<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): December 15, 1997
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
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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 December 1997
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
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Name: James B. Dodd
Title: Vice President\General Counsel
(Duly Authorized Officer)
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INDEX TO EXHIBITS
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Exhibit
Number Exhibit
- ------- -------
99 Trustee's Remittance Report in respect of the December 1997
Remittance Date.
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQUICREDIT FUNDING TRUST 1997-A
FROM November 17, 1997
TO December 15, 1997
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT 5,653,921.42 5,569,804.69 84,116.73
Portions subject to bankrupty 10,123,000.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning
63,741,730.13
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)
4,753,447.28
POOL PRINCIPAL BALANCE (Beginning)
171,722,177.41 166,968,730.13 4,753,447.28
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 110 109 1
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
4,668,692.49 4,603,939.70 64,752.79
(iv) AMOUNT OF CURTAILMENTS RECEIVED
6,664.37 6,078.61 585.76
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED
214,798.67 212,320.20 2,478.47
(vi) INTEREST RECEIVED ON MORTGAGES
1,429,700.65 1,388,954.70 40,745.95
(vii) AGGREGATE ADVANCES
973,290.57 946,173.73 27,116.84
(viii) a. DELINQUENCY INFORMATION (INCLUDE BANKRUPTCY & FORECLOSURE & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 173 170 3
PRINCIPAL BALANCE 8,387,828.86 8,193,653.88 194,174.98
% OF PRINCIPAL 5.028051% 5.053598% 4.144053%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 43 43 0
PRINCIPAL BALANCE 1,649,645.00 1,649,645.00 0.00
% OF PRINCIPAL 0.988873% 1.017451% 0.000000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 72 72 0
PRINCIPAL BALANCE 3,563,349.81 3,563,349.81 0.00
% OF PRINCIPAL 2.136036% 2.197766% 0.000000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 38 38 0
PRINCIPAL BALANCE 1,612,919.36 1,612,919.36 0.00
% OF PRINCIPAL 0.966858% 0.994800% 0.000000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 3 3 0
PRINCIPAL BALANCE 102,890.96 102,890.96 0.00
% OF PRINCIPAL 0.06% 0.06% 0.00%
BANKRUPTCY 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%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 15 15 0
PRINCIPAL BALANCE 749,184.80 749,184.80 0.00
% OF PRINCIPAL 0.45% 0.46% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 11 11 0
PRINCIPAL BALANCE 739,333.73 739,333.73 0.00
% OF PRINCIPAL 0.443191% 0.455999% 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 11 11 0
PRINCIPAL BALANCE 739,333.73 739,333.73 0.00
% OF PRINCIPAL 0.44% 0.46% 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 11,332.46 11,332.46 0.00
(ix)
ENDING CLASS A-1 PRINCIPAL BALANCE
58,908,059.16
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
4,685,630.26
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
197.40364819 197.67257837 188.09796044
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
11.26710332% 11.309873% 9.787164%
(xi) SERVICING FEES PAID 76,140.62 73,660.66 2,479.96
SERVICING FEES ACCRUED 84,362.96 82,016.10 2,346.86
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
128.76
(xiii) POOL PRINCIPAL BALANCE (ENDING)
166,820,689.42 162,135,059.16 4,685,630.26
(xiv) RESERVED
(xv)
REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)
3935 3884 51
NUMBER OF MORTGAGES OUTSTANDING (END)
3825 3775 50
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
1,585,269.87 1,546,879.02 38,390.85
(xviii)
SUBORDINATED AMOUNT (REMAINING) 20,469,594.94
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS)
4,268,481.24
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
(54,773.06)
EXCESS SPREAD 522,842.17 509,068.46 13,773.70
(xx) AGGREGATE MORTGAGE LOAN LOSSES (54,773.06)
(xxi) RESERVED
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1997-A
FROM: November 17, 1997
TO: December 15, 1997
SECURITY ORIGINAL BEGINNING PRINCIPAL
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS
END BALANCE INTEREST PAYABLE
CLASS A-1 6.300% Dec. 15, 2010 86,192,000.00 63,741,730.13 4,833,670.97
58,908,059.16 334,644.08
CLASS A-2 6.8300% Jan. 15, 2014 50,383,000.00 50,383,000.00 0.00
50,383,000.00 286,763.24
CLASS A-3 7.1600% May 15, 2020 14,255,000.00 14,255,000.00 0.00
14,255,000.00 85,054.83
CLASS A-4 7.3400% Mar. 15, 2024 10,123,000.00 10,123,000.00 0.00
10,123,000.00 61,919.02
CLASS A-5 7.6200% June 15, 2028 9,524,000.00 9,524,000.00 0.00
9,524,000.00 60,477.40
CLASS A-6 7.1000% June 15, 2028 18,942,000.00 18,942,000.00 0.00
18,942,000.00 112,073.50
CLASS A-7 5.9070% April 15, 2028 5,124,000.00 4,753,447.28 67,817.02
4,685,630.26 21,840.77
CLASS R VARIABLE June 15, 2028 0.00 0.00 0.00
0.00 0.00
_________________ _______________ ___________
TOTAL 194,543,000.00 171,722,177.41 4,901,487.99
______________ _____________
166,820,689.42 962,772.84
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 294424AG1 739.53186061 56.08027392 683.45158669 3.88254227
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 927.68291959 13.23517174 914.44774785 4.26244533
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 November 17, 1997
AS TRUSTEE PYMT PER TO DATE December 15, 1997
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)
63,741,730.13 739.53186061
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)
4,753,447.28
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
166,968,730.13 1937.17201283 3313.98944346 11712.99404630 16493.99685172
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
4,753,447.28
Total POOL PRINCIPAL BALANCE (Beginning)
171,722,177.41 1992.32153112 3408.33569676 12046.45229113 16963.56588067
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
110
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
4,603,939.70 53.41493062 91.37883215 322.97016485 454.79993085
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING
64,752.79
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
4,668,692.49 54.16619280 92.66404323 327.51262645 461.19653166
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
6,078.61 0.07052406 0.12064804 0.42641950 0.60047516
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
585.76
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
6,664.37 0.07732005 0.13227418 0.46751105 0.65833943
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
212,320.20 2.46333999 4.21412381 14.89443704 20.97403932
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
2,478.47
MONTHLY PAYMENTS RECEIVED - Total Pool
214,798.67 2.49209521 4.26331640 15.06830375 21.21887484
ENDING CLASS A-1 PRINCIPAL BALANCE
58,908,059.16 683.45158669
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
4,685,630.26
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
162,135,059.16 1881.09173891 3218.05091320 11373.90804349 16016.50292996
Variable Rate POOL PRINCIPAL BALANCE (Ending)
4,685,630.26
Total POOL PRINCIPAL BALANCE (Ending)
166,820,689.42 1935.45444380 3311.05113669 11702.60886847 16479.37265830
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)
63,741,730.13
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)
4,753,447.28 927.68291959
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
166,968,730.13 17531.36603633 8814.73604318
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
4,753,447.28 927.68291959
Total POOL PRINCIPAL BALANCE (Beginning)
171,722,177.41 18030.46801869 9065.68352919 33513.30550546
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
110
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
4,603,939.70 483.40400042 243.05457185
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING
64,752.79 3.41847693 12.63715652
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
4,668,692.49 490.20290739 246.47304878 911.14217213
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
6,078.61 0.63824129 0.32090645
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
585.76 0.03092387 0.11431694
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
6,664.37 0.69974486 0.35183032 1.30061866
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
212,320.20 22.29317514 11.20896421
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
2,478.47 0.13084521 0.48369828
MONTHLY PAYMENTS RECEIVED - Total Pool
214,798.67 22.55340928 11.33980942 41.92011514
ENDING CLASS A-1 PRINCIPAL BALANCE
58,908,059.16
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
4,685,630.26 914.44774785
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
162,135,059.16 17023.84073499 8559.55332911
Variable Rate POOL PRINCIPAL BALANCE (Ending)
4,685,630.26 914.44774785
Total POOL PRINCIPAL BALANCE (Ending)
166,820,689.42 17515.82207266 8806.92056911 32556.73095628
