<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
Series EquiCredit Funding Trust 1997-A
--------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-20675 59-3446547
-------- --------- ----------
(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)
----------------------------------------
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
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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
---------------------------------------
(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
EQUICREDIT FUNDING TRUST 1997-A
FROM December 15, 1997
TO January 15, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
________________________________ _____________ _____________ ____________
(i) AVAILABLE PAYMENT AMOUNT 5,112,401.97 4,969,660.19 142,741.78
Portions subject to bankrupty 10,123,000.00
(ii)CLASS A-1 PRINCIPAL BALANCE
(Beginning) 58,908,059.16
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) 4,685,630.26
POOL PRINCIPAL BALANCE
(Beginning) 166,820,689.42 162,135,059.16 4,685,630.26
(iii)MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 102 100 2
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 3,843,913.79 3,729,418.10 114,495.69
(iv AMOUNT OF CURTAILMENTS RECEIVED 32,098.40 31,512.64 585.76
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 251,493.01 249,269.40 2,223.61
(vi)INTEREST RECEIVED ON MORTGAGES 1,598,526.54 1,562,266.55 36,259.99
(vii)AGGREGATE ADVANCES 1,096,082.05 1,063,195.58 32,886.47
(viii)a. DELINQUENCY INFORMATION (INCLUDE BANKRUPTCY & FORECLOSURE & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 165 162 3
PRINCIPAL BALANCE 7,392,926.33 7,158,140.85 234,785.48
% OF PRINCIPAL 4.545191% 4.528019% 5.139421%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 34 33 1
PRINCIPAL BALANCE 1,760,508.26 1,682,823.89 77,684.37
% OF PRINCIPAL 1.082365% 1.064502% 1.700500%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 95 95 0
PRINCIPAL BALANCE 4,511,131.86 4,511,131.86 0.00
% OF PRINCIPAL 2.773456% 2.853603% 0.000000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 46 46 0
PRINCIPAL BALANCE 1,723,431.92 1,723,431.92 0.00
% OF PRINCIPAL 1.059570% 1.090190% 0.000000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 2 2 0
PRINCIPAL BALANCE 42,745.25 42,745.25 0.00
% OF PRINCIPAL 0.03% 0.03% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 4 4 0
PRINCIPAL BALANCE 138,491.02 138,491.02 0.00
% OF PRINCIPAL 0.09% 0.09% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 15 15 0
PRINCIPAL BALANCE 701,973.94 701,973.94 0.00
% OF PRINCIPAL 0.43% 0.44% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 20 20 0
PRINCIPAL BALANCE 1,170,193.98 1,170,193.98 0.00
% OF PRINCIPAL 0.719438% 0.740229% 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 1 1 0
PRINCIPAL BALANCE 29,924.90 29,924.90 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 19 19 0
PRINCIPAL BALANCE 1,140,269.08 1,140,269.08 0.00
% OF PRINCIPAL 0.70% 0.72% 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 39,360.83 39,360.83 0.00
(ix)ENDING CLASS A-1 PRINCIPAL
BALANCE 54,858,498.19
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 4,568,325.20
(x) WEIGHTED AVERAGE MATURITY OF
MORTGAGE LOANS 196.68068355 197.07605954 182.99881831
WEIGHTED AVERAGE MORTGAGE
INTEREST RATE 11.26073047% 11.300989% 9.867588%
(xi)SERVICING FEES PAID 85,185.04 82,972.99 2,212.05
SERVICING FEES ACCRUED 81,530.14 79,215.60 2,314.54
(xii)SECTION 5.04 SERVICER
PAYMENTS OR REIMBSMTS. 0.00
(xiii)POOL PRINCIPAL BALANCE
(ENDING) 162,653,823.39 158,085,498.19 4,568,325.20
(xiv)RESERVED
(xv)REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi)NUMBER OF MORTGAGES OUTSTANDING
(BEGINNING) 3825 3775 50
NUMBER OF MORTGAGES OUTSTANDING (END) 3723 3675 48
(xvii)AGGREGATE INTEREST ACCRUED ON THE
MORTGAGE LOANS 1,530,819.12 1,492,703.48 38,115.64
(xviii)SUBORDINATED AMOUNT
(REMAINING) 20,430,234.11
SPREAD ACCOUNT BALANCE
(AFTER DISTRIBUTIONS) 4,741,688.58
CUMMULATIVE EXCESS SPREAD
ACCOUNT RECEIPTS (94,133.89)
EXCESS SPREAD 493,805.79 483,441.41 10,364.38
(xx)AGGREGATE MORTGAGE LOAN LOSSES (94,133.89)
______________________________________________________________________________
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1997-A
FROM: December 15, 1997
TO: January 15, 1998
SECURITY ORGINAL BEGINNING
DESCRIPTION RATE MATURITY FACE BALANCE
CLASS A-1 6.300000% Dec. 15, 2010 86,192,000.00 58,908,059.16
CLASS A-2 6.830000% Jan. 15, 2014 50,383,000.00 50,383,000.00
CLASS A-3 7.160000% May 15, 2020 14,255,000.00 14,255,000.00
CLASS A-4 7.340000% Mar. 15, 2024 10,123,000.00 10,123,000.00
CLASS A-5 7.620000% June 15, 2028 9,524,000.00 9,524,000.00
CLASS A-6 7.100000% June 15, 2028 18,942,000.00 18,942,000.00
CLASS A-7 6.200470% April 15, 2028 5,124,000.00 4,685,630.26
CLASS R VARIABLE June 15, 2028 0.00 0.00
_________________ _______________
TOTAL 194,543,000.00 166,820,689.42
SECURITY PRINCIPAL ENDING INTEREST
DESCRIPTION REDUCTIONS BALANCE PAYABLE
CLASS A-1 4,049,560.97 54,858,498.19 309,267.31
CLASS A-2 0.00 50,383,000.00 286,763.24
CLASS A-3 0.00 14,255,000.00 85,054.83
CLASS A-4 0.00 10,123,000.00 61,919.02
CLASS A-5 0.00 9,542,000.00 60,477.40
CLASS A-6 0.00 18,942,000.00 112,073.50
CLASS A-7 117,305.06 4,568,325.20 25,017.96
CLASS R 0.00 0.00 0.00
____________ ______________ __________
TOTAL 4,166,866.03 162,653,823.39 940,573.26
SECURITY BALANCE BALANCE BALANCE BALANCE
DESCRIPTION CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 294424AG1 683.45158669 46.98302592 636.46856077 3.58812083
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 914.44774785 22.89325917 891.55448868 4.88250502
CLASS R
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
FIRST BANK NATIONAL ASSOCIATION PYMT PER FROM DATE December 15, 1997
AS TRUSTEE PYMT PER TO DATE January 15, 1998
EQUICREDIT FUNDING TRUST 1997-A
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3
86,192,000.00 50,383,000.00 14,255,000.00
CLASS A-1 PRINCIPAL BALANCE
(Beginning) 58,908,059.16 683.45158669
CLASS A-2 PRINCIPAL BALANCE
(Beginning) 50,383,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE
(Beginning) 14,255,000.00 1000.0000000
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) 4,685,630.26
Fixed Rate POOL PRINCIPAL BALANCE
(Beginning) 162,135,059.16 1881.09173891 3218.05091320 11373.90804349
Variable Rate POOL PRINCIPAL BALANCE
(Beginning) 4,685,630.26
Total POOL PRINCIPAL BALANCE
(Beginning) 166,820,689.42 1935.45444380 3311.05113669 11702.60886847
MORTGAGES:
NUMBER OF PRINCIPAL PAYMENTS
102
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES
PREPAYING 3,729,418.10 43.26872680 74.02135839 261.62175377
PRINCIPAL BALANCE OF Var. Rate MORTGAGES
PREPAYING 114,495.69
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 3,843,913.79 44.59710634 76.29386480 269.65372080
AMOUNT OF Fixed Rate CURTAILMENTS
RECEIVED 31,512.64 0.36560980 0.62546176 2.21063767
AMOUNT OF Var. Rate CURTAILMENTS
RECEIVED 585.76
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED 32,098.40 0.37240579 0.63708791 2.25172922
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF-
MONTHLY PAYMENTS RECEIVED -
Fixed Rate Pool 249,269.40 2.89202478 4.94749022 17.48645388
MONTHLY PAYMENTS RECEIVED -
Var. Rate Pool 2,223.61
MONTHLY PAYMENTS RECEIVED -
Total Pool 251,493.01 2.91782312 4.99162436 17.64244195
ENDING CLASS A-1 PRINCIPAL
BALANCE 54,858,498.19 636.46856077
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
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 4,568,325.20
Fixed Rate POOL PRINCIPAL BALANCE
(Ending) 158,085,498.19 1834.10871299 3137.67537046 11089.82800351
Variable Rate POOL PRINCIPAL BALANCE
(Ending) 4,568,325.20
Total POOL PRINCIPAL BALANCE
(Ending) 162,653,823.39 1887.11044401 3228.34732727 11410.29978183
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5 CLASS A-6
10,123,000.00 9,524,000.00 18,942,000.00
CLASS A-1 PRINCIPAL BALANCE
(Beginning) 58,908,059.16
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 1000.00000000
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) 4,568,325.20
Fixed Rate POOL PRINCIPAL BALANCE
(Beginning)162,135,059.16 16016.50292996 17023.84073499 8559.55332911
Variable Rate POOL PRINCIPAL BALANCE
(Beginning) 4,685,630.26
Total POOL PRINCIPAL BALANCE
(Beginning)166,820,689.42 16479.37265830 17515.82207266 8806.92056911
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
102
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES
PREPAYING 3,729,418.10 368.41036254 391.58106888 196.88618414
PRINCIPAL BALANCE OF Var. Rate MORTGAGES
PREPAYING 114,495.69 6.04454070
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 3,843,913.79 379.72081300 403.60287589 202.93072484
AMOUNT OF Fixed Rate CURTAILMENTS
RECEIVED 31,512.64 3.11297441 3.30876102 1.66363848
AMOUNT OF Variable Rate CURTAILMENTS
RECEIVED 585.76 0.03092387 0.03092387
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED 32,098.40 3.17083868 1.69456235 1.69456235
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate
Pool 249,269.40 24.62406401 26.17276354 13.15961356
MONTHLY PAYMENTS RECEIVED - Var. Rate
Pool 2,223.61 0.11739046
MONTHLY PAYMENTS RECEIVED - Total
Pool 251,493.01 24.84372320 26.40623793 13.27700401
ENDING CLASS A-1 PRINCIPAL
BALANCE 54,858,498.19
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 1000.00000000
ENDING CLASS A-5 PRINCIPAL
BALANCE 9,524,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL
BALANCE 18,942,000.00 1000.0000000
ENDING CLASS A-7 PRINCIPAL
BALANCE 4,568,325.20
Fixed Rate POOL PRINCIPAL BALANCE
(Ending) 158,085,498.19 15616.46727156 16598.64533704 8345.76592704
Variable Rate POOL PRINCIPAL BALANCE
(Ending) 4,568,325.20
Total POOL PRINCIPAL BALANCE
(Ending) 162,653,823.397 16067.74902598 17078.90988975 8586.94031201
PER $1,000
ORIGINAL BAL
CLASS A-7
5,124,000.00
CLASS A-1 PRINCIPAL BALANCE
(Beginning) 58,908,059.16
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) 4,568,325.20 914.44774785
Fixed Rate POOL PRINCIPAL BALANCE
(Beginning)162,135,059.16
Variable Rate POOL PRINCIPAL BALANCE
(Beginning) 4,685,630.26 914.44774785
Total POOL PRINCIPAL BALANCE
(Beginning)166,820,689.42 32556.73095628
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
102
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES
PREPAYING 3,729,418.10
PRINCIPAL BALANCE OF Var. Rate MORTGAGES
PREPAYING 114,495.69 22.34498244
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 3,843,913.79 750.17833528
AMOUNT OF Fixed Rate CURTAILMENTS
RECEIVED 31,512.64
AMOUNT OF Variable Rate CURTAILMENTS
RECEIVED 585.76 0.11431694
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED 32,098.40 6.26432475
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate
Pool 249,269.40
MONTHLY PAYMENTS RECEIVED - Var. Rate
Pool 2,223.61 0.43395980
MONTHLY PAYMENTS RECEIVED - Total
Pool 251,493.01 49.08138368
ENDING CLASS A-1 PRINCIPAL
BALANCE 54,858,498.19
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 4,568,325.20 891.55448868
Fixed Rate POOL PRINCIPAL BALANCE
(Ending) 158,085,498.19
Variable Rate POOL PRINCIPAL BALANCE
(Ending) 4,568,325.20 891.55448868
Total POOL PRINCIPAL BALANCE
(Ending) 162,653,823.397 31743.52525176