<PAGE>
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
EQCC Home Equity Loan Trust 1997-2
----------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-20675 59-3450527
-------- --------- ----------
(State or other (Commission File (IRS employer
Jurisdiction of Number) Identification No.)
Incorporation
EQCC Home Equity Loan Trust 1997-2
10401 Deerwood Park Blvd.
Jacksonville, Florida 32256
(Address of principal executive offices)
----------------------------------------
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
-----------------------------------------------------------------
(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 EQCC Home Equity Loan Trust 1997-2
-----------------------------------------
(Registrant)
Equicredit Corporation of America
---------------------------------
as Representative
Dated: June 1, 1998 By: _________________________
------------- Name: James B. Dodd
Title: Vice President/General Counsel
(Duly Authorized Officer)
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
Number Exhibit
- -------- -------
99 Trustee's Remittance Report in respect of the January 1998 Remittance
Date.
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-2
FROM Dec. 15, 1997
TO Jan. 15, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT 19,568,228.74 11,354,239.41 8,213,989.33
Portions subject to bankrupty 0.00
(ii)
CLASS A-1 PRINCIPAL BALANCE
(Beginning) 48,990,772.54
CLASS A-2 PRINCIPAL BALANCE
(Beginning) 15,457,014.91
CLASS A-3 PRINCIPAL BALANCE
(Beginning) 78,535,000.00
CLASS A-4 PRINCIPAL BALANCE
(Beginning) 62,228,000.00
CLASS A-5 PRINCIPAL BALANCE
(Beginning) 86,789,000.00
CLASS A-6 PRINCIPAL BALANCE
(Beginning) 22,646,000.00
CLASS A-7 PRINCIPAL BALANCE
(Beginning) 72,769,000.00
CLASS A-8 PRINCIPAL BALANCE
(Beginning) 33,034,000.00
CLASS A-9 PRINCIPAL BALANCE
(Beginning) 50,300,000.00
CLASS A-10 PRINCIPAL BALANCE
(Beginning) 163,530,156.27
POOL PRINCIPAL BALANCE
(Beginning) 634,278,943.72 470,748,787.45 163,530,156.27
(iii)
MORTGAGES
NUMBER OF PRINCIPAL PREPAYMENTS 272 188 84
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 14,824,604.36 7,900,709.75 6,923,894.61
(iv)
AMOUNT OF CURTAILMENTS RECEIVED 323,330.85 146,591.90 176,738.95
(v)
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF MONTHLY PAYMENTS
RECEIVED 763,144.47 657,898.10 105,246.37
(vi)
INTEREST RECEIVED ON MORTGAGES 5,505,553.68 4,262,484.41 1,243,069.27
(vii)
AGGREGATE ADVANCES 4,310,071.88 3,259,544.88 1,050,527.00
(viii)
a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 264 225 39
PRINCIPAL BALANCE 13,861,096.41 10,343,521.22 3,517,575.19
% OF PRINCIPAL 2.242124% 2.238721% 2.252190%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 105 89 16
PRINCIPAL BALANCE 4,951,078.85 3,698,679.62 1,252,399.23
% OF PRINCIPAL 0.800870% 0.800531% 0.801871%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 210 171 39
PRINCIPAL BALANCE 12,637,502.42 8,805,481.10 3,832,021.32
PRINCIPAL BALANCE 12637502.42 8805481.10 3832021.32
% OF PRINCIPAL 2.044199% 1.905832% 2.453520%
b.MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 98 76 22
PRINCIPAL BALANCE 5,412,079.42 3,656,791.82 1,755,287.60
% OF PRINCIPAL 0.875440% 0.791465% 1.123854%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 3 3 0
PRINCIPAL BALANCE 134,335.34 134,335.34 0.00
% OF PRINCIPAL 0.02% 0.03% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 17 14 3
PRINCIPAL BALANCE 1,021,367.48 736,392.05 284,975.43
% OF PRINCIPAL 0.17% 0.16% 0.18%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 22 17 5
PRINCIPAL BALANCE 957,993.94 666,634.42 291,359.52
% OF PRINCIPAL 0.15% 0.14% 0.19%
c.MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 36 22 14
PRINCIPAL BALANCE 3,154,657.85 1,630,467.91 1,524,189.94
% OF PRINCIPAL 0.510287% 0.352894% 0.975890%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 32,196.32 32,196.32 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 0 1
PRINCIPAL BALANCE 101,363.33 0.00 101,363.33
% OF PRINCIPAL 0.02% 0.00% 0.06%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 33 20 13
PRINCIPAL BALANCE 3,008,811.96 1,585,985.35 1,422,826.61
% OF PRINCIPAL 0.49% 0.34% 0.91%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a.
above):
NUMBER
PRINCIPAL BALANCE
% OF PRINCIPAL
e. MORTGAGE LOAN LOSSES 37,467.39 15,400.00 22,067.39
(ix)
ENDING CLASS A-1 PRINCIPAL
BALANCE 46,241,536.95
ENDING CLASS A-2 PRINCIPAL
BALANCE 9,485,650.75
ENDING CLASS A-3 PRINCIPAL
BALANCE 78,535,000.00
ENDING CLASS A-4 PRINCIPAL
BALANCE 62,228,000.00
ENDING CLASS A-5 PRINCIPAL
BALANCE 86,789,000.00
ENDING CLASS A-6 PRINCIPAL
BALANCE 22,646,000.00
ENDING CLASS A-7 PRINCIPAL
BALANCE 72,769,000.00
ENDING CLASS A-8 PRINCIPAL
BALANCE 33,034,000.00
ENDING CLASS A-9 PRINCIPAL
BALANCE 50,300,000.00
ENDING CLASS A-10 PRINCIPAL
BALANCE 156,184,629.89
(x)
WEIGHTED AVERAGE MATURITY
OF MORTGAGE LOANS 150.91087336 167.46235729 101.94797521
WEIGHTED AVERAGE MORTGAGE
INTEREST RATE 10.47764691% 10.862494% 9.339184%
(xi)
SERVICING FEES PAID 317,230.81 235,493.08 81,737.73
SERVICING FEES ACCRUED 311,688.39 232,480.03 79,208.36
(xii)
SECTION 5.04 SERVICER
PAYMENTS OR REIMBSMTS. 9,928.94
(xiii)
POOL PRINCIPAL BALANCE
(ENDING) 618,212,817.59 462,028,187.70 156,184,629.89
(xiv)
RESERVED
(xv)
REIMBURSABLE AMOUNTS
TO SERVICER 51,544.36
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi)
NUMBER OF MORTGAGES OUTSTANDING
(BEGINNING) 12,384 10,572 1,812
NUMBER OF MORTGAGES OUTSTANDING
(END) 12,112 10,384 1,728
(xvii)
AGGREGATE INTEREST ACCRUED
ON THE MORTGAGE LOANS 5,448,466.90 4,210,898.26 1,237,568.64
(xviii)
RESERVED
(xix)
SUBORDINATED AMOUNT
(REMAINING) 75,606,421.41
SPREAD ACCOUNT BALANCE
(AFTER DISTRIBUTIONS) 12,348,576.11
CUMMULATIVE EXCESS SPREAD
ACCOUNT RECEIPTS 170,286.67
EXCESS SPREAD 1,648,752.87 1,377,951.67 270,801.20
(xx)
AGGREGATE MORTGAGE LOAN
LOSSES 170,286.67
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-2
FROM: Dec. 15, 1997
TO: Jan. 15, 1998
SECURITY RATE MATURITY ORIGINAL BEGINNING
DESCRIPTION FACE BALANCE
PRINCIPAL ENDING INTEREST
REDUCTIONS BALANCE PAYABLE
CLASS A-1 6.050000 August 15, 2028 65,666,000.00 48,990,772.54
2,749,235.59 46,241,536.95 246,995.14
CLASS A-2 5.930000% May 15, 2004 31,292,000.00 15,457,014.91
5,971,364.16 9,485,650.75 76,383.42
CLASS A-3 6.210000% May 15, 2004 78,535,000.00 78,535,000.00
0.00 78,535,000.00 406,418.63
CLASS A-4 6.370000% April 15, 2007 62,228,000.00 62,228,000.00
0.00 62,228,000.00 330,326.97
CLASS A-5 6.540000% April 15, 2011 86,789,000.00 86,789,000.00
0.00 86,789,000.00 473,000.05
CLASS A-6 6.720000% February 15, 2012 22,646,000.00 22,646,000.00
0.00 22,646,000.00 126,817.60
CLASS A-7 6.890000% February 15, 2020 72,769,000.00 72,769,000.00
0.00 72,769,000.00 417,815.34
CLASS A-8 7.220000% August 15, 2028 33,034,000.00 33,034,000.00
0.00 33,034,000.00 198,754.57
CLASS A-9 6.810000% August 15, 2028 50,300,000.00 50,300,000.00
0.00 50,300,000.00 285,452.50
CLASS A-10 6.210470% August 15, 2028 185,620,000.00 163,530,156.27
7,345,526.38 156,184,629.89 874,543.69
CLASS R VARIABLE August 15, 2028 0.00 0.00
0.00 0.00 0.00
____________ _______________
TOTAL 688,879,000.00 634,278,943.72
_________________ _________________ _________________
TOTAL 16,066,126.13 618,212,817.59 3,436,507.91
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 268917DH1 746.05994792 41.86695687 704.19299105 3.76138557
CLASS A-2 268917DJ7 493.96059408 190.82718139 303.13341269 2.44098860
CLASS A-3 268917DK4 1,000.00000000 0.00000000 1000.00000000 5.17500000
CLASS A-4 268917DL2 1,000.00000000 0.00000000 1000.00000000 5.30833333
CLASS A-5 268917DM0 1,000.00000000 0.00000000 1000.00000000 5.45000000
CLASS A-6 268917DN8 1,000.00000000 0.00000000 1000.00000000 5.60000000
CLASS A-7 268917DP3 1,000.00000000 0.00000000 1000.00000000 5.74166667
CLASS A-8 268917DQ1 1,000.00000000 0.00000000 1000.00000000 6.01666667
CLASS A-9 268917DR9 1,000.00000000 0.00000000 1000.00000000 5.67500000
CLASS A-10 268917DS7 880.99426931 39.57292522 841.42134409 4.71147341
CLASS R
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-2
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2
65,666,000.00 31,292,000.00
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-3 CLASS A-4 CLASS A-5
78,535,000.000 62,228,000.00 86,789,000.00
CLASS A-1 PRINCIPAL
BALANCE (Beginning) 48,990,772.54 746.05994792
CLASS A-2 PRINCIPAL
BALANCE (Beginning) 15,457,014.91 493.96059408
CLASS A-3 PRINCIPAL
BALANCE (Beginning) 78,535,000.00
1000.00000000
CLASS A-4 PRINCIPAL
BALANCE (Beginning 62,228,000.00
1000.00000000
CLASS A-5 PRINCIPAL
BALANCE (Beginning 86,789,000.00
1000.00000000
CLASS A-6 PRINCIPAL
BALANCE (Beginning) 22,646,000.00
CLASS A-7 PRINCIPAL
BALANCE (Beginning) 72,769,000.00
CLASS A-8 PRINCIPAL
BALANCE (Beginning) 33,034,000.00
CLASS A-9 PRINCIPAL
BALANCE (Beginning) 50,300,000.00
CLASS A-10 PRINCIPAL
BALANCE (Beginning) 163,530,156.27
Fixed Rate POOL
PRINCIPAL BALANCE
(Beginning) 470,748,787.45 7168.83604072 15043.74240860
5994.12729929 7564.90305731 5424.06050824
Variable Rate POOL
PRINCIPAL BALANCE
(Beginning) 163,530,156.27
Total POOL
PRINCIPAL BALANCE
(Beginning) 634,278,943.72 9659.16827156 20269.68374409
8076.38560795 10192.82226200 7308.28726820
ENDING CLASS A-1
PRINCIPAL BALANCE 46,241,536.95 704.19299105
ENDING CLASS A-2
PRINCIPAL BALANCE 9,485,650.75 303.13341269
ENDING CLASS A-3
PRINCIPAL BALANCE 78,535,000.00
1000.00000000
ENDING CLASS A-4
PRINCIPAL BALANCE 62,228,000.00
1000.00000000
ENDING CLASS A-5
PRINCIPAL BALANCE 86,789,000.00
1000.00000000
ENDING CLASS A-6
PRINCIPAL BALANCE 22,646,000.00
ENDING CLASS A-7
PRINCIPAL BALANCE 72,769,000.00
ENDING CLASS A-8
PRINCIPAL BALANCE 33,034,000.00
ENDING CLASS A-9
PRINCIPAL BALANCE 50,300,000.00
ENDING CLASS A-10
PRINCIPAL BALANCE 156,184,629.89
Fixed Rate POOL
PRINCIPAL BALANCE
(Ending) 462,028,187.70 7036.03368105 14765.05776876
5883.08636531 7424.76357428 5323.58003549
Variable Rate POOL
PRINCIPAL BALANCE
(Ending) 156,184,629.89
Total POOL
PRINCIPAL BALANCE
(Ending) 618,212,817.59 9414.50396842 19756.25775246
7871.81279162 9934.64063749 7123.17018966
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-6 CLASS A-7
22,646,000.00 72,769,000.00
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-8 CLASS A-9 CLASS A-10
33,034,000.00 50,300,000.00 185,620,000.00
CLASS A-1 PRINCIPAL
BALANCE (Beginning) 48,990,772.54
CLASS A-2 PRINCIPAL
BALANCE (Beginning) 15,457,014.91
CLASS A-3 PRINCIPAL
BALANCE (Beginning) 78,535,000.00
CLASS A-4 PRINCIPAL
BALANCE (Beginning) 62,228,000.00
CLASS A-5 PRINCIPAL
BALANCE (Beginning) 86,789,000.00
CLASS A-6 PRINCIPAL
BALANCE (Beginning) 22,646,000.00 1000.00000000
CLASS A-7 PRINCIPAL
BALANCE (Beginning) 72,769,000.00 1000.00000000
CLASS A-8 PRINCIPAL
BALANCE (Beginning) 33,034,000.00
1000.00000000
CLASS A-9 PRINCIPAL
BALANCE (Beginning) 50,300,000.00
1000.00000000
CLASS A-10 PRINCIPAL
BALANCE (Beginning) 163,530,156.27
880.99426931
Fixed Rate POOL
PRINCIPAL BALANCE
(Beginning) 470,748,787.45 20787.28196812 6469.08419038
14250.43250742 9358.82281213
Variable Rate POOL
PRINCIPAL BALANCE
(Beginning) 163,530,156.27
880.99426931
Total POOL
PRINCIPAL BALANCE
(Beginning) 634,278,943.72 28008.43167535 8716.33447924
19200.79141854 12609.91935825 3417.08298524
ENDING CLASS A-1
PRINCIPAL BALANCE 46,241,536.95
ENDING CLASS A-2
PRINCIPAL BALANCE 9,485,650.75
ENDING CLASS A-3
PRINCIPAL BALANCE 78,535,000.00
ENDING CLASS A-4
PRINCIPAL BALANCE 62,228,000.00
ENDING CLASS A-5
PRINCIPAL BALANCE 86,789,000.00
ENDING CLASS A-6
PRINCIPAL BALANCE 22,646,000.00 1000.00000000
ENDING CLASS A-7
PRINCIPAL BALANCE 72,769,000.00 1000.00000000
ENDING CLASS A-8
PRINCIPAL BALANCE 33,034,000.00
1000.00000000
ENDING CLASS A-9
PRINCIPAL BALANCE 50,300,000.00
1000.00000000
ENDING CLASS A-10
PRINCIPAL BALANCE 156,184,629.89
841.42134409
Fixed Rate POOL
PRINCIPAL BALANCE
(Ending) 462,028,187.70 20402.19852071 6349.24470173
13986.44389720 9185.45104771
Variable Rate POOL
PRINCIPAL BALANCE
(Ending) 156,184,629.89
841.42134409
Total POOL
PRINCIPAL BALANCE
(Ending) 618,212,817.59 27298.98514484 8495.55191895
18714.44020070 12290.51327217 3330.52913258
