<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
Series EquiCredit Funding Trust 1997-A
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(Exact name of registrant as specified in its charter)
Delaware 333-20675 59-3446547
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(State or other (Commission File (IRS employer
Jurisdiction of Number) Identification No.)
Incorporation
Series EquiCredit Funding Trust 1997-A
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.
Series EquiCredit Funding Trust 1997-A
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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
Distribution Date.
US BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQUICREDIT FUNDING TRUST 1997-A
FROM February 17, 1998
TO March 16, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
________________ ________________ _________________
(i) AVAILABLE PAYMENT AMOUNT
6,017,169.19 5,580,816.44 436,352.75
Portions subject to bankrupty
10,123,000.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning)
50,682,907.23
CLASS A-2 PRINCIPAL BALANCE (Beginning)
50,383,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)
14,255,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)
10,123,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)
9,524,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)
18,942,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)
4,450,939.77
POOL PRINCIPAL BALANCE (Beginning)
158,360,847.00 153,909,907.23 4,450,939.77
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
108 103 5
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
4,839,480.41 4,429,697.93 409,782.48
(iv) AMOUNT OF CURTAILMENTS RECEIVED
38,931.96 38,356.23 575.73
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED
228,907.85 226,710.97 2,196.88
(vi) INTEREST RECEIVED ON MORTGAGES
1,444,025.27 1,403,708.11 40,317.16
(vii) AGGREGATE ADVANCES 1,063,060.88 1,032,220.94 30,839.94
(viii) a. DELINQUENCY INFORMATION (INCLUDE BANKRUPTCY & FORECLOSURE & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 119 115 4
PRINCIPAL BALANCE 5,816,885.82 5,547,498.55 269,387.27
% OF PRINCIPAL 3.795597% 3.717785% 6.670669%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 30 29 1
PRINCIPAL BALANCE 1,344,285.00 1,283,351.94 60,933.06
% OF PRINCIPAL 0.877164% 0.860068% 1.508847%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 121 120 1
PRINCIPAL BALANCE 5,907,558.65 5,829,874.28 77,684.37
% OF PRINCIPAL 3.854762% 3.907026% 1.923650%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 54 54 0
PRINCIPAL BALANCE 1,979,881.88 1,979,881.88 0.00
% OF PRINCIPAL 1.291900% 1.326864% 0.000000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 3 3 0
PRINCIPAL BALANCE 146,088.36 146,088.36 0.00
% OF PRINCIPAL 0.10% 0.10% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 3 3 0
PRINCIPAL BALANCE 73,626.12 73,626.12 0.00
% OF PRINCIPAL 0.05% 0.05% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 27 27 0
PRINCIPAL BALANCE 1,104,508.80 1,104,508.80 0.00
% OF PRINCIPAL 0.72% 0.74% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 32 32 0
PRINCIPAL BALANCE 1,911,313.87 1,911,313.87 0.00
% OF PRINCIPAL 1.247158% 1.280911% 0.000000%
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 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 32 32 0
PRINCIPAL BALANCE 1,911,313.87 1,911,313.87 0.00
% OF PRINCIPAL 1.25% 1.28% 0.00%
d. MORTGAGES IN REO:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
e. MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix)
ENDING CLASS A-1 PRINCIPAL BALANCE
45,988,142.10
ENDING CLASS A-2 PRINCIPAL BALANCE
50,383,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE
14,255,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE
10,123,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE
9,524,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE
18,942,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE
4,038,384.68
(x)
WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
195.22090338 195.48274059 185.54622409
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
11.26443825% 11.296839% 10.067250%
(xi)
SERVICING FEES PAID 76,909.20 74,470.81 2,438.39
SERVICING FEES ACCRUED 77,692.69 75,540.99 2,151.70
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING)
153,253,526.78 149,215,142.10 4,038,384.68
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi)
NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)
3641 3595 46
NUMBER OF MORTGAGES OUTSTANDING (END)
3533 3492 41
(xvii)
AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
1,458,868.43 1,422,753.63 36,114.80
(xviii)
SUBORDINATED AMOUNT (REMAINING)
20,418,216.08
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS)
5,722,150.47
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
(106,151.92)
EXCESS SPREAD 475,242.44 461,161.33 14,081.11
(xx)
AGGREGATE MORTGAGE LOAN LOSSES
(106,151.92)
(xxi) RESERVED
US BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1997-A
FROM: February 17, 1998
TO: March 16, 1998
SECURITY ORIGINAL BEGINNING PRINCIPAL
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS
ENDING BALANCE INTEREST PAYABLE
CLASS A-1 6.300000% Dec. 15, 2010 86,192,000.00 50,682,907.23 4,694,765.13
45,988,142.10 266,085.26
CLASS A-2 6.830000% Jan. 15, 2014 50,383,000.00 50,383,000.00 0.00
50,383,000.00 286,763.24
CLASS A-3 7.160000% May 15, 2020 14,255,000.00 14,255,000.00 0.00
14,255,000.00 85,054.83
CLASS A-4 7.340000% Mar. 15, 2024 10,123,000.00 10,123,000.00 0.00
10,123,000.00 61,919.02
CLASS A-5 7.620000% June 15, 2028 9,524,000.00 9,524,000.00 0.00
9,524,000.00 60,477.40
CLASS A-6 7.100000% June 15, 2028 18,942,000.00 18,942,000.00 0.00
18,942,000.00 112,073.50
CLASS A-7 5.845000% April 15, 2028 5,124,000.00 4,450,939.77 412,555.09
4,038,384.68 19,511.81*
CLASS R VARIABLE June 15, 2028 0.00 0.00 0.00
0.00 0.00
______________ ______________ ___________
TOTAL 194,543,000.00 158,360,847.00 5,107,320.22
______________ __________
153,253,526.78 891,885.06
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 294424AG1 588.02333430 54.46868770 533.55464660 3.08712251
CLASS A-2 294424AH9 1,000.00000000 0.00000000 1000.00000000 5.69166667
CLASS A-3 294424AJ5 1,000.00000000 0.00000000 1000.00000000 5.96666667
CLASS A-4 294424AK2 1,000.00000000 0.00000000 1000.00000000 6.11666667
CLASS A-5 294424AL0 1,000.00000000 0.00000000 1000.00000000 6.35000000
CLASS A-6 294424AM8 1,000.00000000 0.00000000 1000.00000000 5.91666667
CLASS A-7 294424AN6 868.64554450 80.51426425 788.13128025 3.80792491
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 February 17, 1998
AS TRUSTEE PYMT PER TO DATE March 16, 1998
EQUICREDIT FUNDING TRUST 1997-A
PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
86,192,000.00 50,383,000.00 14,255,000.00 10,123,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
50,682,907.23 588.02333430
CLASS A-2 PRINCIPAL BALANCE (Beginning)
50,383,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning)
14,255,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning)
10,123,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning)
9,524,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)
18,942,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)
4,450,939.77
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
153,909,907.23 1785.66348652 3054.79838894 10796.90685584 15203.98174751
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
4,450,939.77
Total POOL PRINCIPAL BALANCE (Beginning)
158,360,847.00 1837.30331121 3143.14048389 11109.14394949 15643.66758866
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
108
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
4,429,697.93 51.39337676 87.92048766 310.74696107 437.58746715
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING
409,782.48
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
4,839,480.41 56.14767507 96.05383582 339.49353981 478.06780697
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
38,356.23 0.44500917 0.76129309 2.69072115 3.78901808
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
575.73
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
38,931.96 0.45168879 0.77272016 2.73110908 3.84589153
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
226,710.97 2.63030177 4.49975131 15.90396142 22.39563074
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
2,196.88
MONTHLY PAYMENTS RECEIVED - Total Pool
228,907.85 2.65578998 4.54335490 16.05807436 22.61264941
ENDING CLASS A-1 PRINCIPAL BALANCE
45,988,142.10 533.55464660
ENDING CLASS A-2 PRINCIPAL BALANCE
50,383,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE
14,255,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE
10,123,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE
9,524,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE
18,942,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE
4,038,384.68
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
149,215,142.10 1731.19479882 2961.61685688 10467.56521221 14740.20963153
Variable Rate POOL PRINCIPAL BALANCE (Ending)
4,038,384.68
Total POOL PRINCIPAL BALANCE (Ending)
153,253,526.78 1778.04815737 3041.77057301 10750.86122624 15139.14124074
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-5 CLASS A-6 CLASS A-7
9,524,000.00 18,942,000.00 5,124,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
50,682,907.23
CLASS A-2 PRINCIPAL BALANCE (Beginning)
50,383,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)
14,255,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)
10,123,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)
9,524,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning)
18,942,000.00 1000.00000000
CLASS A-7 PRINCIPAL BALANCE (Beginning)
4,450,939.77 868.64554450
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
153,909,907.23 16160.21705481 8125.32505702
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
4,450,939.77 868.64554450
Total POOL PRINCIPAL BALANCE (Beginning)
158,360,847.00 16627.55638387 8360.30234400 30905.70784543
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
108
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
4,429,697.93 465.10898047 233.85587214
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING
409,782.48 21.63353817 79.97316159
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
4,839,480.41 508.13528034 255.48941031 944.47314793
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
38,356.23 4.02732360 2.02493031
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
575.73 0.03039436 0.11235948
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
38,931.96 4.08777404 2.05532468 7.59796253
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
226,710.97 23.80417577 11.96869232
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
2,196.88 0.11597931 0.42874317
MONTHLY PAYMENTS RECEIVED - Total Pool
228,907.85 24.03484355 12.08467163 44.67366315
ENDING CLASS A-1 PRINCIPAL BALANCE
45,988,142.10
ENDING CLASS A-2 PRINCIPAL BALANCE
50,383,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE
14,255,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE
10,123,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE
9,524,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE
18,942,000.00 1000.00000000
ENDING CLASS A-7 PRINCIPAL BALANCE 4,038,384.68 788.13128025
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
149,215,142.10 15667.27657497 7877.47556224
Variable Rate POOL PRINCIPAL BALANCE (Ending)
4,038,384.68 788.13128025
Total POOL PRINCIPAL BALANCE (Ending)
153,253,526.78 16091.29848593 8090.67293739 29908.96307182
