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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-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 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-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 December 1997
Remittance Date.
U. S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQUICREDIT FUNDING TRUST 1997-B
FROM November 17, 1997
TO December 15, 1997
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT
3,556,086.90 2,532,606.34 1,023,480.56
Portions subject to bankrupty
0.00
(ii)
CLASS A-1 PRINCIPAL BALANCE (Beginning)
24,921,683.03
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)
25,140,389.64
POOL PRINCIPAL BALANCE (Beginning)
169,672,072.67 144,531,683.03 25,140,389.64
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 54 44 10
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
2,440,002.51 1,544,872.51 895,130.00
(iv) AMOUNT OF CURTAILMENTS RECEIVED
4,918.11 4,822.62 95.49
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 196,309.47 184,804.83 11,504.64
(vi) INTEREST RECEIVED ON MORTGAGES
1,420,303.59 1,234,200.49 186,103.10
(vii) AGGREGATE ADVANCES 1,118,079.94 945,296.38 172,783.56
(viii) a. DELINQUENCY INFORMATION (INCLUDE BANKRUPTCY & FORECLOSURE & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 140 134 6
PRINCIPAL BALANCE 6,555,671.31 5,989,107.09 566,564.22
% OF PRINCIPAL 3.924827% 4.194136% 2.337923%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 27 24 3
PRINCIPAL BALANCE 1,032,585.47 818,727.32 213,858.15
% OF PRINCIPAL 0.618201% 0.573350% 0.882484%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 17 16 1
PRINCIPAL BALANCE 725,674.04 627,099.13 98,574.91
% OF PRINCIPAL 0.434455% 0.439154% 0.406769%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 13 12 1
PRINCIPAL BALANCE 643,113.49 532,936.69 110,176.80
% OF PRINCIPAL 0.385027% 0.373212% 0.454644%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 2 2 0
PRINCIPAL BALANCE 106,195.37 106,195.37 0.00
% OF PRINCIPAL 0.06% 0.07% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 38,236.78 38,236.78 0.00
% OF PRINCIPAL 0.02% 0.03% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 1 1 0
PRINCIPAL BALANCE 37,172.30 37,172.30 0.00
% OF PRINCIPAL 0.02% 0.03% 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
23,187,183.07
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
24,233,659.51
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
206.23018828 206.17741417 206.54116049
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
11.05703346% 11.267300% 9.818036%
(xi) SERVICING FEES PAID 77,309.17 65,964.71 11,344.46
SERVICING FEES ACCRUED 82,722.35 70,496.99 12,225.36
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
582,352.93
(xiii) POOL PRINCIPAL BALANCE (ENDING)
167,030,842.58 142,797,183.07 24,233,659.51
(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)
3492 3236 256
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
1,524,824.55 1,324,336.35 200,488.20
(xviii) SUBORDINATED AMOUNT (REMAINING)
17,937,500.00
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS)
1,689,081.06
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
0.00
EXCESS SPREAD 527,245.39 455,732.98 71,512.41
(xx) AGGREGATE MORTGAGE LOAN LOSSES
0.00
(xxi) RESERVED
U. S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1997-B
FROM: November 17, 1997
TO: December 15, 1997
SECURITY ORIGINAL BEGINNING PRINCIPAL
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS
ENDING BALANCE INTEREST PAYABLE
CLASS A-1 5.905000% June 15, 2004 28,390,000.00 24,921,683.03 1,734,499.96
23,187,183.07 122,635.45
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 5.867500% Oct. 15, 2028 27,000,000.00 25,140,389.64 906,730.13
24,233,659.51 114,730.96
CLASS R VARIABLE Oct. 15, 2028 0.00 0.00 0.00
0.00 0.00
______________ _______________ ____________
TOTAL 175,000,000.00 169,672,072.67 2,641,230.09
______________ ___________
167,030,842.58 900,937.58
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 294424AP1 877.83314653 61.09545474 816.73769179 4.31967061
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 931.12554222 33.58259741 897.54294481 4.24929487
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 November 17, 1997
AS TRUSTEE PYMT PER TO DATE December 15, 1997
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)
24,921,683.03 877.83314653
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)
25,140,389.64
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
144,531,683.03 5090.93635188 7902.22433188 4559.35908612 8368.94516676
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
25,140,389.64
Total POOL PRINCIPAL BALANCE (Beginning)
169,672,072.67 5976.47314794 9276.76723182 5352.43131451 9824.67126057
ENDING CLASS A-1 PRINCIPAL BALANCE
23,187,183.07 816.73769179
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
24,233,659.51
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
142,797,183.07 5029.84089715 7807.39109185 4504.64299905 8268.51088998
Variable Rate POOL PRINCIPAL BALANCE (Ending)
24,233,659.51
Total POOL PRINCIPAL BALANCE (Ending)
167,030,842.58 5883.43933005 9132.35880700 5269.11175331 9671.73379155
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)
24,921,683.03
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)
25,140,389.64 931.12554222
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
144,531,683.03 5827.89044476 11335.81827686 9765.65425878
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
25,140,389.64 931.12554222
Total POOL PRINCIPAL BALANCE (Beginning)
169,672,072.67 6841.61583347 13307.61354275 11464.32923446 6284.15083963
ENDING CLASS A-1 PRINCIPAL BALANCE
23,187,183.07
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
24,233,659.51 897.54294481
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
142,797,183.07 5757.95093024 11199.77906431 9648.45831554
Variable Rate POOL PRINCIPAL BALANCE (Ending)
24,233,659.51 897.54294481
Total POOL PRINCIPAL BALANCE (Ending)
167,030,842.58 6735.11462016 13100.45824157 11285.86774189 6186.32750296
