000
CLASS A-1 268917CZ2 587.24928305 60.40928518 526.83999787 3.08795248
CLASS A-2 268917DA6 1000.00000000 0.00000000 1000.00000000 5.50833333
CLASS A-3 268917DB4 1000.00000000 0.00000000 1000.00000000 5.70000000
CLASS A-4 268917DC2 1000.00000000 0.00000000 1000.00000000 5.96666667
CLASS A-5 268917DD0 1000.00000000 0.00000000 1000.00000000 6.09166667
CLASS A-6 268917DE8 1000.00000000 0.00000000 1000.00000000 6.30000000
CLASS A-7 268917DF5 1000.00000000 0.00000000 1000.00000000 5.93333333
CLASS A-8 268917DG3 494.19763566 29.61786536 464.57977030 2.15902592
CLASS R
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
U.S. BANK NATIONAL ASSOCIATION PYMT PER FROM DATE Feb. 17, 1998
AS TRUSTEE PYMT PER TO DATE Mar. 16, 1998
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
PER $1,000 PER $1,000 PER $1,000 PER$1000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
196,833,000.00 18,259,000.00 127,073,000.00 47,407,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
115,590,038.13 587.24928305
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)
49,935,211.70
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
417,812,038.13 2122.67271306 22882.52577523 3287.96863323 8813.29841859
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
49,935,211.70
Total POOL PRINCIPAL BALANCE (Beginning)
467,747,249.83 2376.36600484 25617.35307684 3680.93339915 9866.62834244
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
292
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
11,069,903.29 56.24007809
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING
2,859,340.64
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
13,929,243.93
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
46,578.83 0.23664137
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
105,652.58
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
152,231.41
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
626,109.67 3.18091819
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
26,710.30
MONTHLY PAYMENTS RECEIVED - Total Pool
652,819.97
ENDING CLASS A-1 PRINCIPAL BALANCE
103,699,497.30 526.83999787
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
46,942,533.73
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
405,921,497.30 2062.26342788 22231.31043869 3194.39611326 8562.48016749
Variable Rate POOL PRINCIPAL BALANCE (Ending)
46,942,533.73
Total POOL PRINCIPAL BALANCE (Ending)
452,864,031.03 2300.75257213 24802.23621392 3563.81002282 9552.68274791
PER $1,000 PER $1,000 PER $1000 PER $1000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-5 CLASS A-6 CLASS A-7 CLASS A-8
25,494,000.00 33,989,000.00 50,000,000.00 101,043,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
115,590,038.13
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)
49,935,211.70 494.19763566
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
417,812,038.13 16388.64196007 12292.56636353 8356.24076260
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
49,935,211.70 494.19763566
Total POOL PRINCIPAL BALANCE (Beginning)
467,747,249.83 18347.34642779 13761.72437642 9354.94499660 4629.19004612
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
292
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
11,069,903.29 56.24007809
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING
2,859,340.64
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
13,929,243.93
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
46,578.83 0.23664137
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
105,652.58
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
152,231.41
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
626,109.67 3.18091819
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
26,710.30
MONTHLY PAYMENTS RECEIVED - Total Pool
652,819.97
ENDING CLASS A-1 PRINCIPAL BALANCE
103,699,497.30
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 15922.23649878
ENDING CLASS A-6 PRINCIPAL BALANCE
33,989,000.00 11942.7313925
ENDING CLASS A-7 PRINCIPAL BALANCE
50,000,000.00 8118.42994600
ENDING CLASS A-8 PRINCIPAL BALANCE
46,942,533.73 464.57977030
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
405,921,497.30 15922.23649878 11942.7313925 8118.42994600
Variable Rate POOL PRINCIPAL BALANCE (Ending)
46,942,533.73 464.57977030
Total POOL PRINCIPAL BALANCE (Ending)
452,864,031.03 17763.55342551 13323.84097885 9057.28062060 4481.89415427
