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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-B
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(Exact name of registrant as specified in its charter)
Delaware 333-20675 59-3466219
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(State or other (Commission File (IRS employer
Jurisdiction of Number) Identification No.)
Incorporation
Series EquiCredit Funding Trust 1997-B
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 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-B
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(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
U. S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQUICREDIT FUNDING TRUST 1997-B
FROM December 15, 1997
TO January 15, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT 3,982,067.31 3,337,027.66 645,039.65
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning)
23,187,183.07
CLASS A-2 PRINCIPAL BALANCE (Beginning)
18,290,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)
31,700,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)
17,270,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)
24,800,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)
12,750,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)
14,800,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning)
24,233,659.51
POOL PRINCIPAL BALANCE (Beginning)
167,030,842.58 142,797,183.07 24,233,659.51
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 55 49 6
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
2,622,709.28 2,129,660.60 493,048.68
(iv) AMOUNT OF CURTAILMENTS RECEIVED
124,320.89 124,334.92 (14.03)
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 220,424.00 207,303.70 13,120.30
(vi) INTEREST RECEIVED ON MORTGAGES 1,592,687.10 1,384,069.17 208,617.93
(vii) AGGREGATE ADVANCES 1,025,367.69 860,367.85 164,999.84
(viii) a. DELINQUENCY INFORMATION (INCLUDE BANKRUPTCY & FORECLOSURE & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 136 131 5
PRINCIPAL BALANCE 6,095,600.50 5,681,878.65 413,721.85
% OF PRINCIPAL 3.715394% 4.048771% 1.743638%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 22 20 2
PRINCIPAL BALANCE 1,140,355.41 1,012,572.88 127,782.53
% OF PRINCIPAL 0.695070% 0.721535% 0.538542%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 27 24 3
PRINCIPAL BALANCE 1,255,383.54 1,020,950.48 234,433.06
% OF PRINCIPAL 0.765182% 0.727505% 0.988022%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 17 16 1
PRINCIPAL BALANCE 877,292.79 767,155.79 110,137.00
% OF PRINCIPAL 0.534728% 0.546657% 0.464174%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 4 4 0
PRINCIPAL BALANCE 125,029.11 125,029.11 0.00
% OF PRINCIPAL 0.08% 0.09% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 89,957.97 89,957.97 0.00
% OF PRINCIPAL 0.05% 0.06% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 3 3 0
PRINCIPAL BALANCE 108,854.69 108,854.69 0.00
% OF PRINCIPAL 0.07% 0.08% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.000000% 0.000000% 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 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 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 20,725,883.85
ENDING CLASS A-2 PRINCIPAL BALANCE 18,290,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 31,700,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 17,270,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 24,800,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 12,750,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE 14,800,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE 23,727,504.56
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
205.27322366 205.07320358 206.45238690
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
11.06581835% 11.259457% 9.920547%
(xi) SERVICING FEES PAID 86,910.65 74,212.75 12,697.90
SERVICING FEES ACCRUED 81,260.11 69,211.63 12,048.48
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING)
164,063,388.41 140,335,883.85 23,727,504.56
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)
3632 3348 284
NUMBER OF MORTGAGES OUTSTANDING (END) 3437 3187 250
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
1,492,322.71 1,292,705.70 199,617.01
(xviii) SUBORDINATED AMOUNT (REMAINING)
17,937,500.00
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS)
2,186,764.95
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
0.00
EXCESS SPREAD 491,163.31 434,127.98 57,035.33
(xx) AGGREGATE MORTGAGE LOAN LOSSES 0.00
U. S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1997-B
FROM: December 15, 1997
TO: January 15, 1998
SECURITY ORIGINAL BEGINING PRINCIPAL
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS
ENDING INTEREST
BALANCE PAYABLE
CLASS A-1 5.905000% June 15, 2004 28,390,000.00 23,187,183.07 2,461,299.22
20,725,883.85 114,100.26
CLASS A-2 6.250000% July 15, 2007 18,290,000.00 18,290,000.00 0.00
18,290,000.00 95,260.42
CLASS A-3 6.415000% Mar. 15, 2012 31,700,000.00 31,700,000.00 0.00
31,700,000.00 169,462.92
CLASS A-4 6.545000% May 15, 2012 17,270,000.00 17,270,000.00 0.00
17,270,000.00 94,193.46
CLASS A-5 6.900000% Oct. 15, 2022 24,800,000.00 24,800,000.00 0.00
24,800,000.00 142,600.00
CLASS A-6 7.295000% Oct. 15, 2028 12,750,000.00 12,750,000.00 0.00
12,750,000.00 77,509.38
CLASS A-7 6.855000% Oct. 15, 2028 14,800,000.00 14,800,000.00 0.00
14,800,000.00 84,545.00
CLASS A-8 6.160470% Oct. 15, 2028 27,000,000.00 24,233,659.51 506,154.95
23,727,504.56 128,555.91
CLASS R VARIABLE Oct. 15, 2028 0.00 0.00 0.00
0.00 0.00
_______________ ______________ ____________
TOTAL 175,000,000.00 167,030,842.58 2,967,454.17
______________ __________
164,063,388.41 906,227.34
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 294424AP1 816.73769179 86.69599225 730.04169954 4.01903006
CLASS A-2 294424AQ9 1,000.00000000 0.00000000 1000.00000000 5.20833333
CLASS A-3 294424AR7 1,000.00000000 0.00000000 1000.00000000 5.34583333
CLASS A-4 294424AS5 1,000.00000000 0.00000000 1000.00000000 5.45416667
CLASS A-5 294424AT3 1,000.00000000 0.00000000 1000.00000000 5.75000000
CLASS A-6 294424AU0 1,000.00000000 0.00000000 1000.00000000 6.07916667
CLASS A-7 294424AV8 1,000.00000000 0.00000000 1000.00000000 5.71250000
CLASS A-8 294424AW6 897.54294481 18.74647963 878.79646519 4.76132994
CLASS R
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
U. S. BANK NATIONAL ASSOCIATION PYMT PER FROM DATE December 15, 1997
AS TRUSTEE PYMT PER TO DATE January 15, 1998
EQUICREDIT FUNDING TRUST 1997-B
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
28,390,000.00 18,290,000.00 31,700,000.00 17,270,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
23,187,183.07 816.73769179
CLASS A-2 PRINCIPAL BALANCE (Beginning)
18,290,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning)
31,700,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning)
17,270,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning)
24,800,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)
12,750,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)
14,800,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning)
24,233,659.51
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
142,797,183.07 5029.84089715 7807.39109185 4504.64299905 8268.51088998
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
24,233,659.51
Total POOL PRINCIPAL BALANCE (Beginning)
167,030,842.58 5883.43933005 9132.35880700 5269.11175331 9671.73379155
ENDING CLASS A-1 PRINCIPAL BALANCE
20,725,883.85 730.04169954
ENDING CLASS A-2 PRINCIPAL BALANCE
18,290,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE
31,700,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE
17,270,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE
24,800,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE
12,750,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE
14,800,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE
23,727,504.56
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
140,335,883.85 4943.14490490 7672.82033078 4426.99949054 8125.99211639
Variable Rate POOL PRINCIPAL BALANCE (Ending)
23,727,504.56
Total POOL PRINCIPAL BALANCE (Ending)
164,063,388.41 5778.91470271 8970.11418316 5175.50121167 9499.90668269
PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-5 CLASS A-6 CLASS A-7 CLASS A-8
24,800,000.00 12,750,000.00 14,800,000.00 27,000,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
23,187,183.07
CLASS A-2 PRINCIPAL BALANCE (Beginning)
18,290,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)
31,700,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)
17,270,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)
24,800,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning)
12,750,000.00 1000.00000000
CLASS A-7 PRINCIPAL BALANCE (Beginning)
14,800,000.00 1000.00000000
CLASS A-8 PRINCIPAL BALANCE (Beginning)
24,233,659.51 897.54294481
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
142,797,183.07 5757.95093024 11199.77906431 9648.45831554
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
24,233,659.51 897.54294481
Total POOL PRINCIPAL BALANCE (Beginning)
167,030,842.58 6735.11462016 13100.45824157 11285.86774189 6186.32750296
ENDING CLASS A-1 PRINCIPAL BALANCE
20,725,883.85
ENDING CLASS A-2 PRINCIPAL BALANCE
18,290,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE
31,700,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE
17,270,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE
24,800,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE
12,750,000.00 1000.00000000
ENDING CLASS A-7 PRINCIPAL BALANCE
14,800,000.00 1000.00000000
ENDING CLASS A-8 PRINCIPAL BALANCE
23,727,504.56 878.79646519
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
140,335,883.85 5658.70499395 11006.73598824 9482.15431419
Variable Rate POOL PRINCIPAL BALANCE (Ending)
23,727,504.56 878.79646519
Total POOL PRINCIPAL BALANCE (Ending)
164,063,388.41 6615.45921008 12867.71673804 11085.36408176 6076.42179296