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 : September 25, 1997
(Date of earliest event reported)
Commission File No.: 333-23141
Equivantage Acceptance Corporation,
Home Equity Loan Asset-Backed Certs., Series 1997-2 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-2048642, 52-2048646
(I.R.S. Employer Identification No.)
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive offices) (Zip Code)
(410) 884-2000
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
On September 25, 1997 a distribution was made to holders of
Equivantage Acceptance Corporation,
Home Equity Loan Asset-Backed Certs., Series 1997-2 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1997-2 Trust, relating to the
September 25,1997 distribution
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 hereunto duly authorized.
Equivantage Acceptance Corporation,
Home Equity Loan Asset-Backed Certs., Series 1997-2 Trust
October 6, 1997 by Norwest Bank Minnesota, N.A., as Trustee
/s/ Sherri J. Sharps, Vice President
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1997-2 Trust, relating to the
September 25,1997 distribution
<TABLE>
<CAPTION>
Equivantage Acceptance Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 29-Aug-1997
Distribution Date: 25-Sep-1997
EHELT Series 1997-2
Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone:(410) 884-2173
Fax:(410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 29476YAV1 SEQ 6.57500% 22,520,612.69 123,394.19 568,434.07 0.00
A-2 29476YAW9 SEQ 6.80000% 15,600,000.00 88,400.00 0.00 0.00
A-3 29476YAX7 SEQ 7.27500% 11,683,000.00 70,828.19 0.00 0.00
A-4 29476YAY5 SEQ 7.00000% 5,675,000.00 33,104.17 0.00 0.00
A-5 29476YAZ2 SEQ 5.84500% 41,391,264.57 208,330.28 939,032.29 0.00
FSA FSA97002X FSA 0.15681% 0.00 12,658.32 0.00 0.00
RL EHT9702RL RL 0.00000% 0.00 0.00 0.00 0.00
RU EHT9702RU RU 0.00000% 0.00 0.00 0.00 0.00
B EHT97002B SUB 0.00000% 1,554,971.28 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
<S> <C> <C> <C>
A-1 21,952,178.62 691,828.26 0.00
A-2 15,600,000.00 88,400.00 0.00
A-3 11,683,000.00 70,828.19 0.00
A-4 5,675,000.00 33,104.17 0.00
A-5 40,452,232.28 1,147,362.57 0.00
FSA 0.00 12,658.32 0.00
RL 0.00 0.00 0.00
RU 0.00 0.00 0.00
B 1,839,608.74 0.00 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator
on behalf of the Trustee.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 23,800,000.00 22,520,612.69 568,434.07 0.00 0.00 0.00 568,434.07
A-2 15,600,000.00 15,600,000.00 0.00 0.00 0.00 0.00 0.00
A-3 11,683,000.00 11,683,000.00 0.00 0.00 0.00 0.00 0.00
A-4 5,675,000.00 5,675,000.00 0.00 0.00 0.00 0.00 0.00
A-5 43,242,000.00 41,391,264.57 939,032.29 0.00 0.00 0.00 939,032.29
FSA 0.00 0.00 0.00 0.00 0.00 0.00 0.00
RL 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
B 969,071.84 1,554,971.28 0.00 0.00 0.00 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
<S> <C> <C> <C>
A-1 21,952,178.62 0.92236045 568,434.07
A-2 15,600,000.00 1.00000000 0.00
A-3 11,683,000.00 1.00000000 0.00
A-4 5,675,000.00 1.00000000 0.00
A-5 40,452,232.28 0.93548477 939,032.29
FSA 0.00 0.00000000 0.00
RL 0.00 0.00000000 0.00
RU 0.00 0.00000000 0.00
B 1,839,608.74 1.89832029 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (2) Amount Balance Distribution Distribution Accretion Loss (3) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 23,800,000.00 946.24423067 23.88378445 0.00000000 0.00000000 0.00000000 23.88378445
A-2 15,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-3 11,683,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 5,675,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-5 43,242,000.00 957.20051270 21.71574603 0.00000000 0.00000000 0.00000000 21.71574603
FSA 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RL 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RU 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B 969,071.84 1604.59856103 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All classes are per $1,000 denomination.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Ending Ending Total
Certificate Certificate Principal
Class (4) Balance Percentage Distribution
<S> <C> <C> <C>
A-1 922.36044622 0.92236045 23.88378445
A-2 1000.00000000 1.00000000 0.00000000
A-3 1000.00000000 1.00000000 0.00000000
A-4 1000.00000000 1.00000000 0.00000000
A-5 935.48476666 0.93548477 21.71574603
FSA 0.00000000 0.00000000 0.00000000
RL 0.00000000 0.00000000 0.00000000
RU 0.00000000 0.00000000 0.00000000
B 1,898.32029378 1.89832029 0.00000000
<FN>
(4) All classes are per $1,000 denomination.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 23,800,000.00 6.57500% 22,520,612.69 123,394.19 0.00 0.00 0.00
A-2 15,600,000.00 6.80000% 15,600,000.00 88,400.00 0.00 0.00 0.00
A-3 11,683,000.00 7.27500% 11,683,000.00 70,828.19 0.00 0.00 0.00
A-4 5,675,000.00 7.00000% 5,675,000.00 33,104.17 0.00 0.00 0.00
A-5 43,242,000.00 5.84500% 41,391,264.57 208,330.28 0.00 0.00 0.00
FSA 0.00 0.15681% 96,869,877.26 12,658.34 0.00 0.00 0.00
RL 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
RU 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
B 969,071.84 0.00000% 1,554,971.28 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (5) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00 123,394.19 0.00 21,952,178.62
A-2 0.00 88,400.00 0.00 15,600,000.00
A-3 0.00 70,828.19 0.00 11,683,000.00
A-4 0.00 33,104.17 0.00 5,675,000.00
A-5 0.00 208,330.28 0.00 40,452,232.28
FSA 0.00 12,658.32 0.00 95,362,410.92
RL 0.00 0.00 0.00 0.00
RU 0.00 0.00 0.00 0.00
B 0.00 0.00 0.00 1,839,608.74
<FN>
(5) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class (6) Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 23,800,000.00 6.57500% 946.24423067 5.18462983 0.00000000 0.00000000 0.00000000
A-2 15,600,000.00 6.80000% 1000.00000000 5.66666667 0.00000000 0.00000000 0.00000000
A-3 11,683,000.00 7.27500% 1000.00000000 6.06250021 0.00000000 0.00000000 0.00000000
A-4 5,675,000.00 7.00000% 1000.00000000 5.83333392 0.00000000 0.00000000 0.00000000
A-5 43,242,000.00 5.84500% 957.20051270 4.81777624 0.00000000 0.00000000 0.00000000
FSA 0.00 0.15681% 968.69877260 0.12658340 0.00000000 0.00000000 0.00000000
RL 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RU 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B 969,071.84 0.00000% 1604.59856103 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) All classes are per $1000 denomination.
An Entire Interest.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (7) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00000000 5.18462983 0.00000000 922.36044622
A-2 0.00000000 5.66666667 0.00000000 1000.00000000
A-3 0.00000000 6.06250021 0.00000000 1000.00000000
A-4 0.00000000 5.83333392 0.00000000 1000.00000000
A-5 0.00000000 4.81777624 0.00000000 935.48476666
FSA 0.00000000 0.12658320 0.00000000 953.62410920
RL 0.00000000 0.00000000 0.00000000 0.00000000
RU 0.00000000 0.00000000 0.00000000 0.00000000
B 0.00000000 0.00000000 0.00000000 1898.32029378
<FN>
(7) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 1,265,527.47
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 823,065.38
Realized Losses 0.00
__________________
Total Deposits 2,088,592.85
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 44,411.34
Payment of Interest and Principal 2,044,181.51
__________________
Total Withdrawals (Pool Distribution Amount) 2,088,592.85
Ending Balance 0.00
__________________
__________________
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 823,065.38
Reimbursement of Advances 0.00
Ending Cumulative Advances 823,065.38
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 4,231.64
Servicing Fee Support 4,231.64
__________________
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
__________________
__________________
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 38,161.58
Trustee Fee 2,018.12
Supported Prepayment/Curtailment Interest Shortfall 4,231.64
__________________
Net Servicing Fee 44,411.34
__________________
</TABLE>
<TABLE>
<CAPTION>
__________________
GROUP 1 MORTGAGE LOANS: DELINQUENCY STATUS/LOSSES
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
Bankruptcy 1 47,932.96 0.11% 0.09%
30 Days 20 1,293,401.56 2.28% 2.33%
60 Days 5 403,559.38 0.57% 0.73%
90+ Days 1 32,000.00 0.11% 0.06%
Foreclosure 1 35,605.38 0.11% 0.06%
REO 0 0.00 0.00% 0.00%
Total 28 1,812,499.28 3.19% 3.27%
</TABLE>
<TABLE>
<CAPTION>
GROUP 2 MORTGAGE LOANS: DELINQUENCY STATUS/LOSSES
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
Bankruptcy 1 110,320.10 0.21% 0.28%
30 Days 9 540,296.14 1.88% 1.29%
60 Days 1 46,779.25 0.21% 0.11%
90+ Days 2 189,547.74 0.42% 0.45%
Foreclosure 2 130,551.09 0.42% 0.31%
REO 0 0.00 0.00% 0.00%
Total 15 1,017,494.32 3.14% 2.43%
</TABLE>
<TABLE>
<CAPTION>
Group 1 Group 2
Collateral Description FIXED ARM
<S> <C> <C>
Weighted Average Gross Coupon 10.962188% 9.952876%
Weighted Average Net Coupon 10.277188% 9.267876%
Weighted Average Maturity (Stepdown Calculation) 247 354
Beginning Scheduled Collateral Loan Count 884 486
Number of Loan Payoffs 5 8
Ending Scheduled Collateral Loan Count 879 478
Ending Actual Collateral Balance August 29, 1997 55,411,155.50 41,790,864.59
Monthly P&I Constant 559,964.95 373,937.58
Group Specified Subordinated Amount 1,907,593.02 2,576,595.92
Beg. Group Subordinated Amount 338,742.78 1,216,228.50
End. Group Subordinated Amount 500,976.88 1,338,632.31
Group Subordinated Increase Amount 162,234.10 122,403.81
Group Subordination Reduction Amount 0.00 0.00
</TABLE>
