<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-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
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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 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-B
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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
Remittance Date.
U. S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQUICREDIT FUNDING TRUST 1997-B
FROM February 17, 1998
TO March 16, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT 5,251,175.10 4,014,063.94 1,237,111.15
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning)
18,589,683.57
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)
22,834,320.02
POOL PRINCIPAL BALANCE (Beginning)
161,034,003.59 138,199,683.57 22,834,320.02
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 76 64 12
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
4,171,851.79 3,046,643.17 1,125,208.62
(iv) AMOUNT OF CURTAILMENTS RECEIVE 5,333.26 5,610.35 (277.09)
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 206,473.03 195,516.53 10,956.50
(vi) INTEREST RECEIVED ON MORTGAGES
1,491,835.08 1,305,468.80 186,366.28
(vii) AGGREGATE ADVANCES 1,057,897.04 898,185.61 159,711.43
(viii) a. DELINQUENCY INFORMATION (INCLUDE BANKRUPTCY & FORECLOSURE & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 108 103 5
PRINCIPAL BALANCE 5,016,567.40 4,583,760.41 432,806.99
% OF PRINCIPAL 3.202398% 3.396588% 1.994646%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 27 27 0
PRINCIPAL BALANCE 1,083,485.59 1,083,485.59 0.00
% OF PRINCIPAL 0.691659% 0.802868% 0.000000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 53 48 5
PRINCIPAL BALANCE 2,758,764.73 2,329,941.14 428,823.59
% OF PRINCIPAL 1.761097% 1.726497% 1.976288%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 28 27 1
PRINCIPAL BALANCE 1,260,965.86 1,150,909.59 110,056.27
% OF PRINCIPAL 0.804956% 0.852829% 0.507208%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 2 2 0
PRINCIPAL BALANCE 62,305.95 62,305.95 0.00
% OF PRINCIPAL 0.04% 0.05% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 35,416.56 35,416.56 0.00
% OF PRINCIPAL 0.02% 0.03% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 7 7 0
PRINCIPAL BALANCE 364,857.23 364,857.23 0.00
% OF PRINCIPAL 0.23% 0.27% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 3 3 0
PRINCIPAL BALANCE 65,056.96 65,056.96 0.00
% OF PRINCIPAL 0.041530% 0.048208% 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 3 3 0
PRINCIPAL BALANCE 65,056.96 65,056.96 0.00
% OF PRINCIPAL 0.04% 0.05% 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
15,341,913.52
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
21,698,431.99
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
204.00050009 203.58614792 206.57753506
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
11.09194084% 11.244444% 10.143455%
(xi) SERVICING FEES PAID 80,601.53 69,416.67 11,184.86
SERVICING FEES ACCRUED 82,700.34 71,477.11 11,223.23
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING)
156,650,345.51 134,951,913.52 21,698,431.99
(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)
3314 3085 229
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
1,547,571.20 1,356,614.71 190,956.49
(xviii) SUBORDINATED AMOUNT (REMAINING)
17,937,500.00
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS)
3,317,651.16
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
0.00
EXCESS SPREAD 597,353.84 518,843.71 78,510.14
(xx) AGGREGATE MORTGAGE LOAN LOSSES 0.00
(xxi) RESERVED
U. S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1997-B
FROM: February 17, 1998
TO: March 16, 1998
SECURITY DESC. RATE MATURITY ORIGINAL FACE
BEGINNING BALANCE PRINCIPAL REDUCTIONS ENDING BALANCE INTEREST PAYABLE
CLASS A-1 5.905000% June 15, 2004 28,390,000.00
18,589,683.57 3,247,770.05 15,341,913.52 91,476.73
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 5.805000% Oct. 15, 2028 27,000,000.00
22,834,320.02 1,135,888.03 21,698,431.99 99,414.92
CLASS R VARIABLE Oct. 15, 2028 0.00
0.00 0.00 0.00 0.00
TOTAL 175,000,000.00
161,034,003.59 4,383,658.08 156,650,345.51 854,462.82
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1000 PER $1000 PER $1000 PER $1000
CLASS A-1 294424AP1 654.79688517 114.39838147 540.39850370 3.22214634
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 845.71555630 42.06992704 803.64562926 3.68203410
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 February 17, 1998
AS TRUSTEE PYMT PER TO DATE March 16, 1998
EQUICREDIT FUNDING TRUST 1997-B
PER $1000 PER $1000 PER $1000 PER $1000
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)
18,589,683.57 654.79688517
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)
22,834,320.02
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
138,199,683.57 4867.90009052 7556.02425205 4359.61146909 8002.29783266
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
22,834,320.02
Total POOL PRINCIPAL BALANCE (Beginning)
161,034,003.59 5672.20865058 8804.48352050 5079.93702177 9324.49354893
ENDING CLASS A-1 PRINCIPAL BALANCE
15,341,913.52 540.39850370
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
21,698,431.99
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
134,951,913.52 4753.50170905 7378.45344560 4257.15815521 7814.23934684
Variable Rate POOL PRINCIPAL BALANCE (Ending)
21,698,431.99
Total POOL PRINCIPAL BALANCE (Ending)
156,650,345.51 5517.80012364 8564.80839311 4941.65127792 9070.66273943
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)
18,589,683.57
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)
22,834,320.02 845.71555630
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
138,199,683.57 5572.56788589 10839.19086824 9337.81645743
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
22,834,320.02 845.71555630
Total POOL PRINCIPAL BALANCE (Beginning)
161,034,003.59 6493.30659637 12630.11792863 10880.67591824 5964.22235519
ENDING CLASS A-1 PRINCIPAL BALANCE
15,341,913.52
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
21,698,431.99 803.64562926
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
134,951,913.52 5441.60941613 10584.46380549 9118.37253514
Variable Rate POOL PRINCIPAL BALANCE (Ending)
21,698,431.99 803.64562926
Total POOL PRINCIPAL BALANCE (Ending)
156,650,345.51 6316.54618992 12286.30160863 10584.48280473 5801.86464852
