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): December 26, 1997
Equivantage Home Equity Loan Trust, Series 1997-01
(Exact name of registrant as specified in its charter)
New York (governing law of
pooling and servicing
agreement) 333-23141 52-2033945, 25-2033946
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation File Number) Identification No.
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
ITEM 5. OTHER EVENTS
On December 26, 1997, a distribution was made to holders of Equivantage Home
Equity Loan Trust, Series 1997-01.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit Number
99.1 -- Monthly report distributed to holders of Equivantage
Home Equity Loan Trust, Series 1997-01, relating to the
December 26, 1997, distribution.
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, Series 1997-01
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as Trustee
By: /s/ Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice President
Date: January 2, 1998
INDEX OF EXHIBITS
Exhibit
Number Description
EX-99.1 Monthly report distributed to holders of Equivantage Home
Equity Loan Trust, Series 1997-01, relating to the December
26, 1997, distribution.
Equivantage Home Equity Loan Trust, Series 1997-01
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: November 1997
Distribution Date: December 26, 1997
Contact: Ty Wilkins
Phone: (410) 884-2120
InvestorDirect: (800) 605-4167
Cover Page
Report Name Report Number
- ----------------------------------------------------------------------------
Series Structure Summary 1
Class Distribution Summary 2
Class Distribution Per 1,000 of Original Balance 3
Class Principal Distribution 4
Class Interest Distribution 5
Fund Account Summary 6
Loss/Delinquency Detail 7
Collateral Summary 8
<TABLE>
<CAPTION>
Series Structure Summary
Aggregate
Realized
Losses
Original Principal Aggregate Aggregate Ending
Class Interest Principal Pass Through Balance Interest Undistributed Principal
Class Description Principal Type Type Balance Rate Reduction Shortfall Principal Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 Senior Sequential Pay Fixed 29,400,000.00 6.65000000% 0.00 0.00 0.00 0.5101625636
A-2 Senior Sequential Pay Fixed 19,900,000.00 6.97500000% 0.00 0.00 0.00 1.0000000000
A-3 Senior Sequential Pay Fixed 13,700,000.00 7.55000000% 0.00 0.00 0.00 1.0000000000
A-4 Senior Priority Pay Fixed 7,000,000.00 7.27500000% 0.00 0.00 0.00 1.0000000000
A-5 Senior Sequential Pay Floater 15,000,000.00 5.95000000% 0.00 0.00 0.00 0.7309676420
B Subordinate Support Accretion 482,472.61 105.92248601% 9,408.59 0.00 0.00 5.4225451057
RL Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 85,482,472.61 9,408.59 0.00 0.00 0.8092831358
</TABLE>
<TABLE>
<CAPTION>
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
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 11/28/1997 6.65000000% 16,816,183.99 93,189.69 1,817,404.62 0.00 14,998,779.37 1,910,594.31
A-2 11/28/1997 6.97500000% 19,900,000.00 115,668.75 0.00 0.00 19,900,000.00 115,668.75
A-3 11/28/1997 7.55000000% 13,700,000.00 86,195.83 0.00 0.00 13,700,000.00 86,195.83
A-4 11/28/1997 7.27500000% 7,000,000.00 42,437.50 0.00 0.00 7,000,000.00 42,437.50
A-5 11/28/1997 5.95000000% 11,267,254.21 57,729.03 302,739.58 0.00 10,964,514.63 360,468.61
B 11/28/1997 105.92248601% 2,397,998.54 0.00 0.00 493.00 2,616,229.49 0.00
RL 11/28/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
RU 11/28/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 71,081,436.74 395,220.80 2,120,144.20 493.00 69,179,523.49 2,515,365.00
</TABLE>
<TABLE>
<CAPTION>
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
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 29476YAQ2 29,400,000.00 3.16971735 1.60778776 54.13836463 61.81648367 0.00000000 0.5101625636
A-2 29476YAR0 19,900,000.00 5.81250000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-3 29476YAS8 13,700,000.00 6.29166642 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-4 29476YAT6 7,000,000.00 6.06250000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-5 29476YAU3 15,000,000.00 3.84860200 0.31747933 17.18141400 20.18263867 0.00000000 0.7309676420
B N/A 482,472.61 0.00000000 0.00000000 0.00000000 0.00000000 1.02181966 5.4225451057
RL N/A 0.00 N/A N/A N/A N/A N/A N/A
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 85,482,472.61 0.8092831358
</TABLE>
<TABLE>
<CAPTION>
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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 16,816,183.99 47,268.96 1,591,667.92 178,467.74 0.00 1,817,404.62 0.00 14,998,779.37 0.00
A-2 19,900,000.00 0.00 0.00 0.00 0.00 0.00 0.00 19,900,000.00 0.00
A-3 13,700,000.00 0.00 0.00 0.00 0.00 0.00 0.00 13,700,000.00 0.00
A-4 7,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 7,000,000.00 0.00
A-5 11,267,254.21 4,762.19 257,721.21 40,256.18 0.00 302,739.58 0.00 10,964,514.63 0.00
B 2,397,998.54 0.00 0.00 (218,723.92) 0.00 0.00 493.00 2,616,229.49 0.00
RL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 71,081,436.74 52,031.15 1,849,389.13 (0.00) 0.00 2,120,144.20 493.00 69,179,523.49 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 493.00
Negative Amortization Principal Balance Reduction 0.00
Other 0.00
</FN>
</TABLE>
<TABLE>
<CAPTION>
Class Interest Distribution
Beginning Negative Ending
Principal/ Interest Amortization Principal/
Pass Through Notional Interest Shortfall/ Other Interest Total Interest Notional
Class Rate Balance Accrual (Recovery) Accretion Interest Reduction Distribution Balance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 6.65000000% 16,816,183.99 93,189.69 0.00 0.00 0.00 0.00 93,189.69 14,998,779.37
A-2 6.97500000% 19,900,000.00 115,668.75 0.00 0.00 0.00 0.00 115,668.75 19,900,000.00
A-3 7.55000000% 13,700,000.00 86,195.83 0.00 0.00 0.00 0.00 86,195.83 13,700,000.00
A-4 7.27500000% 7,000,000.00 42,437.50 0.00 0.00 0.00 0.00 42,437.50 7,000,000.00
A-5 5.95000000% 11,267,254.21 57,729.03 0.00 0.00 0.00 0.00 57,729.03 10,964,514.63
B 105.92248601% 2,397,998.52 218,723.92 0.00 218,723.92 0.00 0.00 0.00 2,616,229.44
RL 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 613,944.72 0.00 218,723.92 0.00 0.00 395,220.80
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 624,173.12
Scheduled Principal 52,031.15
Other Principal 1,849,882.10
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment (492.97)
Other Deposits 0.00
Total Deposit 2,525,593.40
WITHDRAWALS:
Interest Payments 395,220.80
Scheduled Principal Payment 52,031.15
Other Principal Payments 2,068,113.05
Reserve Fund 1 0.00
Fees and Expenses 10,228.40
Other Withdrawals 0.00
Total Withdrawals 2,525,593.40
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 0.00 0.00 0.00 492.97 492.97 0.00 0.00 0.00 492.97 492.97
2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,915.62 8,915.62
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 492.97 492.97 0.00 0.00 0.00 9,408.59 9,408.59
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
30 Days Delinquent 60 Days Delinquent 90 Days Delinquent Foreclosures
Number Balance Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 37 2,395,487.69 14 706,874.95 4 225,261.41 44 2,497,291.75
2 0 0.00 0 0.00 4 215,972.91 6 673,795.77
- --------------------------------------------------------------------------------------------------------------
Totals 37 2,395,487.69 14 706,874.95 8 441,234.32 50 3,171,087.52
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------
REO's Totals
Number Balance Number Balance
<S> <C> <C> <C> <C>
1 7 426,914.85 106 6,251,830.65
2 0 0.00 10 889,768.68
- --------------------------------------------------------------
Totals 7 426,914.85 116 7,141,599.33
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool 1 Pool 2
-----------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 700,231.17| 591,453.14 108,778.03
|
Positive Amortization 52,031.15| 47,268.96 4,762.19
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 8,168.90| 7,889.22 279.68
Regular Curtailment Interest 0.00| 0.00 0.00
Prepaid Curtailments 0.00| 0.00 0.00
Prepaid Curtailment Interest 0.00| 0.00 0.00
Liquidations 1,841,713.20| 1,584,271.67 257,441.53
Principal Adjustments 0.00| 0.00 0.00
Total Principal Trust Distribution 1,901,913.25| 1,639,429.85 262,483.40
|
Scheduled Interest 648,200.02| 544,184.18 104,015.84
Servicing Fee 24,026.90| 19,647.40 4,379.50
Master Servicing Fee 1,430.90| 1,196.17 234.73
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 613,944.72| 515,959.51 97,985.21
|
Beginning Balance 71,081,436.74| 58,978,811.54 12,102,625.20
Ending Balance 69,179,523.49| 57,339,381.69 11,840,141.80
Gross P&I Distribution 2,526,086.37| 2,163,966.63 362,119.74
Realized Losses/(Gains) 492.97| 492.97 0.00
Net P&I Trust Distribution 2,525,593.40| 2,163,473.66 362,119.74
|
Beginning Loan Count 1163| 1032 131
Number of Loan Payoffs 30| 27 3
Ending Loan Count 1133| 1005 128
|
Weighted Average Maturity 0.0000000000| 0.0000000000 0.0000000000
Weighted Average Gross Rate 0.000000000%| 11.072129100% 9.980693140%
Weighted Average Net Rate 0.000000000%| 10.672377410% 9.560464400%
Weighted Average Pass-Through Rate 0.000000000%| 10.497861780% 9.402032260%
Weighted Average Margin 0.000000000%| 0.000000000% 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00 0.00
Current Period Interest 0.00| 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT SUPPLEMENT
SUBORDINATION
CURRENT CURRENT CURRENT
PERIOD PERIOD POOL
INITIAL COVERAGE ADDITIONS LOSSES BALANCE CURRENT COVERAGE
-------------------- --------------------
TYPE POOL CARRIER/HOLDER % ($MM) ($MM) ($MM) ($MM) % ($MM)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class B 1 N/A 0.00% 0.0005 0.178468 0.000493 57.339382 3.04% 1.741095
Class B 2 N/A 3.11% 0.4820 0.040256 0.000000 11.840142 7.40% 0.875627
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL SUBORDINATED AMOUNT INFORMATION
GROUP I
<S> <C>
Group I Required Subordination Amount 2,646,018.35
Group I Subordinated Amount (beginning) 1,562,627.53
Group I Subordination Increase/(Reduction) Amount 178,467.74
GROUP I SUBORDINATED AMOUNT (ending) 1,741,095.27
Group I Rolling Three Month Delinquency Rate 4.79%
Group I Total Monthly Excess Cashflow 178,467.74
Funds Allocated to Group II Available Funds Shortfall 0.00
Reimbursement to Certificate Insurer(Group I) 0.00
Reimbursement to Certificate Insurer(Group II) 0.00
GROUP II
Group II Required Subordination Amount 1,195,209.40
Group II Subordinated Amount (beginning) 835,370.98
Group II Subordination Increase/(Reduction) Amount 40,256.18
GROUP II SUBORDINATED AMOUNT (ending) 875,627.16
Group II Rolling Three Month Delinquency Rate 6.02%
Group II Total Monthly Excess Cashflow 40,256.18
Funds Allocated to Group I Available Funds Shortfall 0
Reimbursement to Certificate Insurer(Group II) 0
Reimbursement to Certificate Insurer(Group I) 0
Class A-5 Reduction for Insured Payment 0
</TABLE>
